The M&G Managed Income unit trust is to alter its investment objective and will undergo a fund name ...
The M&G Managed Income unit trust is to alter its investment objective and will undergo a fund name change if it gets unitholder approval on 24 November, writes Kira Nickerson.
Managed Income, run by Richard Plackett since April 1999, will become M&G Managed and invest for capital growth rather than income. At the moment the fund offers a yield of 3.0%.
Plackett felt he was being too constrained by the income requirement on the fund at a time when stocks offering attractive dividend streams are becoming more difficult to find.
The portfolio is to be changed over time to include a greater weighting in growth stocks. Investors are also being offered a withdrawal facility on the portfolio so that they can continue to obtain some level of income if they so choose. This facility is limited to 5%pa.
The M&G Managed Income fund has recently lost its frA rating from Standard & Poor's Fund Research after failing the group's quantitative screen. The fund is ranked 54 out of 58 funds in the balanced managed sector, with bid to offer returns of 19.7% over the three years to 1 November. The fund is 11 out of 77 funds on bid to bid returns of -0.2% over three months.
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