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, which was launched back in 1973, 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 in...
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