M&G European Special Situations Fund
Michael Stiasny
Fund manager: Michael Stiasny
Funds managed: M&G European Special Situations Fund, M&G European Fund
The Fund aims to maximise long term total return to investors by investing predominantly in a wide range of European equities of companies in special situations.
The Fund seeks to maximise total return to investors through investment in a range of equities of European companies in special situations where the Investment Manager believes internal company change or external market change will positively affect the value of the company, or where the companies are undervalued due to pricing anomalies. The Fund will invest across a wide range of geographies, sectors and market capitalisations. The Fund may also invest in other assets including other transferable securities, collective investment schemes, money market instruments, cash and near cash, deposits and derivative instruments. Derivative instruments may be used in support of achieving the Fund’s investment objective.
The M&G European Special Situations Fund is a well diversified fund that invests in companies across Europe (including the United Kingdom). There is a strong focus on a company’s returns on capital and valuation drives every investment decision. Change is the common thread linking all stocks in the portfolio. The fund manager looks for undervalued companies whose undervaluation may bring about positive change at the business.
The fund manager also holds stocks in companies after they have experienced change and whose ability to produce high and sustainable returns has not yet been recognised by the market. The fund manager uses a bottom-up approach to stock selection that is based on detailed research and avoids choosing stocks with reference to an index. Potential candidates are found through team discussions, screening and company contact. The fund manager also works closely with the risk management team to ensure that the primary driver of performance is stock selection.
Michael Stiasny joined in 1998 as an equity analyst, becoming head of the pan-European equity research team in February 2005. He was appointed co-manager of the M&G European Fund in June 2007, becoming sole manager in February 2008. He also became manager of the M&G European Special Situations Fund on its launch in February 2008. Michael graduated in philosophy, politics and economics from Oxford University. He is also a CFA charterholder.
For more information on this fund please contact us.
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