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Fund name
Aberdeen American Growth  
Fidelity American  
Schroder UK Mid 250  
M&G Recovery  
Jupiter Merlin UK Growth  
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Contact details

M&G Group, Laurence Pountney Hill, London, EC4R 0HH
0800 328 3196 (Dealing)
20 7626 4588 (Enquiries)
0870 043 4200 (Fax Number)
0800 328 3191 (IFA Support)
0800 390 390 (Main Number)

Fund managers

* Stefan Isaacs30-Sep-2010 to Present
James Tomlins»01-Dec-2011 to Present
Jim Leaviss»01-Jul-2007 to 30-Sep-2010
David Fancourt»01-Aug-2000 to 30-Jun-2007
James Gledhill»01-Oct-1998 to 01-Aug-2000

Investment objectives

The Fund is designed to maximise total return (the combination of income and growth of capital) while generating a high level of income.

Key Information

Fund vs sector

  1y 3y
Position 11 / 24 7 / 21
Quartile 2 2

Fund ratings

BronzeMstar OBSR
n/aS&P Rating
FE Crown Rating: 2 FE Crown Rating


  1y 3y
Volatility 2.79 8.56
Alpha 1.83 -1.03
Beta 0.87 1.16
Sharpe 2.68 0.48
Info Ratio 0.24 0.03
R2 0.45 0.95
Quartiles:   1  2  3  4   help with ratios
vs. Sterling High Yield»
performance chart
ACC +8.5+24.6+53.4+10.5+3.9+6.1+16.1
  STERLING HIGH YIELD   +7.9+23.6+62.9+11.0+3.2+8.0+22.0
Clean share class
   Bid OfferDateYieldOCF help CiticodeSEDOL
pdf M&G HIGH YIELD CORPORATE BOND I ACC GBP ACC 1209.94 (p) 30-Jul-2014 5.29 0.81% 0ZEE B4Z1M21
pdf M&G HIGH YIELD CORPORATE BOND I INC GBP INC 1103.55 (p) 30-Jul-2014 5.29 0.81% 0ZEF B6ZD1B3
pdf M&G HIGH YIELD CORPORATE BOND R ACC GBP ACC 120.31 (p) 30-Jul-2014 4.94 1.16% 0ZEG B3ZG2Y1
pdf M&G HIGH YIELD CORPORATE BOND R INC GBP INC 110.33 (p) 30-Jul-2014 4.94 1.16% 0ZEH B7K97Y8
pdf M&G HIGH YIELD CORPORATE BOND CH GR EUR ACC 13.35 (EUR) 30-Jul-2014 5.26 0.84% M2D3 B59GSR6
pdf M&G HIGH YIELD CORPORATE BOND CH GR USD ACC 13.51 (USD) 30-Jul-2014 5.20 0.85% M2D4 B62CB46
Other share classes
   Bid OfferDateYieldOCF help CiticodeSEDOL
pdf M&G HIGH YIELD CORPORATE BOND AH GR INC EUR INC 12.49 (EUR) 30-Jul-2014 4.66 1.44% JD0C B3LTM88
pdf M&G HIGH YIELD CORPORATE BOND BH GR ACC EUR ACC 10.86 (EUR) 30-Jul-2014 4.16 1.94% JD0J B90LG30
pdf M&G HIGH YIELD CORPORATE BOND A HEDGED GR EUR ACC 13.09 (EUR) 30-Jul-2014 4.66 1.44% M2D1 B60QYQ3
pdf M&G HIGH YIELD CORPORATE BOND A HEDGED GR USD ACC 13.25 (USD) 30-Jul-2014 4.62 1.44% M2D2 B60PW55
pdf M&G HIGH YIELD CORPORATE BOND A INC GBP INC 52.22 (p) 30-Jul-2014 4.69 1.41% MY15 3195710
pdf M&G HIGH YIELD CORPORATE BOND A ACC GBP ACC 117.54 (p) 30-Jul-2014 4.69 1.41% MY22 3195721
pdf M&G HIGH YIELD CORPORATE BOND X INC GBP INC 52.24 (p) 30-Jul-2014 4.69 1.41% PK21 3111040
pdf M&G HIGH YIELD CORPORATE BOND X ACC GBP ACC 117.61 (p) 30-Jul-2014 4.69 1.41% PK22 3111051

The Ongoing Charges Figure (OCF) shows the drag on performance caused by operational expenses associated with a fund.

Expenses which are represented by this figure include payments to the manager, the trustee the custodian and their representatives. The figure also includes registration, regulatory, audit and legal fees, and the costs of distribution.

Performance fees, transaction costs, interest on borrowing, costs associated with derivatives, entry and exit fees and soft commissions are not included in the OCF calculation, and should be factored in separately by the investor.

The OCF is calculated by taking the sum of these expenses incurred in the last 12 months and dividing this by the average net assets of that class for the last 12 months.

Total Expense Ratio (TER) is a formula designed to show the ongoing costs to the investor associated with a fund, including some charges which are not factored into the annual management fee. In addition the fund’s annual fee, charges such as trading fees, audit and legal fees, and operational expenses are included in the TER, which is worked out by dividing the total cost of the fund by its total assets to arrive at a percentage.

Unlike the Ongoing Charges Figure, the TER takes into account performance fees. It does not include transaction costs paid to the custodian.

Detailed fund information
Fund type flag UK Open Ended Investment Company (OEIC)
Own ISA wrapper Fund has ISA Wrapper help with ratios Fund size£1,317.2m / $2,225.4m (31-May-14)
Savings plan Fund has Savings Plan Minimum: £ 10.0 Monthly Launch16-Oct-1998
Pricing times12:00 Daily Dealing frequencyDaily
Dealing timesMon-Fri 08:00 to 18:00
Minimum initial£ 500
Minimum additional£ 100
Initial charge3.00%
Annual management charge1.25%
Note to chargesn/a
Trustee / DepositaryNational Westminster Bank plc
RegistrarInternational Financial Data Services (UK) Ltd
Dividend policyJan 01, Feb 01, Mar 01, Apr 01, May 01, Jun 01 (Final), Jul 01, Aug 01, Sep 01, Oct 01, Nov 01, Dec 01
Peer groups
Region Asset Class Investment Focus Sector
Global Fixed Interest Corporate Sterling High Yield
Largest holdings, 30-Jun-2014
Holding (%) Rank Prev Fund factsheet Equity factsheet
1053392 CDS USD R F 5.0 9.30 1 (1) - -
TREASURY 2.75% GILT 22/01/15 GBP 7.44 2 (2) - *
MATTERHORN MOBILE SA 6.75% BDS 15/05/19 CHF1000 REG S 1.70 4 (4) - -
GERMANY(FEDERAL REPUBLIC) 3.75% BDS 04/01/19 EUR0.01 1.41 5 (5) - -
UPCB FINANCE II LTD 6.375% SNR NTS 01/07/20 EUR1000 REG S 1.27 6 (6) - -
UNITYMEDIA KABELBW GMBH 9.5% NTS 15/03/21 EUR100000 REG S 1.14 7 (7) - -
GERMANY(FEDERAL REPUBLIC) 4.25% BDS 04/07/2014 EUR0.01 1.06 8 (8) - -
BAKKAVOR FINANCE 2 PLC 8.25% LN STK 15/02/18 GBP100000 REG S 1.04 9 (9) - -
LOWELL GROUP FINANCING PLC 10.75% BDS 01/04/19 GBP1000 REG S 1.02 10 (10) - -
Regional weightings, 31-May-2014
USA27.181 27.18% USA
UK23.552 23.55% UK
Others14.293 14.29% Others
Luxembourg10.064 10.06% Luxembourg
Germany6.295 6.29% Germany
Netherlands4.546 4.54% Netherlands
Money Market3.977 3.97% Money Market
Italy3.928 3.92% Italy
France3.609 3.60% France
Spain2.6010 2.60% Spain
Sector weightings, 31-May-2014
Banks15.881 15.88% Banks
Consumer Goods12.452 12.45% Consumer Goods
Telecommunications12.203 12.20% Telecommunications
Industrials12.064 12.06% Industrials
Media11.815 11.81% Media
Local Government Bonds10.586 10.58% Local Government Bonds
Services8.777 8.77% Services
Energy5.518 5.51% Energy
Money Market3.979 3.97% Money Market
Utilities2.9710 2.97% Utilities
Insurance2.7011 2.70% Insurance
Technology1.1012 1.10% Technology

All prices in Pence Sterling (GBX) unless otherwise specified. Price total return performance figures are calculated on a bid price to bid price basis (mid to mid for OEICs) with net income (dividends) reinvested. Performance figures are shown in Sterling unless otherwise specified.

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Asset allocation

High yield bonds, 89.59%
89.5900% ofHigh yield bonds
Investment grade bonds, 4.02%
4.0200% ofInvestment grade bonds
Government bonds, 3.62%
3.6200% ofGovernment bonds
Unrated non-government bonds, 2.77%
2.7700% ofUnrated non-government bonds

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