PIA Conservative Managed GBP Ser A

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 1.4% 3.3% 1.0% 2.8% -10.4%
Sector 0.5% 6.5% -0.6% 3.3% -3.8%
Rank 35/85 78/99 43/123 70/151 135/160
Quartile 2 4 2 2 4

Annualised performance

Annualised
3 Years to
31/07/22
5 Years to
31/07/22
10 Years to
31/07/22
Fund -2.4% -0.5% 2.2%
Sector -0.4% 1.1% 3.6%
Rank 103/123 63/85 30/41
Quartile 4 3 3

Top 10 Holdings

Stock % Weight
⅝% Treasury Gilt 2035 13.01
1¾% Treasury Gilt 2037 8.97
¼% Treasury Gilt 2025 6.76
⅛% Treasury Gilt 2024 5.89
4¼% Treasury Gilt 2049 5.66
⅛% Treasury Gilt 2023 4.07
3¼% Treasury Gilt 2044 3.67
KFW 1.375% 15/12/2025 3.39
4 1/2 Treasury 2034 2.78
UK CONV GILT 1.125% 22/10/2073 2.69
Total 56.90

Fund Aims

Objective: The fund aims to maximise the total long term growth (the combination of income and growth of capital) in sterling.

Fund Investments: The fund will have a high exposure towards lower risk assets such as international fixed income funds and cash instruments. The fund also invests in international equity funds.

Fund Manager

M&G Treasury & Investment Office manager for 28 years and 1 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 (16/08/2022) 2.73
Offer (16/08/2022) 2.87
Fund size (30/06/2022) £13.30m
Number of holdings 3126
Launch date 30/06/1994

Fund Charges

Annual Management Charge (AMC) 1.75%
Further Costs 0.07%
Yearly Total 1.82%

Asset Allocation

pie chart
  UK Gilts 57.08%
  International Equities 16.99%
  UK Equities 9.11%
  International Bonds 4.84%
  Cash and Equivalents 2.55%
  Money Market 1.90%
  UK Corporate Bonds 0.60%
  Investment Trusts 0.51%
  Property 0.40%
  Other Assets 6.02%
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
  UK Gilts 57.08%
  International Equities 16.99%
  UK Equities 9.11%
  International Bonds 4.84%
  Cash and Equivalents 2.55%
  Money Market 1.90%
  UK Corporate Bonds 0.60%
  Investment Trusts 0.51%
  Property 0.40%
  Other Assets 6.02%

Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Bonds 62.52% - - -
 
Non-Classified 8.05% - - -
 
Non-Classified - 2.30% - -
 
Non-Classified - - 2.30% -
 
Non-Classified - - - 2.30%
 
Financials 5.45% - - -
 
Banks - 2.39% - -
 
Banks - - 2.39% -
 
Banks - - - 2.39%
 
Financial Services - 1.96% - -
 
Investment Banking & Brokerage Services - - 0.97% -
 
Asset Managers & Custodians - - - 0.52%
 
Investment Services - - - 0.33%
 
Diversified Financial Services - - - 0.11%
 
Equity Investment Instruments - - 0.51% -
 
Equity Investment Instruments - - - 0.51%
 
Finance & Credit Services - - 0.48% -
 
Mortgage Finance - - - 0.27%
 
Financial Data & Systems - - - 0.17%
 
Consumer Lending - - - 0.04%
 
Insurance - 1.09% - -
 
Non-life Insurance - - 0.59% -
 
Property & Casualty Insurance - - - 0.34%
 
Full Line Insurance - - - 0.18%
 
Reinsurance - - - 0.05%
 
Insurance Brokers - - - 0.02%
 
Life Insurance - - 0.50% -
 
Life Insurance - - - 0.50%
 
Industrials 4.26% - - -
 
Industrial Goods & Services - 3.87% - -
 
Industrial Support Services - - 1.09% -
 
Professional Business Support Services - - - 0.36%
 
Industrial Suppliers - - - 0.34%
 
Transaction Processing Services - - - 0.21%
 
Business Training & Employment Agencies - - - 0.12%
 
Security Services - - - 0.07%
 
Forms & Bulk Printing Services - - - 0.00%
 
General Industrials - - 0.86% -
 
Diversified Industrials - - - 0.57%
 
Containers & Packaging - - - 0.26%
 
Paints & Coatings - - - 0.02%
 
Glass - - - 0.01%
 
Plastics - - - 0.00%
 
Industrial Transportation - - 0.76% -
 
Marine Transportation - - - 0.26%
 
Railroads - - - 0.21%
 
Commercial Vehicle-Equipment Leasing - - - 0.09%
 
Delivery Services - - - 0.07%
 
Commercial Vehicles & Parts - - - 0.07%
 
Transportation Services - - - 0.05%
 
Trucking - - - 0.00%
 
Railroad Equipment - - - 0.00%
 
Electronic & Electrical Equipment - - 0.42% -
 
Electronic Equipment: Gauges & Meters - - - 0.18%
 
Electronic Equipment: Control & Filter - - - 0.12%
 
Electrical Components - - - 0.09%
 
Electronic Equipment: Pollution Control - - - 0.03%
 
Electronic Equipment: Other - - - 0.00%
 
Aerospace & Defence - - 0.38% -
 
Defense - - - 0.25%
 
Aerospace - - - 0.12%
 
Industrial Engineering - - 0.35% -
 
Machinery: Construction & Handling - - - 0.11%
 
Machinery: Engines - - - 0.09%
 
Machinery: Industrial - - - 0.07%
 
Machinery: Tools - - - 0.06%
 
Machinery: Agricultural - - - 0.02%
 
Machinery: Specialty - - - 0.01%
 
Construction & Materials - 0.39% - -
 
Construction & Materials - - 0.39% -
 
Cement - - - 0.14%
 
Building Materials: Other - - - 0.09%
 
Construction - - - 0.09%
 
Building: Climate Control - - - 0.04%
 
Building, Roofing/Wallboard & Plumbing - - - 0.01%
 
Engineering & Contracting Services - - - 0.01%
 
Consumer Discretionary 3.72% - - -
 
Consumer Products & Services - 0.97% - -
 
Household Goods & Home Construction - - 0.31% -
 
Home Construction - - - 0.28%
 
Household Equipment & Products - - - 0.03%
 
Household Appliance - - - 0.01%
 
Household Furnishings - - - 0.00%
 
Leisure Goods - - 0.30% -
 
Consumer Electronics - - - 0.11%
 
Electronic Entertainment - - - 0.10%
 
Toys - - - 0.03%
 
Photography - - - 0.03%
 
Recreational Vehicles & Boats - - - 0.02%
 
Recreational Products - - - 0.01%
 
Personal Goods - - 0.21% -
 
Clothing & Accessories - - - 0.08%
 
Luxury Items - - - 0.07%
 
Footwear - - - 0.04%
 
Cosmetics - - - 0.02%
 
Consumer Services - - 0.15% -
 
Vending & Catering Service - - - 0.13%
 
Consumer Services: Misc. - - - 0.03%
 
Education Services - - - 0.00%
 
Retail - 0.97% - -
 
Retailers - - 0.97% -
 
Diversified Retailers - - - 0.57%
 
Specialty Retailers - - - 0.14%
 
Apparel Retailers - - - 0.13%
 
Home Improvement Retailers - - - 0.12%
 
Automobiles & Parts - 0.67% - -
 
Automobiles & Parts - - 0.67% -
 
Automobiles - - - 0.54%
 
Auto Parts - - - 0.12%
 
Tires - - - 0.00%
 
Travel & Leisure - 0.67% - -
 
Travel & Leisure - - 0.67% -
 
Casinos & Gambling - - - 0.18%
 
Restaurants & Bars - - - 0.16%
 
Hotels & Motels - - - 0.14%
 
Airlines - - - 0.11%
 
Travel & Tourism - - - 0.09%
 
Recreational Services - - - 0.00%
 
Media - 0.44% - -
 
Media - - 0.44% -
 
Media Agencies - - - 0.20%
 
Publishing - - - 0.14%
 
Radio & TV Broadcasters - - - 0.05%
 
Entertainment - - - 0.04%
 
Technology 3.22% - - -
 
Technology - 3.22% - -
 
Technology Hardware & Equipment - - 1.77% -
 
Semiconductors - - - 0.85%
 
Computer Hardware - - - 0.67%
 
Electronic Components - - - 0.17%
 
Production Technology Equipment - - - 0.08%
 
Electronic Office Equipment - - - 0.01%
 
Software & Computer Services - - 1.45% -
 
Software - - - 0.63%
 
Consumer Digital Services - - - 0.55%
 
Computer Services - - - 0.27%
 
Health Care 2.66% - - -
 
Health Care - 2.66% - -
 
Pharmaceuticals & Biotechnology - - 2.12% -
 
Pharmaceuticals - - - 2.04%
 
Biotechnology - - - 0.08%
 
Medical Equipment & Services - - 0.42% -
 
Medical Equipment - - - 0.30%
 
Medical Supplies - - - 0.12%
 
Medical Services - - - 0.00%
 
Health Care Providers - - 0.12% -
 
Health Care Management Services - - - 0.08%
 
Health Care Facilities - - - 0.04%
 
Health Care Services - - - 0.00%
 
Cash and Equivalents 2.55% - - -
 
Consumer Staples 2.08% - - -
 
Food, Beverage & Tobacco - 1.16% - -
 
Beverages - - 0.52% -
 
Soft Drinks - - - 0.22%
 
Distillers & Vintners - - - 0.18%
 
Brewers - - - 0.12%
 
Tobacco - - 0.33% -
 
Tobacco - - - 0.33%
 
Food Producers - - 0.31% -
 
Food Products - - - 0.31%
 
Farming, Fishing, Ranching & Plantations - - - 0.01%
 
Personal Care, Drug & Grocery Stores - 0.92% - -
 
Personal Care, Drug & Grocery Stores - - 0.92% -
 
Food Retailers & Wholesalers - - - 0.44%
 
Personal Products - - - 0.32%
 
Nondurable Household Products - - - 0.09%
 
Drug Retailers - - - 0.06%
 
Basic Materials 1.58% - - -
 
Basic Resources - 1.09% - -
 
Industrial Metals & Mining - - 0.93% -
 
General Mining - - - 0.63%
 
Iron & Steel - - - 0.22%
 
Copper - - - 0.06%
 
Metal Fabricating - - - 0.03%
 
Aluminum - - - 0.00%
 
Industrial Materials - - 0.12% -
 
Paper - - - 0.11%
 
Diversified Materials - - - 0.00%
 
Forestry - - - 0.00%
 
Precious Metals & Mining - - 0.04% -
 
Gold Mining - - - 0.04%
 
Platinum & Precious Metals - - - 0.00%
 
Diamonds & Gemstones - - - 0.00%
 
Chemicals - 0.49% - -
 
Chemicals - - 0.49% -
 
Chemicals: Diversified - - - 0.34%
 
Specialty Chemicals - - - 0.09%
 
Fertilizers - - - 0.04%
 
Chemicals & Synthetic Fibers - - - 0.01%
 
Energy 1.08% - - -
 
Energy - 1.08% - -
 
Non-Renewable Energy - - 1.08% -
 
Integrated Oil & Gas - - - 0.75%
 
Oil Refining and Marketing - - - 0.11%
 
Oil Equipment & Services - - - 0.11%
 
Oil: Crude Producers - - - 0.09%
 
Pipelines - - - 0.02%
 
Offshore Drilling & Other Services - - - 0.00%
 
Renewable Energy - - 0.01% -
 
Renewable Energy Equipment - - - 0.01%
 
Alternative Fuels - - - 0.00%
 
Telecommunications 1.03% - - -
 
Telecommunications - 1.03% - -
 
Telecommunications Service Providers - - 0.81% -
 
Telecommunications Services - - - 0.79%
 
Cable Television Services - - - 0.03%
 
Telecommunications Equipment - - 0.21% -
 
Telecommunications Equipment - - - 0.21%
 
Real Estate 0.95% - - -
 
Real Estate - 0.95% - -
 
Real Estate Investment Trusts - - 0.57% -
 
Diversified REITs - - - 0.12%
 
Office REITs - - - 0.11%
 
Residential REITs - - - 0.10%
 
Industrial REITs - - - 0.08%
 
Health Care REITs - - - 0.04%
 
Storage REITs - - - 0.04%
 
Other Specialty REITs - - - 0.03%
 
Retail REITs - - - 0.03%
 
Infrastructure REITs - - - 0.01%
 
Hotel & Lodging REITs - - - 0.00%
 
Real Estate Investment & Services - - 0.38% -
 
Real Estate Holding and Development - - - 0.26%
 
Real Estate Services - - - 0.11%
 
Utilities 0.86% - - -
 
Utilities - 0.86% - -
 
Gas, Water & Multi-utilities - - 0.48% -
 
Multi-Utilities - - - 0.35%
 
Water - - - 0.13%
 
Gas Distribution - - - 0.00%
 
Electricity - - 0.35% -
 
Conventional Electricity - - - 0.34%
 
Alternative Electricity - - - 0.01%
 
Waste & Disposal Services - - 0.03% -
 
Waste & Disposal Services - - - 0.03%
 
Alternative Trading Strategies 0.00% - - -
 
Alternative Trading Strategies - 0.00% - -
 
Alternative Trading Strategies - - 0.00% -
 
Alternative Trading Strategies - - - 0.00%

Regional Allocation

pie chart
  UK 66.81%
  Developed Europe - Excl UK 9.83%
  North America 4.69%
  Cash and Equivalents 4.46%
  Non-Classified 6.63%
  Emerging Asia 2.87%
  Japan 2.32%
  Developed Asia 1.34%
  Australia & New Zealand 0.65%
  Other Regions 0.41%

Fixed Interest Currencies

pie chart
  Pound Sterling 62.50%
  Non-Fixed Interest Assets 35.07%
  Cash 2.41%
  US Dollar 0.02%

Regional Breakdown

Expand allCollapse all
Region Country
 
UK 66.81% -
 
United Kingdom - 66.81%
 
Jersey - 0.00%
 
Developed Europe - Excl UK 9.83% -
 
Germany - 4.86%
 
Finland - 1.11%
 
France - 0.95%
 
Switzerland - 0.72%
 
Ireland - 0.49%
 
Netherlands - 0.41%
 
Spain - 0.30%
 
Sweden - 0.22%
 
Luxembourg - 0.17%
 
Belgium - 0.17%
 
Italy - 0.16%
 
Norway - 0.13%
 
Denmark - 0.11%
 
Austria - 0.04%
 
Portugal - 0.00%
 
North America 4.69% -
 
United States - 4.61%
 
Canada - 0.08%
 
Cash and Equivalents 4.46% -
 
Non-Classified 6.63% -
 
Emerging Asia 2.87% -
 
South Korea - 0.81%
 
China - 0.60%
 
Taiwan - 0.55%
 
India - 0.48%
 
Indonesia - 0.22%
 
Thailand - 0.14%
 
Malaysia - 0.05%
 
Philippines - 0.01%
 
Japan 2.32% -
 
Japan - 2.32%
 
Developed Asia 1.34% -
 
Hong Kong - 0.96%
 
Singapore - 0.38%
 
Australia & New Zealand 0.65% -
 
Australia - 0.65%
 
Property 0.37% -
 
Middle East & Africa 0.03% -
 
Israel - 0.03%
 
Cote D'Ivoire - 0.00%
 
Emerging Europe 0.02% -
 
Poland - 0.01%
 
Turkey - 0.00%
 
Greece - 0.00%
 
Hungary - 0.00%
 
Czech Republic - 0.00%

Breakdown By Market Cap (%)

Mega
 
 
14.36%
Large
 
 
6.50%
Medium
 
 
4.69%
Small
 
 
0.55%
Micro
 
 
0.05%
Non-Classified
 
 
8.78%
Bonds
 
 
62.52%
Cash
 
 
2.55%

Fund Holdings

Name % Weight Sector Country
1 M&G Gilt & Fixed Interest Income Class A GBP 67.10% Managed Funds Managed Funds
2 PIA UK Equity Ser A 11.29% Managed Funds Managed Funds
3 M&G (1) Asia Pacific (ex Japan) Equity Class GBPZ2A 5.32% Managed Funds Managed Funds
4 M&G (ACS) Blackrock US Equity Z3A 4.65% Managed Funds Managed Funds
5 M&G (LUX) FCP Europe ex UK Equity Fund Z3A Acc 3.46% Managed Funds Managed Funds
6 M&G (ACS) Japan Equity Fund Z3A Acc 2.36% Managed Funds Managed Funds
7 PIA UK Deposit Ser A 2.30% Managed Funds Managed Funds
8 M&G (LUX) FCP Europe ex UK Index Fund Z3A Acc 1.17% Managed Funds Managed Funds

Top 10 Holdings

Stock % Weight Sector Country
1 ⅝% Treasury Gilt 2035 13.01% Bonds United Kingdom
2 1¾% Treasury Gilt 2037 8.97% Bonds United Kingdom
3 ¼% Treasury Gilt 2025 6.76% Bonds United Kingdom
4 ⅛% Treasury Gilt 2024 5.89% Bonds United Kingdom
5 4¼% Treasury Gilt 2049 5.66% Bonds United Kingdom
6 ⅛% Treasury Gilt 2023 4.07% Bonds United Kingdom
7 3¼% Treasury Gilt 2044 3.67% Bonds United Kingdom
8 KFW 1.375% 15/12/2025 3.39% Bonds Germany
9 4 1/2 Treasury 2034 2.78% Bonds United Kingdom
10 UK CONV GILT 1.125% 22/10/2073 2.69% 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
Technology 0.28% 2.95% - - - - - - 3.22%
Telecommunications 0.25% 0.78% - - - - - - 1.03%
Financials 1.80% 3.13% - - - - 0.59% - 5.53%
Real Estate 0.26% 0.32% - - - 0.37% - - 0.95%
Consumer Discretionary 1.42% 2.30% - 0.02% - - 0.04% - 3.77%
Consumer Staples 1.12% 0.96% - - - - 0.04% - 2.12%
Energy 0.35% 0.73% - - - - 0.53% - 1.62%
Utilities 0.45% 0.41% - - - - - - 0.86%
Health Care 0.96% 1.70% - - - - - - 2.66%
Industrials 1.46% 2.79% - - - - 0.01% - 4.27%
Basic Materials 0.76% 0.82% - - - - - - 1.58%
Cash and Equivalents - - - - - - - 2.55% 2.55%
Bonds - - 0.60% 4.82% 57.08% - - - 62.50%
Non-Classified - 0.11% - - - 0.03% 7.21% - 7.34%

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 0794701
Mex Code SBECS
Isin Code IE0007947017
Citi Code SY42

Fund Charges

Annual Management Charge (AMC) 1.75%
Further Costs 0.07%
Yearly Total 1.82%

Aims and Benchmark

Aims Objective: The fund aims to maximise the total long term growth (the combination of income and growth of capital) in sterling. Fund Investments: The fund will have a high exposure towards lower risk assets such as international fixed income funds and cash instruments. The fund also invests in international equity funds.
Benchmark Composite
ABI Sector 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 -2.17
Beta 0.79
Sharpe 0.00
Standard Deviation 6.88
Info Ratio -0.47

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 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).

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 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.