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

31/12/18
to
31/12/19
31/12/19
to
31/12/20
31/12/20
to
31/12/21
31/12/21
to
31/12/22
31/12/22
to
31/12/23
Fund 14.1% 3.6% 12.4% -8.6% 9.3%
Benchmark 14.3% 4.9% 9.9% -4.6% 9.5%

Performance - to latest available quarter end

Quarter Annualised
4
2023
3 Years to
31/12/23
5 Years to
31/12/23
10 Years to
31/12/23
Fund 5.7% 4.0% 5.8% 6.5%
Benchmark 5.9% 4.7% 6.6% 6.5%

Top 10 Holdings

Stock % Weight
Eastspring US Corporate Bond Class EG (hedged) 5.80
iShares iShares plc European Property Yield UCITS ETF EUR (Dist) 1.40
ASTRAZENECA 1.25
HSBC HOLDINGS 1.21
Segro Segro Ord GBP0.1 1.01
TAIWAN SEMICONDUCTOR MANUFACTURING CO. 0.86
UNILEVER 0.83
SHELL 0.76
BP 0.76
SAMSUNG ELECTRONICS CO. LTD 0.75
Total 14.63

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 primarily through other M&G funds or direct holdings. It is actively managed against an internal benchmark asset allocation set by the M&G Treasury & Investment Office. 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. Derivative instruments may be used for efficient portfolio management.

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 40 years and 11 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 (26/03/2024) 445.40
Fund size (29/02/2024) £399.83m
Underlying Fund size £515.77m
Number of holdings 6497
Annual Management Charge (AMC) Please refer to the "Fund Guide"
for your specific pension plan
Launch date 06/04/2001

Asset Allocation

pie chart
  International Equities 33.34%
  UK Equities 19.28%
  Cash and Equivalents 15.83%
  International Bonds 13.58%
  Property 5.61%
  UK Corporate Bonds 2.96%
  Investment Trusts 1.70%
  UK Gilts 1.08%
  Alternative Trading Strategies 0.16%
  Other Assets 6.47%

Commentary

Performance as at Q4 2023 - It was a positive fourth quarter for most financial assets, with investor sentiment supported by the easing of inflationary pressures, optimism about forthcoming rate cuts by central banks and a potential economic ‘soft landing’. After an initial period of weakness, the year ended with a powerful two-month rally in equity and bond markets. The fund gained in the quarter and was broadly in line with the benchmark and ahead of the comparator. Europe and the US were among the strongest performers, while all main markets registered gains, all in sterling terms. The European Central Bank kept interest rates on hold during the quarter and investors became more optimistic about interest rate cuts in 2024. Similarly, US equities were supported by increased speculation that the US Federal Reserve had ended its interest rate hiking cycle as inflation continues to fall. Pacific and emerging markets were held back by the weak performance of China and Hong Kong. Interest rates in Japan are very low but the Japanese stockmarket rallied on the back of hopes that rates in other major economies had peaked and would begin falling in 2024. The UK was one of the weaker regions globally, as concerns about the subdued economy weighed on sentiment. Stockpicking in the US was beneficial, while selection in the UK detracted. So too did stockpicks in Pacific markets, Europe, Japan and emerging markets, although to a lesser extent. In terms of fixed income, expectations for cuts in interest rates also supported global bond markets, with both government and corporate bonds performing well. In particular, UK government bonds (gilts) outperformed both US and German government bonds, and were supported by an easing of annual inflation to 3.9%, raising expectations that the Bank of England would start cutting interest rates this year. Meanwhile, the fund’s allocation to property was beneficial. As inflation continues to ease, alongside the positive fundamentals of the US economy and the potential for a beneficial ‘spillover’ impact on the global economy, we retain a moderately above-benchmark position in equities. As part of the long-term strategic asset allocation review, we implemented a small update to the portfolio, reducing our exposure to UK, Asian and European equities. We increased the allocation to fixed interest, taking new positions in US government bonds, based on a valuation perspective. The allocation to Alternatives was increased and diversified through the introduction of infrastructure assets. We also sold some UK property and started exposure to European and Asian property. While central banks continue to keep monetary policy tight enough to drive inflation back towards the 2% target, there is growing evidence of a continued softening in inflation. This has led investors to focus on the potential for central banks to ease policy rates to prevent further restriction to the economy, and prospects for a global economic ‘soft landing’. Recent price moves suggest equities and bonds are priced for this ‘goldilocks’ outcome, although evidence increasingly suggests that higher borrowing costs are slowing economic activity.

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
  International Equities 33.34%
  UK Equities 19.28%
  Cash and Equivalents 15.83%
  International Bonds 13.58%
  Property 5.61%
  UK Corporate Bonds 2.96%
  Investment Trusts 1.70%
  UK Gilts 1.08%
  Alternative Trading Strategies 0.16%
  Other Assets 6.47%

Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Bonds 17.62% - - -
 
Cash and Equivalents 15.86% - - -
 
Financials 12.11% - - -
 
Banks - 5.36% - -
 
Banks - - 5.36% -
 
Banks - - - 5.36%
 
Financial Services - 4.55% - -
 
Investment Banking & Brokerage Services - - 2.23% -
 
Asset Managers & Custodians - - - 1.28%
 
Investment Services - - - 0.67%
 
Diversified Financial Services - - - 0.28%
 
Equity Investment Instruments - - 1.70% -
 
Equity Investment Instruments - - - 1.70%
 
Finance & Credit Services - - 0.61% -
 
Financial Data & Systems - - - 0.53%
 
Mortgage Finance - - - 0.06%
 
Consumer Lending - - - 0.01%
 
Nonequity Investment Instruments - - 0.01% -
 
Nonequity Investment Instruments - - - 0.01%
 
Insurance - 2.21% - -
 
Life Insurance - - 1.36% -
 
Life Insurance - - - 1.36%
 
Non-life Insurance - - 0.84% -
 
Property & Casualty Insurance - - - 0.48%
 
Full Line Insurance - - - 0.27%
 
Reinsurance - - - 0.07%
 
Insurance Brokers - - - 0.02%
 
Non-Classified 8.36% - - -
 
Non-Classified - 4.65% - -
 
Non-Classified - - 4.65% -
 
Non-Classified - - - 4.65%
 
Industrials 7.86% - - -
 
Industrial Goods & Services - 7.26% - -
 
Industrial Transportation - - 2.22% -
 
Railroads - - - 1.04%
 
Transportation Services - - - 0.47%
 
Marine Transportation - - - 0.36%
 
Delivery Services - - - 0.16%
 
Commercial Vehicle-Equipment Leasing - - - 0.10%
 
Railroad Equipment - - - 0.04%
 
Commercial Vehicles & Parts - - - 0.02%
 
Trucking - - - 0.02%
 
Industrial Support Services - - 1.67% -
 
Professional Business Support Services - - - 0.73%
 
Transaction Processing Services - - - 0.39%
 
Industrial Suppliers - - - 0.28%
 
Business Training & Employment Agencies - - - 0.23%
 
Security Services - - - 0.03%
 
Forms & Bulk Printing Services - - - 0.01%
 
General Industrials - - 1.36% -
 
Diversified Industrials - - - 0.83%
 
Containers & Packaging - - - 0.42%
 
Plastics - - - 0.09%
 
Glass - - - 0.02%
 
Paints & Coatings - - - 0.00%
 
Industrial Engineering - - 0.88% -
 
Machinery: Industrial - - - 0.27%
 
Machinery: Construction & Handling - - - 0.24%
 
Machinery: Engines - - - 0.17%
 
Machinery: Tools - - - 0.14%
 
Machinery: Specialty - - - 0.06%
 
Machinery: Agricultural - - - 0.01%
 
Electronic & Electrical Equipment - - 0.70% -
 
Electrical Components - - - 0.42%
 
Electronic Equipment: Control & Filter - - - 0.13%
 
Electronic Equipment: Gauges & Meters - - - 0.09%
 
Electronic Equipment: Pollution Control - - - 0.06%
 
Aerospace & Defence - - 0.43% -
 
Defense - - - 0.23%
 
Aerospace - - - 0.20%
 
Construction & Materials - 0.60% - -
 
Construction & Materials - - 0.60% -
 
Construction - - - 0.18%
 
Building: Climate Control - - - 0.12%
 
Engineering & Contracting Services - - - 0.09%
 
Building, Roofing/Wallboard & Plumbing - - - 0.09%
 
Building Materials: Other - - - 0.08%
 
Cement - - - 0.04%
 
Consumer Discretionary 6.52% - - -
 
Retail - 1.66% - -
 
Retailers - - 1.66% -
 
Diversified Retailers - - - 1.07%
 
Home Improvement Retailers - - - 0.23%
 
Specialty Retailers - - - 0.21%
 
Apparel Retailers - - - 0.16%
 
Automobiles & Parts - 1.47% - -
 
Automobiles & Parts - - 1.47% -
 
Automobiles - - - 1.16%
 
Auto Parts - - - 0.31%
 
Tires - - - 0.00%
 
Consumer Products & Services - 1.38% - -
 
Leisure Goods - - 0.44% -
 
Consumer Electronics - - - 0.21%
 
Toys - - - 0.08%
 
Electronic Entertainment - - - 0.05%
 
Photography - - - 0.04%
 
Recreational Vehicles & Boats - - - 0.04%
 
Recreational Products - - - 0.01%
 
Consumer Services - - 0.42% -
 
Vending & Catering Service - - - 0.28%
 
Rental & Leasing Services: Consumer - - - 0.07%
 
Consumer Services: Misc. - - - 0.07%
 
Education Services - - - 0.00%
 
Personal Goods - - 0.26% -
 
Clothing & Accessories - - - 0.14%
 
Cosmetics - - - 0.06%
 
Footwear - - - 0.04%
 
Luxury Items - - - 0.02%
 
Household Goods & Home Construction - - 0.25% -
 
Home Construction - - - 0.22%
 
Household Appliance - - - 0.03%
 
Household Equipment & Products - - - 0.00%
 
Household Furnishings - - - 0.00%
 
Travel & Leisure - 1.02% - -
 
Travel & Leisure - - 1.02% -
 
Restaurants & Bars - - - 0.26%
 
Hotels & Motels - - - 0.24%
 
Casinos & Gambling - - - 0.23%
 
Recreational Services - - - 0.13%
 
Travel & Tourism - - - 0.09%
 
Airlines - - - 0.06%
 
Media - 0.99% - -
 
Media - - 0.99% -
 
Publishing - - - 0.48%
 
Media Agencies - - - 0.28%
 
Radio & TV Broadcasters - - - 0.12%
 
Entertainment - - - 0.11%
 
Technology 6.34% - - -
 
Technology - 6.34% - -
 
Technology Hardware & Equipment - - 3.38% -
 
Semiconductors - - - 2.10%
 
Computer Hardware - - - 0.66%
 
Production Technology Equipment - - - 0.37%
 
Electronic Components - - - 0.21%
 
Electronic Office Equipment - - - 0.03%
 
Software & Computer Services - - 2.96% -
 
Software - - - 1.28%
 
Consumer Digital Services - - - 1.27%
 
Computer Services - - - 0.41%
 
Real Estate 6.22% - - -
 
Real Estate - 6.22% - -
 
Real Estate Investment Trusts - - 5.31% -
 
Diversified REITs - - - 1.57%
 
Industrial REITs - - - 1.17%
 
Residential REITs - - - 0.51%
 
Office REITs - - - 0.47%
 
Storage REITs - - - 0.35%
 
Retail REITs - - - 0.35%
 
Health Care REITs - - - 0.31%
 
Infrastructure REITs - - - 0.27%
 
Other Specialty REITs - - - 0.27%
 
Timber REITs - - - 0.04%
 
Hotel & Lodging REITs - - - 0.01%
 
Real Estate Investment & Services - - 0.91% -
 
Real Estate Holding and Development - - - 0.68%
 
Real Estate Services - - - 0.24%
 
Health Care 4.25% - - -
 
Health Care - 4.25% - -
 
Pharmaceuticals & Biotechnology - - 3.56% -
 
Pharmaceuticals - - - 3.18%
 
Biotechnology - - - 0.38%
 
Medical Equipment & Services - - 0.52% -
 
Medical Equipment - - - 0.43%
 
Medical Supplies - - - 0.09%
 
Medical Services - - - 0.00%
 
Health Care Providers - - 0.16% -
 
Health Care Management Services - - - 0.16%
 
Health Care Services - - - 0.00%
 
Health Care Facilities - - - 0.00%
 
Consumer Staples 3.54% - - -
 
Personal Care, Drug & Grocery Stores - 1.83% - -
 
Personal Care, Drug & Grocery Stores - - 1.83% -
 
Personal Products - - - 0.95%
 
Food Retailers & Wholesalers - - - 0.48%
 
Nondurable Household Products - - - 0.34%
 
Drug Retailers - - - 0.06%
 
Food, Beverage & Tobacco - 1.72% - -
 
Beverages - - 1.08% -
 
Distillers & Vintners - - - 0.57%
 
Soft Drinks - - - 0.41%
 
Brewers - - - 0.10%
 
Food Producers - - 0.58% -
 
Food Products - - - 0.56%
 
Farming, Fishing, Ranching & Plantations - - - 0.02%
 
Fruit & Grain Processing - - - 0.00%
 
Tobacco - - 0.06% -
 
Tobacco - - - 0.06%
 
Utilities 3.44% - - -
 
Utilities - 3.44% - -
 
Electricity - - 2.05% -
 
Conventional Electricity - - - 1.92%
 
Alternative Electricity - - - 0.13%
 
Gas, Water & Multi-utilities - - 1.34% -
 
Multi-Utilities - - - 0.97%
 
Water - - - 0.22%
 
Gas Distribution - - - 0.16%
 
Waste & Disposal Services - - 0.05% -
 
Waste & Disposal Services - - - 0.05%
 
Energy 3.37% - - -
 
Energy - 3.37% - -
 
Non-Renewable Energy - - 3.23% -
 
Integrated Oil & Gas - - - 1.78%
 
Pipelines - - - 0.65%
 
Oil: Crude Producers - - - 0.52%
 
Oil Refining and Marketing - - - 0.21%
 
Oil Equipment & Services - - - 0.07%
 
Coal - - - 0.00%
 
Renewable Energy - - 0.14% -
 
Alternative Fuels - - - 0.12%
 
Renewable Energy Equipment - - - 0.02%
 
Basic Materials 2.22% - - -
 
Basic Resources - 1.48% - -
 
Industrial Metals & Mining - - 1.35% -
 
General Mining - - - 1.06%
 
Iron & Steel - - - 0.12%
 
Copper - - - 0.12%
 
Metal Fabricating - - - 0.03%
 
Nonferrous Metals - - - 0.02%
 
Aluminum - - - 0.00%
 
Precious Metals & Mining - - 0.09% -
 
Gold Mining - - - 0.08%
 
Platinum & Precious Metals - - - 0.00%
 
Diamonds & Gemstones - - - 0.00%
 
Industrial Materials - - 0.05% -
 
Diversified Materials - - - 0.02%
 
Paper - - - 0.02%
 
Forestry - - - 0.00%
 
Textile Products - - - 0.00%
 
Chemicals - 0.74% - -
 
Chemicals - - 0.74% -
 
Chemicals: Diversified - - - 0.50%
 
Specialty Chemicals - - - 0.19%
 
Chemicals & Synthetic Fibers - - - 0.03%
 
Fertilizers - - - 0.02%
 
Telecommunications 2.13% - - -
 
Telecommunications - 2.13% - -
 
Telecommunications Equipment - - 1.11% -
 
Telecommunications Equipment - - - 1.11%
 
Telecommunications Service Providers - - 1.03% -
 
Telecommunications Services - - - 1.02%
 
Cable Television Services - - - 0.01%
 
Alternative Trading Strategies 0.16% - - -
 
Alternative Trading Strategies - 0.16% - -
 
Alternative Trading Strategies - - 0.16% -
 
Alternative Trading Strategies - - - 0.16%

Regional Allocation

pie chart
  UK 23.33%
  North America 21.35%
  Cash and Equivalents 15.96%
  Developed Europe - Excl UK 7.53%
  Emerging Asia 6.67%
  Property 5.59%
  Japan 4.68%
  Non-Classified 9.07%
  Developed Asia 2.68%
  Other Regions 3.15%

Fixed Interest Currencies

pie chart
  Non-Fixed Interest Assets 66.76%
  Cash 15.62%
  Pound Sterling 11.51%
  Euro 3.09%
  US Dollar 2.53%
  Brazilian Real 0.05%
  Other Currencies 0.43%

Regional Breakdown

Expand allCollapse all
Region Country
 
UK 23.33% -
 
United Kingdom - 23.34%
 
Jersey - 0.00%
 
North America 21.35% -
 
United States - 19.59%
 
Canada - 1.76%
 
Cash and Equivalents 15.96% -
 
Developed Europe - Excl UK 7.53% -
 
France - 1.51%
 
Germany - 1.11%
 
Netherlands - 0.95%
 
Ireland - 0.78%
 
Switzerland - 0.65%
 
Sweden - 0.45%
 
Spain - 0.43%
 
Luxembourg - 0.40%
 
Italy - 0.37%
 
Denmark - 0.29%
 
Belgium - 0.22%
 
Finland - 0.13%
 
Austria - 0.09%
 
Norway - 0.06%
 
Portugal - 0.05%
 
Iceland - 0.04%
 
Emerging Asia 6.67% -
 
South Korea - 2.25%
 
China - 1.30%
 
Taiwan - 1.16%
 
India - 0.78%
 
Indonesia - 0.53%
 
Thailand - 0.27%
 
Malaysia - 0.13%
 
Philippines - 0.13%
 
Pakistan - 0.03%
 
Uzbekistan - 0.02%
 
Viet Nam - 0.01%
 
Kazakhstan - 0.01%
 
Azerbaijan - 0.01%
 
Tajikistan - 0.01%
 
Georgia - 0.01%
 
Mongolia - 0.01%
 
Armenia - 0.01%
 
Sri Lanka - 0.00%
 
Papua New Guinea - 0.00%
 
Macau - 0.00%
 
Property 5.59% -
 
Japan 4.68% -
 
Japan - 4.68%
 
Non-Classified 9.07% -
 
Developed Asia 2.68% -
 
Hong Kong - 1.95%
 
Singapore - 0.73%
 
Australia & New Zealand 1.25% -
 
Australia - 1.21%
 
New Caledonia - 0.02%
 
New Zealand - 0.02%
 
South & Central America 1.11% -
 
Brazil - 0.49%
 
Mexico - 0.29%
 
Colombia - 0.12%
 
Peru - 0.04%
 
Dominican Republic - 0.03%
 
Chile - 0.03%
 
Uruguay - 0.03%
 
Argentina - 0.02%
 
Guatemala - 0.01%
 
Paraguay - 0.01%
 
Barbados - 0.01%
 
Trinidad and Tobago - 0.01%
 
Honduras - 0.01%
 
Panama - 0.01%
 
El Salvador - 0.01%
 
Cayman Islands - 0.01%
 
Ecuador - 0.00%
 
Venezuela - 0.00%
 
Costa Rica - 0.00%
 
Jamaica - 0.00%
 
Bolivia - 0.00%
 
Middle East & Africa 0.49% -
 
South Africa - 0.20%
 
Egypt - 0.05%
 
Israel - 0.04%
 
United Arab Emirates - 0.04%
 
Morocco - 0.02%
 
Qatar - 0.01%
 
Nigeria - 0.01%
 
Oman - 0.01%
 
Cote D'Ivoire - 0.01%
 
Jordan - 0.01%
 
Gabon - 0.01%
 
Benin - 0.01%
 
Senegal - 0.01%
 
Mozambique - 0.01%
 
Rwanda - 0.01%
 
Saudi Arabia - 0.01%
 
Kenya - 0.01%
 
Angola - 0.01%
 
Cameroon - 0.01%
 
Iraq - 0.00%
 
Zambia - 0.00%
 
Ghana - 0.00%
 
Kuwait - 0.00%
 
Emerging Europe 0.30% -
 
Romania - 0.08%
 
Poland - 0.06%
 
Turkey - 0.04%
 
Hungary - 0.04%
 
Greece - 0.03%
 
Serbia - 0.01%
 
Russian Federation - 0.01%
 
Montenegro - 0.01%
 
Albania - 0.01%
 
Ukraine - 0.01%
 
Bosnia and Herzegowina - 0.00%
 
Bulgaria - 0.00%
 
Croatia - 0.00%
 
Czech Republic - 0.00%
 
Macedonia, The Former Yugoslav Republic Of - 0.00%

Breakdown By Market Cap (%)

Mega
 
 
28.29%
Large
 
 
12.53%
Medium
 
 
9.14%
Small
 
 
3.58%
Micro
 
 
0.76%
Non-Classified
 
 
12.22%
Bonds
 
 
17.62%
Cash
 
 
15.86%

Fixed Interest Maturity Profile

< 5Yr Maturity
 
 
3.51%
5Yr - 10Yr Maturity
 
 
2.47%
10Yr - 15Yr Maturity
 
 
0.73%
> 15Yr Maturity
 
 
5.12%
Cash And Equivalents
 
 
15.86%
Unknown Maturity
 
 
9.36%
Other Asset Types
 
 
62.96%

Fixed Interest Quality Profile

AAA
 
 
0.39%
AA
 
 
1.42%
A
 
 
1.63%
BBB
 
 
3.24%
Sub-Investment Grade
 
 
1.72%
Unknown Quality
 
 
3.43%
Cash and Equivalents
 
 
15.86%
Other Asset Types
 
 
72.32%

Top 10 Fund Holdings

Name % Weight Sector Country
1 M&G PP UK Equity Fund 18.86% Managed Funds Managed Funds
2 M&G PP Pacific Basin ex-Japan Equity 8.94% Managed Funds Managed Funds
3 M&G (ACS) Blackrock US Equity Z2A Acc 8.57% Managed Funds Managed Funds
4 Eastspring US Corporate Bond Class EG (hedged) 5.80% Managed Funds Managed Funds
5 M&G PP Europe Equity 5.33% Managed Funds Managed Funds
6 M&G (ACS) Japan Equity Fund Z2A Acc 4.55% Managed Funds Managed Funds
7 iShares iShares II plc UK Property UCITS ETF GBP (Dist) 4.39% Managed Funds Managed Funds
8 M&G Total Return Credit Investment Class PP GBP 4.12% Managed Funds Managed Funds
9 Legal & General Global Infrastructure Index Class C 4.04% Managed Funds Managed Funds
10 M&G PP Long Dated Corporate Bond Fund 3.98% Managed Funds Managed Funds

Top 10 Holdings

Stock % Weight Sector Country
1 Eastspring US Corporate Bond Class EG (hedged) 5.80% Bonds United States
2 iShares iShares plc European Property Yield UCITS ETF EUR (Dist) 1.40% Non-Classified Direct Property and REITs
3 ASTRAZENECA 1.25% Pharmaceuticals & Biotechnology United Kingdom
4 HSBC HOLDINGS 1.21% Banks United Kingdom
5 Segro Segro Ord GBP0.1 1.01% Real Estate Investment Trusts Direct Property and REITs
6 TAIWAN SEMICONDUCTOR MANUFACTURING CO. 0.86% Technology Hardware & Equipment Taiwan
7 UNILEVER 0.83% Personal Care, Drug & Grocery Stores United Kingdom
8 SHELL 0.76% Non-Renewable Energy United Kingdom
9 BP 0.76% Non-Renewable Energy United Kingdom
10 SAMSUNG ELECTRONICS CO. LTD 0.75% Telecommunications Equipment South Korea

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 primarily through other M&G funds or direct holdings. It is actively managed against an internal benchmark asset allocation set by the M&G Treasury & Investment Office. 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. Derivative instruments may be used for efficient portfolio management. 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 Treasury & Investment Office (T&IO).
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.

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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

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.