M&G has proposed to rename its £2.1bn Global Basics fund to Global Themes as it removes the restriction to invest the majority of the fund in basic industries.
Currently, the fund must invest at least 70% of its portfolio in basic industries, such as mining and manufacturing. M&G is now planning to change this, subject to shareholder approval, to allow the fund to invest at least 80% in global equities with no restriction on sector, size or geography. It also plans to amend the investment objective from long-term capital growth to total return. It will seek a higher total return than that of the MSCI All Country World Index (ACWI) over a five-year period. This will also become the fund's new benchmark instead of the FTSE Global Basics Co...
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