Prudential UK Equity S1

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 13.9% 13.4% 7.5% -0.9% -14.8%
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 -1.3% -3.2% 3.2% 5.2%
Benchmark -2.9% -3.2% 3.5% 5.1%

Top 10 Holdings

Stock % Weight
ASTRAZENECA 4.91
HSBC HLDGS 3.00
BP 2.65
UNILEVER 2.59
RIO TINTO 2.54
GLAXOSMITHKLINE 2.34
ROYAL DUTCH SHELL 2.12
BRITISH AMERICAN TOBACCO 2.07
RECKITT BENCKISER GROUP 2.00
NATIONAL GRID 1.76
Total 25.98

Fund Aims

Objective: The investment strategy of the fund is to purchase units in the M&G PP UK Equity Fund - the underlying fund.

Underlying Fund Objective: The fund invests, via other M&G PP funds, in the shares of UK companies. The fund is actively managed against its benchmark, the FTSE All-Share Index. It is a “fund of funds” holding units in several more specialised UK equity funds giving access to a variety of methods for generating investment returns in differing market conditions.

Performance Objective: To outperform the benchmark by 0.75% - 1.0% a year (before charges) on a rolling three year basis.

Fund Manager

M&G Treasury & Investment Office manager of the underlying fund for 4 years and 9 months

Photo of M&G Treasury & Investment Office With access to investment professionals around the world and assets under management of £178bn, the M&G Treasury & Investment Office (T&IO) has a broad and well-resourced investment capability. T&IO set the strategic asset allocation and undertakes the ‘manager of managers’ role for our insured funds. Over the years they have built a thorough and effective governance framework, which includes the setting and monitoring of investment mandates, regular performance and activity health checks and independent analysis of investment, credit and liquidity risks.

Fund Overview

Bid (30/11/2020) 7.34
Offer (30/11/2020) 7.73
Fund size (30/09/2020) £114.43m
Underlying Fund size £348.21m
Number of holdings 587
Launch date 02/07/1991

Fund Charges

Annual Management Charge (AMC) 0.75%
Further Costs 0.02%
Yearly Total 0.77%

Asset Allocation

pie chart
  UK Equities 86.01%
  International Equities 6.84%
  Cash and Equivalents 3.49%
  Investment Trusts 2.04%
  Property 1.41%
  Alternative Trading Strategies 0.08%
  Other Assets 0.13%

Performance comment

Performance as at Q2 2020 -Performance as at Q2 2020 - The second quarter saw equity markets rebound strongly after the steep declines of the previous quarter due to the coronavirus pandemic. In this environment the fund made robust gains and was ahead of the benchmark. All of the underlying funds made significant advances in absolute terms, with the Recovery Fund and UK Equity Growth Fund ahead of their respective benchmarks. The UK Equity Dividend Fund and the Smaller Companies Fund lagged behind their benchmarks.

Recovery staged a strong comeback in the second quarter, with outperformance mainly attributable to holdings in the biotechnology and resources sectors. Mesoblast rallied more than 150%, assisted by news that its GvHD (graft versus host disease) treatment was being trialled in the US as a potential lifeline to patients in the advanced stages of COVID-19. In addition, Oxford Biomedica was boosted by the news that it had joined a consortium led by Oxford University to develop and manufacture one of the leading coronavirus vaccines.

The Equity Growth Fund’s outperformance in the quarter was driven by stock selection. Notable names among the best performers were ASOS, which has created an unassailable position as the online department store for fashion-conscious 15 to 35-year olds and Fever-Tree, the producer of premium mixers for alcoholic drinks. The Equity Dividend Fund’s underperformance largely reflects its high-yield portfolio, which has been overwhelmed by the impact of dividend cuts and suspensions from corporate UK. The fund’s natural defensive tilt also meant that it underperformed in the second-quarter market rally by companies more exposed to a recovery in the economy. The main individual detractors included oil major BP, which has been hurt by this year’s collapse in oil prices. Contributors included Ladbrokes Coral owner GVC and miner Rio Tinto.

The Smaller Companies Fund’s performance was held back by having relatively large cash levels in a rising market. A lack of presence in the oil & gas sector also hurt, as a number of oil stocks entered the benchmark in March and subsequently rallied sharply. Meanwhile, contributors included miniature wargaming manufacturing firm Games Workshop. The stock had previously sold off heavily, but has since traded ahead of expectations, with the shares further supported by a new computer game tie-up for its main Warhammer franchise.

Source: M&G

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 86.01%
  International Equities 6.84%
  Cash and Equivalents 3.49%
  Investment Trusts 2.04%
  Property 1.41%
  Alternative Trading Strategies 0.08%
  Other Assets 0.13%

Equity Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Financials 18.20% - - -
 
Financial Services - 7.65% - -
 
Investment Banking & Brokerage Services - - 4.73% -
 
Asset Managers & Custodians - - - 3.08%
 
Investment Services - - - 1.62%
 
Diversified Financial Services - - - 0.03%
 
Equity Investment Instruments - - 2.04% -
 
Equity Investment Instruments - - - 2.04%
 
Finance & Credit Services - - 0.88% -
 
Mortgage Finance - - - 0.84%
 
Consumer Lending - - - 0.04%
 
Banks - 6.31% - -
 
Banks - - 6.31% -
 
Banks - - - 6.31%
 
Insurance - 4.23% - -
 
Life Insurance - - 2.97% -
 
Life Insurance - - - 2.97%
 
Non-life Insurance - - 1.27% -
 
Property & Casualty Insurance - - - 1.27%
 
Industrials 15.90% - - -
 
Industrial Goods & Services - 13.24% - -
 
Industrial Support Services - - 6.16% -
 
Professional Business Support Services - - - 3.86%
 
Industrial Suppliers - - - 1.06%
 
Business Training & Employment Agencies - - - 0.72%
 
Transaction Processing Services - - - 0.26%
 
Security Services - - - 0.26%
 
General Industrials - - 2.52% -
 
Diversified Industrials - - - 1.71%
 
Containers & Packaging - - - 0.81%
 
Industrial Transportation - - 1.48% -
 
Commercial Vehicle-Equipment Leasing - - - 0.90%
 
Marine Transportation - - - 0.47%
 
Transportation Services - - - 0.06%
 
Delivery Services - - - 0.05%
 
Electronic & Electrical Equipment - - 1.36% -
 
Electronic Equipment: Control & Filter - - - 0.61%
 
Electrical Components - - - 0.46%
 
Electronic Equipment: Gauges & Meters - - - 0.29%
 
Industrial Engineering - - 0.89% -
 
Machinery: Industrial - - - 0.86%
 
Machinery: Specialty - - - 0.02%
 
Aerospace & Defence - - 0.84% -
 
Defense - - - 0.65%
 
Aerospace - - - 0.19%
 
Construction & Materials - 2.65% - -
 
Construction & Materials - - 2.65% -
 
Cement - - - 0.88%
 
Building, Roofing/Wallboard & Plumbing - - - 0.51%
 
Building Materials: Other - - - 0.47%
 
Engineering & Contracting Services - - - 0.43%
 
Construction - - - 0.35%
 
Health Care 12.45% - - -
 
Health Care - 12.45% - -
 
Pharmaceuticals & Biotechnology - - 10.68% -
 
Pharmaceuticals - - - 9.01%
 
Biotechnology - - - 1.66%
 
Medical Equipment & Services - - 1.05% -
 
Medical Equipment - - - 0.98%
 
Medical Supplies - - - 0.07%
 
Health Care Providers - - 0.72% -
 
Health Care: Misc. - - - 0.56%
 
Health Care Services - - - 0.13%
 
Health Care Facilities - - - 0.03%
 
Consumer Staples 12.27% - - -
 
Food, Beverage & Tobacco - 6.60% - -
 
Tobacco - - 2.85% -
 
Tobacco - - - 2.85%
 
Beverages - - 2.34% -
 
Distillers & Vintners - - - 1.74%
 
Soft Drinks - - - 0.59%
 
Food Producers - - 1.42% -
 
Food Products - - - 1.37%
 
Farming, Fishing, Ranching & Plantations - - - 0.05%
 
Personal Care, Drug & Grocery Stores - 5.67% - -
 
Personal Care, Drug & Grocery Stores - - 5.67% -
 
Personal Products - - - 2.61%
 
Nondurable Household Products - - - 2.00%
 
Food Retailers & Wholesalers - - - 1.02%
 
Miscellaneous Consumer Staple Goods - - - 0.04%
 
Consumer Discretionary 11.76% - - -
 
Consumer Products & Services - 3.79% - -
 
Household Goods & Home Construction - - 2.06% -
 
Home Construction - - - 2.06%
 
Consumer Services - - 0.88% -
 
Vending & Catering Service - - - 0.66%
 
Consumer Services: Misc. - - - 0.15%
 
Funeral Parlors & Cemetery - - - 0.06%
 
Leisure Goods - - 0.67% -
 
Toys - - - 0.67%
 
Personal Goods - - 0.19% -
 
Clothing & Accessories - - - 0.19%
 
Travel & Leisure - 2.86% - -
 
Travel & Leisure - - 2.86% -
 
Casinos & Gambling - - - 1.29%
 
Travel & Tourism - - - 0.65%
 
Restaurants & Bars - - - 0.32%
 
Hotels & Motels - - - 0.29%
 
Airlines - - - 0.27%
 
Recreational Services - - - 0.04%
 
Media - 2.71% - -
 
Media - - 2.71% -
 
Publishing - - - 1.47%
 
Media Agencies - - - 0.86%
 
Radio & TV Broadcasters - - - 0.38%
 
Retail - 2.39% - -
 
Retailers - - 2.39% -
 
Specialty Retailers - - - 0.76%
 
Apparel Retailers - - - 0.67%
 
Home Improvement Retailers - - - 0.63%
 
Diversified Retailers - - - 0.33%
 
Automobiles & Parts - 0.00% - -
 
Automobiles & Parts - - 0.00% -
 
Automobiles - - - 0.00%
 
Basic Materials 7.96% - - -
 
Basic Resources - 6.76% - -
 
Industrial Metals & Mining - - 5.92% -
 
General Mining - - - 5.17%
 
Copper - - - 0.52%
 
Nonferrous Metals - - - 0.12%
 
Iron & Steel - - - 0.06%
 
Metal Fabricating - - - 0.06%
 
Precious Metals & Mining - - 0.65% -
 
Gold Mining - - - 0.62%
 
Platinum & Precious Metals - - - 0.02%
 
Diamonds & Gemstones - - - 0.01%
 
Industrial Materials - - 0.19% -
 
Paper - - - 0.17%
 
Diversified Materials - - - 0.02%
 
Chemicals - 1.20% - -
 
Chemicals - - 1.20% -
 
Chemicals: Diversified - - - 0.70%
 
Specialty Chemicals - - - 0.49%
 
Energy 6.00% - - -
 
Energy - 6.00% - -
 
Non-Renewable Energy - - 5.86% -
 
Integrated Oil & Gas - - - 5.25%
 
Oil: Crude Producers - - - 0.47%
 
Coal - - - 0.11%
 
Oil Equipment & Services - - - 0.04%
 
Renewable Energy - - 0.14% -
 
Renewable Energy Equipment - - - 0.14%
 
Technology 3.60% - - -
 
Technology - 3.60% - -
 
Software & Computer Services - - 2.94% -
 
Consumer Digital Services - - - 1.68%
 
Software - - - 0.91%
 
Computer Services - - - 0.35%
 
Technology Hardware & Equipment - - 0.66% -
 
Semiconductors - - - 0.46%
 
Electronic Components - - - 0.11%
 
Computer Hardware - - - 0.09%
 
Cash and Equivalents 3.49% - - -
 
Utilities 3.46% - - -
 
Utilities - 3.46% - -
 
Gas, Water & Multi-utilities - - 2.54% -
 
Multi-Utilities - - - 1.81%
 
Water - - - 0.72%
 
Electricity - - 0.92% -
 
Conventional Electricity - - - 0.92%
 
Real Estate 2.39% - - -
 
Real Estate - 2.39% - -
 
Real Estate Investment Trusts - - 1.83% -
 
Industrial REITs - - - 0.47%
 
Diversified REITs - - - 0.33%
 
Office REITs - - - 0.28%
 
Residential REITs - - - 0.22%
 
Health Care REITs - - - 0.20%
 
Retail REITs - - - 0.19%
 
Storage REITs - - - 0.08%
 
Other Specialty REITs - - - 0.07%
 
Real Estate Investment & Services - - 0.55% -
 
Real Estate Holding and Development - - - 0.35%
 
Real Estate Services - - - 0.20%
 
Telecommunications 1.79% - - -
 
Telecommunications - 1.79% - -
 
Telecommunications Service Providers - - 1.69% -
 
Telecommunications Services - - - 1.69%
 
Telecommunications Equipment - - 0.10% -
 
Telecommunications Equipment - - - 0.10%
 
Non-Classified 0.62% - - -
 
Alternative Trading Strategies 0.08% - - -
 
Alternative Trading Strategies - 0.08% - -
 
Alternative Trading Strategies - - 0.08% -
 
Alternative Trading Strategies - - - 0.08%
 
Bonds 0.04% - - -

Regional Allocation

pie chart
  UK 86.06%
  Developed Europe - Excl UK 3.96%
  Cash and Equivalents 3.57%
  Non-Classified 2.57%
  Australia & New Zealand 1.44%
  Property 1.41%
  Other Regions 0.98%

Fixed Interest Currencies

pie chart
  Non-Fixed Interest Assets 96.47%
  Cash 3.49%
  Pound Sterling 0.04%

Regional Breakdown

Expand allCollapse all
Region Country
 
UK 86.06% -
 
United Kingdom - 86.06%
 
Developed Europe - Excl UK 3.96% -
 
Ireland - 3.40%
 
Netherlands - 0.25%
 
Luxembourg - 0.11%
 
Spain - 0.09%
 
Switzerland - 0.08%
 
Germany - 0.03%
 
Cash and Equivalents 3.57% -
 
Non-Classified 2.57% -
 
Australia & New Zealand 1.44% -
 
Australia - 1.44%
 
Property 1.41% -
 
North America 0.88% -
 
United States - 0.46%
 
Canada - 0.41%
 
Middle East & Africa 0.07% -
 
Israel - 0.04%
 
Zambia - 0.03%
 
Developed Asia 0.02% -
 
Singapore - 0.02%
 
Emerging Asia 0.02% -
 
India - 0.02%

Breakdown By Market Cap (%)

Mega
 
 
36.49%
Large
 
 
18.59%
Medium
 
 
22.10%
Small
 
 
11.16%
Micro
 
 
4.50%
Non-Classified
 
 
3.63%
Bonds
 
 
0.04%
Cash
 
 
3.49%

Top 10 Holdings

Stock % Weight Sector Country
1 ASTRAZENECA 4.91% Pharmaceuticals & Biotechnology United Kingdom
2 HSBC HLDGS 3.00% Banks United Kingdom
3 BP 2.65% Non-Renewable Energy United Kingdom
4 UNILEVER 2.59% Personal Care, Drug & Grocery Stores United Kingdom
5 RIO TINTO 2.54% Industrial Metals & Mining United Kingdom
6 GLAXOSMITHKLINE 2.34% Pharmaceuticals & Biotechnology United Kingdom
7 ROYAL DUTCH SHELL 2.12% Non-Renewable Energy United Kingdom
8 BRITISH AMERICAN TOBACCO 2.07% Tobacco United Kingdom
9 RECKITT BENCKISER GROUP 2.00% Personal Care, Drug & Grocery Stores United Kingdom
10 NATIONAL GRID 1.76% Gas, Water & Multi-utilities United Kingdom

Dual Aspect Equity Analysis

UK Equities Int'l Equities UK Bonds Int'l Bonds UK Gilts Property Other Cash & Equiv Total
Technology 3.37% 0.23% - - - - - - 3.60%
Telecommunications 1.79% - - - - - - - 1.79%
Financials 16.11% 0.04% - - - - 2.04% - 18.20%
Real Estate 0.97% - - - - 1.41% - - 2.39%
Consumer Discretionary 11.04% 0.72% - - - - - - 11.76%
Consumer Staples 12.14% 0.14% - - - - - - 12.27%
Energy 5.82% 0.18% - - - - - - 6.00%
Utilities 3.46% - - - - - - - 3.46%
Health Care 10.56% 1.89% - - - - - - 12.45%
Industrials 14.05% 1.85% - - - - - - 15.90%
Basic Materials 6.62% 1.34% - - - - - - 7.96%
Cash and Equivalents - - - - - - - 3.49% 3.49%
Bonds - - - 0.04% - - - - 0.04%
Non-Classified 0.07% 0.46% - - - - 0.17% - 0.70%

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 0702265
Mex Code PUPME
Isin Code GB0007022659
Citi Code PS18

Fund Charges

Annual Management Charge (AMC) 0.75%
Further Costs 0.02%
Yearly Total 0.77%

Aims and Benchmark

Aims Objective: The investment strategy of the fund is to purchase units in the M&G PP UK Equity Fund - the underlying fund. Underlying Fund Objective: The fund invests, via other M&G PP funds, in the shares of UK companies. The fund is actively managed against its benchmark, the FTSE All-Share Index. It is a “fund of funds” holding units in several more specialised UK equity funds giving access to a variety of methods for generating investment returns in differing market conditions. Performance Objective: To outperform the benchmark by 0.75% - 1.0% a year (before charges) on a rolling three year basis.
Benchmark FTSE All-Share Index
ABI Sector 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.