M&G Episode Growth X

Fund aims to provide a total return by investing in multi assets.

  • 47.46p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 1.50%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.79%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 2.60%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 30 March 2020, fund data last updated 16 February 2011

Predominantly an internal fund of funds, with external funds or exchange traded fund used, when M&G's fund range does not cover specific sectors. Within the M&G multi asst team, each analyst has a sector to monitor and the team make asset allocation decisions on global themes, geographical preferences, industrial sectors and investment style.

Fund summary

Sector Mixed Investment 40-85% Shares
Structure OEIC
Launched February, 1993
Size £868m
Yield 2.60%
Charging basis Capital
Dividends paid 31 Mar 30 Jun 30 Sep 31 Dec

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.79%

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Investment process

The manager aims to provide a total return by investing in a range of assets, including equities, bonds, money market instruments, cash, funds and direct holdings (excluding property). M&G have a multi-asset team, with each analyst screening a different sector, and they provide the manager with a list of products which he can select from. The range includes all of M&G equity, fixed interest and property funds and other securities, including external funds. The multi-asset team determines the fund’s asset allocation between the various securities, as well as the fund’s geographical spread. When M&G's asset allocation team is deciding their strategy, they use a systematic approach to identify themes, regional preferences, sectors and investment styles.

Manager research

Average monthly relative returns

  • 15/16 -0.36%
  • 16/17 0.14%
  • 17/18 0.61%
  • 18/19 -0.66%
  • 19/20 -0.34%

Bestinvest MRI

  • 3 years -0.13%
  • 5 years -0.12%
  • Career -0.16%
  • 3 years 44.80%
  • 5 years 44.80%
  • Career 38.70%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Juan Nevado / Jenny Rodgers

Nevado joined PPM (now M&G) in 1988 and has been working as part of the macro investment team led by Dave Fishwick since 1999. Prior to joining M&G, Juan worked as a bond economist at the Bank of Montreal, and, before that as an economist for the Commodities Research Unit, a private business consultancy specialising in macro/micro research on commodities markets. In January 2011, Nevado was appointed co-manager of the M&G Managed Fund, the M&G Cautious Multi Asset Fund and the M&G Global Dynamic Allocation Fund. Nevado has a BSc in economics from the LSE, and, an MA in economics from Warwick University. Rodgers joined PPM (now M&G) in 1994 as an analyst of European equity markets and a portfolio manager for external clients. She has been in her current role as a member of the macro investment team since 1999. In January 2011, Jenny was appointed co-manager of the M&G Managed Fund. Rodgers is a CFA charterholder and has a BA honours in economics from Exeter University.

Track record

Juan Nevado / Jenny Rodgers has 9.1 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.16%. During the worst period of relative performance (from February 2011 - August 2019) there was a decline of 21% relative to the index. The worst absolute loss has been 14%.

Periods of worst performance

Absolute -14.00% (January 2018 - December 2018)
Relative -21.00% (February 2011 - August 2019)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Sector breakdown

Equities 73.00%
Money Market 23.00%
Government Bonds 3.00%
Fixed Interest 1.00%

Key Investor Information

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