Make the complex simpler

Complex market conditions may require taking alternative investment routes


How can my investments do well in an ever-changing world?

Consider a flexible, disciplined and well-established approach that aims to capture investment opportunities regardless of market conditions using asset valuation insight and behavioural analysis.

Three reasons why investors should consider the M&G (Lux) Episode Macro Fund

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


  • A tactically allocated portfolio of equities, fixed income securities and currencies to help navigate volatility.
  • A transparent and highly liquid fund


  • Long / short approach that aims to profit from either increases or decreases in market prices, making it well suited for uncertain market environments


  • A total return approach aims to provide 4-8% above Secured Overnight Finance Rate
  • Same Lead Portfolio Manager since inception
  • Seasoned investment team with a proven investment approach through 20+ years of market cycles and crises

Markets aren’t always efficient

From time to time, behavioural-driven price action presents exploitable trading opportunities (or ‘Episodes’). The Episode Macro strategy is built on this premise. Correctly identifying these episodes allows us to respond to periods of volatility and/or take contrarian views to buy into markets that appear oversold and cheap, or short markets that are expensive and complacent about risks.

Where does Episode Macro fit in a client’s portfolio?

 M&G Episode Macro strategy was developed as a tactical diversifier. By remaining agile and shifting between equities and bonds, the fund can add diversification to long-only holdings without sacrificing returns. Adding 10% of Episode Macro to a global 60/40 portfolio over the past 5 years would have increased return, reduced overall portfolio risk and improved drawdown outcomes in 2022 when equities and bonds were correlated.

Maintaining an agile portfolio


Source : M&G, Internal limits are shown for illustrative purposes only and are subject to change.

Find out more about the Fund

Awards and Recognition


The Hedge Fund Journal - 2024 UCITS Hedge Awards1

Discretionary Global Macro Fund - Best Performing Fund over 2, 5, 7 and 10 Years

Asia Asset Management - 2024 Best of the Best awards2

Best Global Absolute Return Fund - 3 and 5 years


The Hedge Fund Journal - 2023 UCITS Hedge Awards1

Global Macro Discretionary - Best Performing Fund in 2022 and over 2, 3, 4, 5, 7 and 10 Years

1Source: The Hedge Fund Journal: 2024 UCITS Hedge Awards, 2023 UCITS Hedge Awards

2Source: Asia Asset Management: 2024 Best of the Best awards

Awards are not an indicator of future performance

Key risks associated with M&G (Lux) Episode Macro Fund

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.

The fund can be exposed to different currencies. Movements in currency exchange rates may adversely affect the value of your investment.

The fund may use derivatives to profit from an expected rise or fall in the value of an asset. Should the asset’s value vary in an unexpected way, the fund will incur a loss. The fund’s use of derivatives may be extensive and exceed the value of its assets (leverage). This has the effect of magnifying the size of losses and gains, resulting in greater fluctuations in the value of the fund.

Investments in bonds are affected by interest rates, inflation and credit ratings. It is possible that bond issuers will not pay interest or return the capital. All of these events can reduce the value of bonds held by the fund.