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M&G Global Macro Bond Fund

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M&G Global Macro Bond Fund M&G Global Macro Bond Fund Interim Long Report and unaudited Financial Statements for the six months ended 30 April 2021 Contents Authorised Corporate Director’s Report ............ 1 Directors’ statement ........................... 3 Authorised Corporate Director’s Report, including the financial highlights and financial statements and notes ......................................... 4 Other regulatory disclosures .....................35 Glossary.......................................36 Interim Long Report and unaudited Financial Statements • April 2021 Authorised Corporate Director’s Report The Authorised Corporate Director (ACD) of Directors of the ACD M&G Global Macro Bond Fund presents its Interim Long N J Brooks*, C Dobson (non executive director), Report and unaudited Financial Statements for the six S A Fitzgerald, P R Jelfs, months ended 30 April 2021. M McGrade (non executive director), L J Mumford Please note that we have included an explanation of key * Appointed 19 May 2021. investment terminology in the ‘Glossary’ (at the back of Investment manager this report). M&G Investment Management Limited, 10 Fenchurch Avenue, London EC3M 5AG, UK Company information Telephone: +44 (0)20 7626 4588 This Open-Ended Investment Company (OEIC) is an (Authorised and regulated by the Financial Conduct Investment Company with Variable Capital (ICVC) Authority) incorporated under the Open-Ended Investment Registrar Companies Regulations 2001. It is authorised and SS&C Financial Services Europe Ltd, regulated by the Financial Conduct Authority (FCA) SS&C House, St. Nicholas Lane, Basildon, Essex under the Financial Services and Markets Act 2000. The SS15 5FS, UK Company is a UCITS (Undertakings for Collective (Authorised and regulated by the Financial Conduct Investment in Transferable Securities) scheme as Authority) defined in the Collective Investment Schemes sourcebook, as issued (and amended) by the FCA. Depositary The Company was authorised on 26 January 2009 and NatWest Trustee & Depositary Services Limited, the fund was launched on 1 May 2009. House A, Floor 0, 175 Glasgow Road, Gogarburn, EdinburghEH121HQ,UK The Company’s principal activity is to carry on business (Authorised and regulated by the Financial Conduct as an OEIC. Authority) A shareholder is not liable for the debts of the Company and will never be liable to make any further payment to Independent auditor the Company after paying the purchase price of the Ernst & Young LLP shares. Atria One,144 Morrison Street, Edinburgh EH3 8EX, UK Fund manager Jim Leaviss is employed by M&G FA Limited which is an Annual value assessment associate of M&G Securities Limited. An annual assessment report is available which shows the value provided to investors in each of ACD M&G’s UK-based funds. The assessment report M&G Securities Limited, evaluates whether M&G’s charges are justified in the 10 Fenchurch Avenue, London EC3M 5AG, UK context of the overall service delivered to its investors. Telephone: 0800 390 390 (UK only) The report can be found at (Authorised and regulated by the Financial Conduct www.mandg.co.uk/valueassessment Authority. M&G Securities Limited is a member of the Investment Association and of The Investing and Saving Alliance) Interim Long Report and unaudited Financial Statements • April 2021 1 Authorised Corporate Director’s Report Important information Customer services and administration for Investors will benefit from a reduction in the annual UK clients: charge starting from 15 February 2021. The reduction in M&G Securities Limited, annual charge varies across the M&G funds and the PO Box 9039, Chelmsford CM99 2XG, UK detail was communicated in the shareholder letter Please remember to quote your name and M&G client dated 15 January 2021. reference and sign any written communication to M&G. On 19 April 2021 the objective and benchmark for Failure to provide this will affect your ability to transact M&G Global Macro Bond Fund were changed. with us. On 28 April 2021 Sterling Class ‘PP-H’ Income share Telephone: 0800 390 390 (UK only) class was launched. For security purposes and to improve the quality of our The World Health Organisation declared the COVID-19 service, we may record and monitor telephone calls. You outbreak a pandemic on 11 March 2020. will require your M&G client reference. Failure to provide this will affect your ability to transact with us. The COVID-19 pandemic has been an unprecedented event. After an initial period of increased market Customer services and administration for volatility and uncertainty, there has been a marked non-UK clients: recovery in global markets, bolstered by supportive M&G Securities Limited, economic policies from governments and positive news c/oRBCI&TS,14,PortedeFrance, on vaccines for COVID-19. L-4360 Esch-sur-Alzette, The ACD continues to monitor the ongoing operational Grand Duchy of Luxembourg risks that are posed to the Company and its service Please remember to quote your name and M&G client providers due to global and local movement restrictions reference and sign any written communication to M&G. that have been enacted by various governments. Failure to provide this will affect your ability to transact with us. Investor information Telephone: +352 2605 9944 The Prospectus, Instrument of Incorporation, Key Email: [email protected] Investor Information Documents, costs and charges For security purposes and to improve the quality of our illustration, the latest Annual or Interim Investment service, we may record and monitor telephone calls. You Report and Financial Statements as well as a list of will require your M&G client reference. Failure to purchases and sales are available free of charge on provide this will affect your ability to transact with us. request from the following addresses. The Instrument of Incorporation can also be inspected at our offices or Swiss paying agent and representative: attheofficeoftheDepositary. Société Générale, Paris, Zurich Branch, Talacker 50, 8021 Zurich, Switzerland 2 Interim Long Report and unaudited Financial Statements • April 2021 Authorised Corporate Director’s Report Authorised Corporate Director’s Responsibilities The Authorised Corporate Director (ACD) is required to prepare annual and interim long reports for the Company. The ACD must ensure that the financial statements, contained in this report, for the fund are prepared in accordance with the Investment Association Statement of Recommended Practice for Financial Statements of UK Authorised Funds (SORP) and UK Financial Reporting Standards, and give a true and fair view of the net revenue or expenses and net capital gains or losses for the accounting period, and the financial position at the end of that period. The ACD is required to keep proper accounting records, and to manage the Company in accordance with the Collective Investment Schemes sourcebook, as issued (and amended) by the FCA, the Instrument of Incorporation and the Prospectus, and to take reasonable steps for the prevention and detection of fraud or other irregularities. Directors’ statement This report has been prepared in accordance with the requirements of the Collective Investment Schemes sourcebook, as issued and amended by the Financial Conduct Authority. M&G Securities Limited 14 June 2021 Interim Long Report and unaudited Financial Statements • April 2021 3 M&G Global Macro Bond Fund Authorised Corporate Director’s Report Investment objective up to dominate returns at different stages of the economic cycle, the fund manager applies a highly flexible 18 April 2021 investment approach, changing the blend of duration, The fund aims to provide a higher total return (the credit and the allocation to the various types of bonds combination of capital growth and income) net of the in the portfolio to weight them appropriately. ongoing charge figure, than the average return of the IA The fund manager also seeks to add value through Global Bond Sector over any five-year period. active management of the fund’s exposure to currencies. Investment objective from Individual credit selection is carried out with the 19 April 2021 assistance of an in-house team of credit analysts to The fund aims to provide a higher total return (the complement the fund manager’s views. combination of capital growth and income) net of the ongoing charge figure, than the average return of the IA Benchmark up to 18 April 2021 Global Mixed Bond Sector over any five-year period. Benchmark: IA Global Bond sector The benchmark is a target which the fund seeks to Investment policy outperform. The sector has been chosen as the fund‘s At least 80% of the fund is invested, directly or benchmark as the fund is a constituent of the sector. indirectly through derivatives, in debt securities and in The benchmark is used solely to measure the fund’s asset-backed securities. These securities can be issued performance and does not constrain the fund‘s or guaranteed by governments and their agencies, portfolio construction. public authorities, quasi-sovereigns, supranational The fund is actively managed. The fund manager has bodies and companies from anywhere in the world, complete freedom in choosing which investments to including emerging markets. These securities can be buy, hold and sell in the fund. denominated in any currency. For unhedged share classes, the benchmark is shown in Other investments may include other transferable the share class currency. securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G). There are
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