M&G North American Value Fund
Richard Brody
Fund Manager: Richard Brody
Funds Managed: M&G North American Value Fund.
The Fund aims to achieve long-term capital growth through investment in North American securities of North American companies using a value based investment philosophy.
The M&G North American Value Fund focuses on North American stocks that are particularly inexpensive compared with the market as a whole, due to investor overreaction to short-term trends and bad news, for instance. This value-based approach tends to create opportunities for long-term investors. Fund manager Richard Brody and his team, who are based in the US, make use of intensive in-house research and company visits to select 50-55 stocks for the portfolio. To understand the reasons a stock is priced cheaply, they assess a stock’s valuation relative to the general market, the stock’s specific industry and other stocks in the portfolio. The team focuses particularly on a company’s financial strength, competitive position, potential for overcoming adverse circumstances and the quality of the management team. As ideas are submitted by the five senior team members, a consistent value-oriented perspective informs every decision.
Richard Brody joined PPM America (M&G’s affiliated investment adviser in the US) in 1992 to found the company’s Public Equity Group. He is head of Equity Management and executive vice president of PPM America. Richard has nearly three decades of investment industry experience. Prior to joining PPM America, he was a senior member of the investment team at the Chicago group of Morgan Stanley Asset Management. Before that he worked at Hewitt Associates and also First National Bank of Chicago. Richard graduated in economics from the University of California, Los Angeles (UCLA) and holds an MBA in finance from the Wharton School at the University of Pennsylvania. He completed the CFA in 1982. Richard Brody leads a Chicago-based team that manages the M&G North American Value Fund.
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