Prudential Positive Impact S3

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

Performance

Discrete performance - to latest available quarter end

31/03/19
to
31/03/20
31/03/20
to
31/03/21
31/03/21
to
31/03/22
31/03/22
to
31/03/23
31/03/23
to
31/03/24
Fund n/a 42.1% 5.1% 2.1% 6.7%
Benchmark -6.2% 39.6% 12.9% -0.9% 21.2%

Performance - to latest available quarter end

Quarter Annualised
1
2024
3 Years to
31/03/24
5 Years to
31/03/24
10 Years to
31/03/24
Fund 5.9% 4.6% n/a n/a
Benchmark 9.3% 10.7% 12.1% 12.3%

Top 10 Holdings

Stock % Weight
NOVO NORDISK A/S 7.61
SCHNEIDER ELECTRIC SE 5.81
BANK OF GEORGIA GROUP 5.23
JOHNSON CONTROLS INTL 4.99
REPUBLIC SERVICES 4.65
THERMO FISHER SCIENTIFIC 4.64
ON SEMICONDUCTOR CORPORATION 4.52
UNITEDHEALTH GROUP INCORPORATED 4.42
HORIBA 4.11
HDFC BANK LIMITED 4.05
Total 50.02

Fund Aims

Objective: The investment strategy of the fund is to purchase units in the M&G PP Positive Impact fund (the underlying fund).

Underlying fund objective: The fund has two aims: To provide a higher total return (the combination of capital growth and income), net of the Ongoing Charges Figure, than the MSCI ACWI Index over any five-year period; and To invest in companies that aim to have a positive societal impact through addressing the world's major social and environmental challenges. The fund gains its exposure through the M&G Positive Impact Fund, an M&G OEIC. The fund is a concentrated portfolio of global stocks, usually holding fewer than 40 stocks, investing over the long term in companies that make a positive social and/or environmental impact alongside a financial return, using a disciplined stock selection process. Sustainability and impact considerations are fundamental in determining the fund's investment universe and assessing business models. The fund embraces the United Nations Sustainable Development Goals framework and invests in companies focused on areas including climate action, pollution reduction, circular economy, health and wellbeing, education and innovation, and working conditions. The fund invests in three categories of positive impact companies: "Pioneers", whose products or services have a transformational effect on society or the environment; "Enablers", which provide the tools for others to deliver positive social or environmental impact; and "Leaders", which spearhead the development of sustainability in their industries. Investing in these categories provides diversification across industries and maturity of business models. Dialogue with the companies in which the fund invests is fundamental to the investment approach. The objective is to support and influence their contribution to the world's major social and environmental challenges. The fund manager has discretion to invest in companies with limited exposure to fossil fuels but which are driving or significantly participating in the transition to a more sustainable economy. The fund may also invest in other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G). Derivatives may be used for Efficient Portfolio Management and hedging.

Fund Manager

John William Olsen manager of the underlying fund for 5 years and 6 months

Photo of John William Olsen John William Olsen, a Danish national, joined M&G in April 2014, and was appointed fund manager of the M&G Global Growth Fund and M&G Pan European Fund in July 2014. John William joined M&G from Danske Capital, where from 2002 he had managed non-domestic equity portfolios, including the Global Stock Picking and Global Select equity funds, and also the European Select strategy. He joined Danske Capital in 1998 as a fund manager on the domestic Danish equities team, and in 2000 also became a global sector analyst focusing on technology and telecommunications stocks. John William gained a BA in business economics and then an MSc in finance and accounting from Copenhagen Business School.

Fund Overview

Daily price (17/05/2024) 136.50
Fund size (31/03/2024) £61.98m
Underlying Fund size $227.05m
Number of holdings 35
Annual Management Charge (AMC) Please refer to the "Fund Guide"
for your specific pension plan
Launch date 20/02/2020

Asset Allocation

pie chart
  International Equities 86.53%
  UK Equities 11.08%
  Cash and Equivalents 2.38%

Commentary

Performance as at Q3 2023 - The underlying fund fell in the quarter, and finished behind its benchmark, the MSCI ACWI Index. Relative performance was predominantly impacted by stock selection in the technology sector, and to a lesser extent in the utilities and industrials sectors. The lack of exposure to the energy sector, which was the top performer in the quarter, also detracted. Conversely, stockpicking in the materials and healthcare sectors was positive for relative returns. At the individual stock level, the largest detractor to relative performance was SolarEdge. The company’s share price fell after it announced below-consensus forecasts for Q3 earnings. The company expects a drop in demand for its solar power inverters, due to a combination of low electricity prices, high borrowing costs and a new metering reform in California, the US’s largest solar market. The top individual contributor was Danish pharmaceuticals firm Novo Nordisk. The company has seen its share price grow steadily since the beginning of 2023, with continued success from its Wegovy weight-loss treatment. Novo’s share price ticked up sharply at the beginning of August, after a study found that the medication lowered the risk of cardiovascular events such as stroke and heart attack. The fund manager exited the fund’s position in stonewool insulation manufacturer Rockwool during the quarter. This was due to deteriorating fundamentals and a decreasing belief in the long-term strength of the business model. He took out a new position in Autodesk, a specialist in 3D design and engineering software. The fund manager sees a number of positive catalysts for company growth, including an expanding addressable market, strong market positioning and additional revenue from the transition to cloud-based services. Recent impact fund underperformance has two sides to the coin. The extraordinarily sharp re-rating of the big tech companies (many of which would not be held in impact portfolios) is one. The second part is a significant relative setback for several of the core impact areas, such as health and renewables. For the first time since launching the fund, the fund manager can now say that many of the core impact areas feel severely out of favour, despite what he believes will be a great decade ahead for many of these companies. The fund manager is more excited about both the one-year and multi-year relative performance outlook than he has been before. The fund manager believes there is a lot of unrealised value on the funds, and some relatively plausible reversal catalysts.

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.

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: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

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 client’s investment can go down as well as up and the amount your client gets back may be less than they put in.

This factsheet is intended for the advisers 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. You should refer to your client's 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 infomation or make any warranties regarding results from its usage.

Portfolio data accurate as at:

Asset Allocation

pie chart
  International Equities 86.53%
  UK Equities 11.08%
  Cash and Equivalents 2.38%

Equity Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Health Care 34.38% - - -
 
Health Care - 34.38% - -
 
Pharmaceuticals & Biotechnology - - 14.65% -
 
Pharmaceuticals - - - 10.52%
 
Biotechnology - - - 4.14%
 
Medical Equipment & Services - - 14.06% -
 
Medical Equipment - - - 7.68%
 
Medical Services - - - 3.28%
 
Medical Supplies - - - 3.10%
 
Health Care Providers - - 5.66% -
 
Health Care Management Services - - - 4.42%
 
Health Care Services - - - 1.24%
 
Industrials 22.16% - - -
 
Industrial Goods & Services - 22.16% - -
 
Electronic & Electrical Equipment - - 14.91% -
 
Electrical Components - - - 5.81%
 
Electronic Equipment: Control & Filter - - - 4.99%
 
Electronic Equipment: Gauges & Meters - - - 4.11%
 
General Industrials - - 5.52% -
 
Containers & Packaging - - - 5.52%
 
Industrial Support Services - - 1.74% -
 
Industrial Suppliers - - - 1.74%
 
Financials 12.96% - - -
 
Banks - 11.30% - -
 
Banks - - 11.30% -
 
Banks - - - 11.30%
 
Insurance - 1.66% - -
 
Non-life Insurance - - 1.66% -
 
Property & Casualty Insurance - - - 1.66%
 
Technology 12.69% - - -
 
Technology - 12.69% - -
 
Software & Computer Services - - 6.81% -
 
Software - - - 6.81%
 
Technology Hardware & Equipment - - 5.88% -
 
Semiconductors - - - 4.52%
 
Production Technology Equipment - - - 1.36%
 
Utilities 7.05% - - -
 
Utilities - 7.05% - -
 
Waste & Disposal Services - - 4.65% -
 
Waste & Disposal Services - - - 4.65%
 
Electricity - - 2.40% -
 
Alternative Electricity - - - 2.40%
 
Consumer Discretionary 4.87% - - -
 
Consumer Products & Services - 4.87% - -
 
Consumer Services - - 4.04% -
 
Consumer Services: Misc. - - - 2.33%
 
Education Services - - - 1.71%
 
Household Goods & Home Construction - - 0.83% -
 
Home Construction - - - 0.83%
 
Cash and Equivalents 2.38% - - -
 
Telecommunications 2.30% - - -
 
Telecommunications - 2.30% - -
 
Telecommunications Service Providers - - 2.30% -
 
Telecommunications Services - - - 2.30%
 
Energy 1.21% - - -
 
Energy - 1.21% - -
 
Renewable Energy - - 1.21% -
 
Renewable Energy Equipment - - - 0.99%
 
Alternative Fuels - - - 0.21%

Regional Allocation

pie chart
  North America 45.60%
  Developed Europe - Excl UK 25.86%
  UK 11.08%
  Emerging Asia 6.07%
  Japan 4.94%
  Australia & New Zealand 3.04%
  Cash and Equivalents 2.38%
  Middle East & Africa 1.03%

Regional Breakdown

Expand allCollapse all
Region Country
 
North America 45.60% -
 
United States - 45.60%
 
Developed Europe - Excl UK 25.86% -
 
Denmark - 12.92%
 
France - 5.81%
 
Ireland - 4.99%
 
Germany - 1.24%
 
Spain - 0.89%
 
UK 11.08% -
 
United Kingdom - 11.08%
 
Emerging Asia 6.07% -
 
India - 4.05%
 
Indonesia - 2.02%
 
Japan 4.94% -
 
Japan - 4.94%
 
Australia & New Zealand 3.04% -
 
Australia - 3.04%
 
Cash and Equivalents 2.38% -
 
Middle East & Africa 1.03% -
 
Kenya - 1.03%

Breakdown By Market Cap (%)

Mega
 
 
23.67%
Large
 
 
20.05%
Medium
 
 
15.92%
Small
 
 
1.66%
Non-Classified
 
 
36.32%
Cash
 
 
2.38%

Top 10 Holdings

Stock % Weight Sector Country
1 NOVO NORDISK A/S 7.61% Pharmaceuticals & Biotechnology Denmark
2 SCHNEIDER ELECTRIC SE 5.81% Electronic & Electrical Equipment France
3 BANK OF GEORGIA GROUP 5.23% Banks United Kingdom
4 JOHNSON CONTROLS INTL 4.99% Electronic & Electrical Equipment Ireland
5 REPUBLIC SERVICES 4.65% Waste & Disposal Services United States
6 THERMO FISHER SCIENTIFIC 4.64% Medical Equipment & Services United States
7 ON SEMICONDUCTOR CORPORATION 4.52% Technology Hardware & Equipment United States
8 UNITEDHEALTH GROUP INCORPORATED 4.42% Health Care Providers United States
9 HORIBA 4.11% Electronic & Electrical Equipment Japan
10 HDFC BANK LIMITED 4.05% Banks India

Dual Aspect Equity Analysis

UK Equities Int'l Equities UK Bonds Int'l Bonds UK Gilts Property Other Cash & Equiv Total
Technology - 12.69% - - - - - - 12.69%
Telecommunications 1.27% 1.03% - - - - - - 2.30%
Financials 5.23% 7.73% - - - - - - 12.96%
Consumer Discretionary - 4.87% - - - - - - 4.87%
Energy 0.21% 0.99% - - - - - - 1.21%
Utilities - 7.05% - - - - - - 7.05%
Health Care 1.89% 32.49% - - - - - - 34.38%
Industrials 2.47% 19.69% - - - - - - 22.16%
Cash and Equivalents - - - - - - - 2.38% 2.38%

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.

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: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

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

This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s 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 BKTPJ31
Mex Code PUAABJ
Isin Code GB00BKTPJ319
Citi Code QYKJ

Fund Charges

Annual Management Charge (AMC) Please refer to the "Guide to Fund Options"
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 Positive Impact fund (the underlying fund). Underlying fund objective: The fund has two aims: To provide a higher total return (the combination of capital growth and income), net of the Ongoing Charges Figure, than the MSCI ACWI Index over any five-year period; and To invest in companies that aim to have a positive societal impact through addressing the world's major social and environmental challenges. The fund gains its exposure through the M&G Positive Impact Fund, an M&G OEIC. The fund is a concentrated portfolio of global stocks, usually holding fewer than 40 stocks, investing over the long term in companies that make a positive social and/or environmental impact alongside a financial return, using a disciplined stock selection process. Sustainability and impact considerations are fundamental in determining the fund's investment universe and assessing business models. The fund embraces the United Nations Sustainable Development Goals framework and invests in companies focused on areas including climate action, pollution reduction, circular economy, health and wellbeing, education and innovation, and working conditions. The fund invests in three categories of positive impact companies: "Pioneers", whose products or services have a transformational effect on society or the environment; "Enablers", which provide the tools for others to deliver positive social or environmental impact; and "Leaders", which spearhead the development of sustainability in their industries. Investing in these categories provides diversification across industries and maturity of business models. Dialogue with the companies in which the fund invests is fundamental to the investment approach. The objective is to support and influence their contribution to the world's major social and environmental challenges. The fund manager has discretion to invest in companies with limited exposure to fossil fuels but which are driving or significantly participating in the transition to a more sustainable economy. The fund may also invest in other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G). Derivatives may be used for Efficient Portfolio Management and hedging.
Benchmark MSCI ACWI Index
ABI Sector Global Equities

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.

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: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

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

This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s 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.

Risk Analysis

Ratio Value
Alpha -4.86
Beta 1.40
Sharpe 0.00
Standard Deviation 15.48
Info Ratio -0.37

Risk Factors

Risk Factor Yes / No
Charges to Capital Yes
Emerging Markets Yes
Concentrated Portfolio Yes
Smaller Companies No
High Yield Bonds No
Sector Specific Yes
Geared Investments No
Value of Investments Yes
Investments Long Term Yes
Property No
Exchange Rate Yes
Higher Risk Yes
Performance Charges No
Derivative Exposure Yes
Offshore No
Income Eroding Capital Growth No
Umbrella Liabilities Yes
New Fund No
Solvency of Depository No
Solvency of Bond Issuers No
Ethical Restrictions Yes
Liquidity Yes
Returns Are Not Guaranteed Yes
Inflation Yes
Taxation and Tax Relief Yes

Fund Specific Risks

Charges to Capital

Part, or all of the periodic annual management fee(s) and expenses may be charged to capital which could increase the potential for the capital value of your investment to be eroded. Your capital could also decrease if income withdrawals exceed the growth rate of the fund(s).

Emerging Markets

The fund invests in emerging markets. Generally less well regulated than the UK. There is an increased chance of political and economic instability with less reliable custody, dealing and settlement arrangements. The market(s) can be less liquid. If a fund investing in markets is affected by currency exchange rates, the investment could either increase or decrease. These investments therefore carry more risk.

Concentrated Portfolio

The fund may invest in a relatively smaller number of stocks. This stock concentration may carry more risk than funds spread across a larger number of companies.

Sector Specific

The fund invests in specific sectors. Funds which invest in specific sectors may carry more risk than those spread across a number of different sectors. They may assume higher risk, as markets/sectors can be more volatile. In particular, gold, technology funds and other focused funds can suffer as the underlying stocks can be more volatile and less liquid.

Value of Investments

The value of investments, and any income can fall, as well as rise, so you could get back less than you invested. Neither capital nor income is guaranteed.

Investments Long Term

Investments should be regarded as long term and are not suitable for money which may be needed in the short term, you should always have a sufficient cash reserve.

Exchange Rate

This fund invests in securities outside the UK. The value of investments and any income from them may therefore decrease or increase as a result of changes in exchange rates between currencies.

Higher Risk

This fund is specifically aimed at sophisticated investors and is particularly high risk, because it concentrates on a region that may be exposed to unusual political or economic risks. You should only invest if you are comfortable with the specific risks pertaining to the fund in question. If you are not familiar with these you should ask us for a copy of the provider's key features and brochure.

Derivative Exposure

The fund invests in derivatives as part of its investment strategy, over and above their use for Efficient Portfolio Management (EPM). Investors should be aware that the use of these instruments can, under certain circumstances, increase the volatility and risk profile of the Fund beyond that expected of a fund that only invests in equities. The fund may also be exposed to the risk that the company issuing the derivative may not honour their obligations which in turn could lead to losses arising.

Umbrella Liabilities

If the liabilities of one fund were to exceed its assets, the other funds within the scheme might have to transfer across money to cover the liabilities.

Ethical Restrictions

The fund is unable to invest in certain sectors and companies due to the ethical criteria used to select investments for the fund.

Liquidity

This fund can suffer from partial or total illiquidity, which may lead to considerable price fluctuations and the inability to redeem your investment.

Returns Are Not Guaranteed

What you receive when you sell your investment is not guaranteed; it depends on how your investments perform.

Inflation

Inflation will reduce the real value of your investments in future.

Taxation and Tax Relief

Levels of taxation and tax relief are subject to change.

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.

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: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

The risk factor definitions are provided by Broadridge. These definitions may differ from those of Prudential or any underlying fund manager. The data itself is provided by Prudential or the underlying fund manager.

This factsheet is intended for the advisers 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. You should refer to your client's 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 infomation 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.

  • Higher Risk
  • Medium to Higher Risk
  • Medium Risk
  • Lower to Medium Risk
  • Lower Risk
  • Minimal Risk

Medium to Higher Risk

These funds offer a diverse geographical spread of equity investment or have multi-asset strategies with a specialist focus (e.g. ethical). The equity funds within this category will have greater overseas exposure and underlying volatility than the "medium" sector.

Help

Important Information

This factsheet is intended for the advisers 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. You should refer to your client's 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 infomation 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.

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: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

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 client’s investment can go down as well as up and the amount your client gets back may be less than they put in.

This factsheet is intended for the advisers 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. You should refer to your client's 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 infomation 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.