PIA M&G Corporate Bond Ser B

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

Performance

Discrete performance - to last month end

31/07/17
to
31/07/18
31/07/18
to
31/07/19
31/07/19
to
31/07/20
31/07/20
to
31/07/21
31/07/21
to
31/07/22
Fund 0.1% 6.2% 4.6% 2.1% -11.7%
Sector -0.3% 5.8% 4.5% 1.9% -11.0%
Rank 15/36 19/39 32/48 23/51 20/50
Quartile 2 2 3 2 2

Annualised performance

Annualised
3 Years to
31/07/22
5 Years to
31/07/22
10 Years to
31/07/22
Fund -1.9% 0.0% 2.4%
Sector -1.8% 0.0% 2.5%
Rank 25/47 19/35 17/24
Quartile 3 3 3

Top 10 Holdings

Stock % Weight
LONG GILT SEP 22 GBP 9.91
US ULTRA T-BOND SEP 22 USD Notional Cash Offset 2.50
4 1/2 Treasury 2034 2.42
4¼% Treasury Stock 2032 1.94
KFW 1.375% 15/12/2025 1.79
SCDS: (BATSLN) EUR Notional Cash Offset 1.41
US 10YR NOTE SEP 22 USD Notional Cash Offset 1.28
IMPERIAL BRANDS FINANCE PLC 4.875% 07/06/2032 1.27
4¼% Treasury Gilt 2040 1.22
Northern Trust The Sterling Fund Class E 1.13
Total 24.87

Fund Aims

Objective: The investment strategy of the fund is to purchase units in the M&G Corporate Bond Fund - the underlying fund. Underlying Fund Objective: The fund aims to provide a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than the average return of the IA £ Corporate Bond Sector over any five-year period. At least 70% of the fund is invested, directly or indirectly through derivatives, in investment grade corporate debt securities including investment grade Asset-Backed Securities. These securities can be issued by companies from anywhere in the world, including Emerging Markets. These securities are denominated in sterling or hedged back to sterling. Other investments may include: 1. debt securities issued or guaranteed by governments and their agencies, public authorities, quasi-sovereigns and supranational bodies, denominated in any currency; 2. below investment grade and unrated debt securities;3. below investment grade and unrated Asset-Backed Securities; 4. other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G). Investments in Asset-Backed Securities are limited to 20% of the fund. Derivatives may be used for investment purposes, efficient portfolio management and hedging.

Fund Manager

Richard Woolnough manager of the underlying fund for 18 years and 5 months

Photo of Richard Woolnough Richard Woolnough joined M&G in January 2004 and is fund manager of the M&G Optimal Income Fund, the M&G Corporate Bond Fund and the M&G Strategic Corporate Bond Fund, three of the company's flagship fixed interest funds. Richard began his career at Lloyds Merchant Bank in 1985, moving to Italian insurer Assicurazioni Generali two years later, followed by SG Warburg. In 1995, he became a fund manager at Old Mutual. Richard graduated from the London School of Economics with a BSc in economics.

Ben Lord manager of the underlying fund for 2 years and 7 months

Photo of Ben Lord Ben Lord joined M&G in 2007 and was appointed fund manager of the M&G Global Corporate Bond Fund from launch in September 2013. He is also fund manager of the M&G UK Inflation Linked Corporate Bond Fund and deputy manager of the M&G European Inflation Linked Corporate Bond Fund, the M&G Strategic Corporate Bond Fund, the M&G Corporate Bond Fund and the M&G Short Dated Corporate Bond Fund. Ben previously worked at Gordian Knot as a credit analyst covering global financial institutions. He obtained an MA (Hons) from the University of Edinburgh and is a CFA charterholder.

Fund Overview

Bid (12/08/2022) 2.26
Offer (12/08/2022) 2.38
Fund size (30/06/2022) £5.63m
Underlying Fund size £1523.70m
Number of holdings 402
Launch date 09/04/2003

Fund Charges

Annual Management Charge (AMC) 1.30%
Further Costs 0.01%
Yearly Total 1.31%

Asset Allocation

pie chart
  International Bonds 41.03%
  UK Corporate Bonds 38.19%
  UK Gilts 6.37%
  Cash and Equivalents 0.84%
  Alternative Trading Strategies 0.02%
  Money Market -0.15%
  Other Assets 13.71%
Portfolio data accurate as at: 30/06/22

Important Information

Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.

Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).

Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of fund charges and further costs, but take no account of product charges, or any Annual Management Charge paid for by the deduction of units. Charges and further costs may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in the fund's currency of denomination with gross income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.

This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.

Portfolio data accurate as at:

Asset Allocation

pie chart
  International Bonds 41.03%
  UK Corporate Bonds 38.19%
  UK Gilts 6.37%
  Cash and Equivalents 0.84%
  Alternative Trading Strategies 0.02%
  Money Market -0.15%
  Other Assets 13.71%

Bond Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Bonds 85.58% - - -
 
Non-Classified 14.84% - - -
 
Alternative Trading Strategies 0.02% - - -
 
Alternative Trading Strategies - 0.02% - -
 
Alternative Trading Strategies - - 0.02% -
 
Alternative Trading Strategies - - - 0.02%
 
Cash and Equivalents -0.44% - - -

Regional Allocation

pie chart
  UK 44.55%
  Developed Europe - Excl UK 21.22%
  Non-Classified 17.04%
  North America 13.28%
  South & Central America 1.36%
  Australia & New Zealand 1.10%
  Cash and Equivalents 0.69%
  Developed Asia 0.60%
  Japan 0.17%

Fixed Interest Currencies

pie chart
  Pound Sterling 79.08%
  Non-Fixed Interest Assets 14.36%
  US Dollar 6.53%
  Euro 2.48%
  Cash 0.06%
  Unrecognised -2.50%

Regional Breakdown

Expand allCollapse all
Region Country
 
UK 44.55% -
 
United Kingdom - 44.55%
 
Developed Europe - Excl UK 21.22% -
 
France - 7.79%
 
Netherlands - 3.62%
 
Germany - 2.58%
 
Luxembourg - 1.75%
 
Spain - 1.57%
 
Italy - 1.11%
 
Ireland - 0.62%
 
Sweden - 0.55%
 
Switzerland - 0.54%
 
Norway - 0.42%
 
Belgium - 0.27%
 
Denmark - 0.24%
 
Finland - 0.17%
 
Non-Classified 17.04% -
 
North America 13.28% -
 
United States - 11.31%
 
Canada - 1.97%
 
South & Central America 1.36% -
 
Mexico - 1.36%
 
Australia & New Zealand 1.10% -
 
Australia - 1.10%
 
Cash and Equivalents 0.69% -
 
Developed Asia 0.60% -
 
Hong Kong - 0.60%
 
Japan 0.17% -
 
Japan - 0.17%

Fixed Interest Maturity Profile

< 5Yr Maturity
 
 
24.33%
5Yr - 10Yr Maturity
 
 
30.33%
10Yr - 15Yr Maturity
 
 
10.09%
> 15Yr Maturity
 
 
20.83%
Cash And Equivalents
 
-0.44%
Unknown Maturity
 
 
14.84%
Other Asset Types
 
 
0.02%

Fixed Interest Quality Profile

AAA
 
 
9.72%
AA
 
 
11.50%
A
 
 
19.04%
BBB
 
 
36.92%
Sub-Investment Grade
 
 
1.53%
Unknown Quality
 
 
6.88%
Cash and Equivalents
 
-0.44%
Other Asset Types
 
 
14.86%

Top 10 Holdings

Stock % Weight Sector Country
1 LONG GILT SEP 22 GBP 9.91% Non-Classified Non-Classified
2 US ULTRA T-BOND SEP 22 USD Notional Cash Offset 2.50% Non-Classified Non-Classified
3 4 1/2 Treasury 2034 2.42% Bonds United Kingdom
4 4¼% Treasury Stock 2032 1.94% Bonds United Kingdom
5 KFW 1.375% 15/12/2025 1.79% Bonds Germany
6 SCDS: (BATSLN) EUR Notional Cash Offset 1.41% Non-Classified Non-Classified
7 US 10YR NOTE SEP 22 USD Notional Cash Offset 1.28% Non-Classified Non-Classified
8 IMPERIAL BRANDS FINANCE PLC 4.875% 07/06/2032 1.27% Bonds United Kingdom
9 4¼% Treasury Gilt 2040 1.22% Bonds United Kingdom
10 Northern Trust The Sterling Fund Class E 1.13% Non-Classified Cash and Equivalents

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 3283035
Mex Code SBMGC
Isin Code IE0032830352
Citi Code S778

Fund Charges

Annual Management Charge (AMC) 1.30%
Further Costs 0.01%
Yearly Total 1.31%

Aims and Benchmark

Aims Objective: The investment strategy of the fund is to purchase units in the M&G Corporate Bond Fund - the underlying fund. Underlying Fund Objective: The fund aims to provide a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than the average return of the IA £ Corporate Bond Sector over any five-year period. At least 70% of the fund is invested, directly or indirectly through derivatives, in investment grade corporate debt securities including investment grade Asset-Backed Securities. These securities can be issued by companies from anywhere in the world, including Emerging Markets. These securities are denominated in sterling or hedged back to sterling. Other investments may include: 1. debt securities issued or guaranteed by governments and their agencies, public authorities, quasi-sovereigns and supranational bodies, denominated in any currency; 2. below investment grade and unrated debt securities;3. below investment grade and unrated Asset-Backed Securities; 4. other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G). Investments in Asset-Backed Securities are limited to 20% of the fund. Derivatives may be used for investment purposes, efficient portfolio management and hedging.
Benchmark IA Sterling Corporate Bond Sector Average
Sector OI Sterling Corporate Bond

Ratings

FE Crown Crown Rating of 3

Important Information

Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.

Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).

Charges and further costs may vary in the future and may be higher than they are now.

This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.

Risk Analysis

Ratio Value
Alpha -0.05
Beta 1.07
Sharpe 0.00
Standard Deviation 7.77
Info Ratio -0.12

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 No
Geared Investments No
Value of Investments Yes
Investments Long Term Yes
Property No
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 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).

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.

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.

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

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.