M&G Pan European Fund
Giles Worthington
Fund Manager: Giles Worthington
Funds Managed: M&G Pan European Fund
The Fund invests wholly or mainly in European (including UK) companies. The Fund may also invest in companies outside Europe but only when these companies derive the majority of their income from European activity. The objective is to maximise long term total return (the combination of income and growth of capital).
The M&G Pan European Fund is a concentrated portfolio of between 40 and 60 holdings. It seeks to capitalise on compelling investment opportunities from across the pan-European investment universe. The fund manager adopts a bottom-up approach to stock selection, based on detailed fundamental research. A company’s ability to meet or beat its forecast earnings is the crucial determinant for its inclusion in the portfolio. The fund’s strategy exploits inefficiencies in the market where growth is priced inaccurately. Central to this is identifying companies in one of three different stages of growth: transition stage; earnings momentum stage and sustainable returns stage. The selection process identifies companies that can increase their returns and therefore grow. The fund manager works closely with the risk management team to ensure that the primary driver of the portfolio’s risk is stock selection.
Giles Worthington joined M&G in March 2001 as a fund manager on the European desk. He is head of the M&G European Equities team and fund manager of the M&G Pan European Fund. In 1995, Giles joined Invesco Fund Managers where he managed segregated European smaller companies funds and a global smaller companies fund. Prior to this, Giles worked for Simmons & Simmons, the law firm. Giles graduated from St Hugh’s College, Oxford, with a MA in modern history.
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