Investors yank £800m from M&G Property Portfolio within first month of reopening
May’s outflows were ‘pretty horrific but not unexpected’
The M&G Property Portfolio has been battered by redemptions after re-opening its doors in May for the first time in 17 months.
But by the end of the month, this had dwindled to £1.3bn after investors yanked £806m from the fund, according to data from Morningstar.
A spokesperson for M&G said the firm could not comment on the flows data but said initial outflows had been fairly consistent with expectations.
Ben Yearsley, investment consultant at Fairview Investing, described May’s outflows as “pretty horrific but not unexpected”. “Unfortunately for M&G, the outflow will continue albeit at a slower pace,” he said.