The past few months have been especially busy for Fiona and her team following the ‘Leave’ vote in the EU membership referendum, and the temporary suspension of the fund in early July. The temporary suspension enabled Fiona to raise cash by selling assets in an orderly fashion and at reasonable prices so that the fund could re-open, with dealing recommencing on 4 November 2016.
2016 has been a very strong year for Emerging Markets, although the recent election of Donald Trump as US president has sparked a stock market sell-off. Matthew Vaight, fund manager of the M&G Global Emerging Markets Fund, believes that the recent weakness could provide a good entry point for long-term, value-oriented investors.
In this webcast, Matthew will discuss why he and his team believe that if investors want to outperform in EM from here, they will need to refocus on fundamentals, most notably valuations, an approach, which has been rather out of fashion in both emerging and developed markets for most of this decade.
Fears of a ‘hard Brexit’ have led to further sharp falls in the Pound over the past few days, with trade-weighted sterling recently hitting a record low. Over the coming months, Ben expects there to be a knock-on effect on consumer prices as retailers are forced to pass on higher import costs. With fuel prices also set for further increases as oil markets continue to recover, Ben believes the UK could experience a meaningful pick-up in inflation over the coming months. However, with inflation-linked bond markets pricing in a relatively modest increase in UK inflation, he thinks investors still have an opportunity to lock-in inflation-adjusted returns at relatively attractive levels.
The fund’s flexible investment approach allows Ben to move into many different areas of the index-linked bond and global credit markets. In this webcast, he will give more detail on some of his key convictions at the moment. For instance, the fund maintains a significant allocation to US TIPS, as he believes a buoyant US labour market, a pick-up in wage growth and higher oil prices will soon start to put upward pressure on US inflation. He also sees good value in longer-dated US credit, where the favourable economic backdrop and an attractive pick-up in spreads has created some compelling opportunities.
Stuart will discuss how the fund is positioned in a market where the dynamics have shifted. Defensives have remained in favour this year but energy and materials have led the rally. The continued outperformance of the US has been augmented by the resurgence of emerging markets, while Europe and Japan have lost the lustre of recent years. Stuart will provide a detailed update on the fund, starting with the positive contribution from each of the three sources of dividend growth, before elaborating on portfolio activity and the opportunities he sees in the current market environment.
This year marks the 10 year anniversary of the launch of the M&G Optimal Income Fund. In that time the global economy was plunged into recession, the Eurozone project came under threat, and central banks cut interest rates to historic low levels. The ramifications of these events have been wide-ranging, with fixed income investors having to continually adjust their expectations for the levels the bond yields could plunge to. In this webcast, Richard will be discussing more recent events, including the UK’s decision to leave the EU and the upcoming US Presidential elections. With geopolitical events increasingly generating headwinds for the global economy, Richard will also discuss how central banks like the ECB and Bank of England will likely react to future crises, and which assets he thinks are best value within the fixed income universe.
The webcast is expected to last up to an hour. There will also be an opportunity for questions and answers.
The fund invests in companies that are experiencing either corporate or financial difficulties using an active approach focused on people, strategy and cashflow, a process that has remained unchanged for over 47 years.
In a question and answer session, Andrew Watson and Tom will look at the current market environment and discuss the fund’s performance over the first half of 2016, as well as his latest thoughts on how the fund is positioned.
The EU Referendum result has had far-reaching political and economic consequences that continue to unravel on an almost daily basis. Within asset management, the UK commercial property sector has been impacted, with a wave of client redemptions causing many of the industry’s largest retail property funds to temporarily suspend trading.
On Tuesday 19 July at 10am UK time, Fiona Rowley, Fund Manager of the suspended M&G UK Property Portfolio and its feeder fund, will be giving a webcast briefing. Fiona will discuss the background to the funds’ suspension, talk about the current portfolio positioning and share her thoughts on the outlook for the UK commercial property sector.
In the webcast, Jim will give his reaction to the indicative referendum result and related political events and market reaction which may be unfolding that morning - including comment on valuations and areas of opportunity.
For Claudia Calich, manager of the M&G Emerging Markets Bond Fund, successful asset allocation and security selection are as important as ever when seeking to maximise returns by investing in emerging debt markets. In her view, despite a deterioration in fundamentals in areas of the asset class, value can still be found in emerging bond markets through a ‘best ideas’ approach to portfolio construction.
The high yield market remains a key solution to two of the main challenges fixed income investors face today: US interest rate hikes and the search for attractive yields.
In the webcast, James will provide an update on the HY funds he manages covering performance, positioning and, most importantly, his views on valuations and areas of opportunity following the recent market rally.
Emerging markets have experienced a volatile start to 2016. In the webcast, Matthew will discuss how he has positioned the fund during the recent stock market turbulence and highlight where he currently sees the most attractive opportunities. There will also be a chance for questions and answers.
Three months ago inflation was closer to zero than to target. Today it is closer to target than to zero, and is trending higher. The bond market is clearly taking notice. Although a lot depends on the oil price in the near term, we believe inflation breakevens have scope to rise further. Continued strength in the US labour market and recent Fed rhetoric indicate the FOMC could well be prepared to tolerate some temporary overshoot of its 2% inflation target.
In this webcast, Richard will discuss latest developments in fixed income markets and provide an update on how the funds are currently positioned. There will also be a chance for questions and answers.
In the webcast, Stefan will provide an update on the fund covering performance, positioning and, most importantly, the reasons behind his optimism for the future. There will also be an opportunity for questions and answers.
Last year was a busy time for Fiona and the rest of the property team, investing over £750 million, as well as disposing of around £230 million of property assets. The webcast will be an excellent opportunity for you to hear where Fiona believes we are in the cycle and how she expects 2016 to unfold. There will also be an opportunity to ask questions.
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