Wealth Shortlist Update: M&G Global Macro Bond

We’ve taken the decision to remove the M&G Global Macro Bond fund from the Wealth Shortlist.

Jim Leaviss, the fund’s long standing lead manager, has announced that he’s leaving M&G in the autumn of 2024. Leaviss joined M&G in 1997 and has been lead manager of this fund since its launch in 1999. Leaviss is also currently the Chief Investment Officer (CIO), Public Fixed Income at M&G.

Eva Sun-Wai and Robert Burrows will take over from Leaviss on 1 August 2024 and will co-manage the fund. Sun-Wai joined M&G on its graduate scheme in 2018, became the fund’s deputy manager in January 2021 and co-manager in 2023. She also manages the M&G Global Government Bond fund. Burrows has worked at M&G since 2007 and has managed government bond and macro fixed income funds during this time.

M&G have also announced the appointment of Andrew Chorlton as Global Chief Investment Officer, Fixed Income. He will pick up Leaviss’ responsibilities outside of fund management from his role as CIO, Public Fixed Income. Chorlton has 25 years’ experience and joins from Schroders where he is currently Head of Fixed Income.

Our View

M&G have built a team of bond fund managers over the years that we hold in high regard. Leaviss has been a big part of this growth and in our view was instrumental in building both the franchise and team over his 27 years at the firm.

It’s a shame to see him leave the industry and for investors to lose his experience and expertise in the world of bonds. We wish him all the very best for the future and thank him for all his efforts on behalf of investors over the years.

While Sun-Wai has been involved in the fund since January 2021, and Burrows has been providing ideas around certain investments more recently, Leaviss has ultimately remained responsible for decision making.

By design, this fund has the potential to invest across the entire fixed interest universe as well as to use currencies to generate returns. This level of flexibility is significant. Our view is that managing a fund of this nature is helped by experience.

Our interactions with Sun-Wai since her addition to the fund in 2021 have been positive. She’s a competent individual with the attributes to be a good fund manager. However with only three and a half years’ experience of managing bond funds, she remains relatively inexperienced.

Burrows has worked at M&G since 2007 and his area of expertise is developed market government bonds. While these typically make up a large part of the investments held in this fund, it does also invest in other types of bonds where Burrows has less experience.

This is also the first fund that the pair will manage together.

As a result, we have taken the decision to remove the fund from the Wealth Shortlist.

Although we're removing the M&G Global Macro Bond fund from the Wealth Shortlist, this isn't a recommendation to make any changes to an investment portfolio. Investors should make sure any investments match their investment goals and attitude to risk and are held as part of a diversified portfolio. If you're not sure if an investment is suitable for your circumstances, please seek personal advice.

Past performance is not a guide to the future. Source: Lipper IM to 30/06/2024.

Find out more about M&G Global Macro Bond including charges

M&G Global Macro Bond Key Investor Information