Pru Life Kames Investment Grade Bond S2
Performance
Discrete Performance - to last month end
| 30/04/12 to 30/04/13 | 30/04/11 to 30/04/12 | 30/04/10 to 30/04/11 | 30/04/09 to 30/04/10 | 30/04/08 to 30/04/09 | |
|---|---|---|---|---|---|
| Fund | 13.09% | 4.08% | 3.50% | - | - |
| Sector | 11.44% | 3.65% | 4.67% | 25.79% | -11.70% |
| Rank | 72/182 | 101/178 | 168/173 | - | - |
| Quartile | 2 | 3 | 4 | - | - |
Annualised Performance
| 3Y | 5Y | 10Y | |
|---|---|---|---|
| Fund | 6.80% | - | - |
| Sector | 6.53% | 6.07% | 4.03% |
| Rank | 123/173 | - | - |
| Quartile | 3 | - | - |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| TRANSPORT FOR LO 2.25% 09/08/22 GBP10000 | 1.74 |
| NATS(EN)ROUTE 5.25% 31/03/26 GBP REGS | 1.60 |
| LLOYDS TSB BANK 13%-VAR PERP SUB GBP 'B' | 1.58 |
| NATL WESTMINSTER 6.5% SB 7/9/21 GBP(VAR) | 1.38 |
| WHITE CITY PROPERT 5.1202% 04/35 GBP REG | 1.29 |
| LONGSTONE FINANCE 4.791% MB 4/36 GBP'A' | 1.28 |
| HSBC CAP FDG(STG1) 5.844%-VAR PERP | 1.23 |
| RSA INSURANCE GRP 9.375%-FRN 05/39 GBP | 1.18 |
| MORRISON SUPRMKT 4.625% 08/12/23 GBP1000 | 1.18 |
| PRUDENTIAL 11.375% FR MTN 29/05/2039 GBP | 1.17 |
| Total | 13.63 |
Fund Aims
The investment strategy of the fund is to purchase units in the Kames Investment Grade Bond Fund. That fund aims to maximise total return (income plus capital) by investing primarily in investment grade and government bonds denominated in sterling and other currencies. The fund may hold a maximum of 20% in high yield bonds and also hold cash. A minimum of 80% of the fund will be hedged back to sterling. The fund may also invest in deposits, money market instruments, derivative instruments and forward transactions.
Fund Manager
Stephen is an investment manager in the fixed income team. He rejoined us in 2011 from Old Mutual Asset Managers where he was a fund manager. Stephen studied Finance at Queen’s University, Belfast.
Euan is an investment manager in the fixed income team. He joined us in 2003 from Britannic Asset Management where he worked in the corporate bond team. Euan studied International Business and French at the University of Strathclyde and has an MSc in Investment Analysis.
Fund Overview
| Bid (21/05/2013) | 118.10 |
| Offer (21/05/2013) | 124.30 |
| Fund size | £0.33m |
| Underlying Fund size | £588.15m |
| Number of holdings | 155 |
| Annual management charge | 1.60% |
| Launch date | 25/01/2010 |
Equity Sector Allocation
| FTSE/ICB Supersector | % Weight |
|---|---|
| Investment Grade Corp Bonds | 52.59 |
| Bonds | 33.53 |
| High Yield Corporate Bond | 12.08 |
| Cash and Equivalents | 1.05 |
| Non-Classified | 0.75 |
Important Information
Source of portfolio data: FundsLibrary. Source of performance data: Financial Express Please remember that past performance is not a reliable indicator of future performance. The figures shown are intended only to demonstrate performance history of the fund and take no account of product charges. Fund performance is based upon the movement of the daily price. Performance figures show total return with net income reinvested in GBP. The value of your investment may go down as well as up and the fund value may be less than the payments you have made.This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on www.pru.co.uk. Every care has been taken in populating this output, however it must be appreciated that neither Funds Library, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this report or make any warranties regarding results from its usage. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. The registered office of Prudential is at Laurence Pountney Hill, London EC4R 0HH. Registered number 15454. The registered office of Prudential is at Laurence Pountney Hill, London EC4R 0HH. Registered number 15454.
Asset Allocation
| UK Corporate Bonds | 67.60% | |
| International Bonds | 30.60% | |
| Cash and Equivalents | 1.05% | |
| Other | 0.75% |
Bond Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Basic Materials | 1.49% | - | - | - | |
| Basic Resources | - | 1.49% | - | - | |
| Mining | - | - | 1.49% | - | |
| General Mining | - | - | - | 1.49% | |
| Consumer Goods | 2.89% | - | - | - | |
| Food & Beverage | - | 1.82% | - | - | |
| Food Producers | - | - | 1.82% | - | |
| Food Products | - | - | - | 1.82% | |
| Personal & Household Goods | - | 1.08% | - | - | |
| Tobacco | - | - | 1.08% | - | |
| Tobacco | - | - | - | 1.08% | |
| Consumer Services | 7.52% | - | - | - | |
| Travel & Leisure | - | 4.59% | - | - | |
| Travel & Leisure | - | - | 4.59% | - | |
| Restaurants & Bars | - | - | - | 2.43% | |
| Recreational Services | - | - | - | 1.60% | |
| Hotels | - | - | - | 0.56% | |
| Retail | - | 1.92% | - | - | |
| Food & Drug Retailers | - | - | 1.28% | - | |
| Food Retailers & Wholesalers | - | - | - | 1.28% | |
| General Retailers | - | - | 0.64% | - | |
| Specialized Consumer Services | - | - | - | 0.64% | |
| Media | - | 1.01% | - | - | |
| Media | - | - | 1.01% | - | |
| Broadcasting & Entertainment | - | - | - | 1.01% | |
| Financials | 28.30% | - | - | - | |
| Financial Services | - | 9.76% | - | - | |
| Financial Services | - | - | 9.76% | - | |
| Specialty Finance | - | - | - | 6.78% | |
| Investment Services | - | - | - | 1.73% | |
| Asset Managers | - | - | - | 0.70% | |
| Mortgage Finance | - | - | - | 0.56% | |
| Real Estate | - | 7.51% | - | - | |
| Real Estate Investment & Services | - | - | 5.20% | - | |
| Real Estate Services | - | - | - | 5.20% | |
| Real Estate Investment Trusts | - | - | 2.31% | - | |
| Industrial & Office REITs | - | - | - | 1.64% | |
| Specialty REITs | - | - | - | 0.67% | |
| Banks | - | 6.58% | - | - | |
| Banks | - | - | 6.58% | - | |
| Banks | - | - | - | 6.58% | |
| Insurance | - | 4.44% | - | - | |
| Life Insurance | - | - | 3.54% | - | |
| Life Insurance | - | - | - | 3.54% | |
| Nonlife Insurance | - | - | 0.90% | - | |
| Insurance Brokers | - | - | - | 0.56% | |
| Full Line Insurance | - | - | - | 0.34% | |
| Industrials | 3.38% | - | - | - | |
| Industrial Goods & Services | - | 3.38% | - | - | |
| Industrial Transportation | - | - | 2.91% | - | |
| Transportation Services | - | - | - | 1.74% | |
| Marine Transportation | - | - | - | 1.17% | |
| Support Services | - | - | 0.46% | - | |
| Business Support Services | - | - | - | 0.46% | |
| Oil & Gas | 0.37% | - | - | - | |
| Oil & Gas | - | 0.37% | - | - | |
| Oil & Gas Producers | - | - | 0.37% | - | |
| Integrated Oil & Gas | - | - | - | 0.37% | |
| Telecommunications | 1.43% | - | - | - | |
| Telecommunications | - | 1.43% | - | - | |
| Fixed Line Telecommunications | - | - | 0.72% | - | |
| Fixed Line Telecommunications | - | - | - | 0.72% | |
| Mobile Telecommunications | - | - | 0.71% | - | |
| Mobile Telecommunications | - | - | - | 0.71% | |
| Utilities | 3.21% | - | - | - | |
| Utilities | - | 3.21% | - | - | |
| Gas, Water & Multiutilities | - | - | 3.21% | - | |
| Water | - | - | - | 2.32% | |
| Multiutilities | - | - | - | 0.89% | |
| Corporate Bonds | 16.08% | - | - | - | |
| Corporate Bonds | - | 16.08% | - | - | |
| Corporate Bonds | - | - | 16.08% | - | |
| Corporate Bonds | - | - | - | 16.08% | |
| Non-Classified | 34.28% | - | - | - | |
| Cash and Equivalents | 1.05% | - | - | - | |
Regional and Currency Allocation
| UK | 67.82% | |
| Developed Europe - Excl UK | 13.29% | |
| North America | 12.99% | |
| Non-Classified | 2.32% | |
| Australia & New Zealand | 1.57% | |
| Cash and Equivalents | 1.05% | |
| Developed Asia | 0.96% |
| Pound Sterling | 84.92% | |
| US Dollar | 8.76% | |
| Euro | 4.20% | |
| Cash | 1.05% | |
| Non-debt | 0.75% | |
| Australian Dollar | 0.32% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| UK | 67.82% | - | |
United Kingdom
|
- | 67.82% | |
| Developed Europe - Excl UK | 13.29% | - | |
Netherlands
|
- | 6.94% | |
Ireland
|
- | 1.65% | |
France
|
- | 1.41% | |
Germany
|
- | 1.26% | |
Denmark
|
- | 0.96% | |
Luxembourg
|
- | 0.70% | |
Norway
|
- | 0.37% | |
| North America | 12.99% | - | |
United States
|
- | 12.49% | |
Canada
|
- | 0.49% | |
| Non-Classified | 2.32% | - | |
| Australia & New Zealand | 1.57% | - | |
Australia
|
- | 1.57% | |
| Cash and Equivalents | 1.05% | - | |
| Developed Asia | 0.96% | - | |
Singapore
|
- | 0.96% | |
Breakdown By Market Cap (%)
| Mega |
|
0.00% |
| Large |
|
0.00% |
| Medium |
|
0.00% |
| Small |
|
0.00% |
| Micro |
|
0.00% |
| Non-Classified |
|
0.75% |
| Bonds |
|
98.19% |
| Cash |
|
1.05% |
Fixed Interest Maturity Profile
| < 5Yr Maturity |
|
15.44% |
| 5Yr - 10Yr Maturity |
|
38.21% |
| 10Yr - 15Yr Maturity |
|
14.24% |
| > 15Yr Maturity |
|
30.30% |
| Cash And Equivalents |
|
1.05% |
| Unknown |
|
0.05% |
| Other |
|
0.70% |
Fixed Interest Quality Profile
| AAA |
|
4.41% |
| AA |
|
8.78% |
| A |
|
17.66% |
| BBB |
|
48.79% |
| BB |
|
11.05% |
| B |
|
0.00% |
| CCC |
|
0.15% |
| Other |
|
9.14% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | TRANSPORT FOR LO 2.25% 09/08/22 GBP10000 | 1.74% | Industrial Goods & Services | United Kingdom |
| 2 | NATS(EN)ROUTE 5.25% 31/03/26 GBP REGS | 1.60% | Travel & Leisure | United Kingdom |
| 3 | LLOYDS TSB BANK 13%-VAR PERP SUB GBP 'B' | 1.58% | Bonds | United Kingdom |
| 4 | NATL WESTMINSTER 6.5% SB 7/9/21 GBP(VAR) | 1.38% | Banks | United Kingdom |
| 5 | WHITE CITY PROPERT 5.1202% 04/35 GBP REG | 1.29% | Financial Services | United Kingdom |
| 6 | LONGSTONE FINANCE 4.791% MB 4/36 GBP'A' | 1.28% | Retail | United Kingdom |
| 7 | HSBC CAP FDG(STG1) 5.844%-VAR PERP | 1.23% | Banks | United Kingdom |
| 8 | RSA INSURANCE GRP 9.375%-FRN 05/39 GBP | 1.18% | Bonds | United Kingdom |
| 9 | MORRISON SUPRMKT 4.625% 08/12/23 GBP1000 | 1.18% | Bonds | United Kingdom |
| 10 | PRUDENTIAL 11.375% FR MTN 29/05/2039 GBP | 1.17% | Bonds | United Kingdom |
Important Information
The Industry Classification Benchmark is a joint product of FTSE International Limited and Dow Jones & Company, Inc and has been licensed for use. This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on www.pru.co.uk. Every care has been taken in populating this output, however it must be appreciated that neither Funds Library, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this report or make any warranties regarding results from its usage. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges.
Identification Codes
| Sedol Code | B59X9L8 |
| Mex Code | PUPAIN |
| Isin Code | GB00B59X9L86 |
| Citi Code | I2Z4 |
Charges
| Annual management charge | 1.60% |
Aims and Benchmark
| Benchmark | IMA £ Corporate Bond sector median |
| ABI Sector | Sterling Corporate Bond |
| Aims | The investment strategy of the fund is to purchase units in the Kames Investment Grade Bond Fund. That fund aims to maximise total return (income plus capital) by investing primarily in investment grade and government bonds denominated in sterling and other currencies. The fund may hold a maximum of 20% in high yield bonds and also hold cash. A minimum of 80% of the fund will be hedged back to sterling. The fund may also invest in deposits, money market instruments, derivative instruments and forward transactions. |
Fund Background
| Launch date | 25/01/2010 |
Ratings
| OBSR |  |
| FE Crown |  |
Risk Analysis
| Ratio | Value |
|---|---|
| Alpha | 0.04 |
| Beta | 1.04 |
| Sharpe | 0.85 |
| Standard Deviation | 3.87 |
| Info Ratio | 0.20 |
Risk Factors
| Risk Factor | Yes / No |
|---|---|
| Charges to Capital | No |
| Emerging Markets | No |
| Concentrated Porfolio | No |
| Smaller Companies | No |
| High Yield Bonds | Yes |
| Sector Specific | No |
| Geared Investments | No |
| Value of Investments | Yes |
| Investments Long Term | Yes |
| Property | No |
| Exchange Rate | Yes |
| Higher Risk | No |
| Performance Charges | No |
| Derivative Exposure | Yes |
| Offshore | No |
| Income Eroding Capital Growth | No |
| Umbrella Liabilites | Yes |
| New Fund | No |
| Solvency of Depository | No |
| Solvency of Bond Issuers | Yes |
| Ethical Restrictions | No |
| Liquidity | No |
| Returns Are Not Guaranteed | Yes |
| Inflation | Yes |
| Taxation and Tax Relief | Yes |
Fund Specific Risks
High Yield Bonds - The fund invests in high yield bonds. High yield bonds carry a greater risk of default than investment grade bonds, and economic conditions and interest rate movements will have a greater effect on their price. Income levels may not be achieved and the income provided may vary.
Value of Investments - The value of investments, and any income can fall, as well as rise, so you could get back less than you invested. Neither capital nor income is guaranteed.
Investments Long Term - Investments should be regarded as long term and are not suitable for money which may be needed in the short term, you should always have a sufficient cash reserve.
Exchange Rate - This fund invests in securities outside the UK. The value of investments and any income from them may therefore decrease or increase as a result of changes in exchange rates between currencies.
Derivative Exposure - The fund invests in derivatives as part of its investment strategy, over and above their use for Efficient Portfolio Management (EPM). Investors should be aware that the use of these instruments can, under certain circumstances, increase the volatility and risk profile of the Fund beyond that expected of a fund that only invests in equities. The fund may also be exposed to the risk that the company issuing the derivative may not honour their obligations which in turn could lead to losses arising.
Umbrella Liabilites - If the liabilities of one fund were to exceed its assets, the other funds within the scheme might have to transfer across money to cover the liabilities.
Solvency of Bond Issuers - If the fund you choose invests in bonds there is a risk that the issuer may default, resulting in a loss to the portfolio.
Returns Are Not Guaranteed - What you receive when you sell your investment is not guaranteed; it depends on how your investments perform.
Inflation - Inflation will reduce the real value of your investments in future.
Taxation and Tax Relief - Levels of taxation and tax relief are subject to change.
Important Information
The risk factor definitions are provided by FundsLibrary. These definitions may differ from those of Prudential or any underlying fund manager. The data itself is provided by Prudential or the underlying fund manager. This factsheet is for investment professionals and is for information purposes only. Every care has been taken in populating this output, however it must be appreciated that neither Funds Library, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this report or make any warranties regarding results from it's usage. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges.
