Bestinvest says
A manager with a strong track record across all market conditions and fixed income mandates; combined with the resources of the M&G Group, make this a powerful investment proposition. This is Richard Woolnough’s most flexible mandate and makes extensive use of derivatives, so it should be considered more aggressive than his other funds, M&G Strategic Corporate Bond and M&G Corporate Bond.
The Fund aims to provide a total return to investors through strategic asset allocation and specific stock selection. The fund may invest across the range of fixed income asset classes, including high yield, investment grade, government bonds and structured products; the fund may also include a modest allocation to blue chip equities. In addition the manager may use derivative instruments such as CDS, futures and options both for investment purposes and efficient portfolio management, however these instruments will generally not be used to apply notional leverage to credit exposure in the fund. The manager applies a top-down macro economic investment approach in order to determine the overall degree of credit and duration risk he wants to take in the portfolio and combines this with a bottom-up approach to select individual securities. Non sterling currency exposure is usually limited to about 5% of NAV.