M&G (Lux) Global Convertibles Fund - Investment review 2018


Against a background of rising volatility in global markets, global convertibles performed decently in 2018. However, we must acknowledge that the performance of the M&G (Lux) Global Convertibles Fund has been disappointing as the portfolio has battled against a series of headwinds. In this note we discuss some of the challenges faced and the action we are taking to address them.

Investor sentiment became increasingly negative in 2018, as the news was dominated by a variety of worrying factors, including higher US interest rates, signs of weakness in global economic growth and trade tariffs. Brexit, as well as crises in Turkey, Argentina and Italy, also unsettled investors from time to time. Almost all asset classes fell.

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Please note that the value of investments and the income from them will rise and fall. This will cause the fund price, as well as any income paid by the fund, to fall as well as rise. There is no guarantee the fund will achieve its objective, and you may not get back the amount you originally invested.

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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.