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M&G Investment Funds M&G (Lux) Investment Funds 1 Annual Report and audited Financial Statements for the year ended 31 March 2021 M&G (Lux) Investment Funds 1 is a Société d’investissement à capital variable (SICAV) under Luxembourg Law Registered Office: 16 Boulevard Royal L-2449 Luxembourg Grand Duchy of Luxembourg R.C.S Luxembourg: B210.615 Contents M&G (Lux) Investment Funds 1 Management and administration ................ 2 Directors’ Report.............................. 9 Independent Auditor’s Report .................. 12 Market review ................................ 14 Investment objective and policy, Investment review, Portfolio statement and Financial highlights for: M&G (Lux) Absolute Return Bond Fund ......... 16 M&G (Lux) Asian Fund ........................ 34 M&G (Lux) Climate Solutions Fund ............. 42 M&G (Lux) Conservative Allocation Fund ........ 53 M&G (Lux) Dynamic Allocation Fund ............ 87 M&G (Lux) Emerging Markets Bond Fund........ 129 M&G (Lux) Emerging Markets Corporate ESG Bond Fund .................................. 153 M&G (Lux) Emerging Markets Hard Currency Bond Fund .................................. 169 M&G (Lux) Emerging Markets Income Opportunities Fund .......................... 190 M&G (Lux) Episode Macro Fund................ 205 M&G (Lux) Euro Corporate Bond Fund .......... 217 M&G (Lux) European Inflation Linked Corporate Bond Fund .................................. 237 M&G (Lux) European Strategic Value Fund ...... 251 M&G (Lux) Floating Rate High Yield Solution ..... 262 M&G (Lux) Global Convertibles Fund ........... 276 M&G (Lux) Global Corporate Bond Fund......... 293 M&G (Lux) Global Dividend Fund ............... 311 M&G (Lux) Global Emerging Markets Fund....... 322 M&G (Lux) Global Enhanced Equity Premia Fund . 334 M&G (Lux) Global Floating Rate High Yield Fund.. 349 M&G (Lux) Global High Yield Bond Fund......... 369 M&G (Lux) Global High Yield ESG Bond Fund .... 390 M&G (Lux) Global Listed Infrastructure Fund..... 410 M&G (Lux) Global Macro Bond Fund ............ 424 M&G (Lux) Global Maxima Fund ................ 447 M&G (Lux) Global Select Fund ................. 461 M&G (Lux) Global Strategic Value Fund ......... 474 M&G (Lux) Global Target Return Fund........... 479 M&G (Lux) Global Themes Fund................ 492 M&G (Lux) Income Allocation Fund ............. 503 M&G (Lux) Japan Fund ....................... 523 M&G (Lux) Japan Smaller Companies Fund ...... 535 M&G (Lux) Multi Asset 2023 Fund .............. 547 M&G (Lux) North American Dividend Fund....... 554 M&G (Lux) North American Value Fund.......... 566 M&G (Lux) Optimal Income Fund ............... 579 M&G (Lux) Pan European Select Fund .......... 619 M&G (Lux) Positive Impact Fund ............... 630 M&G (Lux) Short Dated Corporate Bond Fund.... 645 M&G (Lux) Sustainable Allocation Fund ......... 660 Financial statements and notes for M&G (Lux) Investment Funds 1 Financial statements .......................... 679 Notes to the financial statements ............... 743 Other information (unaudited) Risk management policies (unaudited) ........... 811 Other regulatory disclosures (unaudited) ......... 817 Glossary .................................... 819 Copies of the report including financial statements for the year ended 31 March 2021 may be obtained from the Registered Office of M&G (Lux) Investment Funds 1 at 16, Boulevard Royal L-2449 Luxembourg, Grand Duchy of Luxembourg. No subscription can be made solely on the basis of financial reports. Subscriptions are only valid if made on the basis of the current Prospectus accompanied by the Key Investor Information Document(s) and the most recently published annual report including audited financial statements, or the most recent unaudited semi-annual report, if published thereafter. Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Because of this, investors are not certain to make a profit on their investments and may lose money. Annual Report and audited Financial Statements • March 2021 Management and administration The Board of Directors of M&G (Lux) Investment Funds further payment to the respective sub-fund after 1 (the ‘Board’ or its ‘Directors’) presents its Annual payment has been made in full for the purchase of Report and audited Financial Statements for the year shares. ended 31 March 2021. Each sub-fund may offer more than one class of shares. Please note that an explanation of key investment Each share class may have different features with terminology is included in the ‘Glossary’ at the end of respect to its criteria for subscription (including this report. eligibility requirements), redemption, minimum holding, fee structure, currency, hedging policy and distribution policy (further information on share classes is fully Company information described in the Company’s Prospectus). M&G (Lux) Investment Funds 1 (the ‘Company’) is an Open-Ended Investment Company incorporated under Board of Directors the laws of Luxembourg as a Société d’investissement à As at the financial year ended 31 March 2021, and up to capital variable (SICAV) in accordance with the the date of this report, the following individuals were provision of part 1 of the law dated 17 December appointed as Directors of the Company: 2010 on undertakings for Collective Investment, as P R Jelfs, L J Mumford, S van Dootingha, Y Wagnera amended (the ‘UCI Law’). a Independent Directors The Company is authorised and regulated by the Sub-funds, sub-fund managers and launch Commission de Surveillance du Secteur Financier (’CSSF’) under the laws of the Grand-Duchy of dates Luxembourg. The Company was incorporated on As at the financial year ended 31 March 2021, the 29 November 2016 and is an Undertaking for Collective following funds are available for investment. Please Investment in Transferable Securities (UCITS) scheme note the sub-fund managers are employed by M&G FA under part 1 of the UCI Law. Limited. The Company is an umbrella fund designed to offer M&G (Lux) Absolute Return Bond Fund investors access to a variety of investment strategies Launched: 21 December 2016 through a range of separate funds. Each sub-fund, Co-sub-fund managers: Jim Leaviss and Wolfgang hereinafter referred to as ‘sub-funds’ or ‘funds’, Bauer represents a separate portfolio of assets. M&G (Lux) Asian Fund The Company’s principal activity is to carry on business Launched: 26 October 2018 as a SICAV. The Company is structured as an umbrella Sub-fund manager: David Perrett fund, and different sub-funds may be established by M&G (Lux) Climate Solutions Fund theBoardfromtimetotimewiththeapprovalofthe Launched: 12 November 2020 CSSF. Sub-fund manager: Randeep Somel Under Luxembourg law, the Company is itself a legal M&G (Lux) Conservative Allocation Fund entity, and the assets and liabilities of each sub-fund Launched: 16 January 2018 are segregated from one another and invested in Co-sub-fund managers: Steven Andrew and Craig accordance with the investment objectives and Moran investment policies applicable to each sub-fund. At the start of the review period Juan Nevado was the co-sub-fund Shareholders are not liable for the debts of the manager. He was replaced on 15 July 2020 by Steven Andrew. respective fund. A Shareholder is not liable to make any 2 Annual Report and audited Financial Statements • March 2021 Management and administration M&G (Lux) Dynamic Allocation Fund M&G (Lux) Global Corporate Bond Fund Launched: 16 January 2018 Launched: 7 December 2018 Co-sub-fund managers: Juan Nevado and Craig Moran Sub-fund manager: Ben Lord M&G (Lux) Emerging Markets Bond Fund M&G (Lux) Global Dividend Fund Launched: 17 September 2018 Launched: 18 September 2018 Sub-fund manager: Claudia Calich Sub-fund manager: Stuart Rhodes M&G (Lux) Emerging Markets Corporate ESG Bond M&G (Lux) Global Emerging Markets Fund Fund Launched: 26 October 2018 Launched: 25 July 2019 Sub-fund manager: Michael Bourke Sub-fund manager: Charles de Quinsonas M&G (Lux) Global Enhanced Equity Premia Fund M&G (Lux) Emerging Markets Hard Currency Bond Launched: 10 December 2019 Fund Co-sub-fund managers: Gautam Samarth and Marc Launched: 22 May 2017 Beckenstrater Sub-fund manager: Claudia Calich On 30 June 2020 Marc Beckenstrater was appointed co-sub-fund manager. M&G (Lux) Emerging Markets Income Opportunities M&G (Lux) Global Floating Rate High Yield Fund Fund Launched: 13 September 2018 Launched: 22 May 2017 Sub-fund manager: James Tomlins Co-sub-fund managers: Michael Bourke and Charles de M&G (Lux) Global High Yield Bond Fund Quinsonas Launched: 9 November 2018 M&G (Lux) Episode Macro Fund Co-sub-fund managers: Stefan Isaacs and James Launched: 26 October 2018 Tomlins Co-sub-fund managers: David Fishwick and Eric M&G (Lux) Global High Yield ESG Bond Fund Lonergan Launched: 5 October 2017 M&G (Lux) Euro Corporate Bond Fund Co-sub-fund managers: James Tomlins and Stefan Launched: 9 November 2018 Isaacs Sub-fund manager: Stefan Isaacs M&G (Lux) Global Listed Infrastructure Fund M&G (Lux) European Inflation Linked Corporate Bond Launched: 5 October 2017 Fund Sub-fund manager: Alex Araujo Launched: 16 March 2018 M&G (Lux) Global Macro Bond Fund Sub-fund manager: Wolfgang Bauer Launched: 26 October 2018 M&G (Lux) European Strategic Value Fund Sub-fund manager: Jim Leaviss Launched: 18 September 2018 M&G (Lux) Global Maxima Fund Sub-fund manager: Richard Halle Launched: 11 December
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