| Asset Group | Asset Sub-Group | Investment Category |
| Fixed Income | Global bonds | Core |
J Jim Leaviss, M&G’s head of retail fixed income, has managed this strategy since its inception in September 1999. He joined M&G in 1997 after a five-year stint at the Bank of England. M&G's 12 other fixed-income strategy managers, with their own areas of expertise, act as a sounding board for Leaviss, and their regular exchanges serve as an important source of idea generation as well. Claudia Calich, emerging-markets-debt specialist, is a former deputy manager of the fund and her team continues to provide valuable input on emerging-markets debt and currencies to the strategy. Eva Sun Wei who joined the firm in 2018 as a graduate was promoted to deputy manager here in January 2021. The fund is flexibly managed and invests across global fixed-income and currency markets. It takes long and short positions using cash securities and derivatives, and moves within a wide -3 to +10 year duration range (internal guideline). Leaviss employs an eclectic but pragmatic approach to top-down idea generation, which is centred around a core valuation framework wherein anchors are established based on his view of global macroeconomic drivers (such as growth and inflation) and his understanding of their impact on long-term valuations for each asset class. These are overlaid with short- to medium-term market technical views to help deal with intermittent market volatility. To reduce the strategy's overall volatility, Leaviss builds a diversified range of high-conviction, but low-to-negatively correlated themes across rates, credit, and currency markets. These are complemented by the team's established bottom-up expertise, particularly on the credit side. Opinion We believe Leaviss’ deep and diverse experience is valuable here given the wide-ranging, macro-driven nature of this strategy. He also makes good use of the wider M&G team. March 2024 | ||
Risk warnings
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