| Asset Group | Asset Sub-Group | Investment Category |
| Fixed Income | Global bonds | Adventurous |
The fund has been managed by Claudia Calich since December 2013, taking over from Mike Riddell. She has over 20 years’ experience in emerging markets. She has been supported by deputy manager Charles De Quinsonas since 2015. He has more than 10 years of emerging market corporate bond experience, with a deep knowledge of high yield credit. They are supported by a team of dedicated emerging market debt analysts and other public credit analysts. This is a very flexible strategy, with the manager unrestricted in allocating the fund’s assets between the three main emerging market bond sub-asset classes of hard currency sovereign, local currency sovereign and hard currency corporate bonds, as well the flexibility to move across the emerging market credit and duration spectrums. Calich makes asset allocation calls between these asset classes and blends high conviction macro calls with fundamental credit analysis. Currency allocations are also used as an additional source of returns, and a neutral position consists of about 67% allocated to the US dollar, as per the composite benchmark of 2/3 hard currency, 1/3 local currency. Along with an assessment of the global macroeconomic outlook, the process begins with a sovereign outlook including liquidity and solvency, external accounts, and political factors. Calich combines her high-conviction macro calls with fundamental credit analysis from M&G’s dedicated emerging market bond analysts. The fund’s duration will typically be between 0 and 10 years but cannot go negative, with a neutral position of 5-6yrs. There are no credit quality restrictions either. The fund’s returns over Calich’s tenure have been excellent, outperforming its benchmark and the peer group. Outperformance has also been remarkably consistent, outperforming both comparators every year except for 2018 and 2020. Opinion She has used the flexibility of the strategy to great effect and performance has been good in a variety of market conditions. January 2023 | ||
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