 Read in-depth analysis on the M&G fund range as well as
thought-provoking and topical articles impacting the world of
investments. 
M&G Quarterly 

Q1 2024
Fund Commentary
[https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546543]

Q1 2024
M&G Markets Wrap
[https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546544]

MARCH 2024
Fact Sheets/ MDDs
[https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546545]

 		
[https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546546]

 		
[https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546547]

Dear Petrus,

The first quarter of 2024 (Q1) brought a continuation of the
relatively bullish investor sentiment towards global equities seen in
the last months of 2023, as prospects for growth in the US were buoyed
by positive company earnings reports and supportive economic data that
increased the likelihood of a “soft landing” for the economy. On
the other hand, global bonds were weaker as inflation proved higher
than expected and major central banks kept interest rates on hold,
prompting pundits to move out their rate cut expectations to the
second half of the year. Still, as of the end of March they and the US
Federal Reserve were roughly aligned in their forecasts of a 25bp
interest rate cut in each of Q2, Q3 and Q4, starting at the Fed’s
11-12 June FOMC meeting.

Tactically speaking

Given that there were no meaningful changes in asset class valuations
over the quarter, apart from the rally in global equities, we did not
make any shorter-term (tactical) adjustments to our asset class
allocations in our house view portfolios. In response to the rally, we
did lower our exposure to global equities slightly, taking profits and
putting the proceeds largely in cash. We are still relatively
concerned about the likelihood of a soft landing for the US economy
later this year, and also about the stubbornness of inflation that
could further delay interest rate cuts globally. Markets continue to
push back their projections for rate cuts. Our global experts offer
their in-depth commentary across most global assets in the recently
released Q2 2024 Equities and Multi-Asset Outlook: Bulls, bears and
Ballot boxes
[https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546551],
with an insightful introduction from M&G Investments (UK) CIO for
Equities, Multi Asset and Sustainability, Fabiana Fedeli.

Working with Chic Mamas for vital pre-school facilities

While their name may not indicate it, Chic Mamas is a Volunteer-Based
Social Enterprise and NPO that we admire for their dedication to
supporting educational initiatives in the Early Childhood Development
(ECD) sector. This aligns closely with our corporate social investment
focus on children’s education at all levels, as well as our
commitment to promoting global Social Development Goal (SDG) #5,
“Achieving inclusive and quality education for all”. We started
partnering with Chic Mamas for the first time earlier this year,
supporting two impactful construction projects aimed at providing
vital pre-school educational facilities in underprivileged areas in
KwaZulu Natal and the Western Cape. Since its founding more than a
decade ago, the group has contributed over R11 million to these
initiatives in underprivileged areas around South Africa. Read more
about our projects.

In conclusion, although more volatile conditions are ahead of us in
the run up to and aftermath of the National Elections, It’s
important to remember that at M&G we build our portfolios firmly on
fundamental asset valuations rather than trying to forecast any
economic data or events that may or may not arise. We take care to
include many different investment ideas and diversify across assets as
widely as possible, while also strictly limiting our exposure to
issuers and being very cognisant of the risks involved. This highly
risk-cognisant approach is why we did not have any exposure at all, in
any of our funds, to the defaults that occurred on debt issues from
companies exposed to the SA taxi industry during the quarter. In our
view, in this case it is more important to protect our clients’
savings by limiting the downside than to reach for extra, but riskier,
returns.

Thank you for your ongoing support. We hope you enjoy the read, and
please feel free to contact us with any questions you may have.

 Market Observations

For more analysis on market developments and our latest investment
views, please read Q1 2024 Market Observations commentary.

 Read more 

QUARTERLY STANDOUTS

01.

M&G PROPERTY FUND 
"Prevailing headwinds such as rapidly rising property costs and higher
interest rates are reflected in earnings expectations that show
limited short- to medium-term growth. Therefore, our preferred South
African stocks are high-yielding mid-caps where prospective returns
exceed that of the SA government bond yield."

02.

M&G ENHANCED INCOME FUND 
"Duration risk was managed tactically over the quarter,
but the preference was to maintain a small amount of risk. This proved
to be beneficial considering the bond selloff
that ensued."

03.

M&G GLOBAL BOND FUND 
“The fund’s long duration positioning aided performance over the
quarter given the broad rally in government bonds from the US, UK, and
Europe. This was further supported by gains from emerging market
sovereign bonds and corporate bonds.”

 		VIEW ALL FUND COMMENTARY
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M&G INSIGHTS

 		
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M&G UK

 		
[https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546560]


M&G Q1 OUTLOOK UPDATE: BULLS, BEARS AND BALLOT BOXES

 [https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546560]

In 2024, more voters than ever-before in history are expected to head
to the polls. While the media and industry pundits have much discussed
the ensuing ‘heightened’ geopolitical risk, we don’t believe
this is the case everywhere, and certainly not uniformly. As always,
the devil is in the detail: some of the elections could impact
specific areas of the market and be less meaningful for others. In the
US, the most exciting opportunities to emerge are likely to be in
areas that neither presidential candidate seems to be talking about.
This in-depth report covers outlooks across different investments
including: Global, sustainable, multi-asset, global research, thematic
technology and region such as emerging markets, Asia Pacific ex-Japan,
and the UK.

 Read more 

SANDILE MALINGA

CHIEF INVESTMENT OFFICER: MULTI-ASSET

 		
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NAVIGATING FLUID GLOBAL MARKETS FOR SOLID RETURNS

 [https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546562]

 		
[https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546563]

With the first quarter of the year behind us, and an important local
election ahead of us, South African investors are thinking about
global investments and pressing advisers for solutions. In the face of
the continuous, unpredictable fluidity of financial markets, Sandile
answers questions such as: what does this fluidity look like at the
moment? How are we at M&G Investments viewing it and investing for the
best outcomes in our global balanced portfolios?

 Read more 

 		[renewables]
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RAHGIB DAVIDS

PORTFOLIO MANAGER

 		
[https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546566]


OPPORTUNITIES TO INVEST IN SA LISTED PROPERTY

 [https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546566]

With property fundamentals improving and former headwinds changing to
tailwinds amid prospects of lower interest rates, Rahgib explains our
views on South Africa’s listed property sector and how our
award-winning M&G Property Fund is positioned to get the best out of
the complex market conditions.

 Read more 

M&G INVESTMENTS

 		
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COMPELLING REASONS TO ADD GLOBAL LISTED INFRASTRUCTURE TO A PORTFOLIO

 [https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546568]

 		
[https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546569]

In the wake of the increase in the investment limit for infrastructure
to 45%, we have compiled a list of this underused asset class’
attractions for investors, which are enhanced further through being
able to access global infrastructure in the listed market.

 Read more 

 		
[https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546571]

BY ROBERT BURROWS

FUND MANAGER, M&G UK

 		
[https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546572]


WHY IT'S TIME TO POSITION INTO COUNTRIES WITH LOW OUTSTANDING DEBT

 [https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546572]

In 2024, more voters than ever in history are expected to head to the
polls in national (or transnational, in the case of the EU Parliament)
elections. A total of 91 countries and close to half of the world's
population.

 Read more 

INVESTMENT FOCUS

M&G BALANCED FUND GETS THE BEST OF UNCERTAIN MARKETS

In the nearly 25 years since its launch, the M&G Balanced Fund has
proved to be an excellent example of what a “Balanced Fund” should
be: it has produced equity-like returns for investors without the
higher volatility associated with equity investments.

The graph, seen when clicking Read more, shows how the Fund has
returned 11.3% p.a. from October 1999 to 31 March 2024, almost beating
the FTSE/JSE All Share Index’s equity return of 11.5% p.a., and with
a standard deviation (a measure of volatility (or risk) much lower
than the JSE. It also solidly outperformed the All Bond Index’s 8.7%
p.a. return over the same period, but with higher risk.

 		READ MORE
[https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546576]

FLAGSHIP FUNDS

LOCAL

M&G Equity Fund 
MDD
[https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546578]
Commentary 

M&G Property Fund 
MDD
[https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546581]
Commentary 

M&G Balanced Fund 
MDD
[https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546584]
Commentary 

M&G Inflation
Plus Fund 
MDD
[https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546587]
Commentary 

M&G Enhanced
Income Fund 
MDD
[https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546590]
Commentary 

GLOBAL

M&G Global
Equity Fund 
MDD
[https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546593]
Commentary 

M&G Global
Property Fund 
MDD
[https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546596]
Commentary 

M&G Global Listed
Infastructure FF 
MDD
[https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546599]

M&G Global
Balanced Fund 
MDD
[https://mandg.9.evlink.net/servlet/link/24367/790986/50317633/3546601]
Commentary 

 		ALL FUNDS
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Regards
Heloise Seal 

LINKS

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CONTACT US

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Disclaimer

Sources: M&G Investments, Bloomberg, Morningstar data to 31 March
2024.
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