Global Recovery Fund

ISIN
GB00BYRJNP32

Price (22.02.2019)
11.41

% Price Change
-0.27

Objective and investment policy

Objective

The fund aims to grow capital over five years or more. Income is not a consideration.

Investment policy and strategy

Core investment: At least 80% of the fund is invested in the shares of companies from around the world. 

Other investments: Generally, less than 10% is held as cash or assets that can be turned into cash quickly. 

Strategy in brief: The fund's focus is on companies which, at the time of investment, the fund manager believes are either out of favour with the market, or whose future prospects are undervalued by the market, but have the potential to restore themselves to health.

Companies held in the fund are expected to move through a recovery cycle over three to five years. The fund may invest across a wide range of countries, sectors and company sizes. The fund manager has a relatively simple investment approach, focusing on cashflow and management’s strategy for recovery within a company. Constructive dialogue with company management is therefore a key part of the investment process.

Risks associated with the fund

The value of investments and the income from them will rise and fall. This will cause the fund price, as well as any income paid by the fund, to fall as well as rise. There is no guarantee the fund will achieve its objective, and you may not get back the amount you originally invested.

Changes in currency exchange rates will affect the value of your investment.

The fund will invest in emerging markets which are generally smaller, more sensitive to economic and political factors, and where investments are less easily bought and sold. In exceptional circumstances, the fund may encounter difficulties when selling or collecting income from these investments, which could cause the fund to incur a loss. In extreme circumstances, it could lead to the temporary suspension of dealing in shares in the fund.

Where market conditions make it hard to sell the fund’s investments at a fair price to meet customers’ sale requests, we may temporarily suspend dealing in the fund’s shares.

Some transactions the fund makes, such as placing cash on deposit, require the use of other financial institutions (for example, banks). If one of these institutions defaults on their obligations or becomes insolvent, the fund may incur a loss.

Other information

The fund invests mainly in company shares and is therefore likely to experience larger price fluctuations than funds that invest in bonds and/or cash.

 

Performance

The value of investments will fluctuate, which will cause fund prices to fall as well as rise and you may not get back the original amount you invested. The level of any income earned by the fund will fluctuate. Past performance is not a guide to future performance. 

Source: Price: State Street. Performance: Morningstar. Performance figures are on a price to price basis with income reinvested. Performance figures may not reflect all relevant charges.

Please note that the Morningstar Category performance data in this tool where shown, is from the default Morningstar database, which contains all the share classes for each fund available across Europe, Asia and Africa. This can differ from the comparative sector data in M&G factsheets which is from the same database, but showing only the most appropriate share class to represent each fund, and for just those funds available in Europe. Neither Morningstar nor its Information Providers can guarantee the accuracy, completeness, timeliness, or correct sequencing of any of the Information on the Web site, including, but not limited to Information originated by Morningstar, licensed by Morningstar from Information Providers, or gathered by Morningstar from publicly available sources. There may be delays, omissions, or inaccuracies in the Information.

 

Fund Team

David Williams

David Williams - Fund manager

David Williams is fund manager of the M&G Global Recovery Fund and deputy fund manager of the M&G Recovery Fund. He joined M&G in January 2004, having graduated from the University of Nottingham with a degree in economics. David worked closely with Tom Dobell as a fund managers' assistant for three years prior to becoming deputy fund manager of the M&G Recovery Fund in September 2008. He is a CFA charterholder.

 Team member biography
Randeep Somel

Randeep Somel - Deputy Manager

Randeep Somel is deputy fund manager of the M&G Global Recovery Fund. Previously, Randeep was fund manager of the M&G Global Themes Fund and the M&G Managed Growth Fund. He joined M&G in 2005 as a fund managers’ assistant on the M&G Equities team, and in August 2008, was promoted to dedicated analyst on the M&G Global Themes Fund, the M&G Managed Growth Fund and the Vanguard Precious Metals & Mining Fund. Prior to joining M&G, Randeep worked for State Street in a fund accounting role. He graduated from Birmingham University with a degree in economics in 2003. Randeep is a CFA charterholder.

 Team member biography
Michael Stiasny

Michael Stiasny - Deputy Manager

Michael Stiasny is the fund manager of Charifund and, since 1 April 2018, of the M&G UK Income Distribution Fund. He is also deputy fund manager of both the M&G Recovery Fund and the M&G Global Recovery Fund. He joined M&G in 1998 as an equity analyst, becoming head of the equity research team in 2004. He was appointed deputy fund manager of the M&G Recovery Fund in 2011. Michael graduated with a degree in philosophy, politics and economics from the University of Oxford in 1997. He is a CFA charterholder.

 Team member biography
Gregor Morris

Gregor Morris - Investment specialist

Gregor Morris is currently the Investment Specialist for the M&G Recovery team. He is also responsible for M&G’s Japan and UK equity fund ranges. Gregor joined M&G in 2012 as part of the Graduate Programme, having gained a BA in history and politics from the University of York. He is a CFA charterholder.

 Team member biography

Ratings

Rating is at a share class level

3 Star Rating

Ratings as at 31/12/2018. The Morningstar Overall Rating. Copyright © 2019 Morningstar UK Limited. All Rights Reserved. The Morningstar Analyst Rating™. © 2019 Morningstar. All Rights Reserved. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Ratings should not be taken as recommendation.

Need further information?

  • Get more help from our FAQs

  • Search for a term in our Glossary

    Glossary