M&G Global High Yield Bond Fund
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1 M&G Investment Funds (2) Annual Short Report July 2015 For the year ended 31 May 2015 M&G Global High Yield Bond Fund a sub-fund of M&G Investment Funds (2)
2 INVESTMENT OBJECTIVE, POLICY AND APPROACH Note to shareholders With effect from 8 August 2014, the name of the M&G High Yield Corporate Bond Fund changed to the M&G Global High Yield Bond Fund. Investment objective of the M&G Global High Yield Bond Fund The Fund is designed to maximise total return (the combination of income and growth of capital) while generating a high level of income. Investment policy of the M&G Global High Yield Bond Fund The Fund invests predominantly in higher yielding corporate debt instruments which may be denominated in sterling, European currencies and other major global currencies, should the investment managers deem them to be appropriate investments. The Fund s exposure to higher yielding corporate debt instruments may be gained through the use of derivatives and any currency exposures within the Fund may be managed by currency hedges into sterling. The Fund may also invest in other assets including collective investment schemes, government and public securities and other transferable securities, cash and near cash, deposits, warrants, money market instruments and other derivative instruments. Investment approach The M&G Global High Yield Bond Fund invests predominantly in higher yielding corporate bonds. The fund manager s investment approach concentrates on bottom-up analysis of individual bond issues whilst remaining aware of macroeconomic developments. There is a focus on proprietary research rather than external research. Credit risk is constantly monitored and always well diversified. Foreign currency exposure is typically hedged to sterling using forward foreign currency contracts, although some currency exposure may exist.
3 Risk and reward profile* Low risk High risk Typically lower rewards Typically higher rewards The above risk number is based on the rate at which the value of the Fund has moved up and down in the past. This risk number is based on historical data and may not be a reliable indicator of the future risk profile of the Fund. The risk number shown is not guaranteed and may change over time. The lowest risk number does not mean risk free. The Fund has the above risk number because of the effect of the following risks: The value of investments, and the income from them, will fluctuate. This will cause the Fund price to fall as well as rise and you may not get back the original amount you invested. Currency exchange rate fluctuations will impact the value of your investment. The Fund may use derivatives for the purposes of meeting the Fund s objective, and protecting the capital value from risk. The Fund may also use derivatives to generate market exposure to investments exceeding the net asset value of the Fund. This will expose the Fund to a higher degree of risk and may cause your investment to experience larger than average price fluctuations. The extent of the exposure is limited and it is anticipated that the use of derivatives will not materially alter the risk profile of the Fund or increase price fluctuations, in comparison to equivalent funds that cannot invest in derivatives. The Fund may take short positions through the use of derivatives which are not backed by equivalent physical assets. Short positions reflect an investment view that the price of the underlying asset is expected to fall in value. Accordingly, if this view is incorrect and the asset rises in value, the short position will result in a loss to the Fund. The fund manager will place transactions, hold positions and place cash on deposit with a range of eligible persons or institutions (a counterparty ). There is a risk that a counterparty may default on its obligations or become insolvent, which may have a negative impact on the value of the Fund. Changes in the interest rate will affect the value of, and the interest earned from, the fixed income securities held by the Fund. When interest rates rise, the capital value of the Fund is likely to fall and vice versa.
4 The value of the Fund will fall if the issuer of a fixed income security held is unable to pay income payments or repay its debt (known as a default). A default, expected default or downgrading will make a fixed income security harder to sell as its value and income are likely to fall. Fixed income securities that pay a higher level of income usually have a lower credit rating because of the increased risk of default. The higher the rating the less likely it is that the issuer will default, but ratings are subject to change. The Fund invests mainly in one area of the market. It is therefore more vulnerable to the market sentiment of that specific area. This type of fund can carry a higher risk and can experience larger than average price fluctuations when compared to a fund with a broader investment universe. In difficult market conditions the value of certain fund investments may be less predictable than normal. In some cases this may make such investments harder to sell at the last quoted market price, or at a price considered to be fair. Such conditions could result in unpredictable changes in the value of your holding. There is a risk that one or more countries will exit the Euro and re-establish their own currencies. In light of this uncertainty or in the event that this does occur, there is an increased risk of asset prices fluctuating or losing value. It may also be difficult to buy and sell securities and issuers may be unable to repay the debt. In addition, there is a risk that disruption in Eurozone markets could give rise to difficulties in valuing the assets of the Fund. In the event that it is not possible to carry out an accurate valuation of the Fund, dealing may be temporarily suspended. A more detailed description of the risk factors that apply to the Fund can be found in the Fund s Prospectus. * This Risk and reward profile section is based on Sterling Class X shares. INVESTMENT ACTIVITIES OVER THE REPORT PERIOD As at 1 June 2015, for the year ended 31 May 2015 The fund continues to be geographically well-diversified, albeit with an increasing focus on the US and Canadian markets given the more attractive bond yields [a] on offer and the region s brighter economic prospects. We purchased bonds issued by a wide range of North American businesses over the 12 months, including from cable operator Sprint, Tenet Healthcare, auto parts maker Lear Corporation and speciality retailer Sally Beauty Holdings.
5 Following the sharp sell-off in the energy sector at the end of 2014, we also took the opportunity to purchase issues from a number of US energy companies, such as WPX Energy, Concho Resources and Oasis Petroleum. However, given the possibility of renewed volatility in this area, our overall energy exposure remained relatively modest. The fund s European exposure was slightly reduced over the period, although we maintained a significant allocation to the region. A number of positions were sold, including bonds issued by financial services provider Friends Life, fashion and homeware retailer Matalan, and building materials group Lafarge. In terms of purchases, we added to our positions in chemicals company Ineos and Dutch discount retail chain HEMA, where valuations appeared attractive. We maintained a modest exposure to the high yield sector in emerging markets, where we are willing to invest where we are getting paid for the risk. We purchased a number of emerging market bonds during the period, including issues from Indonesian coal miner Indo Energy and Guatemalan telecom company Comcel Trust. However, we sold an issue by South African retailer Edcon, given the challenging economic conditions in the country, as well as from Indian telecom company Bharti. Within the primary market, we participated in a number of deals during the review period, including new issues from Swiss cable company Matterhorn and Progroup, a German producer of corrugated sheetboards. In terms of sector positioning, we maintain a bias towards media, telecommunications and capital goods, while remaining cautious on basic industries, energy and real estate. Stefan Isaacs & James Tomlins Co-fund managers Employees of M&G Limited which is an associate of M&G Securities Limited. [a] Bonds are loans in the form of a security, usually issued by a government or company, which normally pay a fixed rate of interest over a given time period, at the end of which the initial amount borrowed is repaid. Bond yields refer to the interest received from a fixed income security and are usually expressed annually as a percentage based on the investment s cost, its current market value or its face value. Please note that the views expressed in this Report should not be taken as a recommendation or advice on how the fund or any holding mentioned in the Report is likely to perform. If you wish to obtain financial advice as to whether an investment is suitable for your needs, you should consult a Financial Adviser.
6 FUND SUMMARY DISTRIBUTION DATES AND FUND FACTS Distribution type xd payment First interim Second interim Third interim Fourth interim Fifth interim Sixth interim Seventh interim Eighth interim Ninth interim Tenth interim Eleventh interim Final Final distribution Inc Acc Ongoing Charges Figure [b] [a] [a] Sterling p p % % Class A Class I Class R Class X Euro % % Class A-H Class B-H n/a [c] Class C-H US dollar % % Class A-H Class C-H [a] The date on which the final distribution will be paid to Income shareholders and credited to Accumulation shareholders. [b] The Ongoing Charges Figure is the ratio of the relevant annualised total disclosable costs of each share class from the most recent reporting period to the average net asset value for that share class over the same period. [c] The comparative Ongoing Charges Figure shown here is an estimate of the charges, as the share class had not been in existence for a full financial year. Income accrued from interest-bearing securities is distributed on an effective yield basis.
7 FUND PERFORMANCE Performance of share classes Net asset value Net asset value per share as at per share as at Net asset value % change Inc Acc Inc Acc Inc Acc Sterling p p p p % % Class A Class I 1, , , , Class R Class X Euro % % Class A-H Class B-H n/a n/a n/a Class C-H n/a n/a US dollar $ $ $ $ % % Class A-H n/a n/a Class C-H n/a n/a Past performance is not a guide to future performance. The value of investments, and the income from them, will fluctuate. This will cause the fund price to fall as well as rise and you may not get back the original amount you invested. PRICES Income shares Accumulation shares Calendar year Highest Lowest Highest Lowest Sterling (net) p p p p Class A [a] Class I 2012 [b] 1, , , , , , , , , , , , [a] 1, , , , Class R 2012 [b] [a] Class X [a] Continued overleaf
8 PRICES (continued) Income shares Accumulation shares Calendar year Highest Lowest Highest Lowest Euro (gross) Class A-H 2010 [c] n/a n/a n/a n/a n/a n/a [d] [d] [a] Class B-H 2013 [e] n/a n/a n/a n/a [a] n/a n/a Class C-H 2010 [c] n/a n/a n/a n/a n/a n/a n/a n/a [f] [f] [a] US dollar (gross) $ $ $ $ Class A-H 2010 [c] n/a n/a n/a n/a n/a n/a n/a n/a [f] [f] [a] Class C-H 2010 [c] n/a n/a n/a n/a n/a n/a n/a n/a [f] [f] [a] [a] To 1 June [b] From 3 August 2012 (the launch date of the share class). [c] From 10 December 2010 (the launch date of the share class). [d] From 12 July 2013 (the launch date of the Income shares). [e] From 26 July 2013 (the launch date of the share class). [f] From 8 August 2014 (the launch date of the Income shares).
9 INCOME Interest income per share Calendar Distributed Reinvested year Interims Final Interims Total Sterling (net) p p p p p Class A [a] [a] [b] Class I 2012 n/a n/a [b] Class R 2012 n/a n/a [b] Class X [b] Euro (gross) Class A-H 2011 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a [b] Class B-H 2013 n/a n/a n/a n/a n/a n/a n/a n/a [b] n/a n/a n/a n/a Class C-H 2011 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a [b]
10 INCOME (continued) Interest income per share Calendar Distributed Reinvested year Interims Final Interims Total US dollar (gross) Class A-H 2011 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a [b] Class C-H 2011 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a [b] [a] In the Annual Reports for the years ended 31 May 2012 and 31 May 2013, these figures were incorrectly quoted as p for the interims and p for the total. [b] Up to final: ex-distribution date 1 June 2015; payment date 30 June The level of income earned by the fund will fluctuate. CLASSIFICATION OF INVESTMENTS The table below shows the percentage holding per sector. % of sub-fund as at AAA credit rated bonds AA credit rated bonds A credit rated bonds BBB credit rated bonds BB credit rated bonds B credit rated bonds CCC credit rated bonds CC credit rated bonds D credit rated bonds Bonds with no credit rating Other securities [a] Credit default swaps Forward currency contracts (0.73) (0.18) Interest rate futures AAA rated money market funds [b] Forward currency contracts for share class hedging [a] Unquoted / unlisted. [b] Uncommitted surplus cash is placed into AAA rated money market funds with the aim of reducing counterparty risk.
11 MAJOR HOLDINGS The top ten holdings at the end of this year and the previous year end are shown below. % of sub-fund as at % of sub-fund as at Northern Trust Global Fund - Sterling [a] 5.46 Treasury 2.75% 2015 ( ) 7.50 Northern Trust Global Fund - Treasury 4.75% 2015 ( ) 5.04 Sterling [a] 3.77 Treasury 2% 2016 ( ) 2.39 Matterhorn Mobile 6.75% 2019 (CHF) 1.74 Germany (Federal Republic of) Sprint Corporation 7.875% 2023 ($) % 2019 ( ) 1.44 Reynolds Group 5.75% 2020 ($) 1.09 UPCB Finance II 6.375% 2020 ( ) 1.30 Citigroup Var. Rate Perp. (5.95%) ($) 1.04 Unitymedia Kabel 9.5% 2021 ( ) 1.18 Lowell Group Financing 10.75% Germany (Federal Republic of) 2019 ( ) % 2014 ( ) 1.09 Wynn Las Vegas 5.375% 2022 ($) 0.97 Bakkavor Finance % 2018 ( ) 1.05 Lowell Group Financing 10.75% New Red Finance 6% 2022 ($) ( ) 1.03 Cabot Financial Luxembourg % 2019 ( ) 0.95 UPCB Finance 7.625% 2020 ( ) 0.99 [a] Uncommitted surplus cash is placed into AAA rated money market funds with the aim of reducing counterparty risk. OTHER INFORMATION The information in this report is designed to enable shareholders to make an informed judgment on the activities of the sub-fund during the period covered by the report and the results of those activities at the end of the period. For more information about the activities and performance of the sub-fund during this and the previous period, please contact the Authorised Corporate Director (ACD). Short Reports This Short Report is issued in accordance with the requirements of the Collective Investment Schemes sourcebook as issued (and amended) by the Financial Conduct Authority. This Short Report does not contain the Financial Statements of the M&G Global High Yield Bond Fund, and it is unaudited. Investment Report and Financial Statements A copy of the ACD s Annual Investment Report and Financial Statements for M&G Investment Funds (2), which incorporates all the sub-fund s annual investment reports and audited financial statements is available free of charge on request from our website at or by calling M&G Customer Relations on
12 Authorised Corporate Director M&G Securities Limited, Laurence Pountney Hill, London EC4R 0HH Telephone: (Authorised and regulated by the Financial Conduct Authority) Investment Manager M&G Investment Management Limited, Laurence Pountney Hill, London EC4R 0HH Telephone: (Authorised and regulated by the Financial Conduct Authority) Co-fund managers Stefan Isaacs & James Tomlins (employees of M&G Limited which is an associate of M&G Securities Limited) Registrar International Financial Data Services (UK) Limited, IFDS House, St. Nicholas Lane, Basildon, Essex SS15 5FS (Authorised and regulated by the Financial Conduct Authority) Depositary National Westminster Bank Plc, Trustee & Depositary Services, Younger Building, 3 Redheughs Avenue, Edinburgh EH12 9RH (Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority) Independent Auditor Ernst & Young LLP Ten George Street, Edinburgh EH2 2DZ M&G is a member of the Investment Association (formerly Investment Management Association) and of the Tax Incentivised Savings Association. The Instrument of Incorporation can be inspected at our offices or at the office of the Depositary. M&G Securities Limited is authorised and regulated by the Financial Conduct Authority and provides investment products. The company s registered office is Laurence Pountney Hill, London EC4R 0HH. Registered in England number _SR_310716
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