M&G Gilt & Fixed Interest A

Managed on a total return basis, investing primarily in government stocks.

  • 100.48p
    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.

  • 581.31p
    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!

  • 0.75%
    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).

  • 0.91%
    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.

  • 1.00%
    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 13 December 2019

Fund summary

Sector UK Gilt
Structure OEIC
Launched December, 1980
Size £551m
Yield 1.00%
Charging basis Income
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 0.75%
Ongoing charges figure 0.91%

Allocation

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Investment process

The fund aims to provide high and secure income along with stability of capital by investing in government stocks. Up to 10% of the portfolio may be invested in corporate bonds.

Manager research

Average monthly relative returns

  • 14/15 -0.61%
  • 15/16 -0.66%
  • 16/17 0.51%
  • 17/18 -0.02%
  • 18/19 -0.84%

Bestinvest MRI

  • 3 years -0.12%
  • 5 years -0.32%
  • Career -0.30%
  • 3 years 40.50%
  • 5 years 13.80%
  • Career 11.70%

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

Matthew Russell

Russell joined M&G in 2007 and was appointed fund manager of the M&G Short Dated Corporate Bond Fund in September 2013, having served as deputy fund manager since 2011. He joined M&G as a fund managers’ assistant covering the retail fixed interest fund range. He has a BSc in economics from the University of Birmingham and is also a CFA charterholder.

Track record

Matthew Russell has 6.1 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.3%. During the worst period of relative performance (from December 2013 - September 2019) there was a decline of 22% relative to the index. The worst absolute loss has been 2%.

Periods of worst performance

Absolute -2.00% (May 2015 - February 2016)
Relative -22.00% (December 2013 - September 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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Top 10 holdings

Data accurate as at 31 July 2019

14.5808% Hm Treasury United Kingdom Dmo 1.5% Gilt 22/07/26 Gbp0.01
12.8453% Hm Treasury United Kingdom Dmo 6% Gilt 2028
7.8739% Hm Treasury United Kingdom Dmo 3.75% Gilt 7/9/20 Gbp0.01
7.6192% Hm Treasury United Kingdom Dmo 1.625% Treasury Gilt 22/10/28 Gbp0.01
6.9338% Hm Treasury United Kingdom Dmo 1.75% Gilt 22/07/57 Gbp0.01
6.1719% Hm Treasury United Kingdom Dmo 4.25% Gilt 07/12/40
4.8329% Hm Treasury United Kingdom Dmo 1.5% Gilt 22/07/47 Gbp1
4.5988% Hm Treasury United Kingdom Dmo 2.5% Gilt 22/07/65 Gbp0.1
4.5429% Kfw Development Bank 1.125% Bds 07/12/21 Gbp1000
3.0637% Hm Treasury United Kingdom Dmo 4.25% Gilt 7/9/39 Gbp0.01
Source: Trustnet

Sector breakdown

Government Bonds 83.00%
Government Guaranteed 6.00%
Fixed Interest 5.00%
Asset/Mortgage-Backed Securities 1.00%
Transport 1.00%
Local Government Bonds 1.00%
Money Market 1.00%
Mortgage & Secured Bonds 1.00%

Key Investor Information - Income

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Key Investor Information - Accumulation

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