Important risk disclosure

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LU1904154066

M&G Emerging Markets Bond Fund (Dist.)(LU1904154066)

Fixed income
Emerging markets
USD Cash
Distributing

Invest with

USD Cash

Payout type

Distributing

Risk rating

About this fund

Description

The Fund aims to provide a combination of capital growth and income to deliver a return that is higher than that of the global emerging markets bond market over any three-year period.

Key information

Annual report

Key fact sheet

Prospectus

Factsheet

Our perspective

Why we think this fund is best-in-class

Product

Fund providing investors with a diversified exposure to the attractive yield of emerging markets and frontier markets fixed income. This exposure comes through a diversified set of developing country bonds in hard as well as local currencies.

People

The Fund is led by Charles de Quinsonas; he is an experienced professional with more than 14 years of experience and has been with the team since 2014. He is further supported by a team of competent specialists covering diverse market segments and broader firm-wide resources.

Performance

Since inception, the Fund has outperformed both its peers and the benchmark. A result of the strategy’s robust risk management, the fund’s low downside capture has also contributed to this outperformance.

Process

The team adopts a “go-anywhere” approach in seeking attractive opportunities globally, including Frontier economies and other small countries. The Fund is also allowed to invest in both hard and local currency bonds, which the team selects by taking interest rate, currency and credit views. This flexibility allows the team to dynamically shift exposure between hard and local currencies as a response to developments in the fixed income space. The team also adopts a disciplined portfolio construction process in seeking to avoid or minimize the impact of “blow-ups”.

Cost

Access to clean share class with no trailer fees to achieve the lowest possible fees.

How it fits in a portfolio

Investors looking to gain exposure to a broad basket of developing country bonds in both hard and local currencies can consider the Fund as a position to further diversify a traditional portfolio while benefiting from greater expected returns relative to developed market bonds. While the fund has strong risk management and remains diversified, investors should note that this fund is emerging markets focused with exposure to both hard and local currencies. Investors should consider diversifying their portfolio across other geographies.

Invest in this fund

Performance

Returns

NAV

Shows the total return of this distributing fund, which includes dividends paid out.

Total returns

Cumulative

Annualised

All Time

40.38%

YTD

-1.99%

1 month

-4.78%

6 month

1.26%

1 year

10.11%

3 year

31.31%

5 year

19.46%

As of Mar 2026

Distributions

7.62%

Frequency

Monthly

23 Mar 2026

Yield

7.59%As of Mar 2026

Risk metrics

Max drawdown

-22.96%As of Mar 2026

Volatility

9.92%As of Mar 2026

Calendar returns

Year	Total	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026	-	1.6%	1.3%	-4.8%	-	-	-	-	-	-	-	-	-
2025	15.5%	1.5%	1.3%	0.0%	1.2%	1.1%	2.4%	0.7%	1.7%	1.4%	1.3%	0.9%	1.1%
2024	3.7%	-1.3%	0.6%	1.5%	-1.2%	1.1%	-0.2%	1.6%	2.5%	2.2%	-2.0%	0.3%	-1.2%
2023	14.9%	3.8%	-1.8%	0.8%	0.8%	0.2%	3.0%	2.7%	-2.5%	-2.4%	-0.6%	5.6%	4.8%
2022	-13.1%	-1.8%	-4.4%	-2.3%	-4.8%	0.0%	-6.1%	0.6%	1.5%	-4.8%	1.0%	6.8%	1.1%
Load more		5 of 9

Top Exposures

Holdings

Regions

Sectors

Mexico (United Mexican States) 8.5% (2038-11-18 Maturity)	3.69%
Secretaria Do Tesouro Nacional 10% (2033-01-01 Maturity)	3.28%
South Africa (Republic of) 8.75% (2044-01-31 Maturity)	2.98%
Northern Trust The US Dollar D	2.30%
Poland (Republic of) 1.75% (2032-04-25 Maturity)	1.58%
Uruguay (Republic Of) 3.875% (2040-07-02 Maturity)	1.48%
Poland (Republic of) 5% (2035-10-25 Maturity)	1.46%
United States Treasury Bonds 1.75% (2041-08-15 Maturity)	1.42%
Malaysia (Government Of) 3.844% (2033-04-15 Maturity)	1.12%
Malaysia (Government Of) 3.582% (2032-07-15 Maturity)	1.09%

Top exposures represent up to 15 of the fund's largest exposures for each category. Allocation percentages may not sum up to 100% and can include negative values due to rounding or trading activities by the underlying fund managers, including short positions.

Fund fees

0.76% p.a.

Fund facts

ISIN

LU1904154066

Fund house

M&G

Fund size

US$3.8B

As of 22 Apr 2026

Fund benchmark

Morningstar EM Sov Bd GR USD

Fund inception date

30 Nov 2018

Fund class currency

USD

Fund share class

C M

Oldest share class ISIN

LU1797810857

Oldest share inception date

21 Sep 2018

Pricing frequency

Daily

Warning statements

All investments involve risks (including the possibility of loss of the capital invested) and the price of fund units may go up as well as down.
Past performance is not indicative of future performance.
Although this fund has been authorised by the Hong Kong Securities and Futures Commission (“SFC”), it does not imply an official recommendation or endorsement by the SFC nor does it guarantee the commercial merits of the fund or its performance.
If you are in any doubt, you should clarify with us or seek independent professional advice.

Risk Warnings Investment involves risk. Past performance is not an indicator nor a guarantee of future performance or returns. Projected performance or returns are not guaranteed to materialise. The value of investments and the income from them can go down as well as up, and you may not get the full amount you invested. Rates of exchange may cause the value of investments to go up or down. Individual stock performance does not represent the return of a fund.

The value of the fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount or all of your investment could be lost.

Generic risk warnings relating to collective investment schemes

Funds are not a bank deposit and not capital guaranteed, and is subject to investment risks, including the possible loss of the principal amount invested. There is no assurance that a fund will have sufficient liquidity to meet redemption requests and that the fund's investment objectives and strategies will be achieved.

The funds' investment may involve substantial market, currency, volatility, liquidity, regulatory and political risks. Some funds may use derivatives, whether for hedging or for investment purposes. The risks associated with derivatives include counterparty/credit, liquidity, valuation, volatility and market risks. The fund's volatility may increase or decrease from its derivative usage and such fund may suffer losses from its derivative usage. Do not invest in these funds unless you fully understand and are willing to assume the risks associated with them.

Opinions Any forward-looking statements, prediction, projection or forecast on the economy, stock market, bond market or economic trends of the markets contained in this material are subject to market influences and contingent upon matters outside the control of Endowus HK Limited (“Endowus”) and therefore may not be realised in the future. Further, any opinion or estimate is made on a general basis and subject to change without notice. In presenting the information above, none of Endowus HK Limited, its affiliates, directors, employees, representatives or agents have given any consideration to, nor have made any investigation of the objective, financial situation or particular need of any user, reader, any specific person or group of persons. Therefore, no representation is made as to the completeness and adequacy of the information to make an informed decision. You should carefully consider (i) whether any investment views and products/ services are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances. You may also wish to seek financial advice through a financial advisor or the Endowus platform and independent legal, accounting, regulatory or tax advice, as appropriate.

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