Prudential All Stocks Corporate Bond S3
Performance
Discrete performance - to latest available quarter end
| 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 |
31/03/24 to 31/03/25 |
|
|---|---|---|---|---|---|
| Fund | 8.8% | -4.6% | -8.8% | 6.4% | 3.3% |
| Benchmark | 7.0% | -5.2% | -10.2% | 6.1% | 2.4% |
Performance - to latest available quarter end
| Quarter | Annualised | |||
|---|---|---|---|---|
| 1 2025 |
3 Years to 31/03/25 |
5 Years to 31/03/25 |
10 Years to 31/03/25 |
|
| Fund | 1.0% | 0.1% | 0.8% | 2.5% |
| Benchmark | 0.7% | -0.8% | -0.2% | 1.5% |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| 3¼% Treasury Gilt 2044 | 3.48 |
| ⅜% Treasury Gilt 2026 | 3.29 |
| ½% Treasury Gilt 2029 | 2.59 |
| 4½% Treasury Gilt 2028 | 2.17 |
| 4 1/2 Treasury 2034 | 1.64 |
| 1% Treasury Gilt 2032 | 1.60 |
| 4¾% Treasury Gilt 2030 | 1.26 |
| LCR FINANCE PLC - GTD RegS | 1.23 |
| 4¼% Treasury Stock 2032 | 1.20 |
| EUROPEAN INVESTMENT BANK | 1.15 |
| Total | 19.61 |
Fund Aims
Objective: The investment strategy of the fund is to purchase units in the M&G PP All Stocks Corporate Bond Fund - the underlying fund.
Underlying Fund Objective: The fund invests mainly in high quality sterling corporate bonds across the range of maturities. The fund is actively managed against its benchmark, the iBoxx sterling Non-Gilts Index. The fund may also hold UK government gilts and limited amounts of high yield and hedged non-sterling corporate bonds. Derivative instruments may be used for efficient portfolio fund management.
Performance Objective: To outperform the benchmark by 0.80% a year (before charges) on a rolling three year basis.
Fund Manager
Jamie Hamilton joined Prudential Group in 2001 as a fund manager in the fixed income team managing a range of institutional corporate bond funds. Prior to joining M&G, Jamie worked for Dresdner RCM Global Investors as a fixed income fund manager, managing corporate bond funds. Jamie graduated from Newcastle University with a degree in economics and is a chartered financial analyst (CFA) charterholder.
Fund Overview
| Daily price (09/06/2025) | 338.10 |
| Fund size (30/04/2025) | £28.88m |
| Underlying Fund size | £692.48m |
| Number of holdings | 507 |
| Annual Management Charge (AMC) | Please refer to the "Fund Guide" for your specific pension plan |
| Launch date | 06/04/2001 |
Asset Allocation
| International Bonds | 43.62% | |
| UK Corporate Bonds | 26.68% | |
| UK Gilts | 21.91% | |
| Cash and Equivalents | 0.80% | |
| UK Equities | 0.00% | |
| Alternative Trading Strategies | 0.00% | |
| International Equities | 0.00% | |
| Other Assets | 6.98% |
Commentary
Performance as at Q1 2025- Inflation and Tariffs: January: Inflation concerns rose due to potential tariffs by the Trump administration. The US jobs report on January 10th led to a global bond sell-off, reducing expectations of the US Federal Reserve (FED) rate cuts to 29 basis points for 2025. February: Threats of US tariffs on Canada (25%), Mexico (25%), and China (10%) from February 4th caused a risk-off move in markets. March: New US tariffs on imports from China, Hong Kong, Canada, and Mexico increased market volatility. Retaliatory tariffs from Canada, China, and Mexico added to inflation and growth uncertainties. Global Economic Responses: Germany: Announced a significant fiscal spending package on March 4th to stimulate growth, leading to a sell-off in German yields. UK: Gilt sell-off followed weak labor market data, with a drop in payrolled employees and a rise in the unemployment rate. The Bank of England was expected to cut rates on February 6th. Property prices grew less than expected due to higher mortgage rates. The Office for Budget Responsibility (OBR) halved the UK growth forecast for 2025 to 1% and projected 2.5% inflation. Euro Area: The European Central Bank (ECB) cut rates due to inflation fears and geopolitical uncertainties. Eurozone Gross Domestic Product (GDP) remained unchanged in Q4 2024, with Germany and France experiencing economic contractions. German election results in February boosted growth outlooks, and confidence in a Russia-Ukraine ceasefire supported economic expectations. The ECB cut rates by 25 basis points in March, projecting 0.9% GDP growth and 2.3% inflation for 2025. US Economic Data: January: The Institute of Supply Management (ISM)services report showed a surge in the prices paid index. The US jobs report exceeded expectations with a significant increase in nonfarm payrolls. Core CPI decelerated to +0.2%. February: The Fed's preferred PCE measure rose to +0.33%, with inflation at 2.5%. Consumer confidence fell significantly. March: US consumers' inflation expectations increased, with the University of Michigan’s long-term measure reaching its highest since 1993. Core personal consupmption expenditures (PCE) inflation was at +3.6%, raising stagflation concerns. Bond Markets: Investment-Grade Corporate Bonds: Spreads widened in March across the US, Europe, and UK. Total returns for March were negative, but positive over the quarter. US Treasuries and UK Gilts delivered strong positive returns, while Bunds underperformed. High-Yield Bonds: Spreads rose across all regions in March, with US half year seeing the largest widening. US half year underperformed compared to European half year, which was supported by fiscal policy expectations. Year-to-date, US half year and European half year delivered total returns of +0.7%. Conclusion: Q1 2025 was marked by significant economic and market volatility driven by inflation concerns, tariff implementations, and varying fiscal and monetary responses across regions. The global bond markets experienced fluctuations, with investment-grade and high-yield bonds showing mixed performance. The potential for future unforeseen financial or geopolitical events remains, which could spark future bond market volatility and changes in monetary policy. Fund Managers believe that a patient and highly selective approach to fixed income investment is the best strategy to take advantage of opportunities in the market. The fund outperformed its benchmark by 0.35% .Sector selection was a contributor to performance over the quarter, driven by the Fund’s underweight position relative to the benchmark to the Industrial sector. Security selection was a contributor to performance over the quarter. Underweight positions in Vodafone, GlaxoSmithKline and United Utilities and overweight positions in SES and Triodos Bank were contributors to performance. Overweight positions in Titanium 2L BondCo, Royal London and Warner Media detracted from performance.
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 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.
Asset Allocation
| International Bonds | 43.62% | |
| UK Corporate Bonds | 26.68% | |
| UK Gilts | 21.91% | |
| Cash and Equivalents | 0.80% | |
| UK Equities | 0.00% | |
| Alternative Trading Strategies | 0.00% | |
| International Equities | 0.00% | |
| Other Assets | 6.98% |
Bond Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Bonds | 92.22% | - | - | - | |
| Non-Classified | 6.98% | - | - | - | |
| Cash and Equivalents | 0.80% | - | - | - | |
| Alternative Trading Strategies | 0.00% | - | - | - | |
| Alternative Trading Strategies | - | 0.00% | - | - | |
| Alternative Trading Strategies | - | - | 0.00% | - | |
| Alternative Trading Strategies | - | - | - | 0.00% | |
| Real Estate | 0.00% | - | - | - | |
| Real Estate | - | 0.00% | - | - | |
| Real Estate Investment & Services | - | - | 0.00% | - | |
| Real Estate Holding and Development | - | - | - | 0.00% | |
Regional Allocation
| UK | 48.60% | |
| Developed Europe - Excl UK | 21.25% | |
| North America | 14.50% | |
| Non-Classified | 13.24% | |
| Cash and Equivalents | 0.80% | |
| Australia & New Zealand | 0.68% | |
| South & Central America | 0.61% | |
| Japan | 0.21% | |
| Middle East & Africa | 0.10% |
Fixed Interest Currencies
| Pound Sterling | 87.61% | |
| Non-Fixed Interest Assets | 6.98% | |
| US Dollar | 2.33% | |
| Euro | 2.28% | |
| Cash | 0.80% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| UK | 48.60% | - | |
United Kingdom
|
- | 48.60% | |
| Developed Europe - Excl UK | 21.25% | - | |
France
|
- | 7.28% | |
Netherlands
|
- | 5.42% | |
Luxembourg
|
- | 2.92% | |
Germany
|
- | 1.83% | |
Italy
|
- | 0.82% | |
Switzerland
|
- | 0.69% | |
Spain
|
- | 0.69% | |
Finland
|
- | 0.64% | |
Sweden
|
- | 0.38% | |
Denmark
|
- | 0.37% | |
Ireland
|
- | 0.14% | |
Austria
|
- | 0.05% | |
Norway
|
- | 0.01% | |
| North America | 14.50% | - | |
United States
|
- | 13.10% | |
Canada
|
- | 1.41% | |
| Non-Classified | 13.24% | - | |
| Cash and Equivalents | 0.80% | - | |
| Australia & New Zealand | 0.68% | - | |
Australia
|
- | 0.68% | |
| South & Central America | 0.61% | - | |
Venezuela
|
- | 0.31% | |
Mexico
|
- | 0.29% | |
| Japan | 0.21% | - | |
Japan
|
- | 0.21% | |
| Middle East & Africa | 0.10% | - | |
United Arab Emirates
|
- | 0.10% | |
Breakdown By Market Cap (%)
| Non-Classified |
|
6.98% |
| Bonds |
|
92.22% |
| Cash |
|
0.80% |
Fixed Interest Maturity Profile
| < 5Yr Maturity |
|
44.51% |
| 5Yr - 10Yr Maturity |
|
21.30% |
| 10Yr - 15Yr Maturity |
|
10.44% |
| > 15Yr Maturity |
|
15.97% |
| Cash And Equivalents |
|
0.80% |
| Unknown Maturity |
|
6.98% |
Fixed Interest Quality Profile
| AAA |
|
9.51% |
| AA |
|
32.08% |
| A |
|
22.80% |
| BBB |
|
18.96% |
| Sub-Investment Grade |
|
1.46% |
| Unknown Quality |
|
7.40% |
| Cash and Equivalents |
|
0.80% |
| Other Asset Types |
|
6.98% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | 3¼% Treasury Gilt 2044 | 3.48% | Bonds | United Kingdom |
| 2 | ⅜% Treasury Gilt 2026 | 3.29% | Bonds | United Kingdom |
| 3 | ½% Treasury Gilt 2029 | 2.59% | Bonds | United Kingdom |
| 4 | 4½% Treasury Gilt 2028 | 2.17% | Bonds | United Kingdom |
| 5 | 4 1/2 Treasury 2034 | 1.64% | Bonds | United Kingdom |
| 6 | 1% Treasury Gilt 2032 | 1.60% | Bonds | United Kingdom |
| 7 | 4¾% Treasury Gilt 2030 | 1.26% | Bonds | United Kingdom |
| 8 | LCR FINANCE PLC - GTD RegS | 1.23% | Bonds | United Kingdom |
| 9 | 4¼% Treasury Stock 2032 | 1.20% | Bonds | United Kingdom |
| 10 | EUROPEAN INVESTMENT BANK | 1.15% | Bonds | Luxembourg |
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 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.
Identification Codes
| Sedol Code | 3168563 |
| Mex Code | PUCB |
| Isin Code | GB0031685638 |
| Citi Code | P270 |
Fund Charges
| Annual Management Charge (AMC) | Please refer to the "Fund Guide" for your specific pension plan |
Aims and Benchmark
| Aims | Objective: The investment strategy of the fund is to purchase units in the M&G PP All Stocks Corporate Bond Fund - the underlying fund. Underlying Fund Objective: The fund invests mainly in high quality sterling corporate bonds across the range of maturities. The fund is actively managed against its benchmark, the iBoxx sterling Non-Gilts Index. The fund may also hold UK government gilts and limited amounts of high yield and hedged non-sterling corporate bonds. Derivative instruments may be used for efficient portfolio fund management. Performance Objective: To outperform the benchmark by 0.80% a year (before charges) on a rolling three year basis. |
| Benchmark | iBoxx Sterling Non-Gilts Index |
| ABI Sector | Sterling Fixed Interest |
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 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.
Risk Analysis
| Ratio | Value |
|---|---|
| Alpha | 4.37 |
| Beta | 0.81 |
| Sharpe | 0.00 |
| Standard Deviation | 8.64 |
| Info Ratio | 1.70 |
Risk Factors
| Risk Factor | Yes / No |
|---|---|
| Charges to Capital | Yes |
| Emerging Markets | No |
| 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 | No |
| Exchange Rate | No |
| 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 | No |
| 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).
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.
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 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.
Lower to Medium Risk
These funds may invest in corporate bonds or multi-asset strategies with a higher weighting in corporate bonds (and other comparable strategies).
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 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.