M&G Global Themes I

Global thematic equity fund with a bias to resources.

  • 1688.28p Price (Inc)
  • 1881.01p Price (Acc)
  • 0.00% 0.00%

    Initial charge
  • 0.75% Annual management charge
  • 0.93% Ongoing charges
  • 1.80% Yield

Fund data last updated 22 November 2019

The fund targets long term capital growth from investment in global equities. The manager tries to identify long term shifts in the global economy as it becomes more advanced, then select companies that will benefit from these shifts. Graham French resigned as manager in November 2013, handing control to his deputy.

Fund summary

Sector Global
Structure OEIC
Launched August, 2012
Size £2,208m
Yield 1.80%
Charging basis Income
Dividends paid Oct

Charges

Initial charge 0.00%
Initial charge via Bestinvestt 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.93%

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Investment process

The investment focus is on companies that are considered the ‘building blocks’ of the world’s economy: ‘primary’ industries (companies involved in the extraction of raw materials) and ‘secondary’ industries (companies involved in the conversion of materials into products and services). Key to the fund’s strategy is the identification of fundamental themes – shifts in economies and consumer behaviour – that will have large impacts on companies. Essentially the manager looks for companies that will benefit from the expansion of the needs of the global economy as it becomes more advanced: from basic materials, through infrastructure, to branded consumer goods. Portfolio companies typically have tangible and undervalued assets, are well-financed with strong cash generation, and have clear, identifiable business models.

Manager research

Average monthly relative returns

  • 14/15 0.00%
  • 15/16 0.00%
  • 16/17 -0.20%
  • 17/18 -0.49%
  • 18/19 0.48%

Bestinvest MRI

  • 3 years -0.07%
  • 5 years 0.00%
  • Career 0.05%
  • 3 years 52.00%
  • 5 years 0.00%
  • Career 71.60%

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

Jamie Horvat / Randeep Somel

Horvat joined M&G in December 2013. He has over 16 years’ investment management experience gained in a variety of mandates covering the resources and precious metals sectors as well as the broader market by sector and market cap. He was previously employed by Canadian asset managers, Sprott Asset Management and AGF Management, as well as Stifel Nicolaus Canada where he was a director in the Metals & Mining practice. Horvat holds a diploma in Mechanical Engineering Technology from Mohawk College and an Honours B Comm (Finance) from McMaster University in Canada. Somel joined M&G in 2005 as a fund managers’ assistant on the M&G Equities team. Prior to joining M&G, he worked for State Street in a fund accounting role. He graduated from Birmingham University with a degree in economics in 2003. Somel is a CFA charterholder

Track record

Jamie Horvat / Randeep Somel has 3.8 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 April 2016 - January 2019) there was a decline of 11% relative to the index. The worst absolute loss has been 11%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 72%.

Periods of worst performance

Absolute -11.00% (July 2018 - December 2018)
Relative -11.00% (April 2016 - January 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.

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Top 10 holdings

Data accurate as at 31 August 2019

3.1% Prairiesky Royalty Ltd
3% Shimano Inc
3% Toyota Motor Corp
3% Microsoft Corp
2.9% First Republic Bank San Francisco
2.8% Aia Group Ltd
2.8% Samsung Electronics Co
2.5% Franco Nevada Corp
2.3% Oneok Inc
2.2% Cvs Health Corp
Source: Trustnet

Sector breakdown

Industrials 14.00%
Financials 14.00%
Information Technology 12.00%
Health Care 12.00%
Consumer Discretionary 9.00%
Consumer Staples 7.00%
Utilities 7.00%
Energy 7.00%
Real Estate 6.00%
Materials 5.00%

Portfolio

50-70 stocks, with particular attention paid to larger, more liquid companies. The official benchmark is the FTSE World, excluding financials, technology, media, telecoms and healthcare.

Constraints

Maximum position size 5%. The portfolio is not constrained by sectors, countries or currency, though typically holds around a third in mining and energy stocks.

Key Investor Information - Income

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Key Investor Information - Accumulation

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