M&G Global Floating Rate High Yield
|Bid Price||-||Offer Price||-|
|Mid Price||GBX 108.21||Day Change||GBX -0.02 (-0.02%)|
|Price Date||17 Feb 2017||Crown Rating|
|Shares Class||Inc.||Yield||3.32 %|
|Total Expense Ratio||0.83||Fund Size||2,169,958,299.00|
|Launch Date||11/09/2014||Standard Initial Charge (%)||1.00|
|Annual Management Charge (%)||0.65||Sector||IMA UK Equity Income|
|Min Investment (£)||500,000.00||Total Expense Ratio (%)||0.83|
|ISIN||GB00BMP3SC51||Min TopUp (£)||10,000.00|
The fund aims to deliver income and capital growth by investing at least 70% of the portfolio in high yield floating rate notes (FRNs), which are bonds paying a variable coupon that is adjusted in line with changes in interest rates. The fund focuses on FRNs issued by companies with a low credit rating, which typically pay higher levels of interest to compensate investors for the greater risk of default. Part of the fund may be invested in other fixed income assets, such as government bonds. Asset exposure is gained through physical holdings and the use of derivatives.
Stefan Isaacs is Deputy Head of Retail Fixed Interest for M&G's mutual fund range. He joined M&G as a graduate in 2001 and was subsequently promoted to corporate bond dealer specialising in high yield bonds and euro-denominated credit. Stefan joined the fund management team in 2006 and was appointed fund manager of the M&G European Corporate Bond Fund in April 2007 and the M&G Global High Yield Bond Fund in October 2010. Stefan is also deputy fund manager of the M&G Optimal Income Fund, the M&G European High Yield Fund and the M&G Global Floating Rate High Yield Fund.