Pru Life Baillie Gifford High Yield Bond S4
Performance
Discrete Performance - to last month end
| 31/05/12 to 31/05/13 | 31/05/11 to 31/05/12 | 31/05/10 to 31/05/11 | 31/05/09 to 31/05/10 | 31/05/08 to 31/05/09 | |
|---|---|---|---|---|---|
| Fund | 19.00% | -2.04% | 12.38% | - | - |
| Sector | 13.04% | -1.11% | 11.06% | 25.86% | -9.12% |
| Rank | 2/45 | 36/44 | 20/42 | - | - |
| Quartile | 1 | 4 | 2 | - | - |
Annualised Performance
| 3Y | 5Y | 10Y | |
|---|---|---|---|
| Fund | 9.42% | - | - |
| Sector | 7.48% | 7.27% | 5.91% |
| Rank | 4/42 | - | - |
| Quartile | 1 | - | - |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| Rexam 6.75% 2017/67 | 3.44 |
| Heidelberg Cement 8.5% 2019 | 3.44 |
| Ardagh Packaging 7.375% 2017 (EUR) | 2.81 |
| International Personal Finance 11.5% 2015 | 2.60 |
| Scottish Mutual Assurance 7.25% Perp Nts GBP1000 | 2.34 |
| Inmarsat 7.375% 2017 | 2.24 |
| Infinis 7% 2019 | 2.23 |
| UPC 6.375% 2020 | 2.13 |
| Brazil CPI Linked 15/05/2045 | 2.08 |
| Pennon Group 6.75% 2018 Perp | 2.03 |
| Total | 25.35 |
Fund Aims
The investment strategy of the fund is to purchase units in the Baillie Gifford High Yield Bond Fund. That fund aims to achieve a high level of total return by investing in a diversified portfolio consisting primarily of sub-investment grade UK and overseas corporate bonds, ranging from unrated to BB+ (source S&P). There are no restrictions on the duration of the bonds held within the fund. A portion of the fund may be invested in other assets, including derivatives, both for investment as well as hedging purposes.
Fund Manager
Donald graduated BA (Hons) from Strathclyde University in 2004 and an MSc in Investment Analysis from Stirling University in 2005. He worked for Aegon Asset Management in their Fixed Income Team for three years before joining Baillie Gifford in 2008. Donald is an Investment Manager in the Credit Team and is a CFA charter holder.
Robert graduated with MMath from Durham University in 2001. He joined Baillie Gifford in the same year and is now an Investment Manager in the Credit Team. Robert is a CFA charter holder.
Fund Overview
| Bid (18/06/2013) | 124.10 |
| Offer (18/06/2013) | 130.60 |
| Fund size | £1.04m |
| Underlying Fund size | £362.71m |
| Number of holdings | 85 |
| Annual management charge | 1.60% |
| Launch date | 25/01/2010 |
Equity Sector Allocation
| FTSE/ICB Supersector | % Weight |
|---|---|
| Bonds | 51.30 |
| High Yield Corporate Bond | 29.03 |
| Investment Grade Corp Bonds | 14.16 |
| Government | 2.08 |
| Cash and Equivalents | 1.87 |
| Non-Classified | 1.46 |
| Asset backed securities | 0.10 |
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
| International Bonds | 56.97% | |
| UK Corporate Bonds | 39.70% | |
| Cash and Equivalents | 1.87% | |
| Other | 1.46% |
Bond Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Consumer Goods | 3.04% | - | - | - | |
| Personal & Household Goods | - | 1.77% | - | - | |
| Household Goods & Home Construction | - | - | 1.77% | - | |
| Furnishings | - | - | - | 1.77% | |
| Food & Beverage | - | 1.27% | - | - | |
| Food Producers | - | - | 1.27% | - | |
| Food Products | - | - | - | 1.27% | |
| Consumer Services | 2.88% | - | - | - | |
| Media | - | 1.64% | - | - | |
| Media | - | - | 1.64% | - | |
| Publishing | - | - | - | 1.64% | |
| Retail | - | 1.24% | - | - | |
| General Retailers | - | - | 1.24% | - | |
| Specialty Retailers | - | - | - | 1.24% | |
| Financials | 12.89% | - | - | - | |
| Financial Services | - | 7.65% | - | - | |
| Financial Services | - | - | 7.65% | - | |
| Asset Managers | - | - | - | 4.31% | |
| Specialty Finance | - | - | - | 3.34% | |
| Insurance | - | 3.40% | - | - | |
| Life Insurance | - | - | 3.40% | - | |
| Life Insurance | - | - | - | 3.40% | |
| Banks | - | 1.61% | - | - | |
| Banks | - | - | 1.61% | - | |
| Banks | - | - | - | 1.61% | |
| Real Estate | - | 0.23% | - | - | |
| Real Estate Investment & Services | - | - | 0.23% | - | |
| Real Estate Services | - | - | - | 0.23% | |
| Industrials | 1.69% | - | - | - | |
| Industrial Goods & Services | - | 1.05% | - | - | |
| General Industrials | - | - | 1.05% | - | |
| Diversified Industrials | - | - | - | 1.05% | |
| Construction & Materials | - | 0.64% | - | - | |
| Construction & Materials | - | - | 0.64% | - | |
| Building Materials & Fixtures | - | - | - | 0.64% | |
| Oil & Gas | 2.03% | - | - | - | |
| Oil & Gas | - | 2.03% | - | - | |
| Alternative Energy | - | - | 1.22% | - | |
| Renewable Energy Equipment | - | - | - | 1.22% | |
| Oil & Gas Producers | - | - | 0.81% | - | |
| Oil & Gas Exploration & Production | - | - | - | 0.81% | |
| Utilities | 7.59% | - | - | - | |
| Utilities | - | 7.59% | - | - | |
| Electricity | - | - | 4.15% | - | |
| Alternative Electricity | - | - | - | 2.23% | |
| Conventional Electricity | - | - | - | 1.92% | |
| Gas, Water & Multiutilities | - | - | 3.44% | - | |
| Water | - | - | - | 2.03% | |
| Multiutilities | - | - | - | 1.41% | |
| Government | 2.08% | - | - | - | |
| Government | - | 2.08% | - | - | |
| Government | - | - | 2.08% | - | |
| Government | - | - | - | 2.08% | |
| Corporate Bonds | 13.06% | - | - | - | |
| Corporate Bonds | - | 13.06% | - | - | |
| Corporate Bonds | - | - | 13.06% | - | |
| Corporate Bonds | - | - | - | 13.06% | |
| Asset Backed securities | 0.10% | - | - | - | |
| Asset backed securities | - | 0.10% | - | - | |
| Asset backed securities | - | - | 0.10% | - | |
| Asset backed securities | - | - | - | 0.10% | |
| Non-Classified | 52.76% | - | - | - | |
| Cash and Equivalents | 1.87% | - | - | - | |
Regional and Currency Allocation
| UK | 40.83% | |
| Developed Europe - Excl UK | 28.09% | |
| North America | 12.11% | |
| Non-Classified | 7.84% | |
| Middle East & Africa | 3.32% | |
| Australia & New Zealand | 2.35% | |
| Other | 5.45% |
| Euro | 40.00% | |
| Pound Sterling | 30.60% | |
| US Dollar | 23.99% | |
| Brazilian Real | 2.08% | |
| Cash | 1.87% | |
| Non-debt | 1.46% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| UK | 40.83% | - | |
United Kingdom
|
- | 40.83% | |
| Developed Europe - Excl UK | 28.09% | - | |
Luxembourg
|
- | 8.44% | |
Germany
|
- | 5.90% | |
Ireland
|
- | 5.27% | |
France
|
- | 3.84% | |
Spain
|
- | 2.55% | |
Netherlands
|
- | 2.08% | |
| North America | 12.11% | - | |
United States
|
- | 10.42% | |
Bermuda
|
- | 1.69% | |
| Non-Classified | 7.84% | - | |
| Middle East & Africa | 3.32% | - | |
Egypt
|
- | 1.84% | |
United Arab Emirates
|
- | 1.48% | |
| Australia & New Zealand | 2.35% | - | |
Australia
|
- | 2.35% | |
| South & Central America | 2.08% | - | |
Brazil
|
- | 2.08% | |
| Cash and Equivalents | 1.87% | - | |
| Emerging Europe | 1.50% | - | |
Czech Republic
|
- | 1.50% | |
Breakdown By Market Cap (%)
| Mega |
|
0.00% |
| Large |
|
0.00% |
| Medium |
|
0.00% |
| Small |
|
0.00% |
| Micro |
|
0.00% |
| Non-Classified |
|
1.46% |
| Bonds |
|
96.67% |
| Cash |
|
1.87% |
Fixed Interest Maturity Profile
| < 5Yr Maturity |
|
45.43% |
| 5Yr - 10Yr Maturity |
|
42.29% |
| 10Yr - 15Yr Maturity |
|
3.33% |
| > 15Yr Maturity |
|
8.95% |
| Cash And Equivalents |
|
0.00% |
| Unknown |
|
0.00% |
| Other |
|
0.00% |
Fixed Interest Quality Profile
| AAA |
|
0.06% |
| AA |
|
0.00% |
| A |
|
4.20% |
| BBB |
|
17.52% |
| BB |
|
37.67% |
| B |
|
36.01% |
| CCC |
|
3.40% |
| Other |
|
1.15% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | Rexam 6.75% 2017/67 | 3.44% | Bonds | United Kingdom |
| 2 | Heidelberg Cement 8.5% 2019 | 3.44% | Bonds | Germany |
| 3 | Ardagh Packaging 7.375% 2017 (EUR) | 2.81% | Bonds | Ireland |
| 4 | International Personal Finance 11.5% 2015 | 2.60% | Bonds | United Kingdom |
| 5 | Scottish Mutual Assurance 7.25% Perp Nts GBP1000 | 2.34% | Financial Services | United Kingdom |
| 6 | Inmarsat 7.375% 2017 | 2.24% | Bonds | United Kingdom |
| 7 | Infinis 7% 2019 | 2.23% | Utilities | United Kingdom |
| 8 | UPC 6.375% 2020 | 2.13% | Bonds | Non-Classified |
| 9 | Brazil CPI Linked 15/05/2045 | 2.08% | Bonds | Brazil |
| 10 | Pennon Group 6.75% 2018 Perp | 2.03% | Utilities | 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 | B5B1YG0 |
| Mex Code | PUBGFF |
| Isin Code | GB00B5B1YG03 |
| Citi Code | I2Z8 |
Charges
| Annual management charge | 1.60% |
Aims and Benchmark
| Benchmark | Merrill Lynch European Currency High Yield Constrained Index (HPCO) hedged into £. |
| ABI Sector | Sterling High Yield |
| Aims | The investment strategy of the fund is to purchase units in the Baillie Gifford High Yield Bond Fund. That fund aims to achieve a high level of total return by investing in a diversified portfolio consisting primarily of sub-investment grade UK and overseas corporate bonds, ranging from unrated to BB+ (source S&P). There are no restrictions on the duration of the bonds held within the fund. A portion of the fund may be invested in other assets, including derivatives, both for investment as well as hedging purposes. |
Fund Background
| Launch date | 25/01/2010 |
Ratings
| OBSR |  |
| FE Crown |  |
Risk Analysis
| Ratio | Value |
|---|---|
| Alpha | -0.02 |
| Beta | 1.27 |
| Sharpe | 0.68 |
| Standard Deviation | 8.65 |
| Info Ratio | 0.59 |
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 | No |
| New Fund | No |
| Solvency of Depository | No |
| Solvency of Bond Issuers | No |
| Ethical Restrictions | No |
| Liquidity | Yes |
| 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.
Liquidity - This fund can suffer from partial or total illiquidity, which may lead to considerable price fluctuations and the inability to redeem your investment.
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.
