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M&G Global Macro Bond Class I - Accumulation (GBP)

Sell:147.32p Buy:147.32p Change: 0.22p (0.15%)
Prices as at 30 July 2025
Sell:147.32p
Buy:147.32p
Change: 0.22p (0.15%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
Prices as at 30 July 2025
Sell:147.32p
Buy:147.32p
Change: 0.22p (0.15%)
Prices as at 30 July 2025
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund does not feature on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. This is not a recommendation to sell; however, if you are thinking of adding to your investments, we believe the Wealth Shortlist is a good place to start. View funds on the Wealth Shortlist »

Having managed the fund since inception in 1999, Jim Leaviss left the business in August 2024. Eva Sun-Wai and Robert Burrows took over as co-managers of the fund from 1 August 2024.

We expect Sun-Wai and Burrows to manage the fund in a similar same way as Leaviss did previously. However given the flexibility to invest across global bond markets within this fund, it will naturally not be the same fund as it has been under Leaviss.

A significant proportion of the fund can be invested overseas and the fund can be heavily exposed to foreign currencies, particularly the US dollar.

Overall, it’s a shame to see Leaviss leave the industry, given his significant experience and knowledge of bond investing. We view Burrows and Sun-Wai as competent investors. However, the lack of a public track record for Burrows, alongside Sun-Wai’s relatively short time in the industry, were the reasons behind the removal of this fund from our Wealth Shortlist.

Our view on the sector

Funds in this sector can invest in government and corporate bonds issued globally. And they can often be denominated in overseas currencies. Foreign currencies boost performance if sterling weakens, like it did after the UK voted to leave the European Union in 2016, but the reverse is true when sterling strengthens. These funds can be very different from each other. Some focus on generating income, others try to shelter investors' money during the bad times and might not generate any income. We think there are only a handful of investors with the skill to successfully manage a fund in this sector.

Performance Analysis

Given the change in managers for the fund in August 2024, it’s too early to provide any meaningful assessment of the performance achieved by the new managers.

That said, historically, the fund's currency exposure has had a significant impact on returns, with performance boosted by exposure to the US dollar when it is strong against sterling. We expect the fund's currency exposure to continue to be a key influence on performance going forward.

Investment Philosophy

This fund has a flexible, 'go anywhere' mandate with the managers able to buy government bonds, investment grade corporate debt, higher-risk high-yield bonds, and higher-risk emerging market debt. The overall aim is to invest the portfolio in a diversified range of fixed interest assets and currencies to achieve the best possible return in the prevailing economic environment. The fund uses the Bloomberg Global Aggregate Index Unhedged USD as a performance benchmark and aims to outperform this index over periods of 5 years or more.

Process and Portfolio Construction

The managers start with their 'bigger picture' macroeconomic outlook. This includes forming a view on economic growth, interest rates and inflation globally. This helps them decide how much to invest in different areas of the bond market.

The fund’s underlying investments tend to change a lot and can move quite quickly if the managers think this is necessary. They are likely to invest more in corporate (including high yield) and emerging market bonds when they are positive, and invest a greater proportion of the fund in government bonds when their outlook is cautious. Investing in high yield and emerging market bonds increases risk. They can also use derivatives to enhance returns. This allows them to quickly vary exposure to different types of bonds and currencies, as well as benefit from falls in asset prices and rising interest rates but is a higher-risk approach.

The freedom to buy bonds issued in different currencies also means movements in currency exchange rates can add or detract value. The managers therefore have a lot of flexibility in managing the fund, but trying to bring all of these different factors together can add risk. The fund may invest more than 35% in securities issued or guaranteed by a member state of the European Economic Area or other countries listed in the fund’s prospectus.

Since Sun-Wai and Burrows have taken over as managers, they haven’t made huge changes to the process previously adopted by Leaviss. One tweak they have made is around currency exposure. While the fund will continue to have overseas currency exposure, specific investments made on the basis that a currency will increase or decrease in value will be smaller going forward.

question mark Manager Track Record Based on HL Quantitative Research

  • M&G Global Macro Bond X Inc
  • M&G Gbl Macro Bd Fd Sterling...
  • IA Global Bond
  • IA Global Mixed Bond TR
FROM: TO:


Source: Refinitiv Lipper

Fund Track Record

29/07/20 to 29/07/21 29/07/21 to 29/07/22 29/07/22 to 29/07/23 29/07/23 to 29/07/24 29/07/24 to 29/07/25
Annual return -6.78% -1.71% -5.47% -0.63% 1.33%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Information about the fund

Fund manager biography

Manager Name: Eva Sun-Wai
Manager start date: 1 February 2024
Manager located in: TBC

Eva Sun-Wai became the lead manager on the Global Government Bond strategy and deputy manager on the Global Macro Bond strategy in January 2021. Since September 2019, Eva had been a junior macro fund manager in the Wholesale Fixed Income team, where her role involved implementing macroeconomic trade ideas in the Global Macro Bond and the Absolute Return Bond strategies. She joined M&G in 2018 on the Investment Graduate Scheme, rotating across several business areas including emerging market debt, corporate credit research, real estate and long-term investment strategy. Before joining M&G, she worked on passive products and ETF strategies as a summer intern at State Street Global Advisors. Eva has a BSc (Hons) Economics degree from the University of Birmingham, has obtained the IMC and Financial Services Level 6 qualifications and is a Level 2 candidate in the CFA Program.

Manager Name: Robert Burrows
Manager start date: 1 February 2024
Manager located in: TBC

Robert Burrows joined M&G Investments in 2007 and works as a fund manager, specialising in government bond and macro fixed income mandates. Prior to M&G, Robert worked in fund accounting for Cambridge Place Investment Management, a hedge fund boutique. Robert graduated from the University of Pietermaritzburg in South Africa with an honours degree in Finance and Economics. Robert is a CFA charterholder.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now