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Insights and market news

For insights, thought leadership and market commentaries straight from the fund management floor. Some of the views expressed on this page are from third parties and should not be taken as M&G's views.

The value of stockmarket investments will fluctuate, which will cause fund prices to fall as well as rise and you may not get back the original amount invested.

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2020 MAR

Insights

M&G Investments

30/03/2020

Fund update: M&G (Lux) Optimal Income Fund

The fund has been defensively positioned in terms of low duration, while broadly positive on higher-rated credit, particularly strong US companies. As valuations have become more attractive within high yield, we have steadily increased exposure through the European CDS index. Current high yield exposure is around 15% versus 8% in January.

Read the update

Insights

M&G Investments

30/03/2020

Fund update: M&G (Lux) Global Listed Infrastructure Fund

Markets have fallen sharply to date in March, as the new coronavirus spread in Europe and the US, causing disruption as economic activity ground to a halt. Some countries in Europe closed their borders to all but essential traffic, while others implemented lockdowns of entire cities to try to slow down the spreading of the COVID-19 virus. Europe is now the hardest-hit region, with the number of deaths in Italy exceeding that in China.

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Insights

Florent Delorme

27/03/2020

Coronavirus: is the market route justified?

Stock markets continue to fall and any odd day of relief is followed by fresh slides. Market players are trying to gauge the depth of the damage and this is far from easy. The situation is genuinely serious on the health, economic and financial fronts but at the same time the pro-active response of monetary and political authorities is impressive.
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Fund updates

Fund manager, Juan Nevado

27/03/2020

Summary of the webcast with Juan Nevado

It has been a very volatile and somewhat frightening month for markets; a ‘perfect storm’. This has meant a sharp decline in all risk assets, which have become heavily correlated. The biggest issue is the huge uncertainty brought on by the world economy coming to a sudden halt, hence the significant de-risking we have seen in markets. However, we don’t believe that this situation is like 2008, when there was a massive misallocation of capital in the financial system combined with excessive leverage in banks. In addition, governments and central banks have been announcing new fiscal and monetary support measures on a daily basis. It is also possible that these policies will have a long-term effect on interest rates and inflation. The outcomes are very difficult to forecast but we can look instead at the psychology of the markets.
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Juan Nevado

27/03/2020

Webcast: M&G (Lux) Dynamic Allocation Fund

Juan Nevado, Manager of the M&G (Lux) Dynamic Allocation Fund and M&G (Lux) Conservative Allocation Fund gave an update on the team's response to current market events last week.
Watch the webcast

Insights

Florent Delorme

20/03/2020

Impact of coronavirus on the economy and markets: importance of the number of intensive care beds

The impact of the current pandemic on the world’s economy and markets will be greater if the kind of mass isolation measures we are seeing in China and Italy are rolled out worldwide. But it was the saturation of the Italian healthcare system, and crucially the shortage of intensive care beds, which led the Italian authorities to urgently impose a general quarantine of the population.
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Fund updates

Fund manager – Richard Woolnough

20/03/2020

M&G (Lux) Optimal Income Fund Webcast

Rewatch the M&G (Lux) Optimal Income Fund Webcast with Richard Woolnough from March 17. He provides an update on the fund and outlook as we head into the second quarter of an eventful year so far.
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Fund updates

20/03/2020

Summary of the M&G (Lux) Optimal Income Fund Webcast

The severity of the Covid 19 outbreak on the global economy, sharply slowing consumption and weakening services, means a recession is inevitable, in my view. The US economy, with near full employment, is arguably in a better position than Europe to withstand an expected sharp slide in growth, however. We feel this global economic slowdown will be different to previous recessions, when consumer demand fell away because of a downturn in the price of houses, oil, and generally combined with a high debt-servicing ratio.
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2020 JAN

Insights

Florent Delorme, macroanalyst

31/01/2020

Should we be buying European bank shares?

European banking is a divisive issue. Some are no longer willing to look at the sector, arguing it has no future, while others point to cheap valuations as a reason to retain some targeted investments.

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Insights

Florent Delorme, macroanalyst

03/01/2020

Outlook 2020

2019 is drawing to a close and it now looks as though we have avoided the widely forecasted recession. The global economy is stabilising and a bounceback in the euro zone and China cannot be ruled out. Monetary policies remain highly accommodative and fiscal stimulus is on the agenda across the world. Japan, for instance, recently announced a support package of over €100bn.

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2019 DEC

Insights

Florent Delorme, macroanalyst

17/12/2019

Fiscal stimulus or discipline in the Eurozone? What lessons might be learnt from the economic solutions chosen in the 1930s?

More than a decade after the financial crisis of 2008, the ECB’s accommodative monetary policy is being questioned. Many economists are critical of the low interest rates and asset buyback programmes, citing the limited impact of such an approach on credit growth, the collateral damage that it causes (i.e. lower profit margins for banks, the development of zombie companies (a fragile company only generating enough cash to pay interest on its debts) and the risk of a property bubble), and the unwarranted support for European states whose solvency is under threat, in other words every country except Germany and the Netherlands, according to these economists.

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Insights

Florent Delorme, macroanalyst

17/12/2019

We are all Keynesians now (this time for real)

2019 was marked by the decisions of the Fed, and then the ECB not to normalise their monetary policies. Amidst weak economic growth and inflation, the central banks reversed their previous course of exiting non-conventional policies. This is not a mere detail, as these programmes were originally meant to be temporary. Support for public spending via government bond purchases and business lending incentives are now part and parcel of our monetary institutions.

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Fund updates

Richard Woolnough

12/12/2019

A conversation with Richard Woolnough

In this video, Fund Manager Richard Woolnough shares what made him decide to become a fund manager, and what is the most important lesson that he has learnt in his career so far. Furthermore, he explains why his strategy is compelling now, how the team is a differential point against the competition, and what are, in his opinion, the characteristics of a good fund manager. The value of the fund's assets will go down as well as up. This will cause the value of your investment to fall as well as rise and you may get back less than you originally invested.

Watch the video

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For Investment Professionals only. Not for onward distribution to any other type of client. No other persons should rely on the information contained on this website. Content should therefore be shared responsibly with other investment professionals. The value of investments will fluctuate, which will cause fund prices to fall as well as rise and investors may not get back the original amount invested.