"Volatility has been the dominant theme on the financial markets so far this year, but we remain positive about the outlook for the global economy." - M & G fund manager Richard Woolnough in his Fund Commentar in November. "Therefore, we believe that corporate bond spreads may narrow even further, possibly to the level reached in 2004. From a valuation perspective, we still prefer investment grade corporate bonds to high yield bonds. The average rating in the fund is therefore close to its highest since launch."