Prudential M&G Strategic Corporate Bond Ser A

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

Performance

Discrete performance - to last month end

28/02/19
to
29/02/20
29/02/20
to
28/02/21
28/02/21
to
28/02/22
28/02/22
to
28/02/23
28/02/23
to
29/02/24
Fund 7.7% 3.5% -4.2% -9.2% 6.8%
Sector 9.5% 1.5% -4.2% -11.6% 5.5%
Rank 164/197 15/201 97/205 46/206 25/208
Quartile 4 1 2 1 1

Annualised performance

Annualised
3 Years to
29/02/24
5 Years to
29/02/24
10 Years to
29/02/24
Fund -2.4% 0.7% 2.0%
Sector -3.7% -0.1% 1.9%
Rank 33/205 32/197 55/176
Quartile 1 1 2

Top 10 Holdings

Stock % Weight
EUR/GBP GBP 4.62
⅝% Treasury Gilt 2050 3.73
USD/GBP GBP 3.01
EUROPEAN INVESTMENT BANK 4.875% 16/12/2030 2.40
IMPERIAL BRANDS FINANCE PLC 4.875% 07/06/2032 2.03
KFW 4.875% 03/02/2031 1.89
1⅝% Treasury Gilt 2071 1.73
INTER-AMERICAN DEV BANK 4.75% 05/10/2029 1.43
⅞ Treasury 2046 1.37
MEXICO (UNITED MEXICAN STATES) (GOVERNMENT) 5.625% 19/03/2114 1.35
Total 23.55

Fund Aims

Objective: The investment strategy of the fund is to purchase units in the M&G Strategic Corporate Bond Fund - the underlying fund. Underlying Fund Objective: The Fund aims to provide a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than the average return of the iBoxx Sterling Corporates GBP Index (the benchmark), over any five-year period. At least 70% of the fund is invested, directly or indirectly through derivatives, in investment grade corporate debt securities including investment-grade Asset-Backed Securities. These securities can be issued by companies from anywhere in the world, including Emerging Markets. These securities can be denominated in any currency. Other investments may include:

  • below investment grade and unrated corporate debt securities.
  • debt securities issued or guaranteed by governments and their agencies, public authorities, quasi-sovereigns, and supranational bodies.
  • below investment grade and unrated Asset-Backed Securities; and
  • other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G).

Investments in Asset-Backed Securities are limited to 20% of the fund. The fund aims to hedge any non-sterling assets to sterling. Derivatives may be used for investment purposes, efficient portfolio management and hedging.

The Fund is diversified across a range of investment grade debt securities from a variety of sectors and geographies. The Fund's investment approach is based on the principle that returns from corporate bond markets are driven by a combination of macroeconomic, asset class, sector, geographic and stock-level factors. As different factors dominate returns at different stages of the economic cycle, the manager applies a flexible investment approach, changing the blend of duration and credit exposure in the portfolio to weight them appropriately. The fund manager has the freedom to take a high-conviction approach when selecting credits for the Fund. Individual credit selection is carried out with the assistance of an in-house team of credit analysts to complement the fund manager's views.

Fund Manager

Richard Woolnough manager of the underlying fund for 20 years and 1 months

Photo of Richard Woolnough Richard Woolnough joined M&G in January 2004 and is fund manager of the M&G Optimal Income Fund, the M&G Corporate Bond Fund and the M&G Strategic Corporate Bond Fund, three of the company's flagship fixed interest funds. Richard began his career at Lloyds Merchant Bank in 1985, moving to Italian insurer Assicurazioni Generali two years later, followed by SG Warburg. In 1995, he became a fund manager at Old Mutual. Richard graduated from the London School of Economics with a BSc in economics.

Ben Lord manager of the underlying fund for 4 years and 2 months

Photo of Ben Lord Ben Lord joined M&G in 2007 and was appointed fund manager of the M&G Global Corporate Bond Fund from launch in September 2013. He is also fund manager of the M&G UK Inflation Linked Corporate Bond Fund and deputy manager of the M&G European Inflation Linked Corporate Bond Fund, the M&G Strategic Corporate Bond Fund, the M&G Corporate Bond Fund and the M&G Short Dated Corporate Bond Fund. Ben previously worked at Gordian Knot as a credit analyst covering global financial institutions. He obtained an MA (Hons) from the University of Edinburgh and is a CFA charterholder.

Fund Overview

Bid (28/03/2024) 208.60
Offer (28/03/2024) 219.60
Fund size (29/02/2024) £2.73m
Underlying Fund size £1107.50m
Number of holdings 292
Launch date 19/06/2006

Fund Charges

Annual Management Charge (AMC) 1.11%
Further Costs 0.00%
Yearly Total 1.11%

Asset Allocation

pie chart
  International Bonds 50.42%
  UK Corporate Bonds 28.58%
  UK Gilts 8.15%
  Money Market 2.23%
  Cash and Equivalents 0.91%
  Alternative Trading Strategies 0.64%
  International Equities 0.00%
  Other Assets 9.08%
Portfolio data accurate as at: 31/01/24

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 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 product charges, or 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 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.

Portfolio data accurate as at:

Asset Allocation

pie chart
  International Bonds 50.42%
  UK Corporate Bonds 28.58%
  UK Gilts 8.15%
  Money Market 2.23%
  Cash and Equivalents 0.91%
  Alternative Trading Strategies 0.64%
  International Equities 0.00%
  Other Assets 9.08%

Bond Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Bonds 87.15% - - -
 
Non-Classified 9.08% - - -
 
Cash and Equivalents 3.14% - - -
 
Alternative Trading Strategies 0.64% - - -
 
Alternative Trading Strategies - 0.64% - -
 
Alternative Trading Strategies - - 0.64% -
 
Alternative Trading Strategies - - - 0.64%
 
Consumer Discretionary 0.00% - - -
 
Travel & Leisure - 0.00% - -
 
Travel & Leisure - - 0.00% -
 
Casinos & Gambling - - - 0.00%

Regional Allocation

pie chart
  UK 36.73%
  Developed Europe - Excl UK 24.91%
  Non-Classified 17.92%
  North America 15.11%
  Cash and Equivalents 3.14%
  South & Central America 1.73%
  Australia & New Zealand 0.47%

Fixed Interest Currencies

pie chart
  Pound Sterling 75.39%
  Non-Fixed Interest Assets 11.94%
  US Dollar 8.26%
  Euro 3.49%
  Cash 0.91%

Regional Breakdown

Expand allCollapse all
Region Country
 
UK 36.73% -
 
United Kingdom - 36.73%
 
Developed Europe - Excl UK 24.91% -
 
France - 9.12%
 
Netherlands - 3.65%
 
Luxembourg - 2.86%
 
Germany - 2.80%
 
Spain - 2.03%
 
Italy - 1.58%
 
Switzerland - 1.05%
 
Ireland - 0.53%
 
Denmark - 0.41%
 
Finland - 0.39%
 
Sweden - 0.30%
 
Belgium - 0.19%
 
Non-Classified 17.92% -
 
North America 15.11% -
 
United States - 13.99%
 
Canada - 1.11%
 
Cash and Equivalents 3.14% -
 
South & Central America 1.73% -
 
Mexico - 1.73%
 
Australia & New Zealand 0.47% -
 
Australia - 0.47%

Breakdown By Market Cap (%)

Non-Classified
 
 
9.71%
Bonds
 
 
87.15%
Cash
 
 
3.14%

Fixed Interest Maturity Profile

< 5Yr Maturity
 
 
9.91%
5Yr - 10Yr Maturity
 
 
42.82%
10Yr - 15Yr Maturity
 
 
11.45%
> 15Yr Maturity
 
 
22.96%
Cash And Equivalents
 
 
3.14%
Unknown Maturity
 
 
9.08%
Other Asset Types
 
 
0.64%

Fixed Interest Quality Profile

AAA
 
 
7.61%
AA
 
 
10.54%
A
 
 
16.91%
BBB
 
 
47.04%
Sub-Investment Grade
 
 
0.47%
Unknown Quality
 
 
4.58%
Cash and Equivalents
 
 
3.14%
Other Asset Types
 
 
9.71%

Top 10 Holdings

Stock % Weight Sector Country
1 EUR/GBP GBP 4.62% Non-Classified Non-Classified
2 ⅝% Treasury Gilt 2050 3.73% Bonds United Kingdom
3 USD/GBP GBP 3.01% Non-Classified Non-Classified
4 EUROPEAN INVESTMENT BANK 4.875% 16/12/2030 2.40% Bonds Luxembourg
5 IMPERIAL BRANDS FINANCE PLC 4.875% 07/06/2032 2.03% Bonds United Kingdom
6 KFW 4.875% 03/02/2031 1.89% Bonds Germany
7 1⅝% Treasury Gilt 2071 1.73% Bonds United Kingdom
8 INTER-AMERICAN DEV BANK 4.75% 05/10/2029 1.43% Non-Classified Non-Classified
9 ⅞ Treasury 2046 1.37% Bonds United Kingdom
10 MEXICO (UNITED MEXICAN STATES) (GOVERNMENT) 5.625% 19/03/2114 1.35% Bonds Mexico

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).

The Industry Classification Benchmark is a product of FTSE International Limited and has been licensed for use.

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.

Identification Codes

Sedol Code B10SR76
Mex Code PUDKL
Isin Code GB00B10SR763
Citi Code EP73

Fund Charges

Annual Management Charge (AMC) 1.11%
Further Costs 0.00%
Yearly Total 1.11%

Aims and Benchmark

Aims Objective: The investment strategy of the fund is to purchase units in the M&G Strategic Corporate Bond Fund - the underlying fund. Underlying Fund Objective: The Fund aims to provide a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than the average return of the iBoxx Sterling Corporates GBP Index (the benchmark), over any five-year period. At least 70% of the fund is invested, directly or indirectly through derivatives, in investment grade corporate debt securities including investment-grade Asset-Backed Securities. These securities can be issued by companies from anywhere in the world, including Emerging Markets. These securities can be denominated in any currency. Other investments may include: - below investment grade and unrated corporate debt securities. - debt securities issued or guaranteed by governments and their agencies, public authorities, quasi-sovereigns, and supranational bodies. - below investment grade and unrated Asset-Backed Securities; and - other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G). Investments in Asset-Backed Securities are limited to 20% of the fund. The fund aims to hedge any non-sterling assets to sterling. Derivatives may be used for investment purposes, efficient portfolio management and hedging. The Fund is diversified across a range of investment grade debt securities from a variety of sectors and geographies. The Fund's investment approach is based on the principle that returns from corporate bond markets are driven by a combination of macroeconomic, asset class, sector, geographic and stock-level factors. As different factors dominate returns at different stages of the economic cycle, the manager applies a flexible investment approach, changing the blend of duration and credit exposure in the portfolio to weight them appropriately. The fund manager has the freedom to take a high-conviction approach when selecting credits for the Fund. Individual credit selection is carried out with the assistance of an in-house team of credit analysts to complement the fund manager's views.
Benchmark iBoxx Sterling Corporates GBP
Sector ABI Sterling Corporate Bond

Ratings

FE Crown Crown Rating of 2

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).

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.

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 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 product charges, or 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 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.

"Prudential" is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 15454. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.