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M&G (Lux) Investment Funds 1 Annual Report and Audited Financial M&G (Lux) Investment Funds 1 Annual Report and audited Financial Statements for the year ended 31 March 2020 M&G (Lux) Investment Funds 1 is a Société d’investissement à capital variable (SICAV) under Luxembourg Law R.C.S Luxembourg: B210.615 Contents M&G (Lux) Investment Funds 1 Management and administration Page 1 Directors’ Report Page 7 Independent Auditor’s Report Page 10 Market review Page 12 Investment objective and policy, Investment review, Portfolio statement and Financial highlights for: M&G (Lux) Absolute Return Bond Fund Page 13 M&G (Lux) Asian Fund Page 24 M&G (Lux) Conservative Allocation Fund Page 31 M&G (Lux) Dynamic Allocation Fund Page 42 M&G (Lux) Emerging Markets Bond Fund Page 55 M&G (Lux) Emerging Markets Corporate ESG Bond Fund Page 66 M&G (Lux) Emerging Markets Hard Currency Bond Fund Page 73 M&G (Lux) Emerging Markets Income Opportunities Fund Page 83 M&G (Lux) Episode Macro Fund Page 92 M&G (Lux) Euro Corporate Bond Fund Page 98 M&G (Lux) European Inflation Linked Corporate Bond Fund Page 107 M&G (Lux) European Strategic Value Fund Page 115 M&G (Lux) Floating Rate High Yield Solution Page 123 M&G (Lux) Global Convertibles Fund Page 130 M&G (Lux) Global Corporate Bond Fund Page 138 M&G (Lux) Global Dividend Fund Page 145 M&G (Lux) Global Emerging Markets Fund Page 152 M&G (Lux) Global Enhanced Equity Premia Fund Page 159 M&G (Lux) Global Floating Rate High Yield Fund Page 166 M&G (Lux) Global High Yield Bond Fund Page 175 M&G (Lux) Global High Yield ESG Bond Fund Page 185 M&G (Lux) Global Listed Infrastructure Fund Page 194 M&G (Lux) Global Macro Bond Fund Page 202 M&G (Lux) Global Maxima Fund Page 213 M&G (Lux) Global Select Fund Page 219 M&G (Lux) Global Strategic Value Fund Page 226 M&G (Lux) Global Target Return Fund Page 232 M&G (Lux) Global Themes Fund Page 241 Contents M&G (Lux) Income Allocation Fund Page 248 M&G (Lux) Japan Fund Page 259 M&G (Lux) Japan Smaller Companies Fund Page 266 M&G (Lux) Multi Asset 2023 Fund Page 273 M&G (Lux) North American Dividend Fund Page 278 M&G (Lux) North American Value Fund Page 285 M&G (Lux) Optimal Income Fund Page 292 M&G (Lux) Pan European Dividend Fund Page 309 M&G (Lux) Pan European Select Fund Page 313 M&G (Lux) Positive Impact Fund Page 320 M&G (Lux) Short Dated Corporate Bond Fund Page 326 M&G (Lux) Sustainable Allocation Fund Page 333 Financial statements and notes for M&G (Lux) Investment Funds 1 Page 342 Financial statements Page 342 Notes to the financial statements Page 381 Other information (unaudited) Page 407 Risk management policies Page 407 Other regulatory disclosures Page 410 Glossary Page 411 1 ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS • MARCH 2020 M&G (Lux) Investment Funds 1 Management and administration The Board of Directors of M&G (Lux) Investment Funds 1 (the Board of Directors of M&G (Lux) Investment Funds 1 (the ‘Board’ or its 'Directors') presents its Annual Report and audited ‘Board’) Financial Statements for the year ended 31 March 2020. P R Jelfs, L J Mumford, S Van Dootingh*, Y Wagner*, Please note that we have included an explanation of key Gary Cotton** investment terminology in the ‘Glossary’ (at the back of this * Independent Directors report). **At the start of the review period Gary Cotton was Director. He resigned on 30 September 2019. Company information Sub-funds, sub-fund managers and launch M&G (Lux) Investment Funds 1 (the ‘Company’) is an Open-Ended Investment Company incorporated under the laws dates of Luxembourg as a Société d’investissement à capital variable At the financial year end 31 March 2020, the following funds are (SICAV) in accordance with the provision of part 1 of the UCI available for investment. Please note the sub-fund managers are Law of 17 December 2010, as amended. employed by M&G FA Limited (formerly M&G Limited). The Company is authorised and regulated by the 'Commission M&G (Lux) Absolute Return Bond Fund de Surveillance du Secteur Financier' ('CSSF') under the laws of Launched: 21 December 2016 the Grand-Duchy of Luxembourg. The Company was Co-sub-fund managers: Jim Leaviss and Wolfgang Bauer incorporated on 29 November 2016 and is a UCITS (Undertaking for Collective Investment in Transferable M&G (Lux) Asian Fund Securities) scheme under part 1 of the law dated 17 December Launched: 26 October 2018 2010 on undertakings for Collective Investment, as amended. Sub-fund manager: David Perrett The Company is an umbrella fund designed to offer investors At the start of the review period Alastair Bruce was the sub-fund manager. He access to a variety of investment strategies through a range of was replaced on 2 December 2019 by David Perrett. separate funds. Each sub-fund, hereinafter referred to as ‘funds’ M&G (Lux) Conservative Allocation Fund in the rest of this report, represents a separate portfolio of Launched: 16 January 2018 assets. Co-sub-fund managers: Juan Nevado and Craig Moran The Company’s principal activity is to carry on business as a SICAV. The Company is structured as an umbrella fund, and M&G (Lux) Dynamic Allocation Fund different sub-funds may be established by the Board from time Launched: 16 January 2018 to time with the approval of the CSSF. Co-sub-fund managers: Juan Nevado and Craig Moran Under Luxembourg law, the Company is itself a legal entity, and M&G (Lux) Emerging Markets Bond Fund the assets and liabilities of each sub-fund are segregated from Launched: 17 September 2018 one another and invested in accordance with the investment Sub-fund manager: Claudia Calich objectives and investment policies applicable to each sub-fund. M&G (Lux) Emerging Markets Corporate ESG Bond Fund Shareholders are not liable for the debts of the respective fund. Launched: 25 July 2019 A Shareholder is not liable to make any further payment to the Sub-fund manager: Charles de Quinsonas respective sub-fund after payment has been made in full for the purchase of shares. M&G (Lux) Emerging Markets Hard Currency Bond Fund Each sub-fund may offer more than one class of shares. Each Launched: 22 May 2017 share class may have different features with respect to its criteria Sub-fund manager: Claudia Calich for subscription (including eligibility requirements), redemption, M&G (Lux) Emerging Markets Income Opportunities minimum holding, fee structure, currency, hedging policy and Fund distribution policy (further information on share classes is fully Launched: 22 May 2017 described in the Company’s Prospectus). Co-sub-fund managers: Michael Bourke and Charles de Quinsonas M&G (Lux) Episode Macro Fund Launched: 26 October 2018 Co-sub-fund managers: David Fishwick and Eric Lonergan ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS • MARCH 2020 2 M&G (Lux) Investment Funds 1 Management and administration Sub-funds, sub-fund managers and launch M&G (Lux) Global Maxima Fund dates (continued) Launched: 11 December 2019 Sub-fund manager: Marc Beckenstrater M&G (Lux) Euro Corporate Bond Fund M&G (Lux) Global Select Fund Launched: 9 November 2018 Launched: 9 November 2018 Sub-fund manager: Stefan Isaacs Sub-fund manager: John William Olsen M&G (Lux) European Inflation Linked Corporate Bond M&G (Lux) Global Strategic Value Fund Fund Launched: 18 July 2018 Launched: 16 March 2018 Co-sub-fund managers: Richard Halle, Daniel White and Sub-fund manager: Wolfgang Bauer Shane Kelly M&G (Lux) European Strategic Value Fund At the start of the review period David Williams was the sub-fund manager. He Launched: 18 September 2018 was replaced on 5 July 2019 by Richard Halle, Daniel White and Shane Kelly. Sub-fund manager: Richard Halle At the start of the review period the sub-fund name was M&G (Lux) Global M&G (Lux) Floating Rate High Yield Solution Recovery Fund which changed its name to M&G (Lux) Global Strategic Value Launched: 24 August 2017 Fund on 12 February 2020. Please note that the sub-fund also changed its Co-sub-fund managers: Stefan Isaacs and James Tomlins investment objective, investment policy and investment approach. M&G (Lux) Global Convertibles Fund M&G (Lux) Global Target Return Fund Launched: 9 November 2018 Launched: 21 December 2016 Sub-fund manager: Léonard Vinville Sub-fund manager: Tristan Hanson M&G (Lux) Global Corporate Bond Fund M&G (Lux) Global Themes Fund Launched: 7 December 2018 Launched: 19 March 2019 Sub-fund manager: Ben Lord Sub-fund manager: Alex Araujo M&G (Lux) Global Dividend Fund M&G (Lux) Income Allocation Fund Launched: 18 September 2018 Launched: 16 January 2018 Sub-fund manager: Stuart Rhodes Sub-fund manager: Steven Andrew M&G (Lux) Global Emerging Markets Fund M&G (Lux) Japan Fund Launched: 26 October 2018 Launched: 26 October 2018 Sub-fund manager: Michael Bourke Sub-fund manager: Carl Vine M&G (Lux) Global Enhanced Equity Premia Fund During the review period until 4 September 2019, Shane Kelly replaced Johan Launched: 10 December 2019 Du Preez as interim sub-fund manager. On 20 September 2019 Carl Vine Sub-fund manager: Gautam Samarth replaced Shane Kelly as sub-fund manager. M&G (Lux) Global Floating Rate High Yield Fund M&G (Lux) Japan Smaller Companies Fund Launched: 13 September 2018 Launched: 26 October 2018 Sub-fund manager: James Tomlins Sub-fund manager: Carl Vine M&G (Lux) Global High Yield Bond Fund During the review period until 4 September 2019, Shane Kelly replaced Johan Launched: 9 November 2018 Du Preez as interim sub-fund manager.
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