PIA Adventurous Managed GBP Ser A

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

Performance

Discrete performance - to last month end

31/05/19
to
31/05/20
31/05/20
to
31/05/21
31/05/21
to
31/05/22
31/05/22
to
31/05/23
31/05/23
to
31/05/24
Fund -6.2% 23.9% 2.1% 0.7% 14.3%
Sector 4.5% 22.5% 0.3% 2.9% 14.4%
Rank 373/405 168/429 198/476 346/504 290/517
Quartile 4 2 2 3 3

Annualised performance

Annualised
3 Years to
31/05/24
5 Years to
31/05/24
10 Years to
31/05/24
Fund 5.5% 6.4% 6.6%
Sector 5.7% 8.6% 8.5%
Rank 243/472 310/402 212/254
Quartile 3 4 4

Top 10 Holdings

Stock % Weight
CME S&P EMI FUT Jun24 4.20
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED 2.45
SAMSUNG ELECTRONICS CO. LTD 1.45
ASTRAZENECA 1.42
HSBC HOLDINGS 1.27
MICROSOFT CORPORATION 1.09
SHELL 1.04
BP 0.94
APPLE 0.92
UNILEVER 0.92
Total 15.71

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 invest in a portfolio of international equity funds and cash. Growth opportunities may be pursued through significant weightings in individual market sectors.

Fund Manager

M&G Treasury & Investment Office manager for 29 years and 11 months

Photo of M&G Treasury & Investment Office With access to investment professionals around the world, 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 (13/06/2024) 4.49
Offer (13/06/2024) 4.73
Fund size (30/04/2024) £14.09m
Number of holdings 2140
Launch date 30/06/1994

Fund Charges

Annual Management Charge (AMC) 1.75%
Further Costs 0.08%
Yearly Total 1.83%

Asset Allocation

pie chart
  International Equities 63.24%
  UK Equities 31.83%
  Property 1.65%
  Cash and Equivalents 1.38%
  Investment Trusts 0.25%
  International Bonds 0.20%
  Alternative Trading Strategies 0.00%
  Other Assets 1.46%
Portfolio data accurate as at: 30/04/24

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 investment can go down as well as up so you might get back less than you put in.

This factsheet is for information purposes only. If there is information or terminology included that you would like to discuss, then please contact an adviser. Investors should refer to their 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 Equities 63.24%
  UK Equities 31.83%
  Property 1.65%
  Cash and Equivalents 1.38%
  Investment Trusts 0.25%
  International Bonds 0.20%
  Alternative Trading Strategies 0.00%
  Other Assets 1.46%

Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Financials 20.19% - - -
 
Banks - 10.53% - -
 
Banks - - 10.53% -
 
Banks - - - 10.53%
 
Financial Services - 5.17% - -
 
Investment Banking & Brokerage Services - - 3.82% -
 
Asset Managers & Custodians - - - 2.18%
 
Investment Services - - - 1.26%
 
Diversified Financial Services - - - 0.39%
 
Finance & Credit Services - - 1.09% -
 
Financial Data & Systems - - - 0.69%
 
Mortgage Finance - - - 0.22%
 
Consumer Lending - - - 0.19%
 
Equity Investment Instruments - - 0.25% -
 
Equity Investment Instruments - - - 0.25%
 
Insurance - 4.49% - -
 
Life Insurance - - 2.44% -
 
Life Insurance - - - 2.44%
 
Non-life Insurance - - 2.05% -
 
Property & Casualty Insurance - - - 0.98%
 
Full Line Insurance - - - 0.65%
 
Reinsurance - - - 0.28%
 
Insurance Brokers - - - 0.15%
 
Industrials 15.56% - - -
 
Industrial Goods & Services - 14.27% - -
 
Industrial Support Services - - 3.74% -
 
Professional Business Support Services - - - 1.35%
 
Industrial Suppliers - - - 1.12%
 
Transaction Processing Services - - - 0.67%
 
Business Training & Employment Agencies - - - 0.34%
 
Security Services - - - 0.25%
 
Forms & Bulk Printing Services - - - 0.01%
 
General Industrials - - 2.85% -
 
Diversified Industrials - - - 1.68%
 
Containers & Packaging - - - 1.03%
 
Paints & Coatings - - - 0.08%
 
Glass - - - 0.04%
 
Plastics - - - 0.02%
 
Industrial Transportation - - 2.20% -
 
Marine Transportation - - - 0.86%
 
Transportation Services - - - 0.38%
 
Railroads - - - 0.38%
 
Commercial Vehicles & Parts - - - 0.22%
 
Commercial Vehicle-Equipment Leasing - - - 0.17%
 
Delivery Services - - - 0.17%
 
Trucking - - - 0.02%
 
Railroad Equipment - - - 0.00%
 
Aerospace & Defence - - 1.86% -
 
Defense - - - 1.09%
 
Aerospace - - - 0.77%
 
Electronic & Electrical Equipment - - 1.84% -
 
Electrical Components - - - 1.11%
 
Electronic Equipment: Gauges & Meters - - - 0.28%
 
Electronic Equipment: Control & Filter - - - 0.28%
 
Electronic Equipment: Pollution Control - - - 0.16%
 
Industrial Engineering - - 1.78% -
 
Machinery: Industrial - - - 0.56%
 
Machinery: Construction & Handling - - - 0.51%
 
Machinery: Engines - - - 0.34%
 
Machinery: Tools - - - 0.32%
 
Machinery: Agricultural - - - 0.02%
 
Machinery: Specialty - - - 0.02%
 
Construction & Materials - 1.30% - -
 
Construction & Materials - - 1.30% -
 
Construction - - - 0.42%
 
Building Materials: Other - - - 0.33%
 
Cement - - - 0.31%
 
Building: Climate Control - - - 0.17%
 
Building, Roofing/Wallboard & Plumbing - - - 0.05%
 
Engineering & Contracting Services - - - 0.01%
 
Consumer Discretionary 14.59% - - -
 
Retail - 3.75% - -
 
Retailers - - 3.75% -
 
Diversified Retailers - - - 2.24%
 
Apparel Retailers - - - 0.61%
 
Specialty Retailers - - - 0.55%
 
Home Improvement Retailers - - - 0.36%
 
Consumer Products & Services - 3.24% - -
 
Household Goods & Home Construction - - 1.15% -
 
Home Construction - - - 1.10%
 
Household Appliance - - - 0.05%
 
Household Furnishings - - - 0.00%
 
Personal Goods - - 0.75% -
 
Clothing & Accessories - - - 0.36%
 
Luxury Items - - - 0.21%
 
Cosmetics - - - 0.12%
 
Footwear - - - 0.06%
 
Consumer Services - - 0.67% -
 
Vending & Catering Service - - - 0.58%
 
Consumer Services: Misc. - - - 0.08%
 
Education Services - - - 0.01%
 
Rental & Leasing Services: Consumer - - - 0.00%
 
Leisure Goods - - 0.66% -
 
Consumer Electronics - - - 0.32%
 
Electronic Entertainment - - - 0.12%
 
Recreational Vehicles & Boats - - - 0.07%
 
Photography - - - 0.07%
 
Toys - - - 0.04%
 
Recreational Products - - - 0.03%
 
Automobiles & Parts - 2.97% - -
 
Automobiles & Parts - - 2.97% -
 
Automobiles - - - 2.25%
 
Auto Parts - - - 0.59%
 
Tires - - - 0.13%
 
Travel & Leisure - 2.40% - -
 
Travel & Leisure - - 2.40% -
 
Hotels & Motels - - - 0.77%
 
Restaurants & Bars - - - 0.48%
 
Airlines - - - 0.44%
 
Casinos & Gambling - - - 0.38%
 
Travel & Tourism - - - 0.31%
 
Recreational Services - - - 0.02%
 
Media - 2.23% - -
 
Media - - 2.23% -
 
Publishing - - - 0.92%
 
Media Agencies - - - 0.77%
 
Radio & TV Broadcasters - - - 0.38%
 
Entertainment - - - 0.17%
 
Technology 12.90% - - -
 
Technology - 12.90% - -
 
Technology Hardware & Equipment - - 6.87% -
 
Semiconductors - - - 4.50%
 
Computer Hardware - - - 1.21%
 
Production Technology Equipment - - - 0.63%
 
Electronic Components - - - 0.47%
 
Electronic Office Equipment - - - 0.05%
 
Software & Computer Services - - 6.02% -
 
Consumer Digital Services - - - 2.69%
 
Software - - - 2.29%
 
Computer Services - - - 1.04%
 
Health Care 7.48% - - -
 
Health Care - 7.48% - -
 
Pharmaceuticals & Biotechnology - - 6.00% -
 
Pharmaceuticals - - - 5.70%
 
Biotechnology - - - 0.30%
 
Medical Equipment & Services - - 1.18% -
 
Medical Equipment - - - 0.88%
 
Medical Supplies - - - 0.30%
 
Medical Services - - - 0.00%
 
Health Care Providers - - 0.30% -
 
Health Care Management Services - - - 0.24%
 
Health Care Facilities - - - 0.03%
 
Health Care Services - - - 0.03%
 
Consumer Staples 6.26% - - -
 
Personal Care, Drug & Grocery Stores - 3.39% - -
 
Personal Care, Drug & Grocery Stores - - 3.39% -
 
Food Retailers & Wholesalers - - - 1.75%
 
Personal Products - - - 1.17%
 
Nondurable Household Products - - - 0.41%
 
Drug Retailers - - - 0.05%
 
Food, Beverage & Tobacco - 2.87% - -
 
Beverages - - 1.59% -
 
Soft Drinks - - - 0.73%
 
Distillers & Vintners - - - 0.63%
 
Brewers - - - 0.22%
 
Food Producers - - 1.29% -
 
Food Products - - - 1.26%
 
Farming, Fishing, Ranching & Plantations - - - 0.02%
 
Fruit & Grain Processing - - - 0.01%
 
Energy 4.64% - - -
 
Energy - 4.64% - -
 
Non-Renewable Energy - - 4.57% -
 
Integrated Oil & Gas - - - 3.06%
 
Oil: Crude Producers - - - 0.60%
 
Oil Refining and Marketing - - - 0.55%
 
Oil Equipment & Services - - - 0.34%
 
Pipelines - - - 0.01%
 
Offshore Drilling & Other Services - - - 0.01%
 
Renewable Energy - - 0.07% -
 
Renewable Energy Equipment - - - 0.07%
 
Basic Materials 4.52% - - -
 
Basic Resources - 2.92% - -
 
Industrial Metals & Mining - - 2.41% -
 
General Mining - - - 1.43%
 
Iron & Steel - - - 0.62%
 
Copper - - - 0.20%
 
Metal Fabricating - - - 0.09%
 
Aluminum - - - 0.03%
 
Nonferrous Metals - - - 0.03%
 
Precious Metals & Mining - - 0.29% -
 
Gold Mining - - - 0.27%
 
Platinum & Precious Metals - - - 0.02%
 
Diamonds & Gemstones - - - 0.00%
 
Industrial Materials - - 0.22% -
 
Paper - - - 0.18%
 
Diversified Materials - - - 0.03%
 
Chemicals - 1.60% - -
 
Chemicals - - 1.60% -
 
Chemicals: Diversified - - - 1.16%
 
Specialty Chemicals - - - 0.32%
 
Fertilizers - - - 0.07%
 
Chemicals & Synthetic Fibers - - - 0.05%
 
Telecommunications 4.33% - - -
 
Telecommunications - 4.33% - -
 
Telecommunications Equipment - - 2.37% -
 
Telecommunications Equipment - - - 2.37%
 
Telecommunications Service Providers - - 1.96% -
 
Telecommunications Services - - - 1.96%
 
Real Estate 3.54% - - -
 
Real Estate - 3.54% - -
 
Real Estate Investment Trusts - - 2.16% -
 
Diversified REITs - - - 0.53%
 
Industrial REITs - - - 0.45%
 
Residential REITs - - - 0.25%
 
Retail REITs - - - 0.24%
 
Office REITs - - - 0.21%
 
Storage REITs - - - 0.15%
 
Health Care REITs - - - 0.14%
 
Timber REITs - - - 0.11%
 
Other Specialty REITs - - - 0.07%
 
Hotel & Lodging REITs - - - 0.01%
 
Real Estate Investment & Services - - 1.38% -
 
Real Estate Holding and Development - - - 0.95%
 
Real Estate Services - - - 0.43%
 
Utilities 2.87% - - -
 
Utilities - 2.87% - -
 
Gas, Water & Multi-utilities - - 1.62% -
 
Multi-Utilities - - - 1.28%
 
Water - - - 0.28%
 
Gas Distribution - - - 0.06%
 
Electricity - - 1.24% -
 
Conventional Electricity - - - 1.11%
 
Alternative Electricity - - - 0.14%
 
Waste & Disposal Services - - 0.01% -
 
Waste & Disposal Services - - - 0.01%
 
Non-Classified 1.55% - - -
 
Non-Classified - 0.47% - -
 
Non-Classified - - 0.47% -
 
Non-Classified - - - 0.47%
 
Cash and Equivalents 1.38% - - -
 
Bonds 0.20% - - -
 
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 31.84%
  Emerging Asia 16.42%
  Developed Europe - Excl UK 15.78%
  North America 14.73%
  Japan 7.19%
  Developed Asia 5.56%
  Australia & New Zealand 2.06%
  Property 1.62%
  Non-Classified 2.08%
  Other Regions 2.71%

Fixed Interest Currencies

pie chart
  Non-Fixed Interest Assets 98.42%
  Cash 1.38%
  Euro 0.20%

Regional Breakdown

Expand allCollapse all
Region Country
 
UK 31.84% -
 
United Kingdom - 31.85%
 
Emerging Asia 16.42% -
 
South Korea - 4.24%
 
China - 3.88%
 
Taiwan - 3.63%
 
India - 2.63%
 
Indonesia - 0.90%
 
Thailand - 0.60%
 
Malaysia - 0.38%
 
Philippines - 0.16%
 
Developed Europe - Excl UK 15.78% -
 
Germany - 3.30%
 
France - 3.27%
 
Switzerland - 1.95%
 
Ireland - 1.60%
 
Netherlands - 1.28%
 
Denmark - 0.94%
 
Spain - 0.91%
 
Sweden - 0.50%
 
Italy - 0.48%
 
Finland - 0.41%
 
Belgium - 0.37%
 
Luxembourg - 0.27%
 
Austria - 0.24%
 
Norway - 0.23%
 
Portugal - 0.03%
 
North America 14.73% -
 
United States - 14.58%
 
Canada - 0.15%
 
Japan 7.19% -
 
Japan - 7.19%
 
Developed Asia 5.56% -
 
Hong Kong - 3.90%
 
Singapore - 1.65%
 
Australia & New Zealand 2.06% -
 
Australia - 2.06%
 
Property 1.62% -
 
Non-Classified 2.08% -
 
Cash and Equivalents 1.38% -
 
South & Central America 0.64% -
 
Brazil - 0.40%
 
Mexico - 0.17%
 
Chile - 0.05%
 
Colombia - 0.02%
 
Cayman Islands - 0.00%
 
Middle East & Africa 0.38% -
 
South Africa - 0.18%
 
United Arab Emirates - 0.14%
 
Israel - 0.04%
 
Saudi Arabia - 0.02%
 
Emerging Europe 0.31% -
 
Greece - 0.12%
 
Turkey - 0.12%
 
Poland - 0.03%
 
Hungary - 0.03%
 
Czech Republic - 0.01%
 
Russian Federation - 0.00%

Breakdown By Market Cap (%)

Mega
 
 
48.87%
Large
 
 
24.14%
Medium
 
 
14.72%
Small
 
 
1.44%
Micro
 
 
0.21%
Non-Classified
 
 
9.04%
Bonds
 
 
0.20%
Cash
 
 
1.38%

Fund Holdings

Name % Weight Sector Country
1 PIA UK Equity Ser A 34.84% Managed Funds Managed Funds
2 M&G (1) Asia Pacific (ex Japan) Equity Class GBPZ2A 20.03% Managed Funds Managed Funds
3 PIA European Equity Ser B 14.87% Managed Funds Managed Funds
4 M&G (ACS) Blackrock US Equity Z3A Acc 14.69% Managed Funds Managed Funds
5 M&G (1) BlackRock Emerging Markets Equity Class GBP Z2A 7.55% Managed Funds Managed Funds
6 M&G (ACS) Japan Equity Fund Z3A Acc 7.37% Managed Funds Managed Funds

Top 10 Holdings

Stock % Weight Sector Country
1 CME S&P EMI FUT Jun24 4.20% Non-Classified Non-Classified
2 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED 2.45% Technology Hardware & Equipment Taiwan
3 SAMSUNG ELECTRONICS CO. LTD 1.45% Telecommunications Equipment South Korea
4 ASTRAZENECA 1.42% Pharmaceuticals & Biotechnology United Kingdom
5 HSBC HOLDINGS 1.27% Banks United Kingdom
6 MICROSOFT CORPORATION 1.09% Software & Computer Services United States
7 SHELL 1.04% Non-Renewable Energy United Kingdom
8 BP 0.94% Non-Renewable Energy United Kingdom
9 APPLE 0.92% Technology Hardware & Equipment United States
10 UNILEVER 0.92% Personal Care, Drug & Grocery Stores United Kingdom

Dual Aspect Equity Analysis

UK Equities Int'l Equities UK Bonds Int'l Bonds UK Gilts Property Other Cash & Equiv Total
Technology 1.15% 11.75% - - - - - - 12.90%
Telecommunications 0.50% 3.83% - 0.20% - - - - 4.53%
Financials 6.89% 13.05% - - - - 0.25% - 20.19%
Real Estate 0.68% 1.24% - - - 1.61% - - 3.54%
Consumer Discretionary 5.73% 8.86% - - - - - - 14.59%
Consumer Staples 3.50% 2.76% - - - - - - 6.26%
Energy 2.20% 2.43% - - - - - - 4.64%
Utilities 1.20% 1.66% - - - - - - 2.87%
Health Care 2.57% 4.91% - - - - - - 7.48%
Industrials 5.52% 10.04% - - - - - - 15.56%
Basic Materials 1.84% 2.68% - - - - 0.01% - 4.54%
Cash and Equivalents - - - - - - - 1.38% 1.38%
Non-Classified 0.03% 0.03% - - - 0.03% 1.44% - 1.53%

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 information purposes only. If there is information or terminology included that you would like to discuss, then please contact an adviser. Investors should refer to their 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 0794723
Mex Code SBEAS
Isin Code IE0007947231
Citi Code SY34

Fund Charges

Annual Management Charge (AMC) 1.75%
Further Costs 0.08%
Yearly Total 1.83%

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 invest in a portfolio of international equity funds and cash. Growth opportunities may be pursued through significant weightings in individual market sectors.
Benchmark Composite
Sector OI Global Equities

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 information purposes only. If there is information or terminology included that you would like to discuss, then please contact an adviser. Investors should refer to their 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 investment can go down as well as up so you might get back less than you put in.

This factsheet is for information purposes only. If there is information or terminology included that you would like to discuss, then please contact an adviser. Investors should refer to their policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.

The registered office of Prudential International is in Ireland at Fitzwilliam Court, Leeson Cl, Dublin 2, D02 TC95. Prudential International is a marketing name of Prudential International Assurance plc, a life assurance company operating from Ireland. Registration No. 209956. Prudential International Assurance plc is authorised and regulated by the Central Bank of Ireland and in the context of its UK regulated activities only, is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. Prudential International is part of the same corporate group as The Prudential Assurance Company Limited. Both The Prudential Assurance Company Limited and Prudential International are direct and indirect subsidiaries respectively of M&G plc, a company incorporated in the United Kingdom. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.