Prudential BlackRock Aquila All Stocks Corporate Bond Index S3

Essentials Portfolio Analysis Background Data Investment Risk Prudential Risk Performance View PDF Factsheet
Portfolio data accurate as at:

Performance

Discrete performance - to latest available quarter end

31/12/18
to
31/12/19
31/12/19
to
31/12/20
31/12/20
to
31/12/21
31/12/21
to
31/12/22
31/12/22
to
31/12/23
Fund 9.7% 7.3% -4.0% -16.2% 6.6%
Benchmark 9.3% 7.8% -3.1% -17.7% 8.6%

Performance - to latest available quarter end

Quarter Annualised
4
2023
3 Years to
31/12/23
5 Years to
31/12/23
10 Years to
31/12/23
Fund 7.5% -5.0% 0.2% 2.7%
Benchmark 7.3% -4.7% 0.4% 2.7%

Top 10 Holdings

Stock % Weight
KFW BANKENGRUPPE MTN 6 12/07/2028 0.61
KFW MTN RegS 1.375 12/09/2024 0.56
KFW MTN RegS 1.125 07/04/2025 0.54
EUROPEAN INVESTMENT BANK 5.625 06/07/2032 0.50
European Investment Bank 6% 2028 0.43
EUROPEAN INVESTMENT BANK MTN RegS 1.375 03/07/2025 0.41
KFW MTN RegS 0.875 07/18/2024 0.39
EUROPEAN INVESTMENT BANK MTN RegS 1 09/21/2026 0.37
KFW BANKENGRUPPE MTN 5.75 06/07/2032 0.36
NORDRHEIN-WESTFALEN LAND OF RegS 0.625 12/16/2024 0.33
Total 4.50

Fund Aims

Objective: The investment strategy of the fund is to purchase units in the BlackRock Aquila Life Corporate Bond Index Fund All Stocks - the underlying fund.

Underlying Fund Objective: The fund invests in investment grade corporate bonds denominated in sterling and aims to achieve a return consistent with the iBoxx £ Non-Gilts Index. This index covers the broad spectrum of investment grade corporate bonds in issue.

Fund Manager

BlackRock Team Managed manager of the underlying fund for 24 years and 1 months

Photo of BlackRock Team Managed BlackRock Team Managed

Fund Overview

Daily price (22/03/2024) 200.30
Fund size (29/02/2024) £5.37m
Underlying Fund size £134.37m
Number of holdings 1392
Annual Management Charge (AMC) Please refer to the "Fund Guide"
for your specific pension plan
Launch date 15/07/2005

Asset Allocation

pie chart
  International Bonds 61.22%
  UK Corporate Bonds 35.90%
  Money Market 0.10%
  Alternative Trading Strategies 0.06%
  Cash and Equivalents -0.07%
  Other Assets 2.80%

Commentary

Performance as at Q4 2023 - The final month for 2023 delivered a mix of positive data alongside less positive forecasting by the Bank of England (BoE) all-the-while their Monetary Policy Committee (MPC) maintained their bank rate steady at 5.25%. UK Economic data showed strong retail sales and PMI’s while economic and employment growth slowed alongside the continued cooling of inflation. The BoE marginally reduced their expectations for economic growth to one of stagnation, while business survey indicators of future growth remain more positive. It was a strong month for bonds as global government bond yields fell materially with gilt yields across the curve lower by circa 60 basis points (bps). The start of the month saw PMI’s back above 50, indicating expansion in construction and services. We witnessed the first slowdown in wages since the start of 2023 with average earning ex-bonus growing at 7.3% down from 7.8%. The unemployment rate remained at 4.2% for the third consecutive month while inflation expectations over the next twelve months dropped to 3.3%. GDP month-on-month (MoM) showed a detraction of -0.3%, year-onyear (YoY) was also lower than expected at 0.3% versus (vs) expectations (exp) of 0.6% and previous of 1.3%. Gilt yields up until this point of the month we’re relatively unchanged to marginally lower ahead of the BoE’s interest rate decision. In a 6-3 vote the MPC left their bank rate unchanged at 5.25% for the third consecutive meeting, in line with expectations. The BoE indicated that the current level of interest rates are sufficiently restrictive and further hikes seem unlikely. This led to a strong rally in UK rates as the market pricing of interest rate cuts moved significantly forward to May 2024, with over 200bps priced in. Finally, inflation showed continued signs of slowing with headline YoY at 3.9% vs exp 4.3% and MoM -0.2% vs exp of 0.2%. Core inflation also slowed, YoY 5.1% vs exp 5.5% and MoM -0.3% vs exp 0.2%.

Source: BlackRock

Important Information

Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.

Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).

Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of fund charges and further costs, but take no account of any Annual Management Charge paid for by the deduction of units. Charges and further costs may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with gross income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.

This factsheet is intended for the advisers of occupational pension schemes using Prudential group pension contracts and Prudential grouped personal pensions and Stakeholder pension contracts. its purpose is to provide an insight into how investment markets and funds have performed over the period and is provided for information only. You should refer to your client's scheme documentation (e.g. Fund Guide) for fund availability, investment strategy, any scheme information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this infomation or make any warranties regarding results from its usage.

Portfolio data accurate as at:

Asset Allocation

pie chart
  International Bonds 61.22%
  UK Corporate Bonds 35.90%
  Money Market 0.10%
  Alternative Trading Strategies 0.06%
  Cash and Equivalents -0.07%
  Other Assets 2.80%

Bond Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Bonds 97.11% - - -
 
Non-Classified 2.80% - - -
 
Non-Classified - 0.00% - -
 
Non-Classified - - 0.00% -
 
Non-Classified - - - 0.00%
 
Alternative Trading Strategies 0.06% - - -
 
Alternative Trading Strategies - 0.06% - -
 
Alternative Trading Strategies - - 0.06% -
 
Alternative Trading Strategies - - - 0.06%
 
Cash and Equivalents 0.03% - - -

Regional Allocation

pie chart
  UK 35.90%
  Developed Europe - Excl UK 32.94%
  North America 16.71%
  Non-Classified 10.51%
  Australia & New Zealand 1.28%
  Emerging Asia 0.99%
  South & Central America 0.53%
  Middle East & Africa 0.52%
  Japan 0.34%
  Other Regions 0.29%

Fixed Interest Currencies

pie chart
  Pound Sterling 93.07%
  Non-Fixed Interest Assets 3.02%
  US Dollar 2.69%
  Euro 1.23%
  Australian Dollar 0.08%
  Lari 0.05%
  Cash -0.13%

Regional Breakdown

Expand allCollapse all
Region Country
 
UK 35.90% -
 
United Kingdom - 35.90%
 
Developed Europe - Excl UK 32.94% -
 
France - 7.73%
 
Germany - 7.13%
 
Netherlands - 5.44%
 
Luxembourg - 5.20%
 
Spain - 1.22%
 
Denmark - 1.08%
 
Finland - 1.05%
 
Norway - 1.05%
 
Switzerland - 0.98%
 
Sweden - 0.73%
 
Italy - 0.66%
 
Belgium - 0.45%
 
Ireland - 0.21%
 
North America 16.71% -
 
United States - 14.43%
 
Canada - 2.28%
 
Non-Classified 10.51% -
 
Australia & New Zealand 1.28% -
 
Australia - 1.28%
 
Emerging Asia 0.99% -
 
Philippines - 0.82%
 
China - 0.17%
 
South & Central America 0.53% -
 
Mexico - 0.53%
 
Middle East & Africa 0.52% -
 
Cote D'Ivoire - 0.27%
 
United Arab Emirates - 0.24%
 
Japan 0.34% -
 
Japan - 0.34%
 
Developed Asia 0.21% -
 
Hong Kong - 0.12%
 
Singapore - 0.09%
 
Emerging Europe 0.04% -
 
Czech Republic - 0.04%
 
Cash and Equivalents 0.03% -

Fixed Interest Maturity Profile

< 5Yr Maturity
 
 
45.26%
5Yr - 10Yr Maturity
 
 
22.55%
10Yr - 15Yr Maturity
 
 
10.67%
> 15Yr Maturity
 
 
18.63%
Cash And Equivalents
 
 
0.03%
Unknown Maturity
 
 
2.80%
Other Asset Types
 
 
0.06%

Fixed Interest Quality Profile

AAA
 
 
17.22%
AA
 
 
8.54%
A
 
 
21.27%
BBB
 
 
28.49%
Sub-Investment Grade
 
 
0.32%
Unknown Quality
 
 
21.27%
Cash and Equivalents
 
 
0.03%
Other Asset Types
 
 
2.86%

Top 10 Holdings

Stock % Weight Sector Country
1 KFW BANKENGRUPPE MTN 6 12/07/2028 0.61% Bonds Germany
2 KFW MTN RegS 1.375 12/09/2024 0.56% Bonds Germany
3 KFW MTN RegS 1.125 07/04/2025 0.54% Bonds Germany
4 EUROPEAN INVESTMENT BANK 5.625 06/07/2032 0.50% Bonds Luxembourg
5 European Investment Bank 6% 2028 0.43% Bonds Luxembourg
6 EUROPEAN INVESTMENT BANK MTN RegS 1.375 03/07/2025 0.41% Bonds Luxembourg
7 KFW MTN RegS 0.875 07/18/2024 0.39% Bonds Germany
8 EUROPEAN INVESTMENT BANK MTN RegS 1 09/21/2026 0.37% Bonds Luxembourg
9 KFW BANKENGRUPPE MTN 5.75 06/07/2032 0.36% Bonds Germany
10 NORDRHEIN-WESTFALEN LAND OF RegS 0.625 12/16/2024 0.33% Bonds Germany

Important Information

Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.

Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).

The Industry Classification Benchmark is a product of FTSE International Limited 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 pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.

Identification Codes

Sedol Code B08ZTP4
Mex Code PURAF
Isin Code GB00B08ZTP47
Citi Code UO36

Fund Charges

Annual Management Charge (AMC) Please refer to the "Fund Guide"
for your specific pension plan

Aims and Benchmark

Aims Objective: The investment strategy of the fund is to purchase units in the BlackRock Aquila Life Corporate Bond Index Fund All Stocks - the underlying fund. Underlying Fund Objective: The fund invests in investment grade corporate bonds denominated in sterling and aims to achieve a return consistent with the iBoxx £ Non-Gilts Index. This index covers the broad spectrum of investment grade corporate bonds in issue.
Benchmark iBoxx Sterling Non-Gilts Index
Sector ABI Sterling Corporate Bond

Important Information

Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.

Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).

Charges and further costs may vary in the future and may be higher than they are now.

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 pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.

Risk Analysis

Ratio Value
Alpha -0.80
Beta 0.91
Sharpe -0.01
Standard Deviation 8.93
Info Ratio -0.13

Risk Factors

Risk Factor Yes / No
Charges to Capital No
Emerging Markets No
Concentrated Portfolio No
Smaller Companies No
High Yield Bonds No
Sector Specific No
Geared Investments No
Value of Investments Yes
Investments Long Term Yes
Property No
Exchange Rate No
Higher Risk No
Performance Charges No
Derivative Exposure No
Offshore No
Income Eroding Capital Growth No
Umbrella Liabilities No
New Fund No
Solvency of Depository No
Solvency of Bond Issuers No
Ethical Restrictions No
Liquidity No
Returns Are Not Guaranteed No
Inflation No
Taxation and Tax Relief No

Fund Specific Risks

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.

Important Information

Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.

Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).

The risk factor definitions are provided by Broadridge. 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 intended for the advisers of occupational pension schemes using Prudential group pension contracts and Prudential grouped personal pensions and Stakeholder pension contracts. its purpose is to provide an insight into how investment markets and funds have performed over the period and is provided for information only. You should refer to your client's scheme documentation (e.g. Fund Guide) for fund availability, investment strategy, any scheme information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this infomation or make any warranties regarding results from its usage.

These risk ratings have been developed by Prudential to help provide an indication of a fund’s potential level of risk and reward based on the type of assets which may be held by the fund. Other companies may use different descriptions and as such these risk ratings should not be considered as generic across the fund management industry.

We regularly review our fund risk ratings, so they may change in the future. If, in our view, there is a material change in the fund's level of risk, for example due to a significant change to the assets held by the fund or in the way the fund is managed, we will provide information on the new risk rating. We recommend that you make sure you understand the risk rating of any fund before you invest.

  • Higher Risk
  • Medium to Higher Risk
  • Medium Risk
  • Lower to Medium Risk
  • Lower Risk
  • Minimal Risk

Lower to Medium Risk

These funds may invest in corporate bonds or multi-asset strategies with a higher weighting in corporate bonds (and other comparable strategies).

Help

Important Information

This factsheet is intended for the advisers of occupational pension schemes using Prudential group pension contracts and Prudential grouped personal pensions and Stakeholder pension contracts. Its purpose is to provide an insight into how investment markets and funds have performed over the period and is provided for information only. You should refer to your client's scheme documentation (e.g. Fund Guide) for fund availability, investment strategy, any scheme information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this infomation or make any warranties regarding results from its usage.

Important Information

Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.

Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).

Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of fund charges and further costs, but take no account of any Annual Management Charge paid for by the deduction of units. Charges and further costs may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with gross income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.

This factsheet is intended for the advisers of occupational pension schemes using Prudential group pension contracts and Prudential grouped personal pensions and Stakeholder pension contracts. Its purpose is to provide an insight into how investment markets and funds have performed over the period and is provided for information only. You should refer to your client's scheme documentation (e.g. Fund Guide) for fund availability, investment strategy, any scheme information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this infomation or make any warranties regarding results from its usage.

Prudential is a trading name of Prudential Pensions Limited. Prudential Pensions Limited is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 992726. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.