Morningstar Fund Report  | 17/04/2025Print

M&G Episode Income Fund Sterling R Acc

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
M&G Episode Income Fund Sterling R Acc
Fund10.1-11.18.63.20.6
+/-Cat2.0-0.71.1-3.60.7
+/-B’mrk2.1-1.9-0.7-5.40.7
 
Category: GBP Allocation 40-60% Equity
Category Benchmark: Morningstar UK Mod Tgt Allo...
Key Stats
NAV
16/04/2025		 GBX 174.40
Day Change -0.21%
Morningstar Category™ GBP Allocation 40-60% Equity
IA (formerly IMA) Sector Mixed Investment 20-60% Shares
ISIN GB00B7P09066
Fund Size (Mil)
15/04/2025		 GBP 275.35
Share Class Size (Mil)
15/04/2025		 GBP 3.43
Max Initial Charge -
Ongoing Charge
14/02/2025		  0.90%
Morningstar Research
Analyst Report-
,
Morningstar, Inc

M&G Episode Income adopts a distinctive approach to income investing, but its process does not stand out in our view. The fund earns a Morningstar Analyst Rating of Neutral across all its share classes. Steven Andrew has been the strategy's sole...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People23
Parent23
Process23
Performance
Price
Investment Objective: M&G Episode Income Fund Sterling R Acc
The Fund aims to provide: a growing level of income over any three-year period and capital growth of 2-4% per annum, net of the Ongoing Charge Figure, over any three-year period. The fund manager adopts a flexible approach to the allocation of capital between asset classes in response to changes in economic conditions and the valuation of assets. The Fund invests in transferable securities, fixed income assets (including, but not limited to, corporate bonds and government and public securities), warrants, cash, and near cash. Exposure to these assets, and to property, may be gained via collective investment schemes and derivatives (including equity index futures, currency forwards, interest rate swaps, and other liquid derivatives).
Returns
Trailing Returns (GBP)16/04/2025
YTD-3.34
3 Years Annualised0.39
5 Years Annualised4.31
10 Years Annualised2.60
12 Month Yield 3.08
Management
Manager Name
Start Date
Steven Andrew
11/11/2010
Stefano Amato
19/12/2022
Inception Date
03/08/2012

Category Benchmark
Fund BenchmarkMorningstar Benchmark
Not BenchmarkedMorningstar UK Mod Tgt Alloc NR GBP
Portfolio Profile for  M&G Episode Income Fund Sterling R Acc31/03/2025
Morningstar Style Box®
Equity Style
Morningstar Style Box®
Fixed Income Style
Asset Allocation
  % Long% Short% Net Assets
Stock48.940.0048.94
Bond37.140.0037.14
Property0.000.000.00
Cash103.8690.6113.25
Other0.680.010.67
Fixed Income
Effective Maturity-
Effective Duration-
Top 5 Regions%
United States56.30
Eurozone12.56
Europe - ex Euro9.21
Japan7.70
Latin America4.23
Top 5 Sectors%
Technology15.47
Consumer Defensive15.17
Financial Services14.25
Healthcare14.18
Industrials9.48
Top 5 HoldingsSector%
U.S. Treasury Bond Stripped Prin... 12.67
United States Treasury Bills 0%8.43
United Kingdom of Great Britain ... 3.82
Xtrackers MSCI World ex USA 1C2.72
European Bank For Reconstruction... 2.55
Increase Decrease New since last portfolio
M&G Episode Income Fund Sterling R Acc
Growth Of 1000 (GBP) 31/03/2025
Fund:  M&G Episode Income Fund Sterling R Acc
Category:  GBP Allocation 40-60% Equity
Category Index:  Morningstar UK Mod Tgt Alloc NR GBP
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-5.9515.09-1.6310.11-11.138.613.150.58
+/- Category-0.462.68-5.712.04-0.671.08-3.590.72
+/- Category Index---6.922.11-1.87-0.65-5.410.68
% Rank in Category-
Trailing Returns (GBP)16/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-0.21   -0.69-0.38
1 Week2.60   0.960.59
1 Month-4.65   -2.33-2.08
3 Months-4.14   -1.40-0.69
6 Months-5.41   -2.56-3.70
YTD-3.34   -0.78-0.92
1 Year0.62   -1.27-2.98
3 Years Annualised0.39   -1.26-2.93
5 Years Annualised4.31   -0.18-0.94
10 Years Annualised2.60   -0.42-1.84
 
Category: GBP Allocation 40-60% Equity
Category Index: Morningstar UK Mod Tgt Alloc NR GBP
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20250.58---
20241.420.852.48-1.59
20233.231.29-1.285.22
2022-1.48-9.34-3.342.95
20211.303.981.832.65
2020-15.898.01-0.228.52
 
 
 
Morningstar Rating™(Relative to Category)-
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-Year--Not Rated
5-Year--Not Rated
10-Year--Not Rated
Overall--Not Rated
 
Category :  GBP Allocation 40-60% EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev8.30 %
3-Yr Mean Return0.88 %
 
3-Yr Sharpe Ratio-0.38
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar UK Mod Tgt Alloc NR GBP  Morningstar UK Mod Tgt Alloc NR GBP
3-Yr Beta1.011.01
3-Yr Alpha-2.96-2.96
 
Investment Style Details31/03/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 89260-
Market Capitalisation% of Equity
Giant44.18
Large40.23
Medium15.07
Small0.52
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings14.450.90
Price/Book2.370.96
Price/Sales1.590.87
Price/Cash Flow9.800.91
Dividend-Yield Factor3.461.40
 
Long-Term Projected Earnings Growth7.470.79
Historical Earnings Growth2.720.45
Sales Growth4.810.80
Cash-Flow Growth-1.50-0.07
Book-Value Growth6.682.99
 
Category: GBP Allocation 40-60% Equity
Fixed Income Style-
Morningstar Style Box®
Fixed Income Style
SizeRel to Cat
Total Market Value (Mil)GBP 289
Maturity Distribution %
1 to 323.10
3 to 511.60
5 to 73.50
7 to 100.00
10 to 151.85
15 to 200.00
20 to 3033.81
Over 3010.20
Effective Maturity-
Effective Duration-
Credit Quality Breakdown %     %
AAA -   BB-
AA-   B-
A-   Below B-
BBB-   Not Rated-
 
Category: GBP Allocation 40-60% Equity
Asset Allocation31/03/2025
Asset Allocation
 % Long% Short% Net Assets
Stock48.940.0048.94
Bond37.140.0037.14
Property0.000.000.00
Cash103.8690.6113.25
Other0.680.010.67
World Regions31/03/2025
 % of EquityRelative to Category
United States56.301.05
Canada2.202.13
Latin America4.236.66
United Kingdom4.010.20
Eurozone12.561.69
Europe - ex Euro9.212.85
Europe - Emerging0.060.36
Africa0.000.00
Middle East0.040.10
Japan7.701.36
Australasia1.772.11
Asia - Developed1.910.63
Asia - Emerging0.010.00
 
Category: GBP Allocation 40-60% Equity
Sector Weightings31/03/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials3.471.07
Consumer CyclicalConsumer Cyclical7.220.72
Financial ServicesFinancial Services14.250.78
Real EstateReal Estate0.490.11
Consumer DefensiveConsumer Defensive15.172.06
HealthcareHealthcare14.181.29
UtilitiesUtilities4.561.39
Communication ServicesCommunication Services7.211.07
EnergyEnergy8.502.00
IndustrialsIndustrials9.480.79
TechnologyTechnology15.470.79
 
Category: GBP Allocation 40-60% Equity
Top 10 Holdings31/03/2025
 Portfolio NEW
Total Number of Equity Holdings275
Total Number of Bond Holdings28
Assets in Top 10 Holdings38.98
NameSectorCountry% of Assets
U.S. Treasury Bond Stripped Principal... United States12.67
United States Treasury Bills 0%United States8.43
United Kingdom of Great Britain and N... United Kingdom3.82
Xtrackers MSCI World ex USA 1CIreland2.72
European Bank For Reconstruction & De... 2.55
Secretaria Do Tesouro Nacional 10%Brazil2.21
European Bank For Reconstruction & De... 1.95
Mexico (United Mexican States) 0%Mexico1.57
Colombia (Republic Of) 6%Colombia1.55
Exxon Mobil Corp309United States1.52
 
Increase Decrease New since last portfolio
Category: GBP Allocation 40-60% Equity
 
Management
Name of CompanyM&G Securities Ltd
Phone+44 (0)800 390 390
Websitewww.mandg.co.uk
Address10 Fenchurch Avenue
 London   EC3M 5AG
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSNo
Inception Date03/08/2012
Fund Advisor(s)
M&G Investment Management Limited
Fund ManagerSteven Andrew
Manager Start Date11/11/2010
 
Biography
Steven Andrew joined M&G in 2005 as a member of the portfolio strategy & risk team, before moving to the Multi Asset team, where he helped to formulate asset allocation strategies for M&G's multi-asset fund range. In November 2010, Steven was appointed to the management teams of various multi-asset funds. He began his career at the Bank of England in 1987 and subsequently worked at F&C Asset Management and Merrill Lynch before joining M&G. Steven holds a BSc (Hons) degree in financial economics from the University of London.
Fund ManagerStefano Amato
Manager Start Date19/12/2022
Career Start Year2009
Education
IULM University, B.A.
IULM University, M.S.
London Business School, MSc
 
Biography
Stefano Amato joined M&G in November 2022, bringing a 15-year track record across asset management and financial markets. Before joining M&G, he was Head of Multi Asset Solutions at Santander Asset Management. Prior to that, Stefano held portfolio management roles for JP Morgan and Centurion Group, and worked in various positions for Societe Generale, Nomura and Lehman Brothers. Stefano has a MSc in Finance from the London Business School, a Masters in Behavioural Economics and a BA in Communication Sciences and Technologies from IULM University in Milan.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.90%
Ongoing Charge0.90%
Purchase Details
Minimum Investments
Initial500  GBP
Additional100  GBP
Savings10  GBP
Tax Free Savings Schemes
ISAsYes