Global Recovery Fund

ISIN
GB00BYRJNL93

Price (11.11.2019)
11.34

% Price Change
-0.10

Objective and investment policy

Objective

The fund aims to provide a combination of capital growth and income, net of the Ongoing Charge Figure, that is higher than the MSCI ACWI Index over any five-year period.

Investment policy and strategy

Core investment: At least 80% of the fund is invested in the shares of companies from anywhere in the world (including emerging markets), across any sector and of any size.

Other investments: The fund may also invest in other funds (including funds managed by M&G), cash or assets that can be turned into cash quickly.

Use of derivatives: Derivatives may be used for investment purposes or to reduce risks or costs.

Strategy in brief: The fund employs a disciplined approach to analyse and select each company. The ‘recovery’ strategy invests in companies that have experienced difficulties but have the potential to deliver returns for shareholders through their turnaround over the long term. The approach focuses on three key factors: people, strategy and cashflow. Developing a constructive dialogue with company management is fundamental to the investment process. The fund manager takes a long-term view with a typical holding period of five years or more.

Risks associated with the fund

The value and income from the fund's assets will go down as well as up. This will cause the value of your investment to fall as well as rise. There is no guarantee that the fund will achieve its objective and you may get back less than you originally invested.

The fund can be exposed to different currencies. Movements in currency exchange rates may adversely affect the value of your investment.

Investing in emerging markets involves a greater risk of loss due to greater political, tax, economic, foreign exchange, liquidity and regulatory risks, among other factors. There may be difficulties in buying, selling, safekeeping or valuing investments in such countries.

In exceptional circumstances where assets cannot be fairly valued, or have to be sold at a large discount to raise cash, we may temporarily suspend the fund in the best interest of all investors.

The fund could lose money if a counterparty with which it does business becomes unwilling or unable to repay money owed to the fund.

Further details of the risks that apply to the fund can be found in the fund's Prospectus.

Other information

The fund invests mainly in company shares and is therefore likely to experience larger price fluctuations than funds that invest in bonds and/or cash.

 

Performance

The value of investments will fluctuate, which will cause fund prices to fall as well as rise and you may not get back the original amount you invested. The level of any income earned by the fund will fluctuate. Past performance is not a guide to future performance. The performance data does not take account of the commissions and costs incurred on the issue and redemption of units.


Source: Price: State Street. Performance: Morningstar. For non-Sterling share classes for fixed income and global convertibles funds, performance figures are shown on a price to price with gross income reinvested basis*. For equities and multi-asset funds, performance figures are shown on a price to price with net income reinvested basis. For Sterling share classes performance figures are on a price to price with net income reinvested basis. Performance figures may not reflect all relevant charges.

Please note that the Morningstar Category performance data in this tool where shown, is from the default Morningstar database, which contains all the share classes for each fund available across Europe, Asia and Africa. This can differ from the comparative sector data in M&G factsheets which is from the same database, but showing only the most appropriate share class to represent each fund, and for just those funds available in Europe. Neither Morningstar nor its Information Providers can guarantee the accuracy, completeness, timeliness, or correct sequencing of any of the Information on the Web site, including, but not limited to Information originated by Morningstar, licensed by Morningstar from Information Providers, or gathered by Morningstar from publicly available sources. There may be delays, omissions, or inaccuracies in the Information.

*M&G Optimal Income Fund Sterling share classes are gross income reinvested.

 

News

Fund Team

Richard Halle

Richard Halle - Fund manager

Richard Halle has been the fund manager of the M&G (Lux) European Strategic Value Fund since launch and was the fund manager on the equivalent UK-authorised OEIC from 2008 to 2018. Richard was appointed fund manager of the M&G (Lux) Pan European Dividend Fund and co-fund manager of the M&G (Lux) Global Recovery Fund in July 2019. He has been deputy manager of the M&G (Lux) North American Value Fund since launch. Richard initially joined M&G in 1999 as a sector analyst focusing on insurance and has been managing various institutional mandates on a European value strategy since 2002. Prior to M&G, Richard worked as a security analyst for the Sedgwick Group. He graduated from the University of Natal in South Africa with a bachelor of commerce and is a CFA charterholder.

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Shane Kelly

Shane Kelly - Co-manager

Shane Kelly was appointed co-fund manager of the M&G (Lux) Global Recovery Fund in July 2019 and fund manager of the M&G (Lux) Japan Fund and the M&G (Lux) Japan Smaller Companies Fund in September 2019. Shane joined M&G in December 2017, having previously worked at Alphinity Investment Management (Sydney, Australia) as a research analyst responsible for coverage of the construction materials and healthcare sectors, as well as all quantitative research. Prior to joining Alphinity, Shane worked for Alliance Bernstein (Sydney, Australia) between 2007 and 2010 as risk manager and quantitative analyst. Shane previously worked at M&G between 1999-2007, when he was a member of the portfolio construction and risk team, and prior to that head of the equities performance team. He has a Bachelor of Commerce and Administration from Victoria University of Wellington and a Masters of Applied Finance and Investment from the Securities Institute of Australia.

 

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Daniel White

Daniel White - Co-manager

Daniel White has been fund manager of the M&G (Lux) North American Value Fund since launch, and became co-fund manager of the M&G (Lux) Global Recovery Fund in July 2019. On the same date, Daniel became deputy fund manager of the M&G (Lux) Pan European Dividend Fund. He has been deputy fund manager of the M&G (Lux) European Strategic Value Fund since launch. Daniel initially joined M&G in 2005 as a sector analyst and has worked closely with Richard Halle since 2008. Daniel previously worked at Deloitte & Touche as an accountant after graduating from the University of Southampton with a BSc in oceanography in 2001. He qualified as a chartered accountant in 2005 and is a CFA charterholder.

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Ratings

Rating is at a share class level

2 Star Rating

Ratings as at 31/07/2019. The Morningstar Overall Rating. Copyright © 2019 Morningstar UK Limited. All Rights Reserved. The Morningstar Analyst Rating™. © 2019 Morningstar. All Rights Reserved. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Ratings should not be taken as recommendation.

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The collective investment schemes referred to in this document (the "Schemes") are open-ended investment companies with variable capital, incorporated in England and Wales. Société Générale, Paris, Zurich Branch, Talacker 50, P.O. Box 5070, 8021 Zurich acts as the Swiss representative of the Schemes (the "Swiss Representative") andacts as their Swiss paying agent. The Instrument of Incorporation, Prospectus, the Key Investor Information Document, as well as the annual or interim Investment Report and Financial Statements of the Schemes (each in their respective latest version approved by the Swiss Financial Market Supervisory Authority, in German) can be obtained free of charge from the Swiss Representative in Zurich.


The value of the fund's assets will go down as well as up. This will cause the value of your investment to fall as well as rise and you may get back less than you originally invested.