M&G Episode Income I

  • 1259.62p
    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.

  • 1688.05p
    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!

  • 0.65%
    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).

  • 0.81%
    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.

  • 3.00%
    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 15 January 2021

Fund summary

Sector Mixed Investment 20-60% Shares
Structure OEIC
Launched August, 2012
Size £796m
Yield 3.00%
Charging basis Capital
Dividends paid Last day of each month

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.65%
Ongoing charges figure 0.81%

Allocation

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Investment process

The Fund’s aim is to generate a high and rising level of income over time through investment in a diversified range of assets. Subject to this the Fund aims to provide capital growth over the long term.

Manager research

Average monthly relative returns

  • 16/17 0.10%
  • 17/18 0.22%
  • 18/19 -0.10%
  • 19/20 0.19%
  • 20/21 -0.03%

Bestinvest MRI

  • 3 years 0.02%
  • 5 years 0.07%
  • Career 0.05%
  • 3 years 61.80%
  • 5 years 72.20%
  • Career 83.90%

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

Steven Andrew

Andrew joined M&G in 2005 as a member of the portfolio strategy & risk team. He now works in the multi-asset team, formulating asset allocation strategies for M&G's multi-asset fund range. He was appointed deputy fund manager on the M&G Cautious Multi Asset Fund and the M&G Managed Fund in November 2009. Previously, he worked at F&C Asset Management, Merrill Lynch and the Bank of England. Andrew graduated from the University of London in 1997 with a degree in financial economics.

Track record

Steven Andrew has 10.1 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.05%. During the worst period of relative performance (from February 2018 - March 2020) there was a decline of 9% relative to the index. The worst absolute loss has been 16%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 84%.

Periods of worst performance

Absolute -16.00% (January 2020 - March 2020)
Relative -9.00% (February 2018 - March 2020)

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 44.00%
Government Bonds 35.00%
Corporate Bonds 10.00%
Money Market 6.00%
Property Shares 3.00%
Fixed Interest 1.00%

Key Investor Information - Income

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Key Investor Information - Accumulation

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