To print fund fact sheets, please use the print option in the Factsheet Tools section in the top right corner:
A way for individual investors to pool their money together, allowing them to invest in assets that would otherwise be unobtainable
The person who decides where the fund's money should be invested. As such, finding a talented manager (such as those with a Citywire rating) is of paramount importance
Funds are grouped together into sectors, allowing fund managers to be judged against their benchmarks and peer group. Each sector has rules about what assets funds are allowed to invest in
A generic term meaning 'what you own'. If you can buy it, it's an asset. In the world of investments the most common assets are shares, bonds, property and cash.
A group of assets with similar properties. For example, while shares will rise or fall in price individually, economic factors can affect all shares similarly. The same economic factors might affect bonds very differently – so shares and bonds are separate asset classes.
The process of deciding which asset classes to invest in. Successful asset allocation is often more important than selecting individual assets (for example deciding whether to invest mainly in shares, rather than which shares to invest in). Since most fund managers are tied to their sector rules, you need to either do your own asset allocation or buy a managed fund.
A measure of how different areas of the markets are performing, against which funds can be compared. For example, a fund in the UK All Companies sector might be compared against the FTSE All-Share index of every company traded on the London Stock Exchange. A good fund manager will be able to beat the benchmark most of the time, but very few can.
A contract representing something of financial value. Shares and bonds are the most common types of securities.
Unlike most funds, which are restricted to investing in particular markets by the rules of their sector, managed funds can invest in just about anything. While they can have subtly different objectives, they are split into 'Active Managed', where the manager is given free reign; 'Balanced Managed', where the manager can invest a maximum of 85% in shares to reduce risk; and 'Cautious Managed' with a 60% maximum in shares.
A share in a company represents part ownership of its assets (e.g. its buildings, intellectual property and so on) and its future income (paid out as dividends). The value of a share depends largely on other investors' expectations of the company's future growth and income.
Companies can issue bonds as a way of raising money. When you buy a bond, the company is agreeing to pay you a fixed income (hence the alternative name 'fixed income securities') for a certain time period, after which your money is repaid. If investors suspect a company may be unable to repay, they will demand a higher income or 'yield' - hence 'high yield bonds'.
In investing, 'risk' can refer to different things, but essentially means the possibility that your objectives won't be met. In this context, risk is a calculation of the 'standard deviation' of returns each month – in otherwords, a measure of how rocky the returns are. The higher the rank, the less risk the fund takes with your money.
This is a way of calculating 'risk adjusted returns' – i.e. how much value the fund is adding above the risk it takes to generate its returns. The higher the number the better.
A measure of how your investments have performed, relative to your initial investment. For example if you invest £1,000 in a fund, and a year later your investment is worth £1,100, you've made a 10% return.
Comparing the maximum loss for different managers (or between a manager and their benchmarks, as on these factsheets) over a given period is a good way of seeing who's doing the best job of safeguarding investors' money. Otherwise known as maximum 'drawdown', this is a measure of how much you would lose if you bought an investment at its most expensive and sold at its cheapest. For example if a fund was worth £1 a unit at one point but then fell to 50p – regardless of what happened in the meantime – the fund's loss would be 50%.
TOTAL RETURN over 1 month to 26/10/2014
Who runs this fund?
How this fund has performed overView full chart tool
Maximum loss on £1000
How M&G Recovery compares to the sector over
How has M&G Recovery performed?
How M&G Recovery compares to the sector over
Sectors: What is this fund investing in? Updated 31-01-2013
Top 10 holdings Updated 31-03-2014
News about: M&G Recovery
- Launch Date 23 May 1969
- Share Class size £6290.9m
- Base Currency GBP
- ISIN GB0031289100
- Minimum initial investment £50000
- Minimum additional investment N/A
- Annual management charge1.5%
- Initial charge4%
Citywire Selection verdict: Tom Dobell’s forte of unearthing unloved companies that are due a turnaround has faced headwinds of late, with the fund significantly underperforming the index over the past few years. Stock selection from holdings in basic materials, oil and gas, and industrials have been the main culprits for the lag, with over 20 per cent of the portfolio allocated to the Alternative Investment Market. Over ten years performance is still strong, although we will be keeping a close eye on developments and as a result have decided to place the fund Under Review.
What is Citywire Selection?
Citywire Selection is an investment guide containing around 150 of the best ways to invest in a range of areas, as chosen by our research team using a rigorous and transparent process.
We don't sell funds, so you can trust the independence of our recommendations.