Prudential Discretionary 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 20.5% 14.8% 7.0% 3.3% -4.3%
Benchmark 15.9% 10.7% 6.2% 5.8% -1.8%

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 0.6% 1.9% 7.9% 7.4%
Benchmark 0.8% 3.3% 7.2% 7.0%

Top 10 Holdings

Stock % Weight
PPL N AMER US EQTY Prvt 9.93
ASTRAZENECA 1.22
Segro Segro Ord GBP0.1 1.09
HSBC HLDGS 0.75
BP 0.66
UNILEVER 0.65
RIO TINTO 0.63
GLAXOSMITHKLINE 0.58
SAMSUNG ELECTRONICS CO 0.56
ROYAL DUTCH SHELL 0.53
Total 16.59

Fund Aims

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

Underlying Fund Objective: The fund provides a multi-asset approach to investment, holding a mix of UK and overseas company shares, bonds, property, cash plus listed alternative assets through other M&G PP funds or direct holdings. It is actively managed against an internal benchmark asset allocation set by the M&G Treasury & Investment Office (T&IO). It is a “fund of funds” where both active stock selection, within the underlying sector funds, and asset allocation decisions are used to add value.

Performance Objective: To outperform the internal composite benchmark by 1.15%-1.40% a year (before charges) on a rolling three year basis.

Fund Manager

M&G Treasury & Investment Office manager of the underlying fund for 37 years and 8 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

Daily price (30/11/2020) 373.70
Fund size (30/09/2020) £441.27m
Underlying Fund size £603.72m
Number of holdings 4622
Annual Management Charge (AMC) Please refer to the "Fund Guide"
for your specific pension plan
Launch date 06/04/2001

Asset Allocation

pie chart
  UK Equities 22.97%
  International Bonds 15.20%
  International Equities 8.66%
  UK Corporate Bonds 4.54%
  Property 3.91%
  Investment Trusts 1.92%
  Other Assets 42.81%

Performance comment

Performance as at Q2 2020 - Performance as at Q2 2020 - An extraordinary level of central bank stimulus and government support in world’s major economies came to the aid of many consumers and businesses, leading to a notable rally in the second quarter. April and May saw particularly strong stockmarket returns as the virus appeared to peak in most developed countries and the number of cases began to decline, prompting the gradual reopening of economies. The pace of gains eased in June as investors absorbed the information from the ongoing pandemic and second wave outbreaks.

The fund gained in the quarter and was marginally ahead of the benchmark. All major geographic equity markets rebounded. The US made the strongest advances, followed by Pacific markets, Europe and emerging markets, with more modest gains by Japan and the UK, all in sterling terms. Stock selection helped relative performance in the UK, but it held back relative returns in all other markets.

The second quarter was one of reflection as the crisis and subsequent steps taken by monetary and fiscal authorities required constant assessment. The path of growth remains uncertain: pockets of the virus epidemic continue to flare up across the globe and some countries have not yet brought the outbreak under control. Forecasts for economic activity vary greatly, meaning a cautious approach towards positioning is sensible.

The fund had a slightly overweight position in risk assets in the quarter, although this was reduced later when outbreaks of the virus occurred. By the end of the quarter, the fund was positioned neutrally in equities, slightly overweight in global high yield bonds and it remained underweight in investment grade European and UK investment grade corporate bonds. The fund management team believe that high yield corporate bonds still stand to benefit from central bank purchase programmes and investors’ continued search for yield. The fund management team reduced an underweight allocation to property by buying the iShares UK Property ETF.

Indicators suggest the global economy will contract by an unprecedented amount compared with recent history, although forecasts suggest that the recovery will be relatively rapid compared to previous recessions. For the moment, monetary and fiscal stimulus seems to be bearing fruit, with tentative signs of a turnaround in economic sentiment emerging. Nevertheless, significant risks exist and they could seriously derail any recovery, with the potential for a second wave of the virus a real concern. Source: M&G

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.

Please note the performance figures for this fund's benchmark are not available until around week 3 after a quarter end. So the figures shown until then might be for the previous quarter.

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

Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of fund charges and further costs, but take no account of any Annual Management Charge paid for by the deduction of units. Charges and further costs may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with gross income reinvested. The value of your 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 22.97%
  International Bonds 15.20%
  International Equities 8.66%
  UK Corporate Bonds 4.54%
  Property 3.91%
  Investment Trusts 1.92%
  Other Assets 42.81%

Bond Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Non-Classified 38.85% - - -
 
Non-Classified - 28.95% - -
 
Non-Classified - - 28.95% -
 
Non-Classified - - - 28.95%
 
Bonds 20.54% - - -
 
Financials 7.86% - - -
 
Financial Services - 3.63% - -
 
Equity Investment Instruments - - 1.92% -
 
Equity Investment Instruments - - - 1.92%
 
Investment Banking & Brokerage Services - - 1.39% -
 
Asset Managers & Custodians - - - 0.78%
 
Investment Services - - - 0.51%
 
Diversified Financial Services - - - 0.10%
 
Finance & Credit Services - - 0.32% -
 
Mortgage Finance - - - 0.31%
 
Consumer Lending - - - 0.01%
 
Banks - 2.71% - -
 
Banks - - 2.71% -
 
Banks - - - 2.71%
 
Insurance - 1.51% - -
 
Life Insurance - - 1.08% -
 
Life Insurance - - - 1.08%
 
Non-life Insurance - - 0.43% -
 
Property & Casualty Insurance - - - 0.43%
 
Real Estate 5.78% - - -
 
Real Estate - 5.78% - -
 
Real Estate Investment Trusts - - 5.09% -
 
Diversified REITs - - - 1.43%
 
Industrial REITs - - - 1.15%
 
Office REITs - - - 0.62%
 
Residential REITs - - - 0.54%
 
Health Care REITs - - - 0.50%
 
Storage REITs - - - 0.32%
 
Retail REITs - - - 0.29%
 
Other Specialty REITs - - - 0.25%
 
Real Estate Investment & Services - - 0.69% -
 
Real Estate Holding and Development - - - 0.63%
 
Real Estate Services - - - 0.05%
 
Industrials 4.76% - - -
 
Industrial Goods & Services - 4.02% - -
 
Industrial Support Services - - 1.59% -
 
Professional Business Support Services - - - 0.96%
 
Industrial Suppliers - - - 0.27%
 
Business Training & Employment Agencies - - - 0.21%
 
Transaction Processing Services - - - 0.08%
 
Security Services - - - 0.06%
 
General Industrials - - 0.96% -
 
Diversified Industrials - - - 0.55%
 
Containers & Packaging - - - 0.33%
 
Plastics - - - 0.08%
 
Glass - - - 0.01%
 
Paints & Coatings - - - 0.00%
 
Industrial Transportation - - 0.60% -
 
Commercial Vehicle-Equipment Leasing - - - 0.22%
 
Transportation Services - - - 0.17%
 
Marine Transportation - - - 0.13%
 
Railroad Equipment - - - 0.03%
 
Railroads - - - 0.02%
 
Delivery Services - - - 0.01%
 
Commercial Vehicles & Parts - - - 0.01%
 
Electronic & Electrical Equipment - - 0.43% -
 
Electronic Equipment: Control & Filter - - - 0.23%
 
Electrical Components - - - 0.12%
 
Electronic Equipment: Gauges & Meters - - - 0.07%
 
Electronic Equipment: Other - - - 0.01%
 
Industrial Engineering - - 0.22% -
 
Machinery: Industrial - - - 0.22%
 
Machinery: Specialty - - - 0.01%
 
Aerospace & Defence - - 0.22% -
 
Defense - - - 0.16%
 
Aerospace - - - 0.06%
 
Construction & Materials - 0.74% - -
 
Construction & Materials - - 0.74% -
 
Cement - - - 0.24%
 
Building Materials: Other - - - 0.15%
 
Building, Roofing/Wallboard & Plumbing - - - 0.13%
 
Construction - - - 0.11%
 
Engineering & Contracting Services - - - 0.11%
 
Consumer Discretionary 3.39% - - -
 
Consumer Products & Services - 1.05% - -
 
Household Goods & Home Construction - - 0.54% -
 
Home Construction - - - 0.51%
 
Household Equipment & Products - - - 0.02%
 
Household Furnishings - - - 0.00%
 
Consumer Services - - 0.23% -
 
Vending & Catering Service - - - 0.17%
 
Consumer Services: Misc. - - - 0.04%
 
Funeral Parlors & Cemetery - - - 0.02%
 
Education Services - - - 0.01%
 
Leisure Goods - - 0.21% -
 
Toys - - - 0.17%
 
Electronic Entertainment - - - 0.02%
 
Consumer Electronics - - - 0.01%
 
Photography - - - 0.01%
 
Personal Goods - - 0.07% -
 
Clothing & Accessories - - - 0.05%
 
Footwear - - - 0.01%
 
Cosmetics - - - 0.01%
 
Travel & Leisure - 0.85% - -
 
Travel & Leisure - - 0.85% -
 
Casinos & Gambling - - - 0.39%
 
Travel & Tourism - - - 0.21%
 
Restaurants & Bars - - - 0.09%
 
Airlines - - - 0.08%
 
Hotels & Motels - - - 0.08%
 
Recreational Services - - - 0.01%
 
Retail - 0.70% - -
 
Retailers - - 0.70% -
 
Specialty Retailers - - - 0.23%
 
Apparel Retailers - - - 0.17%
 
Home Improvement Retailers - - - 0.16%
 
Diversified Retailers - - - 0.14%
 
Media - 0.68% - -
 
Media - - 0.68% -
 
Publishing - - - 0.37%
 
Media Agencies - - - 0.21%
 
Radio & TV Broadcasters - - - 0.10%
 
Automobiles & Parts - 0.11% - -
 
Automobiles & Parts - - 0.11% -
 
Automobiles - - - 0.08%
 
Auto Parts - - - 0.02%
 
Tires - - - 0.01%
 
Consumer Staples 3.36% - - -
 
Food, Beverage & Tobacco - 1.83% - -
 
Tobacco - - 0.72% -
 
Tobacco - - - 0.72%
 
Beverages - - 0.63% -
 
Distillers & Vintners - - - 0.44%
 
Soft Drinks - - - 0.16%
 
Brewers - - - 0.03%
 
Food Producers - - 0.48% -
 
Food Products - - - 0.44%
 
Farming, Fishing, Ranching & Plantations - - - 0.03%
 
Fruit & Grain Processing - - - 0.01%
 
Personal Care, Drug & Grocery Stores - 1.54% - -
 
Personal Care, Drug & Grocery Stores - - 1.54% -
 
Personal Products - - - 0.66%
 
Nondurable Household Products - - - 0.50%
 
Food Retailers & Wholesalers - - - 0.37%
 
Miscellaneous Consumer Staple Goods - - - 0.01%
 
Health Care 3.35% - - -
 
Health Care - 3.35% - -
 
Pharmaceuticals & Biotechnology - - 2.83% -
 
Pharmaceuticals - - - 2.36%
 
Biotechnology - - - 0.47%
 
Medical Equipment & Services - - 0.31% -
 
Medical Equipment - - - 0.27%
 
Medical Supplies - - - 0.04%
 
Health Care Providers - - 0.22% -
 
Health Care: Misc. - - - 0.14%
 
Health Care Services - - - 0.04%
 
Health Care Facilities - - - 0.03%
 
Technology 2.68% - - -
 
Technology - 2.68% - -
 
Technology Hardware & Equipment - - 1.75% -
 
Semiconductors - - - 0.80%
 
Computer Hardware - - - 0.68%
 
Electronic Components - - - 0.26%
 
Production Technology Equipment - - - 0.01%
 
Software & Computer Services - - 0.93% -
 
Consumer Digital Services - - - 0.58%
 
Software - - - 0.24%
 
Computer Services - - - 0.11%
 
Basic Materials 2.46% - - -
 
Basic Resources - 2.08% - -
 
Industrial Metals & Mining - - 1.74% -
 
General Mining - - - 1.45%
 
Copper - - - 0.17%
 
Iron & Steel - - - 0.07%
 
Nonferrous Metals - - - 0.03%
 
Metal Fabricating - - - 0.01%
 
Aluminum - - - 0.00%
 
Precious Metals & Mining - - 0.22% -
 
Gold Mining - - - 0.19%
 
Platinum & Precious Metals - - - 0.03%
 
Diamonds & Gemstones - - - 0.00%
 
Industrial Materials - - 0.12% -
 
Paper - - - 0.11%
 
Textile Products - - - 0.01%
 
Diversified Materials - - - 0.00%
 
Chemicals - 0.38% - -
 
Chemicals - - 0.38% -
 
Chemicals: Diversified - - - 0.22%
 
Specialty Chemicals - - - 0.16%
 
Fertilizers - - - 0.01%
 
Energy 1.87% - - -
 
Energy - 1.87% - -
 
Non-Renewable Energy - - 1.83% -
 
Integrated Oil & Gas - - - 1.47%
 
Oil: Crude Producers - - - 0.26%
 
Oil Equipment & Services - - - 0.04%
 
Coal - - - 0.03%
 
Oil Refining and Marketing - - - 0.02%
 
Pipelines - - - 0.01%
 
Renewable Energy - - 0.04% -
 
Renewable Energy Equipment - - - 0.04%
 
Alternative Trading Strategies 1.85% - - -
 
Alternative Trading Strategies - 1.85% - -
 
Alternative Trading Strategies - - 1.85% -
 
Alternative Trading Strategies - - - 1.85%
 
Cash and Equivalents 1.47% - - -
 
Utilities 1.09% - - -
 
Utilities - 1.09% - -
 
Gas, Water & Multi-utilities - - 0.70% -
 
Multi-Utilities - - - 0.47%
 
Water - - - 0.22%
 
Gas Distribution - - - 0.02%
 
Electricity - - 0.39% -
 
Conventional Electricity - - - 0.33%
 
Alternative Electricity - - - 0.06%
 
Waste & Disposal Services - - 0.00% -
 
Waste & Disposal Services - - - 0.00%
 
Telecommunications 0.68% - - -
 
Telecommunications - 0.68% - -
 
Telecommunications Service Providers - - 0.57% -
 
Telecommunications Services - - - 0.57%
 
Telecommunications Equipment - - 0.11% -
 
Telecommunications Equipment - - - 0.11%

Regional Allocation

pie chart
  Non-Classified 43.01%
  UK 28.32%
  North America 9.65%
  Developed Europe - Excl UK 5.41%
  Property 3.91%
  Emerging Asia 3.88%
  Other Regions 5.82%

Fixed Interest Currencies

pie chart
  Non-Fixed Interest Assets 77.99%
  US Dollar 10.09%
  Pound Sterling 7.48%
  Euro 2.93%
  Cash 1.47%
  Singapore Dollar 0.01%
  Rupiah 0.01%

Regional Breakdown

Expand allCollapse all
Region Country
 
Non-Classified 43.01% -
 
UK 28.32% -
 
United Kingdom - 28.32%
 
North America 9.65% -
 
United States - 9.05%
 
Canada - 0.60%
 
Developed Europe - Excl UK 5.41% -
 
France - 1.15%
 
Ireland - 1.10%
 
Netherlands - 0.97%
 
Germany - 0.60%
 
Luxembourg - 0.53%
 
Italy - 0.26%
 
Sweden - 0.17%
 
Spain - 0.15%
 
Belgium - 0.13%
 
Austria - 0.09%
 
Switzerland - 0.09%
 
Denmark - 0.05%
 
Norway - 0.05%
 
Iceland - 0.03%
 
Finland - 0.02%
 
Portugal - 0.01%
 
Property 3.91% -
 
Emerging Asia 3.88% -
 
South Korea - 1.46%
 
Taiwan - 1.15%
 
China - 0.34%
 
Philippines - 0.23%
 
Indonesia - 0.22%
 
Thailand - 0.15%
 
India - 0.15%
 
Malaysia - 0.14%
 
Pakistan - 0.04%
 
Sri Lanka - 0.01%
 
Papua New Guinea - 0.00%
 
Mongolia - 0.00%
 
Australia & New Zealand 1.56% -
 
Australia - 1.49%
 
New Zealand - 0.07%
 
Cash and Equivalents 1.55% -
 
Developed Asia 1.36% -
 
Hong Kong - 1.09%
 
Singapore - 0.27%
 
South & Central America 0.69% -
 
Mexico - 0.44%
 
Brazil - 0.18%
 
Colombia - 0.04%
 
Chile - 0.01%
 
Panama - 0.01%
 
Cayman Islands - 0.01%
 
Emerging Europe 0.27% -
 
Russian Federation - 0.21%
 
Turkey - 0.05%
 
Czech Republic - 0.02%
 
Middle East & Africa 0.23% -
 
South Africa - 0.18%
 
Israel - 0.04%
 
Zambia - 0.01%
 
Angola - 0.00%
 
Japan 0.16% -
 
Japan - 0.16%

Breakdown By Market Cap (%)

Mega
 
 
11.92%
Large
 
 
7.57%
Medium
 
 
10.95%
Small
 
 
3.95%
Micro
 
 
1.46%
Non-Classified
 
 
42.14%
Bonds
 
 
20.54%
Cash
 
 
1.47%

Fixed Interest Maturity Profile

< 5Yr Maturity
 
 
5.26%
5Yr - 10Yr Maturity
 
 
4.98%
10Yr - 15Yr Maturity
 
 
1.44%
> 15Yr Maturity
 
 
8.86%
Cash And Equivalents
 
 
1.47%
Unknown Maturity
 
 
9.86%
Other Asset Types
 
 
68.14%

Fixed Interest Quality Profile

AAA
 
 
1.70%
AA
 
 
2.34%
A
 
 
5.44%
BBB
 
 
7.30%
Sub-Investment Grade
 
 
1.01%
Unknown Quality
 
 
2.74%
Cash and Equivalents
 
 
1.47%
Other Asset Types
 
 
77.99%

Top 10 Holdings

Stock % Weight Sector Country
1 PPL N AMER US EQTY Prvt 9.93% Non-Classified Non-Classified
2 ASTRAZENECA 1.22% Pharmaceuticals & Biotechnology United Kingdom
3 Segro Segro Ord GBP0.1 1.09% Real Estate Investment Trusts Direct Property and REITs
4 HSBC HLDGS 0.75% Banks United Kingdom
5 BP 0.66% Non-Renewable Energy United Kingdom
6 UNILEVER 0.65% Personal Care, Drug & Grocery Stores United Kingdom
7 RIO TINTO 0.63% Industrial Metals & Mining United Kingdom
8 GLAXOSMITHKLINE 0.58% Pharmaceuticals & Biotechnology United Kingdom
9 SAMSUNG ELECTRONICS CO 0.56% Technology Hardware & Equipment South Korea
10 ROYAL DUTCH SHELL 0.53% Non-Renewable Energy United Kingdom

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.

Please note the performance figures for this fund's benchmark are not available until around week 3 after a quarter end. So the figures shown until then might be for the previous quarter.

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).

Identification Codes

Sedol Code 3168574
Mex Code PUD
Isin Code GB0031685745
Citi Code P271

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 M&G PP Discretionary Fund - the underlying fund. Underlying Fund Objective: The fund provides a multi-asset approach to investment, holding a mix of UK and overseas company shares, bonds, property, cash plus listed alternative assets through other M&G PP funds or direct holdings. It is actively managed against an internal benchmark asset allocation set by the M&G Treasury & Investment Office (T&IO). It is a “fund of funds” where both active stock selection, within the underlying sector funds, and asset allocation decisions are used to add value. Performance Objective: To outperform the internal composite benchmark by 1.15%-1.40% a year (before charges) on a rolling three year basis.
Benchmark Internal composite benchmark, asset allocation set by the M&G Prudential Treasury & Investment Office (T&IO), which includes the team formerly known as Prudential Portfolio Management Group
Sector ABI Mixed Investment 40-85% Shares

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.

Please note the performance figures for this fund's benchmark are not available until around week 3 after a quarter end. So the figures shown until then might be for the previous quarter.

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

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

This factsheet is for 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 Risk

These funds may invest in multi-asset strategies with a higher weighting in equities (or with significant derivative use), while funds investing mainly in property, high yield or government bonds (such as UK Gilts) are also in this category.

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.

Please note the performance figures for this fund's benchmark are not available until around week 3 after a quarter end. So the figures shown until then might be for the previous quarter.

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

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