Fact sheet: FL M&G Euro Corp Bd AP

Fund information
Fund name
FL M&G European Corporate Bond AP
Fund manager company
Friends Life
Fund type
Pension Fund
Fund managers
  • Stefan Isaacssince 30/03/2007
  • Wolfgang Bauersince 01/08/2015
Underlying fund
M&G European Corp Bd
Fund objective
M&G state that the aim of the fund is to maximise total return while generating a higher level of income than that from European government bonds of similar maturities. The fund's policy is to invest mainly in investment grade corporate bonds denominated in any European currency. The fund may also invest in high yield corporate bonds, government and public securities denominated in any European currency. The fund’s exposure to bonds, government and other public securities may be gained through the use of derivatives. The fund may also invest in other assets, including collective investment schemes, other transferable securities, cash and near cash, deposits, warrants, money market instruments and other derivative instruments which may be denominated in any major global currency. Any non-European currency exposures within the fund may be managed by currency hedges in European currencies.
Benchmark
  • Morningstar EUR Corporate Bond sector
Investment style
No data available.
Investment method
No data available.
Quick stats
1 Year return
18.2%
1 Year rank in sector
7/135
Sector
PN Global Fixed Interest
Yield
-
Fund size
£0m (£0m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
66
Top in this sector
Fund name1 Year
Baillie Gifford Emerg Mrkts Bd Pn28.2%
Scot Eq AegonIntcEgMtsLclCrDtPn26.8%
Zurich L&G PreRtrmnt Infln Lkd19.1%
FL GM Overseas Bond Pension18.7%
OMW IPL 2035 Idx Lkd Gilt Pn18.5%
...more in PN Global Fixed Interest

Performance snapshot

Holdings snapshot

  • USA28.4%
    France14.5%
    Germany14.1%
    UK11.7%
    Switzerland6.1%
  • Banks23.9%
    Government Bonds8.2%
    Telecommunications6.9%
    Utilities6.7%
    Insurance6.6%
  • US Fixed Interest28.4%
    French Fixed Interest14.5%
    German Fixed Interest14.1%
    UK Fixed Interest11.7%
    Swiss Fixed Interest6.1%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund3.1%3.6%4.6%18.2%18.5%40.4%
Sector0.2%0.7%2%9.6%19.5%20%
Rank within sector1 / 1422 / 14120 / 1407 / 13568 / 1107 / 92
Quartile1st1st1st1st3rd1st
Calendar performance
 YTD - 20172016201520142013
Fund2.8%22.3%-5.8%1.2%6.8%
Sector0.8%14.1%-0.3%6.1%-3.6%
Rank within sector20 / 14028 / 126114 / 11896 / 1061 / 100
Quartile1st1st4th4th1st
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
-1.9
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1.09
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.11
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
8.38
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
5.22
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
-0.29
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.6
Price movement
52 week high292.8
52 week low242.4
Current bid price-
Current offer price-
Current mid price286
Region
1USA28.39%
2France14.47%
3Germany14.1%
4UK11.73%
5Switzerland6.11%
6Italy4.99%
7Netherlands4.35%
8Spain3.74%
9Ireland2.92%
Industry sector
1Banks23.93%
2Government Bonds8.17%
3Telecommunications6.94%
4Utilities6.66%
5Insurance6.61%
6Asset/Mortgage-Backed Securities6.59%
7Health Care6.07%
8Energy5.78%
9Non-Cyclical Consumer Goods4.44%
Asset type
1US Fixed Interest28.39%
2French Fixed Interest14.47%
3German Fixed Interest14.1%
4UK Fixed Interest11.73%
5Swiss Fixed Interest6.11%
6Italian Fixed Interest4.99%
7Dutch Fixed Interest4.35%
8Spanish Fixed Interest3.74%
9Irish Fixed Interest2.92%
Individual holdings
1GERMANY(FEDERAL REPUBLIC OF) 3.75% BDS 04/01/19 EUR0.012.48%
2GERMANY(FEDERAL REPUBLIC) 1.75% ILN 15/04/20 EUR0.011.91%
3CHANNEL LINK ENTERPRISES FINANCE TRANCHE`A4`SEC FRN 30/06/50 EUR1.85%
4UBS AG 4.75% BDS 12/12/26 EUR1000001.29%
5JOHNSON & JOHNSON 0.65% BDS 20/05/24 EUR1000001.23%
6ENGIE SA 5.95% NTS 16/03/11 EUR10001.13%
7GERMANY(FEDERAL REPUBLIC OF) 0% BDS 08/04/22 EUR0.011.1%
8BERKSHIRE HATHAWAY INC 1.125% BDS 16/03/27 EUR1000001.09%
9CAJA DE AHORROS Y MONTE D PD MADRID 4% BDS 24/03/36 EUR500001.09%
Management
Fund manager group
Friends Life
Fund manager company
Friends Life
Fund type
Pension Fund
Fund objective
M&G state that the aim of the fund is to maximise total return while generating a higher level of income than that from European government bonds of similar maturities. The fund's policy is to invest mainly in investment grade corporate bonds denominated in any European currency. The fund may also invest in high yield corporate bonds, government and public securities denominated in any European currency. The fund’s exposure to bonds, government and other public securities may be gained through the use of derivatives. The fund may also invest in other assets, including collective investment schemes, other transferable securities, cash and near cash, deposits, warrants, money market instruments and other derivative instruments which may be denominated in any major global currency. Any non-European currency exposures within the fund may be managed by currency hedges in European currencies.
Benchmark
  • Morningstar EUR Corporate Bond sector
Investment style
No data available.
Investment method
No data available.
Fund managers
NameSinceBiography
Stefan Isaacs30/03/2007Stefan Isaacs is Deputy Head of Retail Fixed Interest for M&G's mutual fund range. He joined M&G as a graduate in 2001 and was subsequently promoted to corporate bond dealer specialising in high yield bonds and euro-denominated credit. Stefan joined the fund management team in 2006 and was appointed fund manager of the M&G European Corporate Bond Fund in April 2007 and the M&G Global High Yield Bond Fund in October 2010. Stefan is also deputy fund manager of the M&G Optimal Income Fund, the M&G European High Yield Fund and the M&G Global Floating Rate High Yield Fund.
Wolfgang Bauer01/08/2015Wolfgang Bauer is deputy fund manager of the M&G Global Corporate Bond Fund and the M&G European Corporate Bond Fund. He has been part of the M&G Retail Fixed Interest team since the beginning of 2014, focusing on US investment grade credit. Wolfgang initially joined M&G in 2012 as part of its Investment Graduate Programme, having gained a PhD in chemistry from the University of Cambridge. Following a series of rotations around the business, he joined the Real Estate Finance team in August 2013 as an analyst before taking up a junior fund manager role within the Retail Fixed Interest team in January 2014. Wolfgang has passed the CFA Level 3 exam.
Compliance
No data available.
Domicile
No data available.
Fund for sale in
United Kingdom
FL M&G European Corporate Bond AP
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price286
CurrencyGBX
Price updated25/05/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeGLM8
FL M&G European Corporate Bond AP Inet
Initial charge-
Annual charge1.35%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)1.51%
Bid price-
Offer price-
Mid price257.2
CurrencyGBX
Price updated25/05/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeGNE1
Data provided by

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