M&G European Corporate Bond I

Invests mainly in investment grade, Euro denominated corporate bonds.

  • 1269.39p
    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.

  • 1495.34p
    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!

  • 0.50%
    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).

  • 0.66%
    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.

  • 1.50%
    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 Global Bonds
Structure OEIC
Launched August, 2012
Size £71m
Yield 1.50%
Charging basis
Dividends paid Feb, May, Aug, Nov

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.50%
Ongoing charges figure 0.66%

Allocation

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Investment process

The fund invests mainly in investment grade corporate bonds denominated in any European currency, as well as in European currency denominated high yield bonds and in government and other public securities. The fund aims to maximise total returns while generating a higher level of income than European government bonds of similar maturities.

Manager research

Average monthly relative returns

  • 16/17 0.89%
  • 17/18 0.43%
  • 18/19 -0.10%
  • 19/20 -0.56%
  • 20/21 0.04%

Bestinvest MRI

  • 3 years -0.21%
  • 5 years 0.14%
  • Career 0.00%
  • 3 years 34.10%
  • 5 years 74.50%
  • Career 67.40%

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

Stefan Isaacs

Isaacs joined M&G in 2001 initially in the performance analytics team, moving into the fixed income team as a fund manager's assistant in 2002. In 2003 he was promoted to corporate bond dealer, specialising in high yield bonds and structured credit. Isaacs joined the fund management team in 2006 as an assistant fund manager covering high yield bonds for retail funds. He was appointed fund manager of the M&G European Corporate Bond Fund in April 2007 and became the fund manager of the M&G European High Yield Corporate Bond Fund in August 2007. Isaacs graduated from Manchester Metropolitan University with a degree in International Business and French.

Track record

Stefan Isaacs has 13.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +00%. During the worst period of relative performance (from July 2013 - November 2015) there was a decline of 22% relative to the index. The worst absolute loss has been 18%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is

Periods of worst performance

Absolute -18.00% (August 2008 - October 2008)
Relative -22.00% (July 2013 - November 2015)

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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Top 10 holdings

Data accurate as at 31 July 2020

1.68% Engie Sa 5.95% Nts 16/03/11 Eur1000
1.5975% Netherlands(Kingdom Of) 0.75% Bds 15/07/27 Eur1
1.3046% Germany(Federal Republic Of) 0.25% Tb 15/02/27 Eur1000
.9818% Northern Trust Global Fds Plc(The) Euro Liquidity D Eur Acc
.9761% Walmart Inc 4.875% Bds 21/09/29 Eur1000000000
.9203% Ubs Ag 4.75% Bds 12/12/26 Eur100000
.9078% France(Govt Of) 0.25% Bds 25/11/26 Eur1
.9039% Silverback Finance Dac 3.1261% Bds 25/02/37 Eur100000
.8687% Vodafone Group 2.2% Nts 25/08/26 Eur100000
.8664% Ubs Group Funding (Switzerland) Ag Frn 17/04/25 Eur200000
Source: Trustnet

Sector breakdown

Banks 26.00%
Insurance 9.00%
Telecommunications 8.00%
Government Bonds 6.00%
Automotive 6.00%
Utilities 5.00%
Real Estate 5.00%
Capital Goods 4.00%
Energy 4.00%
Consumer Goods 4.00%

Key Investor Information - Income

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Key Investor Information - Accumulation

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