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M&G Corporate Bond

Elite Rated by FundCalibre

The M&G Corporate Bond fund is invested primarily in sterling-denominated investment grade debt. However, up to 20% of the portfolio may be invested in higher-yielding corporate bonds, government debt, convertibles and preference stocks, as well as money market instruments.

Company Description

Founded in 1919, M&G Investments employs more than 1,500 people worldwide. The company, owned by Prudential plc, which is listed on the London Stock Exchange, focuses primarily on fixed interest and equities, but also invests in multi-asset and real estate. Its fund managers have an average tenure of 11 years, although many have been with the company for more than 20 years. Managers are given freedom to implement their own style on funds.

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Fund Manager

Richard Woolnough joined M&G in 2004 and is manager of the M&G Optimal Income fund, the M&G Corporate Bond fund and the M&G Strategic Bond fund. Richard is a member of one of the strongest fixed interest teams in the City, led by Jim Leaviss.

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The M&G Corporate Bond Fund is designed to be a steady, reliable corporate bond fund that can form a core part of clients’ portfolios.

Richard Woolnough - Fund Manager

The Investment Process

Richard’s investment approach is very much ‘top-down’, so his view on the economic outlook will determine the portfolio’s duration, and in which asset classes and sectors it is concentrated. M&G’s in-house team of credit analysts provides bottom-up analysis of the corporate bond markets, which complements the fund manager’s top-down views.

Risk

This fund is significantly less risky than the UK stock market, which is consistent with the nature of the underlying investments. It has a focus on investment grade bonds and is constrained by its benchmark, which places it at the lower end of the risk spectrum within its sector.

Our Opinion

This fund has been a core holding in the corporate bond sector, run as it is by one of the most experienced bond teams in the City. Its size is becoming an issue as investment opportunities become harder to find, but the resources available at M&G go a long way to alleviating this issue.

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