Prudential BlackRock Aquila UK Equity Index 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 18.6% 10.0% 4.3% -0.5% -12.5%
Benchmark 16.8% 11.9% 5.9% 2.7% -16.6%

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 -3.5% -3.1% 3.5% 5.3%
Benchmark -2.9% -3.2% 3.5% 5.1%

Top 10 Holdings

Stock % Weight
ASTRAZENECA 5.61
HSBC HLDGS 3.64
GLAXOSMITHKLINE 3.51
DIAGEO 3.15
BRITISH AMERICAN TOBACCO 3.08
UNILEVER 2.63
RIO TINTO 2.60
RECKITT BENCKISER GROUP 2.36
ROYAL DUTCH SHELL 2.18
BP 2.15
Total 30.91

Fund Aims

Objective:The investment strategy of the fund is to purchase units in the BlackRock Aquila Life UK Equity Index Fund - the underlying fund.

Underlying Fund Objective: The fund invests in the shares of UK companies and aims to achieve a return that is consistent with the return of the FTSE All-Share Index.

Fund Manager

Team Managed manager of the underlying fund for 26 years and 2 months

Photo of Team Managed Team Managed

Fund Overview

Daily price (26/11/2020) 1000.10
Fund size (30/09/2020) £6.27m
Underlying Fund size £4079.20m
Number of holdings 1192
Annual Management Charge (AMC) Please refer to the "Fund Guide"
for your specific pension plan
Launch date 07/06/2001

Asset Allocation

pie chart
  UK Equities 84.80%
  Investment Trusts 5.85%
  International Equities 5.52%
  Property 1.74%
  Alternative Trading Strategies 0.42%
  International Bonds 0.15%
  Other Assets 1.51%

Performance comment

Performance as at Q2 2020 - In mid-June, the Bank of England (“BoE”) expanded its monetary easing with a top-up of £100 billion to its quantitative easing programme. The news marked the reality of a slowdown and the pace came as a surprise to some market participants. BoE Governor Bailey emphasised that purchases remained fast by historic standards, represented calmer financial markets and that the Monetary Policy Committee (“MPC”) had no trigger in mind for expanding future quantitative easing. Its expected that total asset purchases will amount to £745 billion by the end of the year. In addition, the MPC voted unanimously to maintain Bank Rate at 0.1%.

The UK composite purchasing managers’ index increased to 47.6 in June from 30 in May, this rise was above market forecasts of 41. Both UK services and manufacturing PMI’s increased by 18 and 9.4 points respectively. Although underlying demand is still subdued, the gradual easing of COVID-19 related lockdowns is having a favorable impact on economic activity.

While monthly UK retail sales for May were down by 13.1% on the February prior to the COVID-19 induced lockdown, May still represented an improving outlook with an increase of 12% compared to the previous month. Non-food stores were the most prominent contributor as non-essential retail premises started to open for the first time since March. In addition, the proportion spent online reached new levels in May at 33.4%. This shift in online spending may have a lasting impact of the future of UK high streets.

The Consumer Prices Index (CPIH) 12-month rate was 0.7% in May, a decrease of 20 basis points, from 0.9% in April. Falling fuel, recreation and cultural goods had the most significant downward contribution. Food and non-alcoholic drinks partially offset the change. The ONS estimate that 14.2% of the CPIH basket (by weight) was not available to UK consumers as a result of the covid-19 pandemic during May, down from 16.3% in April. Longer term market expectations of inflation increased slightly as the 30-year breakeven rate moved 9 basis points (“bps”) to 2.97%.

With respect to corporate bonds, spreads have recovered from the wide levels, reflective entirely of policy action. The ICE BofAML Sterling Non-Gilt index delivered a total return of 1.21%, of which the excess return was 1.34%. The average option-adjusted spread tightened by 17 bps. The ICE BofAML Sterling Corporate and Collateralized index delivered a total return of 1.51%, of which the excess return was 1.66%. The average optionadjusted spread tightened by 21 bps.

Industrials led excess returns throughout June, delivering 2.11%. Assets backed securities experienced the second largest excess return of 1.66% followed by utilities, financials and quasi-government bonds; all of which had positive excess returns during June. Lower-rated bonds outperformed high-rated debt with Sterling BBB generating a total return of 1.73%. Sterling corporates outperformed Euro and US corporates. New issuance in June totaled £7.4bn.

Source: BlackRock

Important Information

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 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
  UK Equities 84.80%
  Investment Trusts 5.85%
  International Equities 5.52%
  Property 1.74%
  Alternative Trading Strategies 0.42%
  International Bonds 0.15%
  Other Assets 1.51%

Equity Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Financials 21.13% - - -
 
Financial Services - 10.24% - -
 
Equity Investment Instruments - - 5.88% -
 
Equity Investment Instruments - - - 5.88%
 
Investment Banking & Brokerage Services - - 4.21% -
 
Asset Managers & Custodians - - - 2.15%
 
Investment Services - - - 1.78%
 
Diversified Financial Services - - - 0.29%
 
Finance & Credit Services - - 0.15% -
 
Consumer Lending - - - 0.09%
 
Mortgage Finance - - - 0.06%
 
Banks - 6.77% - -
 
Banks - - 6.77% -
 
Banks - - - 6.77%
 
Insurance - 4.12% - -
 
Life Insurance - - 2.99% -
 
Life Insurance - - - 2.99%
 
Non-life Insurance - - 1.13% -
 
Property & Casualty Insurance - - - 1.13%
 
Consumer Staples 15.08% - - -
 
Food, Beverage & Tobacco - 7.90% - -
 
Tobacco - - 3.71% -
 
Tobacco - - - 3.71%
 
Beverages - - 3.50% -
 
Distillers & Vintners - - - 3.19%
 
Soft Drinks - - - 0.31%
 
Food Producers - - 0.69% -
 
Food Products - - - 0.68%
 
Farming, Fishing, Ranching & Plantations - - - 0.02%
 
Personal Care, Drug & Grocery Stores - 7.18% - -
 
Personal Care, Drug & Grocery Stores - - 7.18% -
 
Personal Products - - - 2.66%
 
Nondurable Household Products - - - 2.36%
 
Food Retailers & Wholesalers - - - 2.16%
 
Industrials 12.42% - - -
 
Industrial Goods & Services - 10.94% - -
 
Industrial Support Services - - 5.17% -
 
Professional Business Support Services - - - 2.91%
 
Industrial Suppliers - - - 1.53%
 
Security Services - - - 0.45%
 
Business Training & Employment Agencies - - - 0.20%
 
Transaction Processing Services - - - 0.06%
 
Forms & Bulk Printing Services - - - 0.01%
 
General Industrials - - 1.69% -
 
Diversified Industrials - - - 1.10%
 
Containers & Packaging - - - 0.59%
 
Aerospace & Defence - - 1.20% -
 
Defense - - - 1.01%
 
Aerospace - - - 0.19%
 
Electronic & Electrical Equipment - - 1.17% -
 
Electronic Equipment: Gauges & Meters - - - 0.65%
 
Electronic Equipment: Control & Filter - - - 0.29%
 
Electrical Components - - - 0.23%
 
Industrial Transportation - - 0.99% -
 
Commercial Vehicle-Equipment Leasing - - - 0.70%
 
Transportation Services - - - 0.12%
 
Delivery Services - - - 0.11%
 
Marine Transportation - - - 0.05%
 
Trucking - - - 0.00%
 
Industrial Engineering - - 0.72% -
 
Machinery: Industrial - - - 0.67%
 
Machinery: Specialty - - - 0.04%
 
Construction & Materials - 1.49% - -
 
Construction & Materials - - 1.49% -
 
Cement - - - 1.19%
 
Building Materials: Other - - - 0.12%
 
Construction - - - 0.11%
 
Building, Roofing/Wallboard & Plumbing - - - 0.05%
 
Engineering & Contracting Services - - - 0.03%
 
Consumer Discretionary 11.17% - - -
 
Consumer Products & Services - 3.30% - -
 
Household Goods & Home Construction - - 1.57% -
 
Home Construction - - - 1.57%
 
Household Furnishings - - - 0.01%
 
Consumer Services - - 1.21% -
 
Vending & Catering Service - - - 1.03%
 
Consumer Services: Misc. - - - 0.17%
 
Funeral Parlors & Cemetery - - - 0.01%
 
Education Services - - - 0.01%
 
Personal Goods - - 0.32% -
 
Clothing & Accessories - - - 0.31%
 
Luxury Items - - - 0.01%
 
Leisure Goods - - 0.20% -
 
Toys - - - 0.19%
 
Photography - - - 0.01%
 
Recreational Products - - - 0.00%
 
Travel & Leisure - 3.09% - -
 
Travel & Leisure - - 3.09% -
 
Casinos & Gambling - - - 1.51%
 
Restaurants & Bars - - - 0.43%
 
Airlines - - - 0.42%
 
Hotels & Motels - - - 0.40%
 
Travel & Tourism - - - 0.29%
 
Recreational Services - - - 0.04%
 
Media - 2.83% - -
 
Media - - 2.83% -
 
Publishing - - - 1.89%
 
Media Agencies - - - 0.79%
 
Radio & TV Broadcasters - - - 0.15%
 
Retail - 1.90% - -
 
Retailers - - 1.90% -
 
Diversified Retailers - - - 0.73%
 
Home Improvement Retailers - - - 0.61%
 
Specialty Retailers - - - 0.34%
 
Apparel Retailers - - - 0.21%
 
Automobiles & Parts - 0.04% - -
 
Automobiles & Parts - - 0.04% -
 
Auto Parts - - - 0.02%
 
Automobiles - - - 0.02%
 
Auto Services - - - 0.00%
 
Health Care 10.79% - - -
 
Health Care - 10.79% - -
 
Pharmaceuticals & Biotechnology - - 9.82% -
 
Pharmaceuticals - - - 9.63%
 
Biotechnology - - - 0.19%
 
Medical Equipment & Services - - 0.80% -
 
Medical Equipment - - - 0.64%
 
Medical Supplies - - - 0.16%
 
Health Care Providers - - 0.17% -
 
Health Care: Misc. - - - 0.10%
 
Health Care Facilities - - - 0.06%
 
Health Care Services - - - 0.01%
 
Basic Materials 8.79% - - -
 
Basic Resources - 7.99% - -
 
Industrial Metals & Mining - - 6.98% -
 
General Mining - - - 6.46%
 
Copper - - - 0.27%
 
Iron & Steel - - - 0.14%
 
Metal Fabricating - - - 0.12%
 
Precious Metals & Mining - - 0.57% -
 
Gold Mining - - - 0.54%
 
Platinum & Precious Metals - - - 0.03%
 
Industrial Materials - - 0.43% -
 
Paper - - - 0.39%
 
Diversified Materials - - - 0.04%
 
Chemicals - 0.80% - -
 
Chemicals - - 0.80% -
 
Chemicals: Diversified - - - 0.70%
 
Specialty Chemicals - - - 0.10%
 
Energy 6.44% - - -
 
Energy - 6.44% - -
 
Non-Renewable Energy - - 6.44% -
 
Integrated Oil & Gas - - - 6.23%
 
Oil: Crude Producers - - - 0.12%
 
Oil Equipment & Services - - - 0.09%
 
Utilities 3.60% - - -
 
Utilities - 3.60% - -
 
Gas, Water & Multi-utilities - - 2.77% -
 
Multi-Utilities - - - 1.89%
 
Water - - - 0.88%
 
Electricity - - 0.81% -
 
Conventional Electricity - - - 0.78%
 
Alternative Electricity - - - 0.03%
 
Waste & Disposal Services - - 0.03% -
 
Waste & Disposal Services - - - 0.03%
 
Real Estate 2.70% - - -
 
Real Estate - 2.70% - -
 
Real Estate Investment Trusts - - 2.37% -
 
Diversified REITs - - - 0.61%
 
Industrial REITs - - - 0.59%
 
Office REITs - - - 0.30%
 
Residential REITs - - - 0.24%
 
Health Care REITs - - - 0.23%
 
Storage REITs - - - 0.19%
 
Other Specialty REITs - - - 0.15%
 
Retail REITs - - - 0.07%
 
Real Estate Investment & Services - - 0.33% -
 
Real Estate Holding and Development - - - 0.26%
 
Real Estate Services - - - 0.07%
 
Non-Classified 2.62% - - -
 
Non-Classified - 1.23% - -
 
Non-Classified - - 1.23% -
 
Non-Classified - - - 1.23%
 
Technology 2.30% - - -
 
Technology - 2.30% - -
 
Software & Computer Services - - 2.28% -
 
Consumer Digital Services - - - 1.29%
 
Software - - - 0.81%
 
Computer Services - - - 0.19%
 
Technology Hardware & Equipment - - 0.02% -
 
Electronic Components - - - 0.01%
 
Computer Hardware - - - 0.01%
 
Semiconductors - - - 0.00%
 
Telecommunications 2.26% - - -
 
Telecommunications - 2.26% - -
 
Telecommunications Service Providers - - 2.15% -
 
Telecommunications Services - - - 2.15%
 
Telecommunications Equipment - - 0.11% -
 
Telecommunications Equipment - - - 0.11%
 
Alternative Trading Strategies 0.42% - - -
 
Alternative Trading Strategies - 0.42% - -
 
Alternative Trading Strategies - - 0.42% -
 
Alternative Trading Strategies - - - 0.42%
 
Bonds 0.17% - - -
 
Cash and Equivalents 0.11% - - -

Regional Allocation

pie chart
  UK 84.91%
  Non-Classified 8.75%
  Developed Europe - Excl UK 4.28%
  Property 1.74%
  Cash and Equivalents 0.11%
  Middle East & Africa 0.10%
  Other Regions 0.09%

Fixed Interest Currencies

pie chart
  Non-Fixed Interest Assets 99.80%
  Pound Sterling 0.17%
  Cash 0.03%

Regional Breakdown

Expand allCollapse all
Region Country
 
UK 84.91% -
 
United Kingdom - 84.93%
 
Non-Classified 8.75% -
 
Developed Europe - Excl UK 4.28% -
 
Ireland - 2.97%
 
Netherlands - 0.59%
 
Luxembourg - 0.22%
 
Spain - 0.20%
 
Switzerland - 0.19%
 
Germany - 0.08%
 
France - 0.02%
 
Sweden - 0.00%
 
Finland - 0.00%
 
Property 1.74% -
 
Cash and Equivalents 0.11% -
 
Middle East & Africa 0.10% -
 
Israel - 0.10%
 
Developed Asia 0.05% -
 
Singapore - 0.05%
 
North America 0.02% -
 
United States - 0.02%
 
Japan 0.02% -
 
Japan - 0.02%

Breakdown By Market Cap (%)

Mega
 
 
47.97%
Large
 
 
24.68%
Medium
 
 
16.61%
Small
 
 
4.82%
Micro
 
 
0.81%
Non-Classified
 
 
4.84%
Bonds
 
 
0.17%
Cash
 
 
0.11%

Top 10 Holdings

Stock % Weight Sector Country
1 ASTRAZENECA 5.61% Pharmaceuticals & Biotechnology United Kingdom
2 HSBC HLDGS 3.64% Banks United Kingdom
3 GLAXOSMITHKLINE 3.51% Pharmaceuticals & Biotechnology United Kingdom
4 DIAGEO 3.15% Beverages United Kingdom
5 BRITISH AMERICAN TOBACCO 3.08% Tobacco United Kingdom
6 UNILEVER 2.63% Personal Care, Drug & Grocery Stores United Kingdom
7 RIO TINTO 2.60% Industrial Metals & Mining United Kingdom
8 RECKITT BENCKISER GROUP 2.36% Personal Care, Drug & Grocery Stores United Kingdom
9 ROYAL DUTCH SHELL 2.18% Non-Renewable Energy United Kingdom
10 BP 2.15% Non-Renewable Energy United Kingdom

Dual Aspect Equity Analysis

UK Equities Int'l Equities UK Bonds Int'l Bonds UK Gilts Property Other Cash & Equiv Total
Technology 1.74% 0.56% - - - - - - 2.30%
Telecommunications 2.24% 0.01% - - - - - - 2.26%
Financials 15.17% 0.11% - - - - 5.85% - 21.13%
Real Estate 0.97% - - - - 1.73% - - 2.70%
Consumer Discretionary 9.77% 1.40% - - - - - - 11.17%
Consumer Staples 14.83% 0.25% - - - - - - 15.08%
Energy 6.44% - - - - - - - 6.44%
Utilities 3.60% - - - - - - - 3.60%
Health Care 10.69% 0.11% - - - - - - 10.79%
Industrials 10.47% 1.95% - - - - - - 12.42%
Basic Materials 8.74% 0.05% - - - - - - 8.79%
Cash and Equivalents - - - - - - - 0.11% 0.11%
Bonds - - 0.02% 0.15% - - - - 0.17%
Non-Classified 0.13% 1.08% - - - 0.01% 1.80% - 3.03%

Important Information

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.

Identification Codes

Sedol Code B08ZTQ5
Mex Code PUGIU
Isin Code GB00B08ZTQ53
Citi Code UO47

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 UK Equity Index Fund - the underlying fund. Underlying Fund Objective: The fund invests in the shares of UK companies and aims to achieve a return that is consistent with the return of the FTSE All-Share Index.
Benchmark FTSE All-Share Index
Sector ABI UK All Companies

Important Information

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.

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

Higher Risk

These are specialist equity funds that focus on set geographical regions or a particular type of share e.g. shares of smaller companies or those that conform to certain criteria.

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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

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 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.