M&G (Lux) Global Macro Bond Fund - Defensive stance in flexible global bond mandate

Insights

Jim Leaviss

12/07/2019

A macroeconomic outlook of slowing growth remained a key global theme in the year-to-date period. We maintained a cautious approach towards credit in the fund, with preferred areas that included senior debt among US banks. We also continued to favour hard currency emerging market sovereigns on a selective basis. We reduced our overall US dollar allocation in June, largely reflecting our view that the greenback is looking quite highly valued versus other developed market currencies. We added currency exposure elsewhere, including the Japanese yen, which we still consider is undervalued and a helpful risk diversifier.

Read more


Viewing this website in Switzerland is not permissible with the exception of the distribution to qualified investors according to the Swiss Collective Investment Schemes Act, the Swiss Collective Investment Schemes Ordinance and the respective Circular issued by the Swiss supervisory authority ("Qualified Investors"). Supplied for the use by the initial recipient (provided it is a Qualified Investor) only, not for onward distribution to any other person or entity.

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.