M&G Index Tracker Fund

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1 M&G Index Tracker Fund a sub-fund of M&G Investment Funds (2) Interim Short Report November 2015 For the six months ended 30 November 2015

2 Fund information The Authorised Corporate Director (ACD) of M&G Investment Funds (2) presents its Interim Short Report for M&G Index Tracker Fund which contains a review of the sub-fund s investment activities and investment performance during the period. The ACD s Interim Long Report and unaudited Financial Statements for M&G Investment Funds (2), incorporating all the sub-funds and a Glossary of terms is available free of charge either from our website at or by calling M&G Customer Relations on ACD M&G Securities Limited, Laurence Pountney Hill, London EC4R 0HH Telephone: (Authorised and regulated by the Financial Conduct Authority. M&G Securities Limited is a member of the Investment Association and of the Tax Incentivised Savings Association.) Investment objective and policy The Fund is designed to track the FTSE All-Share Index. The fund manager has full discretionary investment management powers within the confines of this investment objective of the Fund. Investment approach The M&G Index Tracker Fund is a UK fund that broadly replicates the FTSE All-Share Index*. The fund holds nearly all of the companies in the index and closely matches the weight that each represents in the FTSE All-Share Index. * The shares in the M&G Index Tracker Fund are not in any way sponsored, endorsed, sold or promoted by FTSE International Limited ( FTSE ) or by the London Stock Exchange Limited (the Exchange ) or by The Financial Times Limited ( FT ) and neither FTSE nor Exchange nor FT makes any warranty or representation whatsoever, expressly or implicitly, either as to the results to be obtained from the use of the FTSE All-Share Index ( the Index ) and / or the figure at which the said Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor Exchange nor FT shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FTSE nor Exchange nor FT shall be under any obligation to advise any person of any error therein. FTSE, FT-SE and Footsie are trade marks of the London Stock Exchange Limited and The Financial Times Limited and are used by FTSE International Limited under licence. All-Share is a trade mark of FTSE International Limited. 1

3 Risk profile The fund is designed to track the performance of the FTSE All-Share Index, which represents a broad spread of UK company shares. Its performance, therefore, reflects the price volatility of the UK stockmarket and the performance of individual companies. The fund holds nearly all of the companies in the index and closely matches the weight that each represents in the FTSE All-Share Index. The fund s risks are measured and managed as an integral part of the investment process. The following table shows the risk number associated with the fund and is based on Sterling Class A shares. Low risk High risk Typically lower rewards The above number: Typically higher rewards is based on the rate at which the value of the fund has moved up and down in the past and is based on historical data so may not be a reliable indicator of the future risk profile of the fund. is not guaranteed and may change over time and the lowest risk number does not mean risk free. has changed during this period. From 31 May 2015 to 26 November 2015 the risk number was 6. 2

4 Investment review As at 1 December 2015, for the six months ended 30 November 2015 Performance against objective The M&G Index Tracker Fund is designed to track the FTSE All-Share Index. Over the six months under review, the fund s Sterling A and C share classes fell by more than 6% [a]. In comparison, the FTSE All-Share Index declined by 5.6% in sterling terms. The difference in performance was primarily due to a negative swing in the pricing basis of the fund over the period [b]. Investment performance As the fund tracks the index, its overall performance can largely be explained by market developments over the six months under review. In a global economy, the fates of individual markets are often closely connected to each other. As a result, the performance and prospects of the UK stockmarket tend to be affected by developments around the world. It was a turbulent six months for investors in the UK stockmarket, as various factors caused unease, which was particularly severe at times. Concern about the slowdown in China s economic growth was a dominant theme during the period under review, dampening sentiment in many global markets. Investors feared that the weaker pace of expansion in China would lead to reduced demand for other countries exports, which could threaten the global economic recovery. China s stockmarket itself had been performing well in the first half of 2015, but the rally ran out of steam in June as investors worried that it had risen too far, too quickly. Furthermore, in a surprise move, China devalued its currency in August, leading to significant volatility in global stockmarkets. Away from China, uncertainty over precisely when the US Federal Reserve planned to raise interest rates also weighed on investor sentiment. Following months of speculation, a small increase was finally announced in December 2015, as expected, with further hikes likely to be only gradual. 3

5 Another significant factor affecting sentiment was the continued low prices for oil and other commodities. Although cheaper oil and raw materials are beneficial for consumers and many businesses because of lower costs, it is damaging for those firms and economies that produce these items, putting their profits under pressure. Despite the challenges, sentiment was buoyant at times, most notably in October, as policymakers in Europe, Japan and China showed their willingness to pursue accommodative measures to boost their economies. A supportive stance in Europe is particularly welcome for the UK, as the eurozone represents a major trading partner. Meanwhile, the UK economy grew an estimated 0.4% in the third quarter of 2015, continuing a trend of steady, albeit modest, growth since the start of the year. In the most recent three-month period, output increased in three of the main industrial groups in the economy; services, production and agriculture, while construction fell. The labour market continues to pick up; the unemployment rate fell to 5.3% in the three months to September 2015, compared with 6.0% a year earlier. The fall in unemployment has been broadly based, affecting the levels of both short- and long-term unemployment. Meanwhile, inflation, as measured by the Consumer Prices Index, persists at low levels and remains some way off the Bank of England s (BoE s) target of 2.0%. In the year to November 2015, inflation was 0.1%, with falling energy and fuel prices contributing to the trend of negligible inflation that the UK has experienced since the start of In the UK stockmarket, at a sector level, the strongest areas included a number of industries that tend to be less sensitive to economic cycles. For example, food producers, beverages, telecommunications and tobacco companies featured among the top performers. In contrast, oil-related stocks, along with industrial metals and mining firms, declined sharply, reflecting the weakness in commodity prices, as mentioned earlier. In terms of individual stocks, brewing and beverage firm SABMiller, British American Tobacco and telecommunications firm BT featured among the top performers over the review period. On the other hand, energy firms BP and Royal Dutch Shell, commodity trading and mining firm Glencore and mining and metals company BHP Billiton lagged the broader market. 4

6 Investment review Investment activities Merger and acquisition activity over the six months resulted in some stocks leaving the FTSE All-Share Index and therefore the fund. For example, semiconductor and software provider CSR and healthcare services company Synergy Health exited the index in connection with their transactions with US firms, making them ineligible for inclusion in the fund. CSR was bought by Qualcomm while Synergy Health merged with Steris. Similarly, Domino Printing was bought by Japanese business Brother Industries and subsequently left the index and fund. A number of stocks joined the index, and therefore the fund, over the six months. Entrants to the fund included discount retailer B&M European Value Retail, Auto Trader Group, which is an automotive classified advertising business, and retail bank Aldermore Group. Other purchases involved cases where the government sold a stake in partially state-owned concerns, increasing the amount of shares available to the public. For example, in August the government began selling its majority holding in banking group Royal Bank of Scotland; the government had taken a large stake in the bank as part of a rescue plan at the start of the financial crisis in In a separate transaction in October 2015, the government completed the sale of its remaining stake in Royal Mail. Meanwhile, some holdings were adjusted as a result of changes in their index weighting; for example, we added to the position in Lloyds Banking Group and trimmed the position in consumer goods firm Reckitt Benckiser to reflect their altered weightings. Outlook In the BoE s opinion, momentum in the domestic economy remains resilient; consumer confidence is firm, while real income growth this year is expected to be the strongest since the financial crisis. Although economic growth has moderated, it is expected to pick up a little towards the middle of 2016, with reduced unemployment and stronger productivity supporting real incomes and consumption. Moreover, interest rates remain low, which should encourage investment, and the housing market is in relatively good shape. The eurozone economy is still expanding, albeit at only a modest rate, which is supportive for the UK economy. However, the prospect of a referendum on the UK s continued membership of the European Union by the end of 2017 is likely to lead to uncertainty for investors in the domestic stockmarket. Global geopolitical tension may also result in heightened caution at times. 5

7 The domestic economy is relatively solid, with advances in economic activity and employment levels, although unexpected challenges may hinder progress. Meanwhile, UK companies are in reasonable financial shape and the valuations of UK stocks remain favourable. Despite the potential for short-term setbacks, we believe that prospects for the UK stockmarket remain positive, particularly for investors with an eye on the longer term. Richard O Connor Fund manager An employee of M&G Limited which is an associate of M&G Securities Limited. [a] For the specific performance of your share class, please refer to the Interim Long Report and unaudited Financial Statements for M&G Investment Funds (2). [b] M&G funds moved to swinging single pricing in October This method uses a dilution adjustment within the share price, aimed at protecting existing shareholders from a dilution in the fund price, which can occur when large deals are placed to buy or sell shares. The method has the effect of moving the single price up or down from the mid-price, known as swinging. Over the review period, the price swung lower, thus detracting from the fund s performance. 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

8 Investment review Portfolio statement Oil & gas producers ,675 BG Group 8, ,354,000 BP 16, ,479 Cairn Energy ,103 EnQuest ,869 Exillon Energy ,134 Ophir Energy ,419 Premier Oil ,276 Royal Dutch Shell A 15, ,986 Royal Dutch Shell B 9, ,952 Soco International ,672 Tullow Oil Oil equipment, services & distribution ,155 Amec Foster Wheeler ,743 Cape ,317 Hunting ,336 John Wood Group ,939 Lamprell ,597 Petrofac Chemicals ,890 Alent ,087 Carclo ,373 Croda International ,051 Elementis ,211 Johnson Matthey 1, ,858 Synthomer ,711 Victrex Forestry & paper ,167 Mondi 1, Industrial metals & mining ,589 Evraz ,743 Ferrexpo ,886 South Mining ,524 Acacia Mining ,992 Anglo American 1, ,038 Antofagasta ,772 Aquarius Platinum ,883 BHP Billiton 3, ,758 Centamin ,184 Fresnillo ,397 Gem Diamonds

9 Portfolio statement (continued) Mining (continued) 2,799,359 Glencore 2, ,009 Hochschild Mining ,302 KAZ Minerals (formerly Kazakhmys) ,476 Kenmare Resources ,273 Kenmare Resources Wts ,167 Lonmin ,033,682 Lonmin (nil paid) ,780 Petra Diamonds ,066 Polymetal International ,594 Randgold Resources ,385 Rio Tinto 6, ,685 Vedanta Resources Construction & materials ,310 Balfour Beatty ,276 Costain Group ,906 CRH 3, ,719 Galliford Try ,988 Henry Boot ,581 Keller Group ,616 Kier Group ,763 Low & Bonar ,210 Marshalls ,357 Morgan Sindall ,371 Norcros ,000 Polypipe ,000 Tyman Aerospace & defence ,707 Avon Rubber ,317 BAE Systems 3, ,122 Chemring Group ,647 Cobham ,409 Meggitt ,544 QinetiQ Group ,611 Rolls-Royce Holdings 2, ,908 Senior ,139 Ultra Electronics Holdings General industrials ,871 British Polythene Industries ,597 DS Smith ,066 Rexam ,688 RPC Group ,207 Smiths Group ,840 Vesuvius

10 Investment review 9 Portfolio statement (continued) Electronic & electrical equipment ,665 Dialight ,873 e2v Technologies ,930 Halma ,000 HellermannTyton ,363 Morgan Advanced Materials ,436 Oxford Instruments ,968 Renishaw ,238 Spectris ,780 TT electronics ,246 Xaar ,641 XP Power Industrial engineering ,912 Bodycote ,004 Fenner Goodwin ,645 Hill & Smith Holdings ,350 IMI ,096 Melrose Industries ,066 Renold ,840 Rotork ,710 Severfield ,278 Spirax-Sarco Engineering ,460 Vitec Group ,652 Weir Group Industrial transportation ,576 BBA Aviation ,455 Braemar Shipping Services ,159 Clarkson ,291 James Fisher & Sons ,417 Royal Mail 1, ,400 Stobart Group ,535 UK Mail Group ,574 Wincanton Support services ,875 Aggreko ,847 Ashtead Group 1, ,657 Babcock International Group 1, ,651 Berendsen ,181 Brammer ,785 Bunzl 1, ,344 Capita Group 2, ,391 Carillion ,424 Connect Group

11 Portfolio statement (continued) Support services (continued) 21,302 DCC 1, ,266 De La Rue ,590 Diploma ,107 Electrocomponents ,414 Essentra ,117 Experian 2, ,555 G4S ,000 Grafton Group Units ,564 Hays ,066 Hogg Robinson ,358 Homeserve ,920 Howden Joinery Group ,764 Interserve ,566 Intertek Group 1, ,593 John Menzies ,138 Lavendon Group ,982 Mears Group ,070 Michael Page International ,169 Mitie Group ,624 Northgate ,904 PayPoint ,583 Premier Farnell ,747 Regus ,527 Rentokil Initial ,784 Ricardo ,475 Robert Walters ,457 RPS Group ,336 Serco Group ,455 Shanks Group ,196 SIG ,687 Speedy Hire ,412 St. Ives ,858 SThree ,418 Travis Perkins 1, ,773 Vp ,860 W.S. Atkins ,789 Wolseley 2, ,002 Xchanging Automobiles & parts ,451 GKN 1, Beverages ,431 A.G. Barr ,383 Britvic

12 Investment review Portfolio statement (continued) Beverages (continued) 47,353 Coca-Cola Hellenic ,348 Diageo 11, ,763 SABMiller 9, ,816 Stock Spirits Group Food producers ,813 Anglo-Eastern Plantations ,690 Associated British Foods 2, ,497 Cranswick ,306 Dairy Crest Group ,445 Devro ,127 Greencore ,578 Hilton Food Group ,618 Premier Foods ,489 Tate & Lyle ,111 Unilever 8, Household goods & home construction ,503 Barratt Developments 1, ,857 Bellway ,413 Berkeley Group Holdings ,574 Bovis Homes Group ,000 Crest Nicholson ,304 McBride ,932 MJ Gleeson ,570 Persimmon 1, ,900 Reckitt Benckiser 9, ,897 Redrow ,166 Taylor Wimpey 1, Leisure goods ,700 Photo-Me International Personal goods ,364 Burberry Group 1, ,948 PZ Cussons ,938 SuperGroup Tobacco ,599 British American Tobacco 17, ,042 Imperial Tobacco 8, Healthcare equipment & services ,000 Al Noor Hospitals Group ,913 Consort Medical ,835 Smith & Nephew 2, ,002 Spire Healthcare

13 Portfolio statement (continued) Pharmaceuticals & biotechnology ,910 AstraZeneca 13, ,641 BTG ,313 Dechra Pharmaceuticals ,815 Genus ,157,000 GlaxoSmithKline 15, ,324 Hikma Pharmaceuticals ,840 Indivior ,645 Shire 6, ,000 Skyepharma ,406 Vectura Group Food & drug retailers ,804 Booker Group ,944 Greggs ,017 J Sainsbury ,504 Ocado Group ,953,862 Tesco 3, ,324 UDG Healthcare ,351 Wm Morrison Supermarkets General retailers ,475 AA ,052 B&M European Value Retailers ,838 Card Factory ,782 Carpetright ,804 Darty ,023 Debenhams ,624 Dignity ,640 Dixons Carphone 1, ,551 Dunelm Group ,315 Findel ,578 Halfords Group ,526 Home Retail Group ,579 Inchcape ,156 JD Sports Fashion ,363 JUST EAT ,000 Kingfisher 1, ,504 Laura Ashley Holdings ,422 Lookers ,871 Marks & Spencer Group 1, ,146 Mothercare ,869 N Brown Group ,023 NEXT 2, ,904 Pendragon

14 Investment review Portfolio statement (continued) General retailers (continued) 75,000 Pets at home ,197 Poundland Group ,000 Saga ,566 Sports Direct International ,563 Ted Baker ,713 Topps Tiles ,515 WH Smith Media ,581 4imprint Group ,920 Auto Trader Group ,581 Bloomsbury Publishing ,934 Centaur Media ,666 Entertainment One ,593 Euromoney Institutional Investor ,271 Huntsworth ,542 Informa 1, ,604 ITE Group ,736 ITV 2, ,728 Moneysupermarket.com ,586 Pearson 1, ,591 RELX (formerly Reed Elsevier) 3, ,285 Rightmove ,172 Sky 2, ,726 Trinity Mirror ,600 UBM ,037 UTV Media ,219 WPP 4, Travel & leisure , Holdings ,550 Betfair Group ,913 bwin.party digital entertainment ,818 Carnival 1, ,177 Cineworld ,454 Compass Group 4, ,431 Domino s Pizza ,574 easyjet ,704 Enterprise Inns ,496 FirstGroup ,404 Fuller Smith & Turner A ,796 Go-Ahead Group ,211 Greene King ,980 InterContinental Hotels Group 1,

15 Portfolio statement (continued) Travel & leisure (continued) 454,134 International Consolidated Airlines Group 2, ,673 J.D.Wetherspoon ,689 Ladbrokes ,101 Marston s ,547 Merlin Entertainment ,526 Millennium & Copthorne Hotels ,496 Mitchells & Butlers ,447 National Express ,272 Playtech ,388 Punch Taverns ,036 Rank Group ,418 Restaurant Group ,480 SSP ,684 Stagecoach Group ,133 Thomas Cook Group ,106 TUI 1, ,779 Whitbread 2, ,957 William Hill ,807 Wizz Air Holdings Fixed line telecommunications ,998,163 BT Group 10, ,130 Cable & Wireless Communications ,444 KCOM Group ,305 TalkTalk Telecom ,051 Telecom Plus Mobile telecommunications ,312 Inmarsat 1, ,349,713 Vodafone Group 14, Electricity ,507 Drax Group ,990 SSE 3, Gas, water & multi-utilities ,208,028 Centrica 2, ,922 National Grid 8, ,682 Pennon Group ,395 Severn Trent 1, ,279 United Utilities 1, Banks ,704 Aldermore Group ,986,000 Barclays 8, ,871 BGEO (formerly Bank of Georgia Holdings)

16 Investment review Portfolio statement (continued) Banks (continued) 4,663,363 HSBC Holdings 24, ,612,917 Lloyds Banking Group 10, ,000 Royal Bank of Scotland Group 2, ,000 Standard Chartered 2, ,285 Standard Chartered (nil paid) ,000 Virgin Money Holdings (UK) Non-life insurance ,548 Admiral Group ,589 Amlin ,552 Beazley ,707 Direct Line Insurance Group 1, ,000 esure ,041 Hiscox ,469 Jardine Lloyd Thompson Group ,879 Lancashire Holdings ,566 Novae Group ,256 RSA Insurance Group 1, Life insurance ,155 Aviva 4, ,423 Chesnara ,431,219 Legal & General Group 3, ,178,042 Old Mutual 2, ,710 Partnership Assurance ,657 Phoenix Group ,674 Prudential [a] 9, ,584 St. James s Place 1, ,222 Standard Life 1, Real estate investment & services ,010 Capital & Counties Properties ,740 Capital & Regional ,485 CLS Holdings ,000 Countrywide Daejan Holdings ,795 F&C Commercial Property Trust ,655 F&C UK Real Estate ,000 Foxtons Group ,935 Grainger Trust ,362 Helical Bar ,203 Kennedy Wilson Europe Real Estate ,460 LSL Property Services ,043 Medicx Fund Mountview Estates ,327 Picton Property Income

17 Portfolio statement (continued) Real estate investment & services (continued) 112,230 Raven Russia ,982 Redefine International ,152 Safestore ,357 Savills ,961 Schroder Real Estate Investment Trust ,703 St. Modwen Properties ,908 Standard Life Investment Property Income Trust ,000 Tritax Big Box ,660 U and I Group (formerly Development Securities) ,517 UK Commercial Property Trust ,935 UNITE Group Real estate investment trusts ,335 A&J Mucklow Group ,308 Assura Group ,055 Big Yellow Group ,488 British Land 2, ,261 Derwent London ,924 Great Portland Estates ,919 Hammerson 1, ,113 Hansteen Holdings ,071 Intu Properties ,018 Land Securities Group 2, ,566 LondonMetric Property ,656 McKay Securities Group ,264 Primary Health Properties ,014 Segro ,328 Shaftesbury ,700 Town Centre Securities ,907 Workspace Group Financial services ,828 3i Group 1, ,247 Aberdeen Asset Management ,293 Allied Minds ,848 Ashmore Group ,960 Brewin Dolphin Holdings ,245 Charles Taylor Consulting ,971 Close Brothers Group ,349 Hargreaves Lansdown ,726 Henderson Group ,220 ICAP ,675 IG Group Holdings

18 Investment review Portfolio statement (continued) Financial services (continued) 85,151 Intermediate Capital Group ,570 International Personal Finance ,245 Investec ,569 IP Group ,664 Jupiter Fund Management ,496 LMS Capital ,545 London Stock Exchange 1, ,744 Man Group ,188 Paragon Group of Companies ,250 Provident Financial 1, ,371 Rathbone Brothers ,758 Schroders ,393 SVG Capital ,033 Tullett Prebon Equity investment instruments ,203 3i Infrastructure ,232 Aberdeen Asian Income Fund ,869 Aberdeen Asian Smaller Companies Investment Trust ,696 Aberdeen New Dawn Investment Trust ,450 Aberdeen UK Tracker Trust ,204 Aberforth Smaller Companies Trust ,112 Advance Developing Markets Trust ,503 Alliance Trust ,508 Artemis Alpha Trust ,001 Artemis Alpha Trust (subscription shares) ,284 Asian Total Return Investment Company ,668 BACIT Investment Trust ,767 Baillie Gifford Japan Trust ,893 Bankers Investment Trust ,733 Baring Emerging Europe ,235 BH Global ,152 BH Macro ,605 Biotech Growth Trust ,051 BlackRock Commodities Income Investment Trust ,406 BlackRock Frontier Investment Trust ,410 BlackRock Greater Europe Investment Trust (subscription shares) ,554 BlackRock Income Trust (formerly British Assets Trust)

19 Portfolio statement (continued) Equity investment instruments (continued) 9,332 BlackRock Latin American Investment Trust ,746 BlackRock Smaller Companies Investment Trust ,967 BlackRock Throgmorton Trust ,057 BlackRock World Mining Trust ,052 Bluecrest Allblue Investment Trust ,569 Bluefield Solar Income Fund ,724 British Empire Securities & General Trust ,952 Brunner Investment Trust ,566 Caledonia Investments Capital Gearing Trust ,860 City Merchants High Yield Trust ,000 City of London Investment Group ,252 City of London Investment Trust ,288 Dunedin Income Growth Investment Trust ,162 Dunedin Smaller Companies Investment Trust ,621 Ecofin Water & Power Opportunities ,418 Edinburgh Dragon Trust ,494 Edinburgh Investment Trust ,019 Edinburgh Worldwide Investment Trust ,776 Electra Private Equity ,371 EP Global Opportunities ,354 F&C Capital & Income Investment Trust ,778 F&C Global Smaller Companies ,956 F&C Private Equity Trust ,948 Fidelity Asian Values ,951 Fidelity China Special Situations ,890 Fidelity European Values ,515 Fidelity Special Values ,655 Finsbury Growth & Income Trust ,001 Foreign & Colonial Investment Trust ,000 Foresight Solar Fund ,000 Fundsmith Emerging Equities Trust ,224 GCP Infrastructure ,754 Genesis Emerging Markets ,845 Graphite Enterprise Trust ,845 Greencoat UK Wind ,000 Hansa Trust

20 Investment review Portfolio statement (continued) Equity investment instruments (continued) 13,666 Henderson Alternative Strategies Trust (formerly Henderson Value Trust) ,162 Henderson Diversified Income ,185 Henderson European Focus Trust ,288 Henderson EuroTrust ,794 Henderson Far East Income ,784 Henderson Global Trust ,474 Henderson High Income Trust ,599 Henderson Smaller Companies Investment Trust ,371 Herald Investment Trust ,684 HG Capital Trust ,640 HICL Infrastructure ,010 Impax Environmental Markets ,578 International Public Partnerships ,633 INVESCO Asia Trust ,876 INVESCO Income Growth Trust ,694 INVESCO Perpetual UK Smaller Companies Investment Trust ,701 John Laing Infrastructure Fund ,465 JP Morgan American Investment Trust ,860 JPMorgan Asian Investment Trust ,298 JPMorgan Chinese Investment Trust (Bonus issue) ,381 JPMorgan Claverhouse Investment Trust ,028 JPMorgan Emerging Markets Investment Trust ,134 JPMorgan European Investment Trust ,600 JPMorgan European Smaller Companies Investment Trust ,000 JPMorgan Global Convertibles Income Fund ,540 JPMorgan Global Emerging Market ,674 JPMorgan Indian Investment Trust ,856 JPMorgan Japan Smaller Companies Investment Trust ,571 JPMorgan Japan Smaller Companies Investment Trust (subscription shares) ,340 JPMorgan Japanese Investment Trust ,749 JPMorgan Mid Cap Investment Trust ,793 JPMorgan Overseas Investment Trust ,206 JPMorgan Russian Securities

21 Portfolio statement (continued) Equity investment instruments (continued) 4,461 JPMorgan Smaller Companies Investment Trust JPMorgan Smaller Companies Investment Trust (subscription shares) ,877 Jupiter European Opportunities Trust ,455 Jupiter US Smaller Companies ,407 Keystone Investment Trust ,440 Law Debenture ,558 Lowland Investment ,893 Majedie Investments ,477 Martin Currie Asia Unconstrained Trust (formerly Martin Currie Pacific Trust) ,524 Martin Currie Global Portfolio Trust (formerly Martin Currie Portfolio Investment Trust) ,467 Mercantile Investment Trust ,619 Merchants Trust ,162 Middlefield Canadian Income Trusts Red. Pref. Shares ,629 Monks Investment Trust ,072 Montanaro UK Smaller Companies Investment Trust ,376 Murray Income Trust ,533 Murray International Trust ,748 NB Global Floating Rate Income Fund ,497 New India Investment Trust ,000 NextEnergy Solar Fund ,548 North American Income Trust ,919 North Atlantic Smaller Companies Investment Trust ,000 P2P Global Investments ,753 Pacific Assets Trust ,559 Pacific Horizon Investment Trust ,513 Pantheon International Participations ,585 Perpetual Income & Growth Investment Trust Personal Assets Trust ,952 Polar Capital Global Healthcare Growth and Income Trust ,466 Polar Capital Technology Trust ,591 RIT Capital Partners

22 Investment review Portfolio statement (continued) Equity investment instruments (continued) 33,743 Ruffer Investment Company Red. Pref. shares ,469 Schroder Asia Pacific Fund ,096 Schroder Global Real Estate Securities (formerly ING Global Real Estate Income Securities) ,236 Schroder Income Growth Fund ,162 Schroder Japan Growth Fund ,527 Schroder Oriental Income Fund ,730 Schroder UK Growth Fund ,670 Schroder UK Mid & Small Cap Fund ,306 Scottish American Investment ,095 Scottish Investment Trust ,325 Scottish Mortgage Investment Trust ,864 Scottish Oriental Small Companies Trust ,541 Securities Trust of Scotland ,252 Standard Life Equity Income Trust ,011 Standard Life European Private Equity Trust ,059 Standard Life UK Smaller ,154 Temple Bar Investment Trust ,079 Templeton Emerging Markets Investment Trust ,000 The Diverse Income Trust ,277 The European Investment Trust ,238 The Renewables Infrastructure Group ,510 TR European Growth Trust ,729 TR Property Investment Trust ,234 Troy Income & Growth Trust ,000 TwentyFour Income Fund ,319 Utilico Emerging Markets ,663 Utilico Emerging Markets (subscription shares) ,183 Value & Income Trust ,659 Witan Investment Trust ,102 Witan Pacific Investment Trust ,141 Woodford Patient Capital Trust ,710 Worldwide Healthcare Trust Non-equity investment instruments ,728 BBGI (formerly Bilfinger Berger Global Infrastructure Fund) ,000 International Biotechnology Trust

23 Portfolio statement (continued) Software & computer services ,801 AVEVA ,300 Computacenter ,560 Fidessa Group ,857 Micro Focus International ,898 NCC Group ,389 NCC Group (Subscription shares) ,919 Sage Group 1, ,606 SDL ,792 Servelec Group ,962 Telecity Group Technology hardware & equipment ,216 ARM Holdings 3, ,171 Imagination Technologies Group ,419 Laird ,003 Pace ,568 Sepura ,534 Spirent Communications Unquoted / unlisted ,754 Alternative Investment Strategies [b] ,204 Bioscience Investment Trust [c] ,000 Dexion Equity Alternative [d] ,707 Electric & General Investment Trust [e] ,374 Gartmore Irish Growth Fund [f] Futures contracts FTSE 100 Dec Portfolio of investments 492, AAA rated money market funds [g] ,985,000 Northern Trust Global Fund - Sterling 1, Total portfolio 494, Net other liabilities (3,409) (0.69) (0.61) Net assets attributable to shareholders 490, All securities are on an official stock exchange listing except where referenced. [a] Related party to the fund. [b] Delisted on 9 June [c] Delisted on 29 April [d] Delisted on 7 December [e] Delisted on 1 November [f] Delisted on 20 April [g] Uncommitted surplus cash is placed into AAA rated money market funds with the aim of reducing counterparty risk. 22

24 Investment review Top ten portfolio transactions For the six months to 30 November Largest purchases 000 Lloyds Banking Group 1,365 Royal Bank of Scotland Group 828 HSBC Holdings 614 B&M European Value Retailers 541 Auto Trader Group 525 Royal Mail 322 Glencore 306 BBA Aviation rights 260 Virgin Money Holdings (UK) 245 Assura Group 218 Other purchases 3,745 Total purchases 8,969 Largest sales 000 CSR 343 Steris 338 Domino Printing Sciences 242 Synergy Health 210 Reckitt Benckiser 177 BP 166 Colt Group 155 SSE 148 Quintain Estates & Development 143 Royal Dutch Shell B 128 Other sales 1,698 Total sales 3,748 23

25 Financial highlights Fund performance Please note past performance is not a guide to future performance and 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. The following graph and tables reflect the key financial information of a representative share class, Sterling Class A shares. As different share classes have different attributes, for example charging structures, please be aware that their performance may be different. Therefore, for the specific performance table of your share class please refer to the Interim Long Report and unaudited Financial Statements for M&G Investment Funds (2), which is available free of charge either from our website at or by calling M&G Customer Relations. Index tracking The tracking difference between the fund s investment return and that of the FTSE All-Share Index for the 12 month period ending 30 November 2015 was +0.16%. The investment returns are calculated gross of fees using end of day pricing in order to be comparable with the index. The historic tracking error of the investment return of the fund relative to the FTSE All-Share Index for the period ending 30 November 2015 was 0.07%, which falls within the predicted tracking error range of 0% to 0.30%. Historic tracking error is a measure of the monthly volatility of the investment returns relative to the index over a 36 month period. The differences are due to the fund not fully replicating the FTSE All-Share Index. Fund level performance Fund net asset value as at Fund net asset value (NAV) 490, , ,299 24

26 Financial highlights Fund performance Performance since launch To give an indication of how the fund has performed since launch, the graph below shows total return of Sterling Class A (Accumulation) shares against a comparable index. February 1998 = 100, plotted monthly Chart date 1 December Sterling Class A (Accumulation) shares* FTSE All-Share Index * Net income reinvested Source: Morningstar, Inc. and M&G To give an indication of how the results of the investment activities during the period have affected the performance of the fund the following table shows the compound rate of return, per annum, over the period for Sterling Class A (Accumulation) shares. Calculated on a price to price basis with income reinvested. Long-term performance Six Three Five Since months years years launch % [a] % p.a. % p.a. % p.a. Sterling [b] Class A [c] [a] Absolute basis. [b] Price to price with net income reinvested. [c] 27 February 1998, the launch date of the predecessor unit trust. 25

27 Specific share class performance To give an indication of how the fund has performed during the period the table below shows the performance of Sterling Class A (Accumulation) shares. Sterling Class A Accumulation share performance The share class was launched on 27 February Six months to Year to Year to Change in NAV per share UK p UK p UK p Opening NAV Return before operating charges and after direct portfolio transaction costs (8.17) Operating charges (0.25) (0.49) (0.47) Return after operating charges (8.42) Closing NAV Retained distributions Direct portfolio transaction costs [a] UK p UK p UK p Costs before dilution adjustments Dilution adjustments [b] (0.01) 0.00 (0.01) Total direct portfolio transaction costs Performance and charges % % % Direct portfolio transaction costs Operating charges Return after operating charges Historic yield Effect on yield of charges offset against capital n/a n/a n/a Other information Closing NAV ( 000) 136, , ,220 Closing NAV percentage of total fund NAV (%) Number of shares 128,034, ,047, ,651,230 Highest share price (UK p) Lowest share price (UK p) [a] As a percentage of average net asset value. [b] In respect of direct portfolio transaction costs. 26

28 Financial highlights Operating charges and portfolio transaction costs We explain below the payments made to meet the ongoing costs of investing and managing the fund, comprised of operating charges and portfolio transaction costs. Operating charges Operating charges include payments made to M&G and to providers independent of M&G: Investment management: Charge paid to M&G for investment management of the fund (also known as Annual Management Charge). Administration: Charge paid to M&G for administration services in addition to investment management any surplus from this charge will be retained by M&G. Oversight and other independent services: Charges paid to providers independent of M&G for services which include depositary, custody and audit. Operating charges do not include portfolio transaction costs or any entry and exit charges (also known as initial and redemption charges). The charging structures of share classes may differ, and therefore the operating charges may differ. Operating charges are the same as the ongoing charges shown in the Key Investor Information Document, other than where an estimate has been used for the ongoing charge because a material change has made the operating charges unreliable as an estimate of future charges. For this fund there is no difference between operating charges and ongoing charges figures. 27

29 Portfolio transaction costs Portfolio transaction costs are incurred by funds when buying and selling investments. These costs vary depending on the types of investment, their market capitalisation, country of exchange, method of execution and the quality of research provided. They are made up of direct and indirect portfolio transaction costs: Direct portfolio transaction costs: Broker execution commission, taxes, and costs of research from brokers and other research providers. Indirect portfolio transaction costs: Dealing spread the difference between the buying and selling prices of the fund s investments; some types of investment, such as fixed interest securities, have no direct transaction costs and only the dealing spread is paid. Investments are bought or sold by a fund when changes are made to the investment portfolio and in response to net flows of money into or out of the fund from investors buying and selling shares in the fund. To protect existing investors, portfolio transaction costs incurred as a result of investors buying and selling shares in the fund are recovered from those investors through a dilution adjustment to the price they pay or receive. The table below shows direct portfolio transaction costs paid by the fund before and after that part of the dilution adjustment relating to direct portfolio transaction costs. Further information on this process is in the Prospectus, which is available free of charge on request either from our website at or by calling M&G Customer Relations. 28

30 Financial highlights Operating charges and portfolio transaction costs Portfolio transaction costs Six months to Year to Year to Average [a] Direct portfolio transaction costs [b] % % % % Broker commission Taxes Costs before dilution adjustments Dilution adjustments [c] (0.01) (0.01) (0.02) (0.01) Total direct portfolio transaction costs [a] Average of first three columns. [b] As a percentage of average net asset value. [c] In respect of direct portfolio transaction costs. 29

31 Contact Customer Relations* Write to us at:** M&G Securities Limited PO Box 9039 Chelmsford CM99 2XG Our website: us with queries: * For security purposes and to improve the quality of our service, we may record and monitor telephone calls. You will require your M&G client reference. Failure to provide this will affect your ability to transact with us. ** Please remember to quote your name and M&G client reference and sign any written communication to M&G. Failure to provide this may affect your ability to transact with us. Please note that information contained within an cannot be guaranteed as secure. We advise that you do not include any sensitive information when corresponding with M&G in this way. 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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