M & G Optimal Income Class X Accumulation

Sell : 94.61p | Buy : 94.61p | up 0.13p
Last valuation as at 21-11-2008

Also available as income units

At a glance

Initial charge 0.00%
Initial saving 0.00%
Annual charge 1.50%
Annual saving 0.100% ²
Total Expense Ratio 1.66%
Launch date 08-12-2006
Launch price £1.00
Sector GBP Strategic Bond
Fund size £248 million
Number of holdings 253
Fund type OEIC
Type of units Accumulation

HL Research - Our view on this Fund

Mark Dampier Many bond funds have come under a significant degree of pressure recently but we are pleased to see this fund has held up well. The main reason is Richard Woolnough has avoided the worst hit areas. He has been arguing for some time that the bank bonds are badly misunderstood by the markets and has been avoiding them. In our view the outlook for the fund remains encouraging.

Full research

About the Fund Manager

Photo of Richard Woolnough

Richard Woolnough
Located in: London


Richard joined M&G in January 2004 and is a fund manager on the fixed interest desk.Richard`s date of birth is 11th May 1964.Funds managed:M&G Corporate Bond Fund,M&G Strategic Corporate Bond Fund.Richard is also responsible for managing the Fixed Interest portion of the following fund:Prudential Managed Income Trust.Previous companies and responsibilities:On leaving university he joined Lloyds merchant bank as a trainee gilt salesman. Following the `big bang` he moved on to join Prudential-Bache securities as a gilt salesman. Richard then moved across to the fund management arena in 1987, he joined Assicurazioni Generali, Italy`s largest insurance company, as a manager of equities and Sterling bonds. In 1993 he joined S.G. Warburg as a member of their sterling bond trading team, where he was given responsibility for the most heavily traded sector. Richard moved out of London to join Old Mutual in 1995, where he was recruited to run a Sterling based annuity portfolio. He wasinstrumental in the planing, launch, and for the running of the successful Old Mutual Corporate Bond fund from launch in the summer of 2000.Academic training:Richard gained a degree in economics from the London School of Economics between 1982 and 1985.

 

Income details

Distribution yield 5.60%
Income paid Bi-annually
Type of payment Interest

All yields are variable and not guaranteed. There is currently no yield information available for this fund.

Distribution dates

Ex-dividend date 01 April 2008
Payment date ³ 31 May 2008
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Top 10 holdings

CENTRICA 7% 19/09/2018 EMTN 1.52%
MCDONALD'S CORP 6.375% BDS 3/2/2020 EMTN 1.42%
NATL GRID 5.5% BDS 24/07/2013 1.15%
SCHERING-PLOUGH 5.375% BDS 01/10/2014 1.13%
SAFEWAY 6.125% BDS 17/12/2018 1.11%
GRACECHURCH MTGE FINANCING FRN 20/11/2056 2007-1X 3A1 1.11%
BT Group plc 7.50% 2016 1.09%
ROYAL BK CANADA 5.75% 25/07/2011 1.02%
DEUTSCHE TELEKOM I 7.125% MTN 26/9/12 GBP1000 1.00%
Allied Domecq 6.625% 2014 0.99%

Top 10 sectors

Bonds 86.20%
Cash and Equiv. 7.42%
Non-Classified 2.20%
Oil & Gas Producers 1.30%
Pharmaceuticals & Biotechnology 1.09%
Mining 0.57%
Automobiles & Parts 0.29%
Media 0.27%
Mobile Telecommunications 0.23%
Fixed Line Telecommunications 0.20%

Top 10 countries

United Kingdom 34.98%
United States 16.07%
Netherlands 11.02%
Cash and Equiv. 7.42%
France 5.80%
Non-Classified 4.26%
Luxembourg 4.00%
Germany 3.48%
Canada 2.93%
Denmark 2.32%

² Annual saving is not available in the SIPP.

³ If you elect to receive the income from a Vantage ISA, Fund or Share Account, we will collect any dividends for you and then pay them directly into your bank account within the first 10 working days of the following month.

Last valuation as at 21-11-2008. Data accurate as at 31/10/2008.

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