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When investing in a UK Equity Income fund, do you buy income or accumulation shares?

Income shares
Accumulation shares


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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

* Richard Woolnough20-Feb-2004 to Present
Ben Lord» 01-Jan-2007 to Present

Investment objectives

The fund aims to maximise total return (the combination of income and growth of capital).

Key Information

Fund vs sector

  1y 3y
Position 49 / 103 57 / 91
Quartile 2 3

Fund ratings

GoldMstar OBSR
FE Crown Rating: 3 FE Crown Rating


  1y 3y
Volatility 4.80 4.81
Alpha -1.29 0.13
Beta 1.26 1.02
Sharpe 0.65 0.78
Info Ratio 0.21 0.15
R2 0.95 0.90
Quartiles:   1  2  3  4   help with ratios
vs. Sterling Corporate Bond»
performance chart
ACC +5.6+22.0+40.6+3.1+12.1+4.3+10.5
  STERLING CORPORATE BOND   +5.4+22.3+35.7+3.2+12.4+1.4+9.4
Clean share class
   Bid OfferDateYieldOCF help CiticodeSEDOL
pdf M&G STRATEGIC CORPORATE BOND I ACC GBP ACC 1127.41 (p) 30-Oct-2014 3.88 0.66% 0ZFW B7J4YT8
pdf M&G STRATEGIC CORPORATE BOND I INC GBP INC 1065.59 (p) 30-Oct-2014 3.88 0.66% 0ZFX B6VTPZ7
pdf M&G STRATEGIC CORPORATE BOND R ACC GBP ACC 112.27 (p) 30-Oct-2014 3.63 0.91% 0ZFY B4MQK81
pdf M&G STRATEGIC CORPORATE BOND R INC GBP INC 106.54 (p) 30-Oct-2014 3.63 0.91% 0ZFZ B558TQ2
Other share classes
   Bid OfferDateYieldOCF help CiticodeSEDOL
pdf M&G STRATEGIC CORPORATE BOND A INC GBP INC 73.42 (p) 30-Oct-2014 3.38 1.16% ZR19 3382802
pdf M&G STRATEGIC CORPORATE BOND X ACC GBP ACC 100.98 (p) 30-Oct-2014 3.13 1.41% ZR20 3382835
pdf M&G STRATEGIC CORPORATE BOND X INC GBP INC 73.37 (p) 30-Oct-2014 3.13 1.41% ZR21 3382824
pdf M&G STRATEGIC CORPORATE BOND A ACC GBP ACC 103.07 (p) 30-Oct-2014 3.38 1.16% ZR91 3382813

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£4,821.5m / $7,786.2m (30-Sep-14)
Savings plan Fund has Savings Plan Minimum: £ 10.0 Monthly Launch20-Feb-2004
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 charge1.00%
Note to chargesn/a
Trustee / DepositaryNational Westminster Bank plc
RegistrarInternational Financial Data Services (UK) Ltd
Dividend policyMar 01, Jun 01, Sep 01 (Final), Dec 01
Peer groups
Region Asset Class Investment Focus Sector
United Kingdom Fixed Interest Corporate Sterling Corporate Bond
Largest holdings, 30-Sep-2014
Holding (%) Rank Fund factsheet Equity factsheet
TREASURY 4.25% GILT 07/06/2032 GBP0.01 1.26 2 - *
WELLS FARGO BANK NA 5.25% SUBORD NTS 01/08/23 GBP50000 1.18 3 - -
LLOYDS BANK PLC 5.125% NTS 07/03/25 GBP100000 1.06 4 - -
IMPERIAL TOBACCO FINANCE 9% GTD NTS 17/02/22 GBP50000 1.03 5 - -
AT&T INC 4.875% UNSEC BDS 01/06/44 GBP100000 0.83 6 - -
HSBC HLDGS CALL SUB 6.375%/FLTG RT NTS 18/10/22 GBP 0.79 7 - -
JPMORGAN CHASE BANK NATL ASS 3.5% NTS 18/12/26 GBP1000 0.73 8 - -
TREASURY 4.75% GILT 07/12/30 GBP 0.73 9 - *
Regional weightings, 30-Sep-2014
UK56.061 56.06% UK
US16.752 16.75% US
France7.303 7.30% France
Other4.474 4.47% Other
Germany4.425 4.42% Germany
Netherlands2.706 2.70% Netherlands
Italy2.597 2.59% Italy
Cash2.528 2.52% Cash
Spain2.189 2.18% Spain
Mexico1.0110 1.01% Mexico
Sector weightings, 30-Sep-2014
Securitised20.011 20.01% Securitised
Banking15.432 15.43% Banking
Telecommunications10.043 10.04% Telecommunications
Consumer9.724 9.72% Consumer
Utility9.005 9.00% Utility
Insurance7.046 7.04% Insurance
Sovereign5.817 5.81% Sovereign
Services4.858 4.85% Services
Media4.009 4.00% Media
Industrials3.2310 3.23% Industrials
Energy2.7011 2.70% Energy
Cash2.5212 2.52% Cash
Real Estate2.3013 2.30% Real Estate
Supranational1.6914 1.69% Supranational
Technology1.5415 1.54% Technology
Other0.1216 0.12% Other

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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wwjd_andy Apr 25th, 2013 at 03:32 PM

Careful with those treasuries Mr Woolnough, with gilt yields so depressed, there is no room for error..


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Asset allocation

Investment grade bonds, 84.11%
84.1100% ofInvestment grade bonds
High yield bonds, 7.78%
7.7800% ofHigh yield bonds
Government bonds, 5.81%
5.8100% ofGovernment bonds
Unrated non-government bonds, 1.53%
1.5300% ofUnrated non-government bonds
Cash, 0.77%
0.7700% ofCash

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