M&G Global Government Bond I

Invests in high grade debt securities denominated in non-sterling currencies

  • 1123.29p
    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.

  • 1352.28p
    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!

  • 0.35%
    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).

  • 0.55%
    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.

  • 3.10%
    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 22 January 2021

Fund summary

Sector Global Bonds
Structure OEIC
Launched August, 2012
Size £214m
Yield 3.10%
Charging basis Income
Dividends paid 28 Feb, 30 Aug

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.35%
Ongoing charges figure 0.55%

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Investment process

The Fund aims to maximise total return (the combination of income and growth of capital) through investment in a portfolio of investment grade debt instruments. The portfolio will primarily consist of investment grade sovereign debt securities denominated in the currencies of the major industrialised nations, with the exception of the UK. The Fund’s exposure to sovereign debt may be gained through the use of derivatives. While the investment manager has power to hedge the currency risk for UK investors, the Fund will normally be managed so as to give exposure to non-sterling currencies. The Fund may also invest in other assets including government and public securities, collective investment schemes, other transferable securities, other debt instruments, cash and near cash, deposits, warrants, money market instruments and other derivative instruments.

Manager research

Average monthly relative returns

  • 16/17 0.75%
  • 17/18 0.50%
  • 18/19 -0.38%
  • 19/20 0.82%
  • 20/21 -0.15%

Bestinvest MRI

  • 3 years 0.09%
  • 5 years 0.31%
  • Career 0.29%
  • 3 years 61.00%
  • 5 years 84.10%
  • Career 89.30%

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

Claudia Calich

Calich has over 20 years’ experience in emerging markets, most recently at Invesco in New York as Head of Emerging Market Debt. Calich was responsible with her team for the Invesco Emerging Market Bond Fund, Invesco Global High Income Fund and the Invesco Emerging Markets Local Currency Debt Fund. In this role, Calich was responsible for overall portfolio strategy, sovereign research, trading and risk management. Calich obtained a BA and an MA in Economics from Susquehanna University in the USA and the International University of Japan respectively.

Track record

Claudia Calich has 7.1 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.29%. During the worst period of relative performance (from December 2019 - March 2020) there was a decline of 20% 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 89%.

Periods of worst performance

Absolute -16.00% (July 2019 - March 2020)
Relative -20.00% (December 2019 - 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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Top 10 holdings

Data accurate as at 31 July 2020

9.7565% United States Of Amer Treas Bills 3.125% Nts 15/11/28 Usd100
7.2042% United States Of Amer Treas Bills 3.125% Nts 15/05/48 Usd100
5.8268% Japan(Government Of) 2.1% Bds 20/12/29 Jpy1000000
4.4829% Japan Government 0.1% Bds 10/03/29 Jpy100000
3.4446% Germany(Federal Republic Of) 0.25% Bds 15/08/28 Eur0.01
2.0376% Federal Republic Of Brazil 2.875% Bds 01/04/21 Eur100000
1.7598% Italy(Republic Of) 6% Eur Med Trm Notes 4/8/2028 Gbp1000
1.5574% Hutama Karya Persero Pt 3.75% Bds 11/05/30 Usd200000reg S
1.5342% Indonesia(Republic Of) 8.25% Bds 15/05/36 Idr1000000
1.5293% Czech Republic 0.45% Bds 25/10/23 Czk10000
Source: Trustnet

Sector breakdown

Government Bonds 56.00%
Government Bonds 35.00%
Government Guaranteed 3.00%
Fixed Interest 2.00%
Basic Industries 2.00%
Government Agency Bonds 1.00%
Money Market 1.00%
Local Government Bonds 1.00%

Key Investor Information - Income

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Key Investor Information - Accumulation

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