The fund aims to provide a combination of capital growth and income that is higher than that of the global floating rate high yield bond market (as measured by the ICE BofAML Global Floating Rate High Yield Index (3% constrained) USD Hedged) over any five-year period. At least 70% of the fund is invested in high yield floating rate notes (FRNs), focusing 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.
The value and income from 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. There is no guarantee that the fund will achieve its objective and you may get back less than you originally invested. Past performance is not a guide to future performance.
The benchmark is a comparator against which the Fund’s performance can be measured. The index has been chosen as the Fund’s benchmark as it best reflects the scope of the Fund’s investment policy. It does not constrain the Fund's portfolio construction and the Fund is actively managed. The investment manager has freedom in choosing which assets to buy, hold and sell in the Fund. The Fund’s holdings may deviate significantly from the benchmark’s constituents and as a result the Fund’s performance may deviate significantly from the benchmark.
Source: Morningstar, and M&G. Returns are calculated on a NAV-to-NAV basis, with dividends reinvest for Acc shareclasses only.
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