Five stocks powering turnaround for M&G Global Basics

M&G Global Basics' new lead manager Randeep Somel has revealed some of the key holdings he has introduced since taking over from Graham French in November.

The former co-manager of the fund has made his mark since taking over from French, selling down consumer staples holdings in particular, and adding more to sold-off mining stocks. The early signs are positive, with one- and three-month numbers showing the fund outperforming the IMA Global sector. In the last three months, amid a sell-off in global equity markets, the fund is down 0.5% compared to the IMA Global sector average decline of 1.3%. Such a short-term pick-up in performance can quickly unwind, but Somel’s decision to make some bold changes immediately shows the manager is ...