Prudential Baillie Gifford Global Stewardship S3

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

Performance

Discrete performance - to latest available quarter end

30/09/15
to
30/09/16
30/09/16
to
30/09/17
30/09/17
to
30/09/18
30/09/18
to
30/09/19
30/09/19
to
30/09/20
Fund 39.6% 18.8% 20.9% -0.9% 60.8%
Benchmark 31.3% 15.5% 13.5% 7.9% 5.8%

Performance - to latest available quarter end

Quarter Annualised
3
2020
3 Years to
30/09/20
5 Years to
30/09/20
10 Years to
30/09/20
Fund 14.3% 24.5% 26.2% 17.0%
Benchmark 3.5% 9.0% 14.5% 11.3%

Top 10 Holdings

Stock % Weight
AMAZON.COM INC 3.03
TESLA INC 1.76
GRUBHUB INC 1.62
INVESTOR AB 1.52
NESTLE SA 1.51
SVENSKA HANDELSBANKEN AB 1.50
Tencent Holdings (P Chip) 1.47
Atlas Copco B 1.44
NETFLIX INC 1.43
RYANAIR HLDGS 1.37
Total 16.65

Fund Aims

Objective: The investment strategy of the Prudential Baillie Gifford Global Stewardship Fund is to purchase units in the Baillie Gifford Global Stewardship fund-the underlying fund.

Underlying Fund Objective:-The objective the fund is to outperform (after deduction of costs) the MSCI AC World Index, as stated in sterling, by at least 2% per annum over rolling five-year periods. The fund will invest at least 90% in shares of companies anywhere in the world. Investments will be made in shares of companies which, in the investment manager’s opinion, demonstrate long-term growth prospects and good stewardship. By stewardship, the investment manager refers to the long-term management of companies in the interests of all stakeholders. This includes not only environmental, social and governance issues faced by a company, but also issues such as the long-term strategic direction, capital allocation and the strength of the corporate culture. The underlying fund will be actively managed and will invest in companies of any size and in any sector. To the extent that the underlying fund is not fully invested in shares, the fund may also invest in other transferable securities of companies anywhere in the world, money market instruments, deposits and cash. The underlying fund may not invest in or otherwise use derivatives.

Fund Manager

Team Managed manager of the underlying fund for 19 years and 9 months

Photo of Team Managed The funds have been managed by the team since inception.

Fund Overview

Daily price (27/11/2020) 814.42
Fund size (30/09/2020) £21.89m
Underlying Fund size £62.77m
Number of holdings 293
Annual Management Charge (AMC) Please refer to the "Fund Guide"
for your specific pension plan
Launch date 05/04/2004

Asset Allocation

pie chart
  International Equities 98.70%
  Cash and Equivalents 1.26%
  Other Assets 0.04%

Performance comment

Performance as at Q4 2019 - The Global Stewardship Fund enjoyed a positive end to 2019. Shares in Tesla were up by over 70% in the period, as the company’s reported profitability for the third quarter impressed the market. Now, Tesla is a relatively young business which is in a high-growth / high investment phase, hence the fund managers are being careful to avoid reading too much into short-term results. That being said, there were a number of interesting points in the company’s latest release. For example, the company’s new factory in China was built in just 10 months and at a much lower cost than the existing US plant. This puts Tesla in a strong position as it continues to expand in the potentially huge Chinese market.

One of the main detractors from performance over the period was Wayfair, the American online retailer of furniture and home goods. The company’s most recent update on earnings disappointed the market as losses were larger year-on-year, despite a healthy increase in sales. Wayfair noted that tariffs were partly to blame for ‘volatility’ in its marketplace, as more than 90% of Wayfair’s suppliers subject to such charges have passed the cost on to customers via higher prices. We are confident that Wayfair’s investments in technology and logistics will ultimately pay off by cementing its position as a leading online destination when shopping for the home.

As you would expect given our long-term and stock-driven approach, changes to the portfolio during the final three months of 2019 were relatively minor. Among the sales was online brokerage TD Ameritrade following its agreed takeover by Charles Schwab, with new purchases including Glaukos, an ophthalmic medical technology company focused on the treatment of glaucoma. Source: Baillie Gifford

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: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. e.g., “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are a trade mark(s) of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

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 investment can go down as well as up so you might get back less than you put in.

This factsheet is intended for the trustees, sponsors, advisers and members 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. If you are not familiar with any of the investment terminology included, then please contact an adviser. Investors should refer to their 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 information or make any warranties regarding results from its usage.

Portfolio data accurate as at:

Asset Allocation

pie chart
  International Equities 98.70%
  Cash and Equivalents 1.26%
  Other Assets 0.04%

Equity Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Financials 18.42% - - -
 
Financial Services - 7.76% - -
 
Investment Banking & Brokerage Services - - 7.01% -
 
Diversified Financial Services - - - 3.57%
 
Investment Services - - - 2.72%
 
Asset Managers & Custodians - - - 0.92%
 
Banks - 7.41% - -
 
Banks - - 7.41% -
 
Banks - - - 7.41%
 
Insurance - 2.90% - -
 
Non-life Insurance - - 1.22% -
 
Property & Casualty Insurance - - - 1.59%
 
Life Insurance - - 1.30% -
 
Life Insurance - - - 1.30%
 
Consumer Discretionary 17.33% - - -
 
Retail - 7.97% - -
 
Retailers - - 5.72% -
 
Diversified Retailers - - - 3.32%
 
Apparel Retailers - - - 2.40%
 
Consumer Products & Services - 4.82% - -
 
Personal Goods - - 2.32% -
 
Cosmetics - - - 1.95%
 
Clothing & Accessories - - - 0.32%
 
Footwear - - - 0.01%
 
Household Goods & Home Construction - - 1.92% -
 
Household Equipment & Products - - - 0.84%
 
Household Furnishings - - - 0.83%
 
Home Construction - - - 0.03%
 
Leisure Goods - - 2.36% -
 
Consumer Electronics - - - 1.15%
 
Recreational Products - - - 0.81%
 
Electronic Entertainment - - - 0.28%
 
Toys - - - 0.12%
 
Automobiles & Parts - 3.62% - -
 
Automobiles & Parts - - 3.62% -
 
Automobiles - - - 2.24%
 
Tires - - - 0.68%
 
Auto Parts - - - 0.70%
 
Travel & Leisure - 2.70% - -
 
Travel & Leisure - - 2.70% -
 
Airlines - - - 1.49%
 
Casinos & Gambling - - - 1.02%
 
Travel & Tourism - - - 0.17%
 
Restaurants & Bars - - - 0.01%
 
Media - 2.25% - -
 
Media - - 2.25% -
 
Entertainment - - - 1.43%
 
Publishing - - - 0.04%
 
Media Agencies - - - 0.02%
 
Industrials 16.20% - - -
 
Industrial Goods & Services - 13.39% - -
 
Industrial Engineering - - 3.50% -
 
Machinery: Industrial - - - 2.94%
 
Machinery: Specialty - - - 0.14%
 
Electronic & Electrical Equipment - - 3.80% -
 
Electronic Equipment: Gauges & Meters - - - 1.21%
 
Electrical Components - - - 0.83%
 
Electronic Equipment: Control & Filter - - - 0.68%
 
Industrial Transportation - - 2.20% -
 
Trucking - - - 0.98%
 
Commercial Vehicles & Parts - - - 0.80%
 
Railroad Equipment - - - 0.37%
 
Transportation Services - - - 0.05%
 
Industrial Support Services - - 1.99% -
 
Transaction Processing Services - - - 1.26%
 
Business Training & Employment Agencies - - - 0.79%
 
General Industrials - - 1.25% -
 
Diversified Industrials - - - 1.01%
 
Containers & Packaging - - - 0.24%
 
Aerospace & Defence - - 0.35% -
 
Aerospace - - - 0.35%
 
Construction & Materials - 2.81% - -
 
Construction & Materials - - 2.81% -
 
Building Materials: Other - - - 1.61%
 
Building: Climate Control - - - 0.82%
 
Technology 15.42% - - -
 
Technology - 15.42% - -
 
Software & Computer Services - - 9.33% -
 
Consumer Digital Services - - - 5.57%
 
Software - - - 1.24%
 
Computer Services - - - 0.39%
 
Technology Hardware & Equipment - - 6.09% -
 
Production Technology Equipment - - - 2.02%
 
Semiconductors - - - 2.96%
 
Electronic Components - - - 0.49%
 
Computer Hardware - - - 0.40%
 
Electronic Office Equipment - - - 0.04%
 
Health Care 9.14% - - -
 
Health Care - 9.14% - -
 
Medical Equipment & Services - - 5.80% -
 
Medical Equipment - - - 5.89%
 
Pharmaceuticals & Biotechnology - - 3.25% -
 
Biotechnology - - - 2.70%
 
Pharmaceuticals - - - 0.55%
 
Consumer Staples 5.48% - - -
 
Food, Beverage & Tobacco - 3.92% - -
 
Beverages - - 2.41% -
 
Soft Drinks - - - 1.00%
 
Brewers - - - 0.83%
 
Distillers & Vintners - - - 0.58%
 
Food Producers - - 1.58% -
 
Food Products - - - 1.58%
 
Personal Care, Drug & Grocery Stores - 1.56% - -
 
Personal Care, Drug & Grocery Stores - - 1.56% -
 
Personal Products - - - 0.69%
 
Drug Retailers - - - 0.52%
 
Food Retailers & Wholesalers - - - 0.52%
 
Non-Classified 3.46% - - -
 
Consumer Services 3.38% - - -
 
Basic Materials 2.89% - - -
 
Chemicals - 1.40% - -
 
Chemicals - - 1.40% -
 
Specialty Chemicals - - - 1.32%
 
Basic Resources - 1.48% - -
 
Industrial Materials - - 0.91% -
 
Diversified Materials - - - 0.91%
 
Industrial Metals & Mining - - 0.57% -
 
General Mining - - - 0.36%
 
Nonferrous Metals - - - 0.21%
 
Consumer Goods 2.51% - - -
 
Personal & Household Goods - 1.78% - -
 
Food & Beverage - 0.07% - -
 
Cash and Equivalents 1.26% - - -
 
Oil & Gas 1.24% - - -
 
Oil & Gas - 1.24% - -
 
Oil & Gas Producers - - 1.24% -
 
Oil & Gas Exploration & Production - - - 1.07%
 
Real Estate 1.21% - - -
 
Real Estate - 1.55% - -
 
Real Estate Investment & Services - - 1.55% -
 
Real Estate Services - - - 1.30%
 
Telecommunications 1.06% - - -
 
Telecommunications - 1.06% - -
 
Telecommunications Service Providers - - 1.06% -
 
Telecommunications Services - - - 1.06%
 
Energy 1.01% - - -
 
Energy - 1.01% - -
 
Non-Renewable Energy - - 1.01% -
 
Coal - - - 0.52%
 
Oil: Crude Producers - - - 0.36%
 
Integrated Oil & Gas - - - 0.18%
 
Oil Equipment & Services - - - 0.13%

Regional Allocation

pie chart
  North America 31.16%
  Developed Europe - Excl UK 26.56%
  Japan 16.80%
  Emerging Asia 9.36%
  Developed Asia 6.73%
  Australia & New Zealand 3.89%
  Other Regions 5.50%

Regional Breakdown

Expand allCollapse all
Region Country
 
North America 31.16% -
 
United States - 30.62%
 
Canada - 0.53%
 
Developed Europe - Excl UK 26.56% -
 
Sweden - 8.46%
 
Switzerland - 3.60%
 
Germany - 3.31%
 
Netherlands - 2.37%
 
Denmark - 1.93%
 
Ireland - 1.91%
 
France - 1.55%
 
Italy - 1.37%
 
Spain - 1.26%
 
Finland - 0.80%
 
Japan 16.80% -
 
Japan - 16.80%
 
Emerging Asia 9.36% -
 
India - 2.30%
 
South Korea - 2.19%
 
China - 2.11%
 
Taiwan - 2.11%
 
Indonesia - 0.29%
 
Thailand - 0.29%
 
Philippines - 0.06%
 
Developed Asia 6.73% -
 
Hong Kong - 5.10%
 
Singapore - 1.63%
 
Australia & New Zealand 3.89% -
 
Australia - 3.89%
 
South & Central America 1.92% -
 
Brazil - 1.29%
 
Mexico - 0.62%
 
Emerging Europe 1.38% -
 
Russian Federation - 1.29%
 
Turkey - 0.09%
 
Cash and Equivalents 1.26% -
 
Middle East & Africa 0.90% -
 
South Africa - 0.76%
 
Israel - 0.14%
 
Non-Classified 0.04% -

Breakdown By Market Cap (%)

Mega
 
 
34.43%
Large
 
 
30.92%
Medium
 
 
21.40%
Small
 
 
3.13%
Micro
 
 
0.46%
Non-Classified
 
 
8.40%
Cash
 
 
1.26%

Top 10 Holdings

Stock % Weight Sector Country
1 AMAZON.COM INC 3.03% Retailers United States
2 TESLA INC 1.76% Automobiles & Parts United States
3 GRUBHUB INC 1.62% Software & Computer Services United States
4 INVESTOR AB 1.52% Investment Banking & Brokerage Services Sweden
5 NESTLE SA 1.51% Food Producers Switzerland
6 SVENSKA HANDELSBANKEN AB 1.50% Banks Sweden
7 Tencent Holdings (P Chip) 1.47% Software & Computer Services Hong Kong
8 Atlas Copco B 1.44% Non-Classified Sweden
9 NETFLIX INC 1.43% Media United States
10 RYANAIR HLDGS 1.37% Travel & Leisure Ireland

Dual Aspect Equity Analysis

UK Equities Int'l Equities UK Bonds Int'l Bonds UK Gilts Property Other Cash & Equiv Total
Technology - 11.17% - - - - - - 11.17%
Telecommunications - 1.06% - - - - - - 1.06%
Financials - 12.33% - - - - - - 12.33%
Real Estate - 1.21% - - - - - - 1.21%
Consumer Discretionary - 17.33% - - - - - - 17.33%
Consumer Staples - 5.48% - - - - - - 5.48%
Energy - 1.01% - - - - - - 1.01%
Health Care - 8.87% - - - - - - 8.87%
Industrials - 13.83% - - - - - - 13.83%
Basic Materials - 2.59% - - - - - - 2.59%
Basic Materials - 0.30% - - - - - - 0.30%
Consumer Goods - 2.51% - - - - - - 2.51%
Consumer Services - 3.38% - - - - - - 3.38%
Financials - 6.09% - - - - - - 6.09%
Health Care - 0.27% - - - - - - 0.27%
Industrials - 2.37% - - - - - - 2.37%
Oil & Gas - 1.24% - - - - - - 1.24%
Technology - 4.25% - - - - - - 4.25%
Cash and Equivalents - - - - - - - 1.26% 1.26%
Non-Classified - 3.42% - - - - 0.04% - 3.46%

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: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. e.g., “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are a trade mark(s) of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Identification Codes

Sedol Code 3420199
Mex Code PUPEN
Isin Code GB0034201995
Citi Code P560

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 Prudential Baillie Gifford Global Stewardship Fund is to purchase units in the Baillie Gifford Global Stewardship fund-the underlying fund. Underlying Fund Objective:-The objective the fund is to outperform (after deduction of costs) the MSCI AC World Index, as stated in sterling, by at least 2% per annum over rolling five-year periods. The fund will invest at least 90% in shares of companies anywhere in the world. Investments will be made in shares of companies which, in the investment manager’s opinion, demonstrate long-term growth prospects and good stewardship. By stewardship, the investment manager refers to the long-term management of companies in the interests of all stakeholders. This includes not only environmental, social and governance issues faced by a company, but also issues such as the long-term strategic direction, capital allocation and the strength of the corporate culture. The underlying fund will be actively managed and will invest in companies of any size and in any sector. To the extent that the underlying fund is not fully invested in shares, the fund may also invest in other transferable securities of companies anywhere in the world, money market instruments, deposits and cash. The underlying fund may not invest in or otherwise use derivatives.
Benchmark MSCI All Countries World Index
ABI Sector Global Equities

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: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. e.g., “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are a trade mark(s) of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

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

This factsheet is for information purposes only. If there is information or terminology included that you would like to discuss, then please contact an adviser. Investors should refer to their 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.

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.

You should also consider discussing your decision and the appropriateness of a fund's risk rating with an adviser.

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

Medium to Higher Risk

These funds offer a diverse geographical spread of equity investment or have multi-asset strategies with a specialist focus (e.g. ethical). The equity funds within this category will have greater overseas exposure and underlying volatility than the "medium" sector.

Help

Important Information

This factsheet is intended for the trustees, sponsors, advisers and members 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. If you are not familiar with any of the investment terminology included, then please contact an adviser. Investors should refer to their 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 information 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: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. e.g., “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are a trade mark(s) of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

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 investment can go down as well as up so you might get back less than you put in.

This factsheet is intended for the trustees, sponsors, advisers and members 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. If you are not familiar with any of the investment terminology included, then please contact an adviser. Investors should refer to their 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 information 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.