Managing risk in the M&G Global Sustain Paris Aligned Fund (2024)

Table of Contents
A holistic and well-considered approach Fundamental diversification Focusing on business risks Avoid clustering How we consider position sizing What is the output? Fund description Benchmark Key fund risks References

The value of a fund's assets will go down as well as up. This will cause the value of your investment to fall as well as rise and you may get back less than you originally invested. The views expressed in this document should not be taken as a recommendation, advice or forecast.

A holistic and well-considered approach

For concentrated funds with a large investment universe but a relatively small number of positions, such as the M&G Global Sustain Paris Aligned Funds, we believe that the risk management framework must be holistic. The core of our framework is around the ‘real’ fundamental risks of companies – their business and financial risks, and the risks that may emerge when these companies are combined in a portfolio. We seek exposure to different business models, end-markets and structural trends. Good fundamental diversification is essential risk management when investing with a 10-year horizon.

The second step of our risk management process is to focus on stock price diversification. We do not believe models should be relied upon solely to dictate how portfolio risk is managed, but volatility numbers, tracking error and factor risk model outputs are useful indicators of whether the fund is well-diversified and behaving as we intend it to. They can confirm if the diversification is working, or sound warnings to investigate holdings or clusters of stocks further, and potentially act.

Fundamental diversification

In the M&G Global Sustain Paris Aligned Fund, we invest in a diversified mix of companies from a variety of regions, sectors and industries. We also invest in companies operating with differing business models and end-markets.

Companies are categorised as:

  • Stable growth – companies with a strong competitive edge and a proven track record of producing stable earnings at stable or increasing returns on capital
  • Opportunities – which sit in corners of the market where business risk is considered higher, but stocks can offer significant upside potential

Balancing these parts of the strategy enables us to keep factor risk and volatility in check while still allowing us to stray significantly from the benchmark and pursue alpha. It has made the strategy resilient to deliver potential performance under different market regimes and more independently of market trends. Keeping the fund balanced has the added benefit of relieving the fund manager of having to predict market movements or macroeconomic changes. Possible changes in expectations are not ignored, but treated as risk management considerations.

Focusing on business risks

When analysing companies, we dedicate considerable resource to the analysis of business risks. These are any risks to the company’s operational, financial or competitive position. Business risks can include both operational and financial risks specifically, as well as, for example, the company’s competitive strength, degree of cyclicality and relative maturity.

With a concentrated portfolio of fewer stocks, and a low turnover rate, we can dedicate significant time and resource to the ongoing analysis of these company-specific risks. This differs to the risk management frameworks of many less-concentrated funds, where managers may be more preoccupied with numbers surrounding sector and geographical weights, and seek to optimise within these.

Importantly, while we will review volatility as an indicator of risk, importantly we do not equate volatility with company-specific business risks. We believe there are drawbacks to doing so, as changes in volatility can often be the result of natural market movements, which will revert in the near-term. For example, the fund may hold a position in a stable business, which suffers a short-term period of heightened volatility, with its share price falling in the wake of an earnings release. That could represent an opportunity to buy more, because the intrinsic value of the stock might not have deflated or increased the fundamental riskiness of investing in the business to the same degree, but an investor focusing solely on backward-looking volatility may be required to sell, not buy.

As investors, we are concerned with the prospects of our investee companies, and the risks to their long-term success, but also have a strong general focus on not losing money on specific investments. Making investments in a diverse group of resilient companies with a healthy margin of safety (intrinsic value minus market value) is a good starting point. Volatility can be used as an indicator in both fund and stock-level risk analysis, but should not force portfolio changes.

Avoid clustering

We aim to avoid clustering within the funds. This applies not only to companies with similar business models, but also those operating in different sectors, whose share prices nevertheless move in tandem, perhaps because they are of a similar size and operate in the same region.

If we hold clusters of stocks, we will make sure to be well-diversified within this group to mitigate correlation. For example, companies with different end-markets and drivers, but also a mix of business model maturities and stock characteristics.

How we consider position sizing

It is important to note that position sizes are primarily based on our assessment of risk, rather than on ‘conviction’ in the investee companies. Generally, we choose to hold larger positions in companies that we consider to be less risky.

In a typical high-conviction portfolio, we typically expect to see half of the fund’s total risk attributable to the five largest holdings. In the M&G Global Sustain Paris Aligned Fund, we aim to ‘flatten the curve’, taking relatively larger positions in companies which we deem to have less business and valuation risk. In practice, this means that a 5% position in a more stable company and a 2% position in a riskier high-growth company can provide equal contributions to overall risk. We typically expect around half the aggregated contribution to volatility to come from our top 10 holdings.

We also consider each holding’s contribution to overall diversification when reviewing position sizes. For example, rather than buying additional companies, a position size may be allowed to grow if we consider the stock to be a diversifier for a particular sector or region, which we would like to maintain or increase exposure to.

What is the output?

  1. Fund volatility broadly in line with benchmark volatility
  2. Stock-specific risk contributing more than 50% of relative risk
  3. Limited style risk

We expect for the output of this framework to be a fund exhibiting a similar level of relatively low volatility compared to the benchmark, despite its concentrated nature. Furthermore, we aim for the majority of overall portfolio risk to be attributable to stock-specific risk, with style, factor or country risk playing a limited part. We believe this high level of stock-specific risk is a good indication of diversification. We are generally more concerned about drift in style risk than country and sector risk.

We monitor these risk metrics and many others on a monthly basis, working closely with representatives of M&G’s Equity Risk team. As mentioned previously, these numbers can provide a helpful indication that we may need to review areas of the fund. However, the analysis of stock-specific business risks remains the core focus of our risk management framework.

Figure 1: Fund beta and volatility versus the benchmark

Source: Aladdin, 17 January 2024. The fund benchmark is the MSCI World Index. Volatility figures are calculated with an annualised ex-ante calculation, based on weekly returns, using data on a two-year look back basis with a 26-week decay factor (effectively weighting the latest 6 months with a higher emphasis).

Figure 2: Fund tracking error and tracking error composition

Source: Aladdin, 19 January 2024, Long Term 60 Months Equally Weighted. Past performance is not a guide to future performance.

Fund description

The fund aims to provide a combination of capital growth and income, net of the Ongoing Charge Figure, that is higher than the MSCI World Index over any five-year period and to invest in companies that contribute towards the Paris Agreement climate change goal of keeping a global temperature rise this century well below two degrees Celsius above pre-industrial levels. At least 80% of the fund is invested in the shares of sustainable companies from across the world. The fund is concentrated and usually holds fewer than 40 companies. Sustainability considerations are fully integrated into the investment process. Companies that are assessed to be in breach of the United Nations Global Compact principles on human rights, labour, environment and anti-corruption are excluded from the investment universe. Industries such as tobacco and controversial weapons are also excluded. The fund manager makes long-term investments in companies with sustainable business models, where short-term issues have created buying opportunities for the fund.

Benchmark

The fund’s benchmark is the MSCI World Index. The benchmark is the target for the fund’s financial objective and is used to measure the fund’s financial performance. The index has been chosen as the fund’s benchmark as it best reflects the financial aspects of the fund’s investment policy. The benchmark is also used to define what a Low Carbon Intensity company is. The fund manager considers the fund’s weighted average carbon intensity against the benchmark when constructing the portfolio, but the benchmark does not otherwise constrain portfolio construction. The fund is actively managed and within given constraints, the fund manager has freedom in choosing which investments to buy, hold and sell in the fund. The fund’s holdings may deviate significantly from the benchmark’s constituents, and as a result performance may deviate materially from the benchmark. For unhedged and hedged share classes, the benchmark is shown in the share class currency.

Key fund risks

The main risks that could affect the fund are:

  • The value and income from the fund's assets will go down as well as up. This will cause the value of your investment to fall as well as rise. There is no guarantee that the fund will achieve its objective and you may get back less than you originally invested.
  • The fund holds a small number of investments, and therefore a fall in the value of a single investment may have a greater impact than if it held a larger number of investments.
  • The fund can be exposed to different currencies. Movements in currency exchange rates may adversely affect the value of your investment.
  • Investing in emerging markets involves a greater risk of loss due to greater political, tax, economic, foreign exchange, liquidity and regulatory risks, among other factors. There may be difficulties in buying, selling, safekeeping or valuing investments in such countries.
  • In exceptional circ*mstances where assets cannot be fairly valued, or have to be sold at a large discount to raise cash, we may temporarily suspend the fund in the best interest of all investors.
  • The fund could lose money if a counterparty with which it does business becomes unwilling or unable to repay money owed to the fund.
  • Operational risks arising from errors in transactions, valuation, accounting, and financial reporting, among other things, may also affect the value of your investments.

Further details of the risks that apply to the funds can be found in the funds’ Prospectus.

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See Also
Mutual Fund Diversification: Meaning, How it Works and Advantages

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  26. Portfolio Output and Risk Metrics: The desired output of the risk management framework is a fund with relatively low volatility compared to the benchmark,focused on risk-adjusted returns.

  27. Portfolio Output and Risk Metrics: The desired output of the risk management framework is a fund with relatively low volatility compared to the benchmark, with riskn risk-adjusted returns.

  28. Portfolio Output and Risk Metrics: The desired output of the risk management framework is a fund with relatively low volatility compared to the benchmark, with stocksted returns.

  29. Portfolio Output and Risk Metrics: The desired output of the risk management framework is a fund with relatively low volatility compared to the benchmark, with stock-specificrns.

  30. Portfolio Output and Risk Metrics: The desired output of the risk management framework is a fund with relatively low volatility compared to the benchmark, with stock-specific risk.

  31. Portfolio Output and Risk Metrics: The desired output of the risk management framework is a fund with relatively low volatility compared to the benchmark, with stock-specific risk playing a

  32. Portfolio Output and Risk Metrics: The desired output of the risk management framework is a fund with relatively low volatility compared to the benchmark, with stock-specific risk playing a significant

  33. Portfolio Output and Risk Metrics: The desired output of the risk management framework is a fund with relatively low volatility compared to the benchmark, with stock-specific risk playing a significant role Portfolio Output and Risk Metrics: The desired output of the risk management framework is a fund with relatively low volatility compared to the benchmark, with stock-specific risk playing a significant role.ortfolio Output and Risk Metrics: The desired output of the risk management framework is a fund with relatively low volatility compared to the benchmark, with stock-specific risk playing a significant role. Monitoringput and Risk Metrics: The desired output of the risk management framework is a fund with relatively low volatility compared to the benchmark, with stock-specific risk playing a significant role. Monitoring risk and Risk Metrics: The desired output of the risk management framework is a fund with relatively low volatility compared to the benchmark, with stock-specific risk playing a significant role. Monitoring risk metrics -Risk Metrics**: The desired output of the risk management framework is a fund with relatively low volatility compared to the benchmark, with stock-specific risk playing a significant role. Monitoring risk metrics, fund aims for The desired output of the risk management framework is a fund with relatively low volatility compared to the benchmark, with stock-specific risk playing a significant role. Monitoring risk metrics, such combination of capitale risk management framework is a fund with relatively low volatility compared to the benchmark, with stock-specific risk playing a significant role. Monitoring risk metrics, such as and incomeframework is a fund with relatively low volatility compared to the benchmark, with stock-specific risk playing a significant role. Monitoring risk metrics, such as fund betaramework is a fund with relatively low volatility compared to the benchmark, with stock-specific risk playing a significant role. Monitoring risk metrics, such as fund beta,rk is a fund with relatively low volatility compared to the benchmark, with stock-specific risk playing a significant role. Monitoring risk metrics, such as fund beta, volatilityis a fund with relatively low volatility compared to the benchmark, with stock-specific risk playing a significant role. Monitoring risk metrics, such as fund beta, volatility,a fund with relatively low volatility compared to the benchmark, with stock-specific risk playing a significant role. Monitoring risk metrics, such as fund beta, volatility, andrelatively low volatility compared to the benchmark, with stock-specific risk playing a significant role. Monitoring risk metrics, such as fund beta, volatility, and trackinglow volatility compared to the benchmark, with stock-specific risk playing a significant role. Monitoring risk metrics, such as fund beta, volatility, and tracking errority compared to the benchmark, with stock-specific risk playing a significant role. Monitoring risk metrics, such as fund beta, volatility, and tracking error,ared to the benchmark, with stock-specific risk playing a significant role. Monitoring risk metrics, such as fund beta, volatility, and tracking error, onto the benchmark, with stock-specific risk playing a significant role. Monitoring risk metrics, such as fund beta, volatility, and tracking error, on a regular basishe benchmark, with stock-specific risk playing a significant role. Monitoring risk metrics, such as fund beta, volatility, and tracking error, on a regular basis is essential for maintaining portfoliochmark, with stock-specific risk playing a significant role. Monitoring risk metrics, such as fund beta, volatility, and tracking error, on a regular basis is essential for maintaining portfolio integrity and adherenceth stock-specific risk playing a significant role. Monitoring risk metrics, such as fund beta, volatility, and tracking error, on a regular basis is essential for maintaining portfolio integrity and adherence to investment objectives stock-specific risk playing a significant role. Monitoring risk metrics, such as fund beta, volatility, and tracking error, on a regular basis is essential for maintaining portfolio integrity and adherence to investment objectives.

7tock-specific risk playing a significant role. Monitoring risk metrics, such as fund beta, volatility, and tracking error, on a regular basis is essential for maintaining portfolio integrity and adherence to investment objectives.

7.ck-specific risk playing a significant role. Monitoring risk metrics, such as fund beta, volatility, and tracking error, on a regular basis is essential for maintaining portfolio integrity and adherence to investment objectives.

  1. **k playing a significant role. Monitoring risk metrics, such as fund beta, volatility, and tracking error, on a regular basis is essential for maintaining portfolio integrity and adherence to investment objectives.

  2. **Benchmarknificant role. Monitoring risk metrics, such as fund beta, volatility, and tracking error, on a regular basis is essential for maintaining portfolio integrity and adherence to investment objectives.

  3. **Benchmark andificant role. Monitoring risk metrics, such as fund beta, volatility, and tracking error, on a regular basis is essential for maintaining portfolio integrity and adherence to investment objectives.

  4. **Benchmark and Investmentle. Monitoring risk metrics, such as fund beta, volatility, and tracking error, on a regular basis is essential for maintaining portfolio integrity and adherence to investment objectives.

  5. **Benchmark and Investment Objective Monitoring risk metrics, such as fund beta, volatility, and tracking error, on a regular basis is essential for maintaining portfolio integrity and adherence to investment objectives.

  6. Benchmark and Investment Objective: ing risk metrics, such as fund beta, volatility, and tracking error, on a regular basis is essential for maintaining portfolio integrity and adherence to investment objectives.

  7. Benchmark and Investment Objective: trics, such as fund beta, volatility, and tracking error, on a regular basis is essential for maintaining portfolio integrity and adherence to investment objectives.

  8. Benchmark and Investment Objective: Therics, such as fund beta, volatility, and tracking error, on a regular basis is essential for maintaining portfolio integrity and adherence to investment objectives.

  9. Benchmark and Investment Objective: The fund, such as fund beta, volatility, and tracking error, on a regular basis is essential for maintaining portfolio integrity and adherence to investment objectives.

  10. Benchmark and Investment Objective: The fund'snd beta, volatility, and tracking error, on a regular basis is essential for maintaining portfolio integrity and adherence to investment objectives.

  11. Benchmark and Investment Objective: The fund's benchmarkbeta, volatility, and tracking error, on a regular basis is essential for maintaining portfolio integrity and adherence to investment objectives.

  12. Benchmark and Investment Objective: The fund's benchmark, volatility, and tracking error, on a regular basis is essential for maintaining portfolio integrity and adherence to investment objectives.

  13. Benchmark and Investment Objective: The fund's benchmark, thetility, and tracking error, on a regular basis is essential for maintaining portfolio integrity and adherence to investment objectives.

  14. Benchmark and Investment Objective: The fund's benchmark, the MSCItracking error, on a regular basis is essential for maintaining portfolio integrity and adherence to investment objectives.

  15. Benchmark and Investment Objective: The fund's benchmark, the MSCI Worldr, on a regular basis is essential for maintaining portfolio integrity and adherence to investment objectives.

  16. Benchmark and Investment Objective: The fund's benchmark, the MSCI World Indexn a regular basis is essential for maintaining portfolio integrity and adherence to investment objectives.

  17. Benchmark and Investment Objective: The fund's benchmark, the MSCI World Index,egular basis is essential for maintaining portfolio integrity and adherence to investment objectives.

  18. Benchmark and Investment Objective: The fund's benchmark, the MSCI World Index, servesular basis is essential for maintaining portfolio integrity and adherence to investment objectives.

  19. Benchmark and Investment Objective: The fund's benchmark, the MSCI World Index, serves ass is essential for maintaining portfolio integrity and adherence to investment objectives.

  20. Benchmark and Investment Objective: The fund's benchmark, the MSCI World Index, serves as as essential for maintaining portfolio integrity and adherence to investment objectives.

  21. Benchmark and Investment Objective: The fund's benchmark, the MSCI World Index, serves as a reference essential for maintaining portfolio integrity and adherence to investment objectives.

  22. Benchmark and Investment Objective: The fund's benchmark, the MSCI World Index, serves as a reference pointessential for maintaining portfolio integrity and adherence to investment objectives.

  23. Benchmark and Investment Objective: The fund's benchmark, the MSCI World Index, serves as a reference point forential for maintaining portfolio integrity and adherence to investment objectives.

  24. Benchmark and Investment Objective: The fund's benchmark, the MSCI World Index, serves as a reference point for measuring financialr maintaining portfolio integrity and adherence to investment objectives.

  25. Benchmark and Investment Objective: The fund's benchmark, the MSCI World Index, serves as a reference point for measuring financial performanceintaining portfolio integrity and adherence to investment objectives.

  26. Benchmark and Investment Objective: The fund's benchmark, the MSCI World Index, serves as a reference point for measuring financial performance andrtfolio integrity and adherence to investment objectives.

  27. Benchmark and Investment Objective: The fund's benchmark, the MSCI World Index, serves as a reference point for measuring financial performance and guidingtfolio integrity and adherence to investment objectives.

  28. Benchmark and Investment Objective: The fund's benchmark, the MSCI World Index, serves as a reference point for measuring financial performance and guiding portfoliolio integrity and adherence to investment objectives.

  29. Benchmark and Investment Objective: The fund's benchmark, the MSCI World Index, serves as a reference point for measuring financial performance and guiding portfolio constructiono integrity and adherence to investment objectives.

  30. Benchmark and Investment Objective: The fund's benchmark, the MSCI World Index, serves as a reference point for measuring financial performance and guiding portfolio construction.integrity and adherence to investment objectives.

  31. Benchmark and Investment Objective: The fund's benchmark, the MSCI World Index, serves as a reference point for measuring financial performance and guiding portfolio construction. Howevergrity and adherence to investment objectives.

  32. Benchmark and Investment Objective: The fund's benchmark, the MSCI World Index, serves as a reference point for measuring financial performance and guiding portfolio construction. However,ity and adherence to investment objectives.

  33. Benchmark and Investment Objective: The fund's benchmark, the MSCI World Index, serves as a reference point for measuring financial performance and guiding portfolio construction. However, the and adherence to investment objectives.

  34. Benchmark and Investment Objective: The fund's benchmark, the MSCI World Index, serves as a reference point for measuring financial performance and guiding portfolio construction. However, the funddherence to investment objectives.

  35. Benchmark and Investment Objective: The fund's benchmark, the MSCI World Index, serves as a reference point for measuring financial performance and guiding portfolio construction. However, the fund managerce to investment objectives.

  36. Benchmark and Investment Objective: The fund's benchmark, the MSCI World Index, serves as a reference point for measuring financial performance and guiding portfolio construction. However, the fund manager retains as the fund's benchmark, guidingmark and Investment Objective: The fund's benchmark, the MSCI World Index, serves as a reference point for measuring financial performance and guiding portfolio construction. However, the fund manager retains flexibility in investment and Investment Objective: The fund's benchmark, the MSCI World Index, serves as a reference point for measuring financial performance and guiding portfolio construction. However, the fund manager retains flexibility in investment decisions withintment Objective: The fund's benchmark, the MSCI World Index, serves as a reference point for measuring financial performance and guiding portfolio construction. However, the fund manager retains flexibility in investment decisions within defined constraints. This aligns withtive: The fund's benchmark, the MSCI World Index, serves as a reference point for measuring financial performance and guiding portfolio construction. However, the fund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed atve: The fund's benchmark, the MSCI World Index, serves as a reference point for measuring financial performance and guiding portfolio construction. However, the fund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the: The fund's benchmark, the MSCI World Index, serves as a reference point for measuring financial performance and guiding portfolio construction. However, the fund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while: The fund's benchmark, the MSCI World Index, serves as a reference point for measuring financial performance and guiding portfolio construction. However, the fund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managinghe fund's benchmark, the MSCI World Index, serves as a reference point for measuring financial performance and guiding portfolio construction. However, the fund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing riskund's benchmark, the MSCI World Index, serves as a reference point for measuring financial performance and guiding portfolio construction. However, the fund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

hmark, the MSCI World Index, serves as a reference point for measuring financial performance and guiding portfolio construction. However, the fund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

8MSCI World Index, serves as a reference point for measuring financial performance and guiding portfolio construction. However, the fund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  1. Index, serves as a reference point for measuring financial performance and guiding portfolio construction. However, the fund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  2. **s as a reference point for measuring financial performance and guiding portfolio construction. However, the fund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  3. **Key as a reference point for measuring financial performance and guiding portfolio construction. However, the fund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  4. **Key Funda reference point for measuring financial performance and guiding portfolio construction. However, the fund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  5. **Key Fund Riserence point for measuring financial performance and guiding portfolio construction. However, the fund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  6. **Key Fund Risksoint for measuring financial performance and guiding portfolio construction. However, the fund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  7. Key Fund Risks for measuring financial performance and guiding portfolio construction. However, the fund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  8. Key Fund Risks: flexibilityinancial performance and guiding portfolio construction. However, the fund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  9. Key Fund Risks: ncial performance and guiding portfolio construction. However, the fund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  10. Key Fund Risks: Finally investments withining portfolio construction. However, the fund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  11. Key Fund Risks: Finally, constraints.

ction. However, the fund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  1. Key Fund Risks: Finally, the. ** However, the fund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  2. Key Fund Risks: Finally, the article Fund, the fund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  3. Key Fund Risks: Finally, the article addressesksfund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  4. Key Fund Risks: Finally, the article addresses keyund manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  5. Key Fund Risks: Finally, the article addresses key risks manager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  6. Key Fund Risks: Finally, the article addresses key risks associatednager retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  7. Key Fund Risks: Finally, the article addresses key risks associated withger retains flexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  8. Key Fund Risks: Finally, the article addresses key risks associated with the articleflexibility in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  9. Key Fund Risks: Finally, the article addresses key risks associated with the fund,ty in investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  10. Key Fund Risks: Finally, the article addresses key risks associated with the fund, includingn investment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  11. Key Fund Risks: Finally, the article addresses key risks associated with the fund, including marketstment decisions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  12. Key Fund Risks: Finally, the article addresses key risks associated with the fund, including market volatilitysions within defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  13. Key Fund Risks: Finally, the article addresses key risks associated with the fund, including market volatility, thehin defined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  14. Key Fund Risks: Finally, the article addresses key risks associated with the fund, including market volatility, concentrationefined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  15. Key Fund Risks: Finally, the article addresses key risks associated with the fund, including market volatility, concentration riskfined constraints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  16. Key Fund Risks: Finally, the article addresses key risks associated with the fund, including market volatility, concentration risk,traints. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  17. Key Fund Risks: Finally, the article addresses key risks associated with the fund, including market volatility, concentration risk, currencynts. This aligns with active management strategies aimed at outperforming the benchmark while managing risk.

  18. Key Fund Risks: Finally, the article addresses key risks associated with the fund, including market volatility, concentration risk, currency exposurealigns with active management strategies aimed at outperforming the benchmark while managing risk.

  19. Key Fund Risks: Finally, the article addresses key risks associated with the fund, including market volatility, concentration risk, currency exposure, with active management strategies aimed at outperforming the benchmark while managing risk.

  20. Key Fund Risks: Finally, the article addresses key risks associated with the fund, including market volatility, concentration risk, currency exposure, emergingactive management strategies aimed at outperforming the benchmark while managing risk.

  21. Key Fund Risks: Finally, the article addresses key risks associated with the fund, including market volatility, concentration risk, currency exposure, emerging market themanagement strategies aimed at outperforming the benchmark while managing risk.

  22. Key Fund Risks: Finally, the article addresses key risks associated with the fund, including market volatility, concentration risk, currency exposure, emerging market risksment strategies aimed at outperforming the benchmark while managing risk.

  23. Key Fund Risks: Finally, the article addresses key risks associated with the fund, including market volatility, concentration risk, currency exposure, emerging market risks, strategies aimed at outperforming the benchmark while managing risk.

  24. Key Fund Risks: Finally, the article addresses key risks associated with the fund, including market volatility, concentration risk, currency exposure, emerging market risks, liquidity from the fund's assets, exposure to differente managing risk.

  25. Key Fund Risks: Finally, the article addresses key risks associated with the fund, including market volatility, concentration risk, currency exposure, emerging market risks, liquidity risks,risk.

  26. Key Fund Risks: Finally, the article addresses key risks associated with the fund, including market volatility, concentration risk, currency exposure, emerging market risks, liquidity risks, and and geopolitical risks in emergingally, the article addresses key risks associated with the fund, including market volatility, concentration risk, currency exposure, emerging market risks, liquidity risks, and operationale article addresses key risks associated with the fund, including market volatility, concentration risk, currency exposure, emerging market risks, liquidity risks, and operational risksIn conclusionses key risks associated with the fund, including market volatility, concentration risk, currency exposure, emerging market risks, liquidity risks, and operational risks. the M risks associated with the fund, including market volatility, concentration risk, currency exposure, emerging market risks, liquidity risks, and operational risks. AckG Global Sciated with the fund, including market volatility, concentration risk, currency exposure, emerging market risks, liquidity risks, and operational risks. Acknowledging Paristhe fund, including market volatility, concentration risk, currency exposure, emerging market risks, liquidity risks, and operational risks. Acknowledging and managing fund, including market volatility, concentration risk, currency exposure, emerging market risks, liquidity risks, and operational risks. Acknowledging and managing these, including market volatility, concentration risk, currency exposure, emerging market risks, liquidity risks, and operational risks. Acknowledging and managing these risksuding market volatility, concentration risk, currency exposure, emerging market risks, liquidity risks, and operational risks. Acknowledging and managing these risks arearket volatility, concentration risk, currency exposure, emerging market risks, liquidity risks, and operational risks. Acknowledging and managing these risks are criticalket volatility, concentration risk, currency exposure, emerging market risks, liquidity risks, and operational risks. Acknowledging and managing these risks are critical for, concentration risk, currency exposure, emerging market risks, liquidity risks, and operational risks. Acknowledging and managing these risks are critical for safeguardncentration risk, currency exposure, emerging market risks, liquidity risks, and operational risks. Acknowledging and managing these risks are critical for safeguarding risk, currency exposure, emerging market risks, liquidity risks, and operational risks. Acknowledging and managing these risks are critical for safeguarding investorrrency exposure, emerging market risks, liquidity risks, and operational risks. Acknowledging and managing these risks are critical for safeguarding investor interestsncy exposure, emerging market risks, liquidity risks, and operational risks. Acknowledging and managing these risks are critical for safeguarding investor interests andxposure, emerging market risks, liquidity risks, and operational risks. Acknowledging and managing these risks are critical for safeguarding investor interests and ensuringerging market risks, liquidity risks, and operational risks. Acknowledging and managing these risks are critical for safeguarding investor interests and ensuring fundrging market risks, liquidity risks, and operational risks. Acknowledging and managing these risks are critical for safeguarding investor interests and ensuring fund stability.

    fundamentalidity risks, and operational risks. Acknowledging and managing these risks are critical for safeguarding investor interests and ensuring fund stability.

In summary,isks, and operational risks. Acknowledging and managing these risks are critical for safeguarding investor interests and ensuring fund stability.

In summary, the article provides insights operational risks. Acknowledging and managing these risks are critical for safeguarding investor interests and ensuring fund stability.

In summary, the article provides insights into a comprehensive riskoperational risks. Acknowledging and managing these risks are critical for safeguarding investor interests and ensuring fund stability.

In summary, the article provides insights into a comprehensive risk management frameworkal risks. Acknowledging and managing these risks are critical for safeguarding investor interests and ensuring fund stability.

In summary, the article provides insights into a comprehensive risk management framework tailoredsks. Acknowledging and managing these risks are critical for safeguarding investor interests and ensuring fund stability.

In summary, the article provides insights into a comprehensive risk management framework tailored forowledging and managing these risks are critical for safeguarding investor interests and ensuring fund stability.

In summary, the article provides insights into a comprehensive risk management framework tailored for concentratedwledging and managing these risks are critical for safeguarding investor interests and ensuring fund stability.

In summary, the article provides insights into a comprehensive risk management framework tailored for concentrated fundsging and managing these risks are critical for safeguarding investor interests and ensuring fund stability.

In summary, the article provides insights into a comprehensive risk management framework tailored for concentrated funds,anaging these risks are critical for safeguarding investor interests and ensuring fund stability.

In summary, the article provides insights into a comprehensive risk management framework tailored for concentrated funds, emphasizinge risks are critical for safeguarding investor interests and ensuring fund stability.

In summary, the article provides insights into a comprehensive risk management framework tailored for concentrated funds, emphasizing fundamentalisks are critical for safeguarding investor interests and ensuring fund stability.

In summary, the article provides insights into a comprehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis critical for safeguarding investor interests and ensuring fund stability.

In summary, the article provides insights into a comprehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis,ical for safeguarding investor interests and ensuring fund stability.

In summary, the article provides insights into a comprehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis, diversfor safeguarding investor interests and ensuring fund stability.

In summary, the article provides insights into a comprehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis, diversificationrding investor interests and ensuring fund stability.

In summary, the article provides insights into a comprehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis, diversification,investor interests and ensuring fund stability.

In summary, the article provides insights into a comprehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis, diversification, andnvestor interests and ensuring fund stability.

In summary, the article provides insights into a comprehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis, diversification, and disciplinedor interests and ensuring fund stability.

In summary, the article provides insights into a comprehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis, diversification, and disciplined risksts and ensuring fund stability.

In summary, the article provides insights into a comprehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis, diversification, and disciplined risk assessment and ensuring fund stability.

In summary, the article provides insights into a comprehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis, diversification, and disciplined risk assessment.nsuring fund stability.

In summary, the article provides insights into a comprehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis, diversification, and disciplined risk assessment. Thissuring fund stability.

In summary, the article provides insights into a comprehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis, diversification, and disciplined risk assessment. This holisticg fund stability.

In summary, the article provides insights into a comprehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis, diversification, and disciplined risk assessment. This holistic approachund stability.

In summary, the article provides insights into a comprehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis, diversification, and disciplined risk assessment. This holistic approach isd stability.

In summary, the article provides insights into a comprehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis, diversification, and disciplined risk assessment. This holistic approach is essential toIn summary, the article provides insights into a comprehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis, diversification, and disciplined risk assessment. This holistic approach is essential forthe article provides insights into a comprehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis, diversification, and disciplined risk assessment. This holistic approach is essential for navigatinge provides insights into a comprehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis, diversification, and disciplined risk assessment. This holistic approach is essential for navigating dynamicovides insights into a comprehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis, diversification, and disciplined risk assessment. This holistic approach is essential for navigating dynamic marketides insights into a comprehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis, diversification, and disciplined risk assessment. This holistic approach is essential for navigating dynamic market conditionsghts into a comprehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis, diversification, and disciplined risk assessment. This holistic approach is essential for navigating dynamic market conditions andmprehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis, diversification, and disciplined risk assessment. This holistic approach is essential for navigating dynamic market conditions and deliveringehensive risk management framework tailored for concentrated funds, emphasizing fundamental analysis, diversification, and disciplined risk assessment. This holistic approach is essential for navigating dynamic market conditions and delivering sustainable macrosk management framework tailored for concentrated funds, emphasizing fundamental analysis, diversification, and disciplined risk assessment. This holistic approach is essential for navigating dynamic market conditions and delivering sustainable longement framework tailored for concentrated funds, emphasizing fundamental analysis, diversification, and disciplined risk assessment. This holistic approach is essential for navigating dynamic market conditions and delivering sustainable long-term performancet framework tailored for concentrated funds, emphasizing fundamental analysis, diversification, and disciplined risk assessment. This holistic approach is essential for navigating dynamic market conditions and delivering sustainable long-term performance.-specificred for concentrated funds, emphasizing fundamental analysis, diversification, and disciplined risk assessment. This holistic approach is essential for navigating dynamic market conditions and delivering sustainable long-term performance.concentrated funds, emphasizing fundamental analysis, diversification, and disciplined risk assessment. This holistic approach is essential for navigating dynamic market conditions and delivering sustainable long-term performance.oncentrated funds, emphasizing fundamental analysis, diversification, and disciplined risk assessment. This holistic approach is essential for navigating dynamic market conditions and delivering sustainable long-term performance.

Managing risk in the M&G Global Sustain Paris Aligned Fund (2024)

References

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