PIA Managed Defensive EUR Ser B

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

Performance

Discrete performance - to last month end

31/07/17
to
31/07/18
31/07/18
to
31/07/19
31/07/19
to
31/07/20
31/07/20
to
31/07/21
31/07/21
to
31/07/22
Fund 0.6% 1.6% -2.7% 6.6% -6.7%
Sector 0.7% 4.4% 0.3% 9.2% -2.1%
Rank 59/85 75/99 94/123 93/151 118/164
Quartile 3 4 4 3 3

Annualised performance

Annualised
3 Years to
31/07/22
5 Years to
31/07/22
10 Years to
31/07/22
Fund -1.1% -0.2% 1.8%
Sector 2.4% 2.4% 2.9%
Rank 118/123 78/85 28/41
Quartile 4 4 3

Top 10 Holdings

Stock % Weight
EURO-SCHATZ SEP 22 EUR 4.98
JUNCTION SIX BIRMINGHAM 0.93
EURO-BOBL SEP 22 EUR Notional Cash Offset 0.87
PARC TROSTRE RETAIL PARK, LLAN 0.84
PORTLAND RIDING ESTATE 80 92 0.63
EURO-BUND SEP 22 EUR 0.63
US ULTRA 10YR NOTE SEP 22 USD Notional Cash Offset 0.60
TOTALENERGIES SE 3.369% PERP 0.56
3 TEMPLE QUAY BRISTOL 0.55
BERKSHIRE HATHAWAY INC 1.125% 16/03/2027 0.50
Total 11.08

Fund Aims

Objective: The fund aims to achieve long-term growth from a mixture of income and capital whilst seeking to limit the level of capital volatility.

Fund Investments: The fund invests in a portfolio of international equity and fixed income funds, UK property funds and cash. These assets are predominantly denominated in euro.

Fund Manager

M&G Treasury & Investment Office manager for 16 years and 9 months

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

Fund Overview

Bid (12/08/2022) 1.30
Offer (12/08/2022) 1.37
Fund size (30/06/2022) €0.51m
Number of holdings 4775
Launch date 28/10/2005

Fund Charges

Annual Management Charge (AMC) 1.40%
Further Costs 0.14%
Yearly Total 1.54%

Asset Allocation

pie chart
  International Bonds 50.60%
  International Equities 13.69%
  UK Corporate Bonds 7.86%
  Cash and Equivalents 7.79%
  Property 7.68%
  UK Equities 5.10%
  Alternative Trading Strategies 1.62%
  Investment Trusts 0.32%
  UK Gilts 0.23%
  Other Assets 5.12%
Portfolio data accurate as at: 30/06/22

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 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 the fund's currency of denomination 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 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.

Portfolio data accurate as at:

Asset Allocation

pie chart
  International Bonds 50.60%
  International Equities 13.69%
  UK Corporate Bonds 7.86%
  Cash and Equivalents 7.79%
  Property 7.68%
  UK Equities 5.10%
  Alternative Trading Strategies 1.62%
  Investment Trusts 0.32%
  UK Gilts 0.23%
  Other Assets 5.12%

Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Bonds 58.69% - - -
 
Property 7.00% - - -
 
Property - 7.00% - -
 
Property - - 7.00% -
 
Property - - - 7.00%
 
Cash and Equivalents 6.74% - - -
 
Non-Classified 6.26% - - -
 
Non-Classified - 0.06% - -
 
Non-Classified - - 0.06% -
 
Non-Classified - - - 0.06%
 
Financials 3.30% - - -
 
Banks - 1.52% - -
 
Banks - - 1.52% -
 
Banks - - - 1.52%
 
Financial Services - 1.00% - -
 
Investment Banking & Brokerage Services - - 0.54% -
 
Asset Managers & Custodians - - - 0.39%
 
Investment Services - - - 0.11%
 
Diversified Financial Services - - - 0.04%
 
Equity Investment Instruments - - 0.32% -
 
Equity Investment Instruments - - - 0.32%
 
Finance & Credit Services - - 0.14% -
 
Financial Data & Systems - - - 0.10%
 
Mortgage Finance - - - 0.02%
 
Consumer Lending - - - 0.02%
 
Insurance - 0.78% - -
 
Non-life Insurance - - 0.61% -
 
Full Line Insurance - - - 0.33%
 
Property & Casualty Insurance - - - 0.14%
 
Reinsurance - - - 0.11%
 
Insurance Brokers - - - 0.02%
 
Life Insurance - - 0.18% -
 
Life Insurance - - - 0.18%
 
Industrials 2.93% - - -
 
Industrial Goods & Services - 2.44% - -
 
Industrial Support Services - - 0.75% -
 
Professional Business Support Services - - - 0.21%
 
Industrial Suppliers - - - 0.21%
 
Security Services - - - 0.17%
 
Transaction Processing Services - - - 0.12%
 
Business Training & Employment Agencies - - - 0.05%
 
Forms & Bulk Printing Services - - - 0.00%
 
Industrial Transportation - - 0.50% -
 
Marine Transportation - - - 0.24%
 
Railroads - - - 0.13%
 
Commercial Vehicle-Equipment Leasing - - - 0.05%
 
Delivery Services - - - 0.04%
 
Transportation Services - - - 0.02%
 
Trucking - - - 0.01%
 
Commercial Vehicles & Parts - - - 0.01%
 
Railroad Equipment - - - 0.00%
 
General Industrials - - 0.46% -
 
Diversified Industrials - - - 0.38%
 
Containers & Packaging - - - 0.06%
 
Paints & Coatings - - - 0.01%
 
Plastics - - - 0.00%
 
Aerospace & Defence - - 0.39% -
 
Defense - - - 0.29%
 
Aerospace - - - 0.10%
 
Electronic & Electrical Equipment - - 0.21% -
 
Electrical Components - - - 0.08%
 
Electronic Equipment: Control & Filter - - - 0.06%
 
Electronic Equipment: Gauges & Meters - - - 0.03%
 
Electronic Equipment: Pollution Control - - - 0.02%
 
Electronic Equipment: Other - - - 0.00%
 
Industrial Engineering - - 0.13% -
 
Machinery: Construction & Handling - - - 0.05%
 
Machinery: Industrial - - - 0.04%
 
Machinery: Engines - - - 0.01%
 
Machinery: Agricultural - - - 0.01%
 
Machinery: Tools - - - 0.01%
 
Machinery: Specialty - - - 0.00%
 
Construction & Materials - 0.49% - -
 
Construction & Materials - - 0.49% -
 
Cement - - - 0.22%
 
Building Materials: Other - - - 0.17%
 
Construction - - - 0.07%
 
Building, Roofing/Wallboard & Plumbing - - - 0.01%
 
Building: Climate Control - - - 0.01%
 
Engineering & Contracting Services - - - 0.01%
 
Health Care 2.90% - - -
 
Health Care - 2.90% - -
 
Pharmaceuticals & Biotechnology - - 2.48% -
 
Pharmaceuticals - - - 2.39%
 
Biotechnology - - - 0.09%
 
Medical Equipment & Services - - 0.34% -
 
Medical Equipment - - - 0.24%
 
Medical Supplies - - - 0.10%
 
Medical Services - - - 0.00%
 
Health Care Providers - - 0.08% -
 
Health Care Management Services - - - 0.05%
 
Health Care Facilities - - - 0.02%
 
Health Care Services - - - 0.01%
 
Consumer Discretionary 2.07% - - -
 
Retail - 0.59% - -
 
Retailers - - 0.59% -
 
Specialty Retailers - - - 0.20%
 
Diversified Retailers - - - 0.18%
 
Apparel Retailers - - - 0.14%
 
Home Improvement Retailers - - - 0.07%
 
Consumer Products & Services - 0.51% - -
 
Personal Goods - - 0.22% -
 
Clothing & Accessories - - - 0.12%
 
Luxury Items - - - 0.06%
 
Footwear - - - 0.03%
 
Cosmetics - - - 0.01%
 
Household Goods & Home Construction - - 0.20% -
 
Home Construction - - - 0.14%
 
Household Equipment & Products - - - 0.06%
 
Household Appliance - - - 0.01%
 
Household Furnishings - - - 0.00%
 
Consumer Services - - 0.06% -
 
Vending & Catering Service - - - 0.04%
 
Consumer Services: Misc. - - - 0.02%
 
Education Services - - - 0.00%
 
Leisure Goods - - 0.02% -
 
Toys - - - 0.01%
 
Electronic Entertainment - - - 0.01%
 
Recreational Products - - - 0.00%
 
Consumer Electronics - - - 0.00%
 
Travel & Leisure - 0.35% - -
 
Travel & Leisure - - 0.35% -
 
Airlines - - - 0.10%
 
Restaurants & Bars - - - 0.08%
 
Casinos & Gambling - - - 0.08%
 
Travel & Tourism - - - 0.05%
 
Hotels & Motels - - - 0.04%
 
Recreational Services - - - 0.00%
 
Automobiles & Parts - 0.35% - -
 
Automobiles & Parts - - 0.35% -
 
Automobiles - - - 0.33%
 
Auto Parts - - - 0.01%
 
Tires - - - 0.00%
 
Media - 0.26% - -
 
Media - - 0.26% -
 
Media Agencies - - - 0.12%
 
Publishing - - - 0.09%
 
Radio & TV Broadcasters - - - 0.03%
 
Entertainment - - - 0.03%
 
Consumer Staples 1.88% - - -
 
Food, Beverage & Tobacco - 1.03% - -
 
Food Producers - - 0.54% -
 
Food Products - - - 0.53%
 
Farming, Fishing, Ranching & Plantations - - - 0.00%
 
Beverages - - 0.31% -
 
Soft Drinks - - - 0.14%
 
Distillers & Vintners - - - 0.11%
 
Brewers - - - 0.06%
 
Tobacco - - 0.18% -
 
Tobacco - - - 0.18%
 
Personal Care, Drug & Grocery Stores - 0.85% - -
 
Personal Care, Drug & Grocery Stores - - 0.85% -
 
Food Retailers & Wholesalers - - - 0.57%
 
Personal Products - - - 0.19%
 
Nondurable Household Products - - - 0.05%
 
Drug Retailers - - - 0.04%
 
Alternative Trading Strategies 1.62% - - -
 
Alternative Trading Strategies - 1.62% - -
 
Alternative Trading Strategies - - 1.62% -
 
Alternative Trading Strategies - - - 1.62%
 
Technology 1.42% - - -
 
Technology - 1.42% - -
 
Software & Computer Services - - 0.86% -
 
Software - - - 0.53%
 
Consumer Digital Services - - - 0.23%
 
Computer Services - - - 0.10%
 
Technology Hardware & Equipment - - 0.55% -
 
Semiconductors - - - 0.24%
 
Computer Hardware - - - 0.22%
 
Production Technology Equipment - - - 0.09%
 
Electronic Components - - - 0.01%
 
Electronic Office Equipment - - - 0.00%
 
Basic Materials 1.30% - - -
 
Basic Resources - 0.90% - -
 
Industrial Metals & Mining - - 0.61% -
 
Iron & Steel - - - 0.28%
 
General Mining - - - 0.27%
 
Copper - - - 0.03%
 
Metal Fabricating - - - 0.02%
 
Aluminum - - - 0.00%
 
Industrial Materials - - 0.27% -
 
Paper - - - 0.26%
 
Forestry - - - 0.01%
 
Diversified Materials - - - 0.00%
 
Precious Metals & Mining - - 0.02% -
 
Gold Mining - - - 0.02%
 
Platinum & Precious Metals - - - 0.00%
 
Diamonds & Gemstones - - - 0.00%
 
Chemicals - 0.40% - -
 
Chemicals - - 0.40% -
 
Chemicals: Diversified - - - 0.23%
 
Specialty Chemicals - - - 0.08%
 
Fertilizers - - - 0.08%
 
Energy 1.19% - - -
 
Energy - 1.19% - -
 
Non-Renewable Energy - - 1.18% -
 
Integrated Oil & Gas - - - 0.91%
 
Oil Equipment & Services - - - 0.17%
 
Oil: Crude Producers - - - 0.06%
 
Oil Refining and Marketing - - - 0.02%
 
Pipelines - - - 0.02%
 
Offshore Drilling & Other Services - - - 0.00%
 
Renewable Energy - - 0.01% -
 
Renewable Energy Equipment - - - 0.01%
 
Alternative Fuels - - - 0.00%
 
Real Estate 1.03% - - -
 
Real Estate - 1.03% - -
 
Real Estate Investment Trusts - - 0.94% -
 
Diversified REITs - - - 0.21%
 
Residential REITs - - - 0.18%
 
Office REITs - - - 0.15%
 
Industrial REITs - - - 0.15%
 
Other Specialty REITs - - - 0.10%
 
Retail REITs - - - 0.09%
 
Health Care REITs - - - 0.02%
 
Storage REITs - - - 0.02%
 
Infrastructure REITs - - - 0.01%
 
Hotel & Lodging REITs - - - 0.00%
 
Real Estate Investment & Services - - 0.09% -
 
Real Estate Services - - - 0.05%
 
Real Estate Holding and Development - - - 0.04%
 
Telecommunications 0.93% - - -
 
Telecommunications - 0.93% - -
 
Telecommunications Service Providers - - 0.56% -
 
Telecommunications Services - - - 0.54%
 
Cable Television Services - - - 0.02%
 
Telecommunications Equipment - - 0.37% -
 
Telecommunications Equipment - - - 0.37%
 
Utilities 0.75% - - -
 
Utilities - 0.75% - -
 
Gas, Water & Multi-utilities - - 0.51% -
 
Multi-Utilities - - - 0.43%
 
Water - - - 0.07%
 
Gas Distribution - - - 0.01%
 
Electricity - - 0.22% -
 
Conventional Electricity - - - 0.20%
 
Alternative Electricity - - - 0.02%
 
Waste & Disposal Services - - 0.02% -
 
Waste & Disposal Services - - - 0.02%

Regional Allocation

pie chart
  Developed Europe - Excl UK 45.70%
  North America 16.84%
  UK 13.20%
  Non-Classified 8.42%
  Property 7.66%
  Cash and Equivalents 6.74%
  Japan 0.58%
  Australia & New Zealand 0.35%
  Developed Asia 0.31%
  Other Regions 0.20%

Fixed Interest Currencies

pie chart
  Euro 42.07%
  Non-Fixed Interest Assets 35.01%
  US Dollar 10.40%
  Cash 6.30%
  Pound Sterling 6.20%
  Canadian Dollar 0.01%

Regional Breakdown

Expand allCollapse all
Region Country
 
Developed Europe - Excl UK 45.70% -
 
France - 12.63%
 
Germany - 8.07%
 
Netherlands - 6.73%
 
Spain - 3.31%
 
Luxembourg - 2.80%
 
Italy - 2.43%
 
Switzerland - 2.23%
 
Ireland - 2.13%
 
Belgium - 1.60%
 
Sweden - 1.21%
 
Finland - 0.72%
 
Norway - 0.60%
 
Austria - 0.51%
 
Denmark - 0.31%
 
Iceland - 0.30%
 
Portugal - 0.12%
 
North America 16.84% -
 
United States - 16.22%
 
Canada - 0.62%
 
UK 13.20% -
 
United Kingdom - 13.20%
 
Jersey - 0.00%
 
Non-Classified 8.42% -
 
Property 7.66% -
 
Cash and Equivalents 6.74% -
 
Japan 0.58% -
 
Japan - 0.58%
 
Australia & New Zealand 0.35% -
 
Australia - 0.32%
 
New Zealand - 0.03%
 
Developed Asia 0.31% -
 
Singapore - 0.24%
 
Hong Kong - 0.08%
 
South & Central America 0.07% -
 
Mexico - 0.07%
 
Middle East & Africa 0.05% -
 
South Africa - 0.02%
 
Saudi Arabia - 0.01%
 
United Arab Emirates - 0.01%
 
Israel - 0.00%
 
Cote D'Ivoire - 0.00%
 
Emerging Europe 0.04% -
 
Poland - 0.01%
 
Turkey - 0.01%
 
Greece - 0.01%
 
Hungary - 0.01%
 
Czech Republic - 0.00%
 
Emerging Asia 0.04% -
 
Philippines - 0.04%
 
China - 0.00%
 
Taiwan - 0.00%
 
South Korea - 0.00%
 
Indonesia - 0.00%

Breakdown By Market Cap (%)

Mega
 
 
10.57%
Large
 
 
4.73%
Medium
 
 
3.39%
Small
 
 
0.53%
Micro
 
 
0.05%
Non-Classified
 
 
15.32%
Bonds
 
 
58.69%
Cash
 
 
6.74%

Fixed Interest Maturity Profile

< 5Yr Maturity
 
 
23.94%
5Yr - 10Yr Maturity
 
 
23.03%
10Yr - 15Yr Maturity
 
 
4.16%
> 15Yr Maturity
 
 
7.56%
Cash And Equivalents
 
 
6.74%
Unknown Maturity
 
 
6.18%
Other Asset Types
 
 
28.40%

Fixed Interest Quality Profile

AAA
 
 
4.70%
AA
 
 
6.36%
A
 
 
15.02%
BBB
 
 
19.76%
Sub-Investment Grade
 
 
2.34%
Unknown Quality
 
 
10.49%
Cash and Equivalents
 
 
6.74%
Other Asset Types
 
 
34.58%

Top 10 Fund Holdings

Name % Weight Sector Country
1 M&G European Corporate Bond Class A GBP 44.35% Managed Funds Managed Funds
2 M&G Feeder of Property Portfolio Class A GBP 9.63% Managed Funds Managed Funds
3 M&G (LUX) FCP Europe ex UK Equity Fund Z3A Acc 8.00% Managed Funds Managed Funds
4 M&G (1) Sterling Investment Grade Corporate Bond Class Z2A GBP 6.76% Managed Funds Managed Funds
5 BlackRock (Lux) iShares Euro Government Bond Index Class D2 6.69% Managed Funds Managed Funds
6 PIA UK Equity Ser B 6.13% Managed Funds Managed Funds
7 M&G (1) US Corporate Bond - 4.69% Managed Funds Managed Funds
8 PIA Euro Deposit Ser B EUR 3.99% Managed Funds Managed Funds
9 M&G (ACS) Blackrock US Equity Z3A 3.00% Managed Funds Managed Funds
10 M&G (LUX) FCP Europe ex UK Index Fund Z3A Acc 2.75% Managed Funds Managed Funds

Top 10 Holdings

Stock % Weight Sector Country
1 EURO-SCHATZ SEP 22 EUR 4.98% Non-Classified Non-Classified
2 JUNCTION SIX BIRMINGHAM 0.93% Property Direct Property and REITs
3 EURO-BOBL SEP 22 EUR Notional Cash Offset 0.87% Non-Classified Non-Classified
4 PARC TROSTRE RETAIL PARK, LLAN 0.84% Property Direct Property and REITs
5 PORTLAND RIDING ESTATE 80 92 0.63% Property Direct Property and REITs
6 EURO-BUND SEP 22 EUR 0.63% Non-Classified Non-Classified
7 US ULTRA 10YR NOTE SEP 22 USD Notional Cash Offset 0.60% Non-Classified Non-Classified
8 TOTALENERGIES SE 3.369% PERP 0.56% Bonds France
9 3 TEMPLE QUAY BRISTOL 0.55% Property Direct Property and REITs
10 BERKSHIRE HATHAWAY INC 1.125% 16/03/2027 0.50% Bonds United States

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).

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 B0MSS41
Mex Code SBMDFB
Isin Code IE00B0MSS411
Citi Code TJ74

Fund Charges

Annual Management Charge (AMC) 1.40%
Further Costs 0.14%
Yearly Total 1.54%

Aims and Benchmark

Aims Objective: The fund aims to achieve long-term growth from a mixture of income and capital whilst seeking to limit the level of capital volatility. Fund Investments: The fund invests in a portfolio of international equity and fixed income funds, UK property funds and cash. These assets are predominantly denominated in euro.
Benchmark Variable
Sector OI Mixed Investment 0-35% Shares

Ratings

FE Crown Crown Rating of 1

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).

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 -0.86
Beta 0.95
Sharpe 0.00
Standard Deviation 6.77
Info Ratio -0.38

Risk Factors

Risk Factor Yes / No
Charges to Capital Yes
Emerging Markets Yes
Concentrated Portfolio No
Smaller Companies No
High Yield Bonds Yes
Sector Specific No
Geared Investments No
Value of Investments Yes
Investments Long Term Yes
Property Yes
Exchange Rate Yes
Higher Risk No
Performance Charges No
Derivative Exposure No
Offshore No
Income Eroding Capital Growth No
Umbrella Liabilities No
New Fund No
Solvency of Depository Yes
Solvency of Bond Issuers Yes
Ethical Restrictions No
Liquidity No
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.

High Yield Bonds

The fund invests in high yield bonds. High yield bonds carry a greater risk of default than investment grade bonds, and economic conditions and interest rate movements will have a greater effect on their price. Income levels may not be achieved and the income provided may vary.

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.

Property

The fund invests in Property funds, property shares or direct property. In particular the following risks will apply:- The property market is illiquid and this can, in exceptional circumstances, lead to times in which clients are unable to dispose of part or all of their holding. Property valuations are made by independent agents but are ultimately subjective and a matter of judgement. Property transaction costs are high (typically around 7% due to legal costs, valuations and stamp duty)

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.

Solvency of Depository

The value of a cash or currency fund may be affected if any of the institutions with which cash is deposited becomes insolvent or experiences other financial difficulties.

Solvency of Bond Issuers

If the fund you choose invests in bonds there is a risk that the issuer may default, resulting in a loss to the portfolio.

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).

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 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.

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 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 the fund's currency of denomination 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 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.

The registered office of Prudential International is in Ireland at Montague House, Adelaide Road, Dublin 2. Prudential International is a marketing name of Prudential International Assurance plc, a life assurance company operating from Ireland. Registration No. 209956. Prudential International Assurance plc is authorised and regulated by the Central Bank of Ireland and in the context of its UK regulated activities only, is deemed authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website. Prudential International is part of the same corporate group as The Prudential Assurance Company Limited. Both The Prudential Assurance Company Limited and Prudential International are direct and indirect subsidiaries respectively of M&G plc, a company incorporated in the United Kingdom. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.