PIA L&G Property (FUND SUSPENDED with effect from 20 October 2023) 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

31/08/20
to
31/08/21
31/08/21
to
31/08/22
31/08/22
to
31/08/23
31/08/23
to
31/08/24
31/08/24
to
31/08/25
Fund -0.6% 7.0% -15.5% -12.3% 0.9%
Sector 2.7% 6.5% -14.5% -0.2% 0.5%
Rank 10/13 11/13 7/12 12/12 7/12
Quartile 3 4 3 4 3

Annualised performance

Annualised
3 Years to
31/08/25
5 Years to
31/08/25
10 Years to
31/08/25
Fund -9.3% -4.5% -3.2%
Sector -5.0% -1.3% -0.6%
Rank 10/12 10/12 9/11
Quartile 4 4 4

Top 10 Holdings

Stock % Weight
SELLY OAK STUDENT QUARTER 23.31
CAPITOL THEATRE ABERDEEN 10.26
POUND STERLING 9.60
8 GREENWICH VIEW PLACE 8.39
SOUTHWATER SQUARE, TELFORD 5.83
PREMIER INN HOTEL THE WATERFR 5.22
UNITS 1 4 THE YARD, 122 EAST R 3.73
CITY VIEW, CRAIGSHAW DRIVE AB 1.96
Home REIT Plc Home REIT Plc Ord 1.15
DZ BANK AG DEUTSCHE ZENTRAL GENOSS 0% 10/07/2025 0.46
Total 69.92

Fund Aims

Objective: The investment strategy of the fund is to purchase the L&G Property fund – the underlying fund.

Underlying Fund Objective: The fund aims to provide a combination of income and capital growth by investing at least 60% of its assets in property and property-related assets, although the exposure is typically expected to be in the region of 80% - 90%, this may vary as a result of factors such as market conditions. The fund may obtain its exposure to property through a combination of direct and indirect holdings with exposure across industry sectors (including but not limited to retail, offices, industrial, leisure, healthcare and residential) and geographies. Direct property holdings will consist of typically 45% of the funds assets, will be in property located in the UK. The fund may obtain indirect exposure to property located worldwide through listed transferable securities (such as real estate investment trusts) and collective investment schemes including those managed or operated by Legal & General. The fund may also invest in money market instruments (such as treasury bills), permitted deposits, bonds (issued by governments and public bodies), money market funds and cash. The fund may use derivatives to reduce risk or cost or generate additional capital or income with no, or an acceptably low level of risk.

Fund Manager

Justin Upton manager of the underlying fund for 4 years and 9 months

Photo of Justin Upton TBC

Fund Overview

Bid (16/09/2025) 0.81
Offer (16/09/2025) 0.86
Fund size (31/07/2025) £3.04m
Underlying Fund size £89.04m
Number of holdings 108
Launch date 26/04/2004

Fund Charges

Annual Management Charge (AMC) 1.60%
Further Costs 1.89%
Yearly Total 3.49%

Asset Allocation

pie chart
  Property 61.31%
  Cash and Equivalents 15.97%
  International Bonds 3.46%
  UK Corporate Bonds 0.05%
  Other Assets 19.21%
Portfolio data accurate as at: 30/08/25

Important Information

This fund invests in property and land. This can be difficult to sell - so you may not be able to sell/cash in this investment when you want to. We may have to delay acting on your instructions to sell your investment.
Other than in very exceptional circumstances we would not expect delays to be longer than six months for investments in property and land.

You should look upon your investment in the property fund as being long-term, so 10 years or more. There are large costs when we buy and sell property. The allowance for these costs amongst other factors can lead to short-term falls in the price of units in the Property fund. The return achieved from investing in property is a combination of rental income and changes in the value of the property; which is generally a matter of a valuer’s opinion rather than fact.

For more information please refer to your policy or scheme documentation.

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
  Property 61.31%
  Cash and Equivalents 15.97%
  International Bonds 3.46%
  UK Corporate Bonds 0.05%
  Other Assets 19.21%

Regional Allocation

pie chart
  Property 61.31%
  Non-Classified 19.21%
  Cash and Equivalents 15.97%
  Developed Europe - Excl UK 1.47%
  Japan 1.36%
  Australia & New Zealand 0.46%
  North America 0.18%
  UK 0.05%

Fixed Interest Currencies

pie chart
  Non-Fixed Interest Assets 80.52%
  Cash 15.97%
  Pound Sterling 3.50%

Regional Breakdown

Expand allCollapse all
Region Country
 
Property 61.31% -
 
Non-Classified 19.21% -
 
Cash and Equivalents 15.97% -
 
Developed Europe - Excl UK 1.47% -
 
France - 0.93%
 
Switzerland - 0.35%
 
Germany - 0.18%
 
Japan 1.36% -
 
Japan - 1.36%
 
Australia & New Zealand 0.46% -
 
Australia - 0.46%
 
North America 0.18% -
 
Canada - 0.18%
 
UK 0.05% -
 
United Kingdom - 0.05%

Property Regions

pie chart
  THE MIDLANDS 44.45%
  SOUTH EAST 26.21%
  OTHER 29.33%

Asset Allocation

pie chart
  OTHER 52.95%
  OFFICE 47.04%

Top 10 Holdings

Stock % Weight Sector Country
1 SELLY OAK STUDENT QUARTER 23.31% Property Direct Property and REITs
2 CAPITOL THEATRE ABERDEEN 10.26% Property Direct Property and REITs
3 POUND STERLING 9.60% Property Direct Property and REITs
4 8 GREENWICH VIEW PLACE 8.39% Property Direct Property and REITs
5 SOUTHWATER SQUARE, TELFORD 5.83% Property Direct Property and REITs
6 PREMIER INN HOTEL THE WATERFR 5.22% Property Direct Property and REITs
7 UNITS 1 4 THE YARD, 122 EAST R 3.73% Property Direct Property and REITs
8 CITY VIEW, CRAIGSHAW DRIVE AB 1.96% Property Direct Property and REITs
9 Home REIT Plc Home REIT Plc Ord 1.15% Real Estate Investment Trusts Direct Property and REITs
10 DZ BANK AG DEUTSCHE ZENTRAL GENOSS 0% 10/07/2025 0.46% Non-Classified Non-Classified

Dual Aspect Equity Analysis

UK Equities Int'l Equities UK Bonds Int'l Bonds UK Gilts Property Other Cash & Equiv Total
Real Estate - - - - - 1.15% - - 1.15%
Property - - - - - 60.16% - - 60.16%
Cash and Equivalents - - - - - - - 15.97% 15.97%
Bonds - - 0.05% 3.46% - - - - 3.50%
Non-Classified - - - - - - 19.21% - 19.21%

Important Information

This fund invests in property and land. This can be difficult to sell - so you may not be able to sell/cash in this investment when you want to. We may have to delay acting on your instructions to sell your investment.
Other than in very exceptional circumstances we would not expect delays to be longer than six months for investments in property and land.

You should look upon your investment in the property fund as being long-term, so 10 years or more. There are large costs when we buy and sell property. The allowance for these costs amongst other factors can lead to short-term falls in the price of units in the Property fund. The return achieved from investing in property is a combination of rental income and changes in the value of the property; which is generally a matter of a valuer’s opinion rather than fact.

For more information please refer to your policy or scheme documentation.

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 B00L9B6
Mex Code SBMEGP
Isin Code IE00B00L9B61
Citi Code FPH0

Fund Charges

Annual Management Charge (AMC) 1.60%
Further Costs 1.89%
Yearly Total 3.49%

Aims and Benchmark

Aims Objective: The investment strategy of the fund is to purchase the L&G Property fund – the underlying fund. Underlying Fund Objective: The fund aims to provide a combination of income and capital growth by investing at least 60% of its assets in property and property-related assets, although the exposure is typically expected to be in the region of 80% - 90%, this may vary as a result of factors such as market conditions. The fund may obtain its exposure to property through a combination of direct and indirect holdings with exposure across industry sectors (including but not limited to retail, offices, industrial, leisure, healthcare and residential) and geographies. Direct property holdings will consist of typically 45% of the funds assets, will be in property located in the UK. The fund may obtain indirect exposure to property located worldwide through listed transferable securities (such as real estate investment trusts) and collective investment schemes including those managed or operated by Legal & General. The fund may also invest in money market instruments (such as treasury bills), permitted deposits, bonds (issued by governments and public bodies), money market funds and cash. The fund may use derivatives to reduce risk or cost or generate additional capital or income with no, or an acceptably low level of risk.
Benchmark IA UK Direct Property
ABI Sector UK Direct Property

Important Information

This fund invests in property and land. This can be difficult to sell - so you may not be able to sell/cash in this investment when you want to. We may have to delay acting on your instructions to sell your investment.
Other than in very exceptional circumstances we would not expect delays to be longer than six months for investments in property and land.

You should look upon your investment in the property fund as being long-term, so 10 years or more. There are large costs when we buy and sell property. The allowance for these costs amongst other factors can lead to short-term falls in the price of units in the Property fund. The return achieved from investing in property is a combination of rental income and changes in the value of the property; which is generally a matter of a valuer’s opinion rather than fact.

For more information please refer to your policy or scheme documentation.

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 -5.81
Beta 0.81
Sharpe -0.01
Standard Deviation 5.74
Info Ratio -1.29

Risk Factors

Risk Factor Yes / No
Charges to Capital Yes
Emerging Markets No
Concentrated Portfolio No
Smaller Companies No
High Yield Bonds No
Sector Specific Yes
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 Yes
Umbrella Liabilities No
New Fund No
Solvency of Depository No
Solvency of Bond Issuers No
Ethical Restrictions No
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).

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.

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.

Income Eroding Capital Growth

The fund focuses on providing an income, which can reduce the prospects for capital growth, and in some cases the capital value may fall.

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

This fund invests in property and land. This can be difficult to sell - so you may not be able to sell/cash in this investment when you want to. We may have to delay acting on your instructions to sell your investment.
Other than in very exceptional circumstances we would not expect delays to be longer than six months for investments in property and land.

You should look upon your investment in the property fund as being long-term, so 10 years or more. There are large costs when we buy and sell property. The allowance for these costs amongst other factors can lead to short-term falls in the price of units in the Property fund. The return achieved from investing in property is a combination of rental income and changes in the value of the property; which is generally a matter of a valuer’s opinion rather than fact.

For more information please refer to your policy or scheme documentation.

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

This fund invests in property and land. This can be difficult to sell - so you may not be able to sell/cash in this investment when you want to. We may have to delay acting on your instructions to sell your investment.
Other than in very exceptional circumstances we would not expect delays to be longer than six months for investments in property and land.

You should look upon your investment in the property fund as being long-term, so 10 years or more. There are large costs when we buy and sell property. The allowance for these costs amongst other factors can lead to short-term falls in the price of units in the Property fund. The return achieved from investing in property is a combination of rental income and changes in the value of the property; which is generally a matter of a valuer’s opinion rather than fact.

For more information please refer to your policy or scheme documentation.

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 Fitzwilliam Court, Leeson Cl, Dublin 2, D02 TC95. 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 authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. 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.