Marketing communication

Welcome to M&G

Choose your Location, Investor Type and Cookie Preferences

isPreloadImage: false

Image Src: https://assets.mandg.com/is/content/mandgdigital/logo-footer?ts=1779729546874&$Responsive$&dpr=off

Helper Src: https://assets.mandg.com/is/content/mandgdigital/logo-footer?ts=1779729546874&$Responsive$&dpr=off

Image FileRef: /content/dam/connectedassets/mandg-investments/investments/common/shared/common/logo-footer.svg

Image UUID:

Helper SrcWithWidth: https://assets.mandg.com/is/content/mandgdigital/logo-footer?ts=1779729546874&$Responsive$&dpr=off

Disabled Mode Src Branch: https://assets.mandg.com/is/content/mandgdigital/logo-footer?ts=1779729546874&$Responsive$&dpr=off

Author Mode Src Branch: https://assets.mandg.com/is/content/mandgdigital/logo-footer?ts=1779729546874&$Responsive$&dpr=off

WCM Disabled: true

DM Image: true

Smart Crop Rendition:

Lazy Enabled: true

Widths:

Has Areas: false

Dim Width: 114

Dim Height: 51

Skip Widths: false

SmartCrop LargeDesktop: https://assets.mandg.com/is/content/mandgdigital/logo-footer?ts=1779729546874&$Responsive$&dpr=off

SmartCrop Desktop: https://assets.mandg.com/is/content/mandgdigital/logo-footer?ts=1779729546874&$Responsive$&dpr=off

SmartCrop Tablet: https://assets.mandg.com/is/content/mandgdigital/logo-footer?ts=1779729546874&$Responsive$&dpr=off

SmartCrop Mobile: https://assets.mandg.com/is/content/mandgdigital/logo-footer?ts=1779729546874&$Responsive$&dpr=off

Width 1920: https://assets.mandg.com/is/content/mandgdigital/logo-footer?ts=1779729546874&$Responsive$&dpr=off&wid=1920

Width 1280: https://assets.mandg.com/is/content/mandgdigital/logo-footer?ts=1779729546874&$Responsive$&dpr=off&wid=1280

Width 960: https://assets.mandg.com/is/content/mandgdigital/logo-footer?ts=1779729546874&$Responsive$&dpr=off&wid=960

Width 600: https://assets.mandg.com/is/content/mandgdigital/logo-footer?ts=1779729546874&$Responsive$&dpr=off&wid=600

This content is not available for your selected audience. You have been redirected to your attested homepage.

You have been redirected to your attested site.

Solutions

With investment capabilities spanning public and private markets, we combine deep market insight with active decision-making to help clients pursue better investment outcomes.
INVESTMENT STRATEGIES

Equities

Fixed income

Multi asset

Private markets
SPOTLIGHT

Active ETFs

Global Emerging Markets

Income investment trust: From the fixed income experts
Fund centre

We have a global network of investment teams that connects world-class research capabilities, and the diverse experience and views of experts across multiple asset classes.

Explore all funds
Insights

Discover the latest investment insights from M&G, designed specifically for professional investors. Stay ahead of the market with our expert analysis and research.

View all insights
FEATURED INSIGHTS

Ampersand

Investment Perspectives

Bond Vigilantes

Subscribe to insights
Resources
INFORMATION

Fund information

Glossary

Forms & literature

Annual Value Assessment
About us

We have a global network of investment teams that connects world-class research capabilities, and the diverse experience and views of experts across multiple asset classes.

Who we are
ABOUT US

Leadership

Fixed income

2025: The Bond Vigilantes rise again?

9 min read 27 Mar 25

Subscribe Download

isPreloadImage: false

Image Src: https://assets.mandg.com/is/image/mandgdigital/BV4_cover?qlt=87&ts=1788863976746&dpr=off

Helper Src: https://assets.mandg.com/is/image/mandgdigital/BV4_cover?qlt=87&ts=1788863976746&dpr=off

Image FileRef: /content/dam/connectedassets/mandg-investments/investments/ampersand-images/BV4_cover.jpg

Image UUID:

Helper SrcWithWidth: https://assets.mandg.com/is/image/mandgdigital/BV4_cover?qlt=87&wid=1520&ts=1788863976746&dpr=off

Disabled Mode Src Branch: https://assets.mandg.com/is/image/mandgdigital/BV4_cover?qlt=87&wid=%7B.width%7D&ts=1788863976746&dpr=off

Author Mode Src Branch: https://assets.mandg.com/is/image/mandgdigital/BV4_cover?qlt=87&wid=1520&ts=1788863976746&dpr=off

WCM Disabled: true

DM Image: true

Smart Crop Rendition:

Lazy Enabled: false

Widths: 414,600,960,1280,1920

Has Areas: false

Dim Width: 1520

Dim Height: 2100

Skip Widths: false

SmartCrop LargeDesktop: https://assets.mandg.com/is/image/mandgdigital/BV4_cover:Large-Desktop?qlt=87&ts=1788863976746&dpr=off

SmartCrop Desktop: https://assets.mandg.com/is/image/mandgdigital/BV4_cover:Desktop?qlt=87&ts=1788863976746&dpr=off

SmartCrop Tablet: https://assets.mandg.com/is/image/mandgdigital/BV4_cover:Tablet-Landscape?qlt=87&ts=1788863976746&dpr=off

SmartCrop Mobile: https://assets.mandg.com/is/image/mandgdigital/BV4_cover:Mobile-Large?qlt=87&ts=1788863976746&dpr=off

Width 1920: https://assets.mandg.com/is/image/mandgdigital/BV4_cover?qlt=87&wid=1920&ts=1788863976746&dpr=off

Width 1280: https://assets.mandg.com/is/image/mandgdigital/BV4_cover?qlt=87&wid=1280&ts=1788863976746&dpr=off

Width 960: https://assets.mandg.com/is/image/mandgdigital/BV4_cover?qlt=87&wid=960&ts=1788863976746&dpr=off

Width 600: https://assets.mandg.com/is/image/mandgdigital/BV4_cover?qlt=87&wid=600&ts=1788863976746&dpr=off

isPreloadImage: false

Image Src: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE1?qlt=87&ts=1788863976755&dpr=off

Helper Src: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE1?qlt=87&ts=1788863976755&dpr=off

Image FileRef: /content/dam/connectedassets/mandg-investments/investments/ampersand-images/BV4_PAGE1.jpg

Image UUID:

Helper SrcWithWidth: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE1?qlt=87&wid=1520&ts=1788863976755&dpr=off

Disabled Mode Src Branch: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE1?qlt=87&wid=%7B.width%7D&ts=1788863976755&dpr=off

Author Mode Src Branch: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE1?qlt=87&wid=1520&ts=1788863976755&dpr=off

WCM Disabled: true

DM Image: true

Smart Crop Rendition:

Lazy Enabled: false

Widths: 414,600,960,1280,1920

Has Areas: false

Dim Width: 1520

Dim Height: 2110

Skip Widths: false

SmartCrop LargeDesktop: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE1:Large-Desktop?qlt=87&ts=1788863976755&dpr=off

SmartCrop Desktop: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE1:Desktop?qlt=87&ts=1788863976755&dpr=off

SmartCrop Tablet: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE1:Tablet-Landscape?qlt=87&ts=1788863976755&dpr=off

SmartCrop Mobile: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE1:Mobile-Large?qlt=87&ts=1788863976755&dpr=off

Width 1920: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE1?qlt=87&wid=1920&ts=1788863976755&dpr=off

Width 1280: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE1?qlt=87&wid=1280&ts=1788863976755&dpr=off

Width 960: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE1?qlt=87&wid=960&ts=1788863976755&dpr=off

Width 600: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE1?qlt=87&wid=600&ts=1788863976755&dpr=off

isPreloadImage: false

Image Src: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE2?qlt=87&ts=1788863976764&dpr=off

Helper Src: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE2?qlt=87&ts=1788863976764&dpr=off

Image FileRef: /content/dam/connectedassets/mandg-investments/investments/ampersand-images/BV4_PAGE2.jpg

Image UUID:

Helper SrcWithWidth: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE2?qlt=87&wid=1520&ts=1788863976764&dpr=off

Disabled Mode Src Branch: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE2?qlt=87&wid=%7B.width%7D&ts=1788863976764&dpr=off

Author Mode Src Branch: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE2?qlt=87&wid=1520&ts=1788863976764&dpr=off

WCM Disabled: true

DM Image: true

Smart Crop Rendition:

Lazy Enabled: false

Widths: 414,600,960,1280,1920

Has Areas: false

Dim Width: 1520

Dim Height: 2110

Skip Widths: false

SmartCrop LargeDesktop: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE2:Large-Desktop?qlt=87&ts=1788863976764&dpr=off

SmartCrop Desktop: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE2:Desktop?qlt=87&ts=1788863976764&dpr=off

SmartCrop Tablet: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE2:Tablet-Landscape?qlt=87&ts=1788863976764&dpr=off

SmartCrop Mobile: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE2:Mobile-Large?qlt=87&ts=1788863976764&dpr=off

Width 1920: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE2?qlt=87&wid=1920&ts=1788863976764&dpr=off

Width 1280: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE2?qlt=87&wid=1280&ts=1788863976764&dpr=off

Width 960: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE2?qlt=87&wid=960&ts=1788863976764&dpr=off

Width 600: https://assets.mandg.com/is/image/mandgdigital/BV4_PAGE2?qlt=87&wid=600&ts=1788863976764&dpr=off

isPreloadImage: false

Image Src: https://assets.mandg.com/is/image/mandgdigital/BV4%20PAGE3?qlt=87&ts=1788863976773&dpr=off

Helper Src: https://assets.mandg.com/is/image/mandgdigital/BV4%20PAGE3?qlt=87&ts=1788863976773&dpr=off

Image FileRef: /content/dam/connectedassets/mandg-investments/investments/ampersand-images/BV4 PAGE3.jpg

Image UUID:

Helper SrcWithWidth: https://assets.mandg.com/is/image/mandgdigital/BV4%20PAGE3?qlt=87&wid=1520&ts=1788863976773&dpr=off

Disabled Mode Src Branch: https://assets.mandg.com/is/image/mandgdigital/BV4%20PAGE3?qlt=87&wid=%7B.width%7D&ts=1788863976773&dpr=off

Author Mode Src Branch: https://assets.mandg.com/is/image/mandgdigital/BV4%20PAGE3?qlt=87&wid=1520&ts=1788863976773&dpr=off

WCM Disabled: true

DM Image: true

Smart Crop Rendition:

Lazy Enabled: false

Widths: 414,600,960,1280,1920

Has Areas: false

Dim Width: 1520

Dim Height: 2111

Skip Widths: false

SmartCrop LargeDesktop: https://assets.mandg.com/is/image/mandgdigital/BV4%20PAGE3:Large-Desktop?qlt=87&ts=1788863976773&dpr=off

SmartCrop Desktop: https://assets.mandg.com/is/image/mandgdigital/BV4%20PAGE3:Desktop?qlt=87&ts=1788863976773&dpr=off

SmartCrop Tablet: https://assets.mandg.com/is/image/mandgdigital/BV4%20PAGE3:Tablet-Landscape?qlt=87&ts=1788863976773&dpr=off

SmartCrop Mobile: https://assets.mandg.com/is/image/mandgdigital/BV4%20PAGE3:Mobile-Large?qlt=87&ts=1788863976773&dpr=off

Width 1920: https://assets.mandg.com/is/image/mandgdigital/BV4%20PAGE3?qlt=87&wid=1920&ts=1788863976773&dpr=off

Width 1280: https://assets.mandg.com/is/image/mandgdigital/BV4%20PAGE3?qlt=87&wid=1280&ts=1788863976773&dpr=off

Width 960: https://assets.mandg.com/is/image/mandgdigital/BV4%20PAGE3?qlt=87&wid=960&ts=1788863976773&dpr=off

Width 600: https://assets.mandg.com/is/image/mandgdigital/BV4%20PAGE3?qlt=87&wid=600&ts=1788863976773&dpr=off

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance. The views expressed in this document should not be taken as a recommendation, advice or forecast and they should not be considered as a recommendation to purchase or sell any particular security.

M&G Investment Management Limited (MAGIM), M&G Alternative Investment Management Limited (MAGAIM), M&G Securities Limited (MGSL) and M&G Financial Services Limited (MGFS) are registered in England and Wales under numbers (936683, 2059989, 90776, 923891) respectively. The registered address of MAGIM, MAGAIM, MGSL, and MGFS is 10 Fenchurch Avenue, London, EC3M 5AG. MAGIM, MAGAIM, MGSL, and MGFS are authorised and regulated by the Financial Conduct Authority (“FCA”) under numbers 119328, 122011, 122057, 122058 respectively.