M&G Managed Growth X

International equity fund of funds investing principally in M&G's own fund range.

  • 114.83p
    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.

  • -
    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!

  • 1.50%
    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).

  • 1.73%
    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.

  • 1.90%
    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 21 January 2020, fund data last updated 12 January 2012

Targeting long term capital growth this is principally a fund of funds investing in M&G's own range of funds, with some exposure to external funds and direct equities. The fund provides investors with diversified international equity exposure and costs are kept relatively low, by avoiding the double charging associated with unfettered funds of funds.

Fund summary

Sector Flexible Investment
Structure OEIC
Launched October, 1994
Size £832m
Yield 1.90%
Charging basis Income
Dividends paid 30 Jun, 31 Dec

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.73%

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Investment process

The fund mainly invests in M&G’s range of equity funds, but since January 2007 has had the flexibility to invest in external funds as well. Additionally the portfolio can holding up to 20% of its value in direct equities and cash. The fund is normally diversified by country, though it typically has a higher UK weighting than its official benchmark, the FTSE World Index, and invests across the entire market capitalisation size range. The fund manager decides on individual fund weights, consulting with the underlying fund managers on the investment strategies and styles of individual M&G funds as part of his process. Asset allocation decisions are taken in consultation with M&G’s Head of Equity Investment.

This fund acts as a one stop shop for exposure to global equities and is thus targeted at those with smaller portfolios. Whilst charges are reasonably competitive for this fund compared to other fund of funds mandates its investment portfolio is a bit of a hotpotch, lacking focus. In addition more than a third of the portfolio is invested in the M&G Global Basics fund, which is also managed by Graham French, this fund's manager. Investors after a one stop shop for global equity investment should consider one of our rated funds such as Aberdeen World Equity.

Manager research

Average monthly relative returns

  • 15/16 0.00%
  • 16/17 -0.29%
  • 17/18 0.48%
  • 18/19 -0.66%
  • 19/20 -0.59%

Bestinvest MRI

  • 3 years -0.26%
  • 5 years 0.00%
  • Career -0.26%
  • 3 years 24.20%
  • 5 years 0.00%
  • Career 20.90%

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

David Fishwick

Fishwick is Head of Macro Investment Business at M&G Investments and fund manager of the M&G Episode Macro Fund. He has more than 20 years of investment management experience, having joined Prudential Portfolio Managers (now M&G Investments) in 1987 as a European economist and subsequently responsible for forming views on global bond and currency markets. In 1997 Fishwick was appointed head of fixed interest and asset allocation strategy, he has a BSc in Economics from Brunel University, London.

Track record

David Fishwick has 4.1 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.26%. During the worst period of relative performance (from January 2018 - August 2019) there was a decline of 17% relative to the index. The worst absolute loss has been 13%.

Periods of worst performance

Absolute -13.00% (January 2018 - December 2018)
Relative -17.00% (January 2018 - August 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 30 November 2019

11% M&G Macro Episode Fund
10.9% M&G (Lux) Pan European Select Fund
9.9% Source Financial S&P Us Sector
9.8% M&G North American Value A Inc Gbp
9.8% M&G Global Select Fund
8.9% M&G Japan A Inc Gbp
8.7% M&G Global Emerging Markets A Acc Gbp
5.7% M&G Asian C Acc Eur
5.1% M&G (Lux) Pan European Dividend Fund
4.9% M&G Global Themes Fund
Source: Trustnet

Sector breakdown

Financials 27.00%
Industrials 11.00%
Information Technology 10.00%
Health Care 9.00%
Consumer Discretionary 8.00%
Others 8.00%
Materials 5.00%
Money Market 5.00%
Communications 5.00%
Consumer Staples 4.00%

Portfolio

The fund will generally have around 20 holdings.

Key Investor Information

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