JPMorgan Multi-Asset Income Class C - Monthly Inc

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

Performance

Discrete performance - to last month end

31/03/19
to
31/03/20		 31/03/20
to
31/03/21		 31/03/21
to
31/03/22		 31/03/22
to
31/03/23		 31/03/23
to
31/03/24
Fund -11.5% 25.2% 2.3% -7.3% 7.2%
Sector -7.2% 19.8% 2.7% -4.8% 7.7%
Rank 122/147 31/154 104/165 144/174 110/180
Quartile 4 1 3 4 3

Annualised performance

Annualised
3 Years to
31/03/24		 5 Years to
31/03/24		 10 Years to
31/03/24
Fund 0.6% 2.4% 3.1%
Sector 1.7% 3.2% 3.8%
Rank 131/165 111/147 84/103
Quartile 4 4 4

Top 10 Holdings

Stock % Weight
UNITED STATES OF AMERICA NOTES FIXED 4.125% 1.22
US 10YR NOTE (CBT) BOND 19/MAR/2024 TYH4 COMDTY 0.81
DISH DBS CORP CALLABLE NOTES FIXED 5.875% 0.48
ABBVIE 0.46
COCA-COLA COMPANY(THE) 0.46
EXXON MOBIL CORPORATION 0.45
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED 0.44
NESTLE S.A. 0.43
SAMSUNG ELECTRONICS CO. LTD 0.41
VOLVO(AB) 0.35
Total 5.51

Fund Aims

To provide income by investing primarily in a global portfolio of income generating securities.

Fund Manager

Eric Bernbaum manager for 6 years and 2 months

Photo of Eric Bernbaum Eric Bernbaum, CFA, executive director, is a portfolio manager for JPMAM's Multi-Asset Solutions team based in New York.  An employee since 2008, Eric is responsible for manager selection and portfolio construction.  He focuses on portfolio management and the interpretation and implementation of tactical asset allocation strategy across multi-asset class portfolios, with a specific focus on outcome-oriented strategies, including target date, income, and total return.  Eric holds a B.S. in Applied Economics and Management with a concentration in Business and Finance from Cornell University and is a CFA charterholder.

Michael Schoenhaut manager for 17 years and 9 months

Photo of Michael Schoenhaut Michael Schoenhaut, CFA, managing director, is a portfolio manager on JPMAM's Multi-Asset Solutions team, based in New York. Michael is responsible for a global suite of multi-asset income strategies and is lead portfolio manager across the funds.  He focuses on asset allocation, portfolio construction, manager selection and risk management.  He was previously a member of the SmartRetirement portfolio management team which was awarded the 2014 Morningstar U.S. Allocation Fund Manager of the Year for their efforts.  An employee since 1997, Michael has held other positions within Multi-Asset Solutions, including portfolio manager for GTAA and balanced strategies and head of quantitative portfolio management.  Michael earned a Bachelor of Science in Operations Research and Industrial Engineering from Cornell University and is a CFA charterholder.

Fund Overview

Mid (26/04/2024) 102.30p
Historic yield 3.88%
Fund size (31/12/2023) £229.40m
Number of holdings 2444
Entry Charge 0.00%
Ongoing Charges 0.80%
Launch date 30/06/2009

Asset Allocation

pie chart
  International Bonds 46.86%
  International Equities 33.90%
  UK Equities 3.77%
  Cash and Equivalents 3.65%
  Money Market 3.24%
  UK Corporate Bonds 1.29%
  Property 1.28%
  Alternative Trading Strategies 0.87%
  Other Assets 5.14%
Portfolio data accurate as at: 31/12/23

Important Information

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 ongoing charges, but take no account of product charges. Ongoing charges 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 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 46.86%
  International Equities 33.90%
  UK Equities 3.77%
  Cash and Equivalents 3.65%
  Money Market 3.24%
  UK Corporate Bonds 1.29%
  Property 1.28%
  Alternative Trading Strategies 0.87%
  Other Assets 5.14%

Bond Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
 Bonds 48.25% - - -
 
 Financials 7.41% - - -
 
 Banks - 3.92% - -
 
 Banks - - 3.92% -
 
 Banks - - - 3.92%
 
 Insurance - 2.21% - -
 
 Non-life Insurance - - 1.35% -
 
 Full Line Insurance - - - 0.76%
 
 Property & Casualty Insurance - - - 0.46%
 
 Reinsurance - - - 0.13%
 
 Life Insurance - - 0.86% -
 
 Life Insurance - - - 0.86%
 
 Financial Services - 1.27% - -
 
 Investment Banking & Brokerage Services - - 1.16% -
 
 Asset Managers & Custodians - - - 0.55%
 
 Investment Services - - - 0.46%
 
 Diversified Financial Services - - - 0.14%
 
 Mortgage Real Estate Investment Trusts - - 0.08% -
 
 Mortgage REITs: Residential - - - 0.08%
 
 Finance & Credit Services - - 0.03% -
 
 Consumer Lending - - - 0.03%
 
 Cash and Equivalents 6.89% - - -
 
 Non-Classified 5.32% - - -
 
 Non-Classified - 0.06% - -
 
 Non-Classified - - 0.06% -
 
 Non-Classified - - - 0.06%
 
 Utilities 4.12% - - -
 
 Utilities - 4.12% - -
 
 Electricity - - 2.95% -
 
 Conventional Electricity - - - 2.83%
 
 Alternative Electricity - - - 0.12%
 
 Gas, Water & Multi-utilities - - 1.17% -
 
 Multi-Utilities - - - 0.69%
 
 Gas Distribution - - - 0.31%
 
 Water - - - 0.17%
 
 Consumer Discretionary 3.74% - - -
 
 Consumer Products & Services - 1.04% - -
 
 Household Goods & Home Construction - - 0.55% -
 
 Household Appliance - - - 0.30%
 
 Home Construction - - - 0.25%
 
 Personal Goods - - 0.24% -
 
 Clothing & Accessories - - - 0.23%
 
 Footwear - - - 0.01%
 
 Leisure Goods - - 0.16% -
 
 Electronic Entertainment - - - 0.14%
 
 Toys - - - 0.02%
 
 Consumer Services - - 0.08% -
 
 Vending & Catering Service - - - 0.05%
 
 Education Services - - - 0.03%
 
 Retail - 0.93% - -
 
 Retailers - - 0.93% -
 
 Diversified Retailers - - - 0.31%
 
 Home Improvement Retailers - - - 0.26%
 
 Apparel Retailers - - - 0.25%
 
 Specialty Retailers - - - 0.10%
 
 Automobiles & Parts - 0.60% - -
 
 Automobiles & Parts - - 0.60% -
 
 Tires - - - 0.33%
 
 Automobiles - - - 0.20%
 
 Auto Parts - - - 0.07%
 
 Media - 0.60% - -
 
 Media - - 0.60% -
 
 Media Agencies - - - 0.25%
 
 Publishing - - - 0.24%
 
 Radio & TV Broadcasters - - - 0.11%
 
 Travel & Leisure - 0.57% - -
 
 Travel & Leisure - - 0.57% -
 
 Restaurants & Bars - - - 0.34%
 
 Hotels & Motels - - - 0.16%
 
 Travel & Tourism - - - 0.04%
 
 Casinos & Gambling - - - 0.02%
 
 Airlines - - - 0.01%
 
 Energy 3.61% - - -
 
 Energy - 3.61% - -
 
 Non-Renewable Energy - - 3.61% -
 
 Integrated Oil & Gas - - - 1.91%
 
 Pipelines - - - 0.79%
 
 Oil: Crude Producers - - - 0.51%
 
 Oil Refining and Marketing - - - 0.25%
 
 Oil Equipment & Services - - - 0.14%
 
 Coal - - - 0.01%
 
 Industrials 3.50% - - -
 
 Industrial Goods & Services - 2.91% - -
 
 Industrial Transportation - - 1.17% -
 
 Commercial Vehicles & Parts - - - 0.43%
 
 Delivery Services - - - 0.33%
 
 Marine Transportation - - - 0.32%
 
 Transportation Services - - - 0.07%
 
 Railroads - - - 0.01%
 
 General Industrials - - 0.60% -
 
 Diversified Industrials - - - 0.36%
 
 Glass - - - 0.13%
 
 Containers & Packaging - - - 0.10%
 
 Electronic & Electrical Equipment - - 0.46% -
 
 Electrical Components - - - 0.38%
 
 Electronic Equipment: Other - - - 0.08%
 
 Industrial Engineering - - 0.42% -
 
 Machinery: Industrial - - - 0.17%
 
 Machinery: Agricultural - - - 0.13%
 
 Machinery: Engines - - - 0.12%
 
 Industrial Support Services - - 0.19% -
 
 Business Training & Employment Agencies - - - 0.07%
 
 Forms & Bulk Printing Services - - - 0.04%
 
 Professional Business Support Services - - - 0.04%
 
 Industrial Suppliers - - - 0.04%
 
 Aerospace & Defence - - 0.07% -
 
 Aerospace - - - 0.07%
 
 Construction & Materials - 0.59% - -
 
 Construction & Materials - - 0.59% -
 
 Construction - - - 0.44%
 
 Cement - - - 0.12%
 
 Building Materials: Other - - - 0.03%
 
 Telecommunications 3.26% - - -
 
 Telecommunications - 3.26% - -
 
 Telecommunications Service Providers - - 2.57% -
 
 Telecommunications Services - - - 2.28%
 
 Cable Television Services - - - 0.28%
 
 Telecommunications Equipment - - 0.69% -
 
 Telecommunications Equipment - - - 0.69%
 
 Technology 3.24% - - -
 
 Technology - 3.24% - -
 
 Technology Hardware & Equipment - - 2.39% -
 
 Semiconductors - - - 1.66%
 
 Production Technology Equipment - - - 0.40%
 
 Computer Hardware - - - 0.29%
 
 Electronic Office Equipment - - - 0.03%
 
 Electronic Components - - - 0.01%
 
 Software & Computer Services - - 0.85% -
 
 Computer Services - - - 0.57%
 
 Software - - - 0.28%
 
 Consumer Staples 2.86% - - -
 
 Food, Beverage & Tobacco - 1.86% - -
 
 Food Producers - - 0.88% -
 
 Food Products - - - 0.88%
 
 Beverages - - 0.76% -
 
 Soft Drinks - - - 0.72%
 
 Brewers - - - 0.04%
 
 Tobacco - - 0.22% -
 
 Tobacco - - - 0.22%
 
 Personal Care, Drug & Grocery Stores - 1.00% - -
 
 Personal Care, Drug & Grocery Stores - - 1.00% -
 
 Personal Products - - - 0.40%
 
 Food Retailers & Wholesalers - - - 0.35%
 
 Drug Retailers - - - 0.17%
 
 Nondurable Household Products - - - 0.07%
 
 Health Care 2.73% - - -
 
 Health Care - 2.73% - -
 
 Pharmaceuticals & Biotechnology - - 2.54% -
 
 Pharmaceuticals - - - 2.54%
 
 Health Care Providers - - 0.15% -
 
 Health Care Management Services - - - 0.15%
 
 Health Care Facilities - - - 0.01%
 
 Medical Equipment & Services - - 0.03% -
 
 Medical Services - - - 0.03%
 
 Basic Materials 2.24% - - -
 
 Basic Resources - 1.31% - -
 
 Industrial Metals & Mining - - 0.87% -
 
 General Mining - - - 0.48%
 
 Iron & Steel - - - 0.20%
 
 Metal Fabricating - - - 0.09%
 
 Copper - - - 0.09%
 
 Aluminum - - - 0.02%
 
 Industrial Materials - - 0.25% -
 
 Paper - - - 0.25%
 
 Precious Metals & Mining - - 0.19% -
 
 Gold Mining - - - 0.19%
 
 Chemicals - 0.93% - -
 
 Chemicals - - 0.93% -
 
 Chemicals: Diversified - - - 0.51%
 
 Specialty Chemicals - - - 0.26%
 
 Fertilizers - - - 0.15%
 
 Real Estate 1.98% - - -
 
 Real Estate - 1.98% - -
 
 Real Estate Investment Trusts - - 1.76% -
 
 Retail REITs - - - 0.41%
 
 Industrial REITs - - - 0.25%
 
 Hotel & Lodging REITs - - - 0.21%
 
 Health Care REITs - - - 0.20%
 
 Other Specialty REITs - - - 0.17%
 
 Diversified REITs - - - 0.13%
 
 Office REITs - - - 0.09%
 
 Timber REITs - - - 0.08%
 
 Storage REITs - - - 0.08%
 
 Infrastructure REITs - - - 0.07%
 
 Residential REITs - - - 0.06%
 
 Real Estate Investment & Services - - 0.22% -
 
 Real Estate Holding and Development - - - 0.22%
 
 Alternative Trading Strategies 0.87% - - -
 
 Alternative Trading Strategies - 0.87% - -
 
 Alternative Trading Strategies - - 0.87% -
 
 Alternative Trading Strategies - - - 0.87%

Regional Allocation

pie chart
  North America 54.52%
  Developed Europe - Excl UK 15.43%
  Cash and Equivalents 6.89%
  Non-Classified 6.84%
  UK 5.07%
  Emerging Asia 3.75%
  Japan 1.43%
  South & Central America 1.42%
  Property 1.27%
  Other Regions 3.38%

Fixed Interest Currencies

pie chart
  Non-Fixed Interest Assets 52.59%
  US Dollar 46.10%
  Euro 1.76%
  Pound Sterling 0.12%
  Canadian Dollar 0.08%
  Mexican Peso 0.02%
  Other Currencies -0.67%

Regional Breakdown

Expand allCollapse all
Region Country
 
 North America 54.52% -
 
 United States - 50.52%
 
 Canada - 4.01%
 
 Developed Europe - Excl UK 15.43% -
 
 France - 3.42%
 
 Switzerland - 1.97%
 
 Netherlands - 1.60%
 
 Germany - 1.57%
 
 Spain - 1.51%
 
 Italy - 1.19%
 
 Sweden - 0.98%
 
 Finland - 0.79%
 
 Norway - 0.60%
 
 Ireland - 0.49%
 
 Denmark - 0.47%
 
 Luxembourg - 0.40%
 
 Austria - 0.20%
 
 Belgium - 0.20%
 
 Portugal - 0.04%
 
 Cash and Equivalents 6.89% -
 
 Non-Classified 6.84% -
 
 UK 5.07% -
 
 United Kingdom - 5.07%
 
 Emerging Asia 3.75% -
 
 Taiwan - 1.07%
 
 China - 0.82%
 
 South Korea - 0.81%
 
 India - 0.55%
 
 Indonesia - 0.31%
 
 Thailand - 0.12%
 
 Kazakhstan - 0.07%
 
 Japan 1.43% -
 
 Japan - 1.43%
 
 South & Central America 1.42% -
 
 Mexico - 0.52%
 
 Brazil - 0.43%
 
 Dominican Republic - 0.10%
 
 Colombia - 0.10%
 
 Paraguay - 0.06%
 
 Argentina - 0.06%
 
 Chile - 0.06%
 
 Ecuador - 0.03%
 
 El Salvador - 0.03%
 
 Uruguay - 0.02%
 
 Venezuela - 0.01%
 
 Property 1.27% -
 
 Middle East & Africa 1.21% -
 
 South Africa - 0.54%
 
 Saudi Arabia - 0.17%
 
 Oman - 0.07%
 
 Kenya - 0.07%
 
 Israel - 0.07%
 
 Angola - 0.06%
 
 Nigeria - 0.06%
 
 Egypt - 0.05%
 
 Iraq - 0.05%
 
 Cote D'Ivoire - 0.03%
 
 Senegal - 0.03%
 
 Lebanon - 0.00%
 
 Developed Asia 1.12% -
 
 Hong Kong - 0.62%
 
 Singapore - 0.50%
 
 Australia & New Zealand 0.82% -
 
 Australia - 0.70%
 
 New Zealand - 0.12%
 
 Emerging Europe 0.24% -
 
 Turkey - 0.19%
 
 Poland - 0.05%

Breakdown By Market Cap (%)

Mega
 
 
22.02%
Large
 
 
10.64%
Medium
 
 
3.32%
Small
 
 
0.18%
Micro
 
 
0.02%
Non-Classified
 
 
8.78%
Bonds
 
 
48.15%
Cash
 
 
6.89%

Fixed Interest Maturity Profile

< 5Yr Maturity
 
 
26.46%
5Yr - 10Yr Maturity
 
 
11.85%
10Yr - 15Yr Maturity
 
 
2.71%
> 15Yr Maturity
 
 
7.13%
Cash And Equivalents
 
 
6.89%
Unknown Maturity
 
 
5.07%
Other Asset Types
 
 
39.89%

Fixed Interest Quality Profile

AAA
 
 
1.56%
AA
 
 
0.20%
A
 
 
3.91%
BBB
 
 
6.86%
Sub-Investment Grade
 
 
29.13%
Unknown Quality
 
 
6.50%
Cash and Equivalents
 
 
6.89%
Other Asset Types
 
 
44.96%

Top 10 Holdings

Stock % Weight Sector Country
1 UNITED STATES OF AMERICA NOTES FIXED 4.125% 1.22% Bonds United States
2 US 10YR NOTE (CBT) BOND 19/MAR/2024 TYH4 COMDTY 0.81% Non-Classified Non-Classified
3 DISH DBS CORP CALLABLE NOTES FIXED 5.875% 0.48% Bonds United States
4 ABBVIE 0.46% Pharmaceuticals & Biotechnology United States
5 COCA-COLA COMPANY(THE) 0.46% Beverages United States
6 EXXON MOBIL CORPORATION 0.45% Non-Renewable Energy United States
7 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED 0.44% Technology Hardware & Equipment Taiwan
8 NESTLE S.A. 0.43% Food Producers Switzerland
9 SAMSUNG ELECTRONICS CO. LTD 0.41% Telecommunications Equipment South Korea
10 VOLVO(AB) 0.35% Industrial Transportation Sweden

Important Information

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 BGP6L12
Mex Code -
Isin Code GB00BGP6L127
Citi Code JY2N

Fund Charges

Entry Charge 0.00%
Ongoing Charges 0.80%

Aims and Benchmark

Aims To provide income by investing primarily in a global portfolio of income generating securities.
Benchmark 40% MSCI World Index (Net) Hedged to GBP, 30% Barclays US High Yield 2% Issuer Cap Index Hedged to GBP, 30% Barclays Global Credit Index Hedged to GBP
Benchmark Category -
IA Sector Mixed Investment 20-60% Shares

Fund Background

Valuation frequency Daily
Valuation point 12:00
Fund type ICVC
Launch price £0.50
Fund currency Pound Sterling
Fund domicile United Kingdom
ISA allowable Yes
SIPP allowable Yes

Distribution Details

Income frequency Monthly
Distribution Type No income
Distribution Payment Basis Net

Distribution Dates

Ex dividend date(s) Income payment date(s)
01 January 31 January
01 February 28 February
01 March 31 March
01 April 30 April
01 May 31 May
01 June 30 June
01 July 31 July
01 August 31 August
01 September 30 September
01 October 31 October
01 November 30 November
01 December 31 December

Ratings

FE Crown Crown Rating of 2

Effect of Deductions

Assuming a growth rate of 6.00% Assuming a growth rate of 7.00%
- -

Fund Administration

Fund Trustee/Depository The National Westminster Bank plc
Fund Administrator Internal
Fund Registrar Internal
Fund Custodian Internal

Group Details

Group name JPMorgan Asset Management
Group address 60 Victoria Embankment London EC4Y 0JP United Kingdom
Group telephone 0800 727 770
Dealing telephone 0207 742 9909
Email ifaenquiry@jpmorgan.com
Homepage www.jpmorganassetmanagement.com/
Fax number 0207 742 9010

Dealing

Minimum Investment £5000000
Minimum Top Up £100000
Minimum Regular Saving -
Settlement Period: Buy 3 days
Settlement Period: Sell 3 days
Pricing Basis Forward
Dealing Decimals 3

Important Information

Ongoing charges 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 -1.60
Beta 1.18
Sharpe 0.00
Standard Deviation 8.56
Info Ratio -0.44

Risk Factors

Risk Factor Yes / No
Charges to Capital Yes
Emerging Markets Yes
Concentrated Portfolio No
Smaller Companies Yes
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 Yes
Offshore No
Income Eroding Capital Growth Yes
Umbrella Liabilities Yes
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).

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.

Smaller Companies

The fund invests in smaller companies. Smaller companies shares can be more volatile and less liquid than larger company shares, so smaller companies funds can 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.

Derivative Exposure

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

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.

Umbrella Liabilities

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

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

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

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 ongoing charges, but take no account of product charges. Ongoing charges 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 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. "Prudential" is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 15454. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.