PIA M&G Global High Yield Bond Ser B

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

Performance

Discrete performance - to last month end

28/02/19
to
29/02/20
29/02/20
to
28/02/21
28/02/21
to
28/02/22
28/02/22
to
28/02/23
28/02/23
to
29/02/24
Fund 5.4% 4.1% -3.9% -6.2% 7.5%
Sector 6.3% 3.1% -0.7% -3.5% 7.3%
Rank 8/11 5/11 11/11 7/10 4/10
Quartile 3 2 4 3 2

Annualised performance

Annualised
3 Years to
29/02/24
5 Years to
29/02/24
10 Years to
29/02/24
Fund -1.1% 1.2% 2.1%
Sector 0.9% 2.4% 3.0%
Rank 8/10 7/10 7/7
Quartile 4 3 4

Top 10 Holdings

Stock % Weight
USD/GBP GBP 62.80
EUR/GBP GBP 26.68
PETROLEOS MEXICANOS 6.5% 13/03/2027 1.32
CCO HOLDINGS LLC 5.5% 01/05/2026 1.07
UNITED STATES TREASURY 3.25% 30/06/2027 0.90
ROYAL CARIBBEAN CRUISES LTD 9.25% 15/01/2029 0.85
CAESARS ENTERTAINMENT INC 6.25% 01/07/2025 0.80
FORD MOTOR CREDIT COMPANY LLC 4.95% 28/05/2027 0.79
CIVITAS RESOURCES INC 8.375% 01/07/2028 0.78
TECHEM VERWALTUNGSGESELLSCHAFT 675 MBH 2% 15/07/2025 0.78
Total 96.77

Fund Aims

Objective: The investment strategy of the fund is to purchase units in the M&G Global High Yield 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 that of the ICE BofAML Global High Yield Index (GBP Hedged) over any five-year period. At least 80% of the fund is invested, directly or indirectly through derivatives, in below investment grade corporate debt securities. These securities can be issued by companies from anywhere in the world, including Emerging Markets.

Other investments may include: 1. Asset-Backed Securities and, 2. other transferable securities, government bonds, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G). There are no credit quality restrictions applicable to the fund's investments. The fund aims to hedge any non-sterling assets back to sterling. Derivatives may be used for investment purposes, efficient portfolio management and hedging.

Fund Manager

Luke Coha manager of the underlying fund for 0 years and 2 months

Photo of Luke Coha Luke Coha was appointed deputy fund manager on the M&G Global High Yield Bond Fund in January 2018. He initially joined the M&G Retail Fixed Interest team in April 2014 as a high yield specialist focused on the US high yield bond market. Prior to joining M&G, Luke spent eight years at Fitch Ratings in the US as a lead healthcare analyst and before that, six years with Coopers & Lybrand Consulting as a management consultant to hospitals, health systems and physician organisations. Luke is an MBA graduate from De Paul University (Kellstad Graduate School of Business), having previously obtained a business degree at the University of Iowa.

Stefan Isaacs manager of the underlying fund for 13 years and 5 months

Photo of Stefan Isaacs Stefan Isaacs started at M&G in 2001 and was promoted to corporate bond dealer specialising in high yield bonds and euro denominated credit. He joined the fund management team in 2006 as an assistant fund manager covering high yield and European investment grade for M&G's fixed interest fund range. He was appointed fund manager of the M&G European Corporate Bond Fund in April 2007 and the M&G High Yield Corporate Bond Fund in October 2010. Stefan graduated from Manchester Metropolitan University with a degree in international business and French. James Tomlins joined M&G in 2011 and was appointed fund manager of the M&G European High Yield Bond Fund later that year. In January 2014, he became co-manager of the M&G High Yield Corporate Bond Fund after two years being deputy manager on the fund. James is a specialist in high yield credit with more than 10 years’ experience in this sector. He was previously an analyst and then a fund manager at Cazenove Capital Management. Before Cazenove, James was at KBC Alternative Investment Management and in the three years prior to that worked at Merrill Lynch Investment Managers. James is a CFA charterholder. He holds an MA in history and PgDip in economics from the University of Cambridge.

Fund Overview

Bid (27/03/2024) 2.54
Offer (27/03/2024) 2.67
Fund size (29/02/2024) £2.23m
Underlying Fund size £1282.06m
Number of holdings 421
Launch date 09/04/2003

Fund Charges

Annual Management Charge (AMC) 1.30%
Further Costs 0.00%
Yearly Total 1.30%

Asset Allocation

pie chart
  International Bonds 84.18%
  UK Corporate Bonds 7.13%
  Alternative Trading Strategies 4.13%
  Money Market 3.13%
  International Equities 0.00%
  UK Equities 0.00%
  Cash and Equivalents -4.15%
  Other Assets 5.59%
Portfolio data accurate as at: 31/01/24

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 Bonds 84.18%
  UK Corporate Bonds 7.13%
  Alternative Trading Strategies 4.13%
  Money Market 3.13%
  International Equities 0.00%
  UK Equities 0.00%
  Cash and Equivalents -4.15%
  Other Assets 5.59%

Bond Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Bonds 91.30% - - -
 
Non-Classified 5.59% - - -
 
Alternative Trading Strategies 4.13% - - -
 
Alternative Trading Strategies - 4.13% - -
 
Alternative Trading Strategies - - 4.13% -
 
Alternative Trading Strategies - - - 4.13%
 
Real Estate 0.00% - - -
 
Real Estate - 0.00% - -
 
Real Estate Investment & Services - - 0.00% -
 
Real Estate Holding and Development - - - 0.00%
 
Consumer Discretionary 0.00% - - -
 
Travel & Leisure - 0.00% - -
 
Travel & Leisure - - 0.00% -
 
Casinos & Gambling - - - 0.00%
 
Cash and Equivalents -1.02% - - -

Regional Allocation

pie chart
  North America 56.14%
  Developed Europe - Excl UK 20.49%
  Non-Classified 11.77%
  UK 7.13%
  South & Central America 3.78%
  Emerging Europe 0.82%
  Japan 0.35%
  Developed Asia 0.21%
  Middle East & Africa 0.21%
  Other Regions -0.91%

Fixed Interest Currencies

pie chart
  US Dollar 60.45%
  Euro 25.27%
  Non-Fixed Interest Assets 12.85%
  Pound Sterling 5.59%
  Cash -4.15%

Regional Breakdown

Expand allCollapse all
Region Country
 
North America 56.14% -
 
United States - 55.36%
 
Canada - 0.78%
 
Developed Europe - Excl UK 20.49% -
 
Germany - 4.26%
 
France - 3.68%
 
Netherlands - 2.84%
 
Luxembourg - 2.64%
 
Italy - 1.69%
 
Sweden - 1.21%
 
Spain - 1.06%
 
Ireland - 0.96%
 
Austria - 0.72%
 
Finland - 0.53%
 
Belgium - 0.53%
 
Switzerland - 0.37%
 
Non-Classified 11.77% -
 
UK 7.13% -
 
United Kingdom - 7.13%
 
South & Central America 3.78% -
 
Mexico - 2.55%
 
Colombia - 0.65%
 
Brazil - 0.30%
 
Chile - 0.28%
 
Emerging Europe 0.82% -
 
Poland - 0.42%
 
Greece - 0.40%
 
Japan 0.35% -
 
Japan - 0.35%
 
Developed Asia 0.21% -
 
Hong Kong - 0.21%
 
Middle East & Africa 0.21% -
 
Israel - 0.21%
 
South Africa - 0.00%
 
Emerging Asia 0.11% -
 
Macau - 0.09%
 
China - 0.03%
 
Cash and Equivalents -1.02% -

Breakdown By Market Cap (%)

Non-Classified
 
 
9.72%
Bonds
 
 
91.30%
Cash
 
-1.02%

Fixed Interest Maturity Profile

< 5Yr Maturity
 
 
52.05%
5Yr - 10Yr Maturity
 
 
31.28%
10Yr - 15Yr Maturity
 
 
1.29%
> 15Yr Maturity
 
 
6.69%
Cash And Equivalents
 
-1.02%
Unknown Maturity
 
 
5.59%
Other Asset Types
 
 
4.13%

Fixed Interest Quality Profile

AAA
 
 
0.90%
A
 
 
0.24%
BBB
 
 
7.51%
Sub-Investment Grade
 
 
56.38%
Unknown Quality
 
 
26.26%
Cash and Equivalents
 
-1.02%
Other Asset Types
 
 
9.72%

Top 10 Holdings

Stock % Weight Sector Country
1 USD/GBP GBP 62.80% Non-Classified Non-Classified
2 EUR/GBP GBP 26.68% Non-Classified Non-Classified
3 PETROLEOS MEXICANOS 6.5% 13/03/2027 1.32% Bonds Mexico
4 CCO HOLDINGS LLC 5.5% 01/05/2026 1.07% Bonds United States
5 UNITED STATES TREASURY 3.25% 30/06/2027 0.90% Bonds United States
6 ROYAL CARIBBEAN CRUISES LTD 9.25% 15/01/2029 0.85% Bonds United States
7 CAESARS ENTERTAINMENT INC 6.25% 01/07/2025 0.80% Bonds United States
8 FORD MOTOR CREDIT COMPANY LLC 4.95% 28/05/2027 0.79% Bonds United States
9 CIVITAS RESOURCES INC 8.375% 01/07/2028 0.78% Bonds United States
10 TECHEM VERWALTUNGSGESELLSCHAFT 675 MBH 2% 15/07/2025 0.78% Bonds Non-Classified

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 3283046
Mex Code SBMGHY
Isin Code IE0032830469
Citi Code S783

Fund Charges

Annual Management Charge (AMC) 1.30%
Further Costs 0.00%
Yearly Total 1.30%

Aims and Benchmark

Aims Objective: The investment strategy of the fund is to purchase units in the M&G Global High Yield 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 that of the ICE BofAML Global High Yield Index (GBP Hedged) over any five-year period. At least 80% of the fund is invested, directly or indirectly through derivatives, in below investment grade corporate debt securities. These securities can be issued by companies from anywhere in the world, including Emerging Markets. Other investments may include: 1. Asset-Backed Securities and, 2. other transferable securities, government bonds, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G). There are no credit quality restrictions applicable to the fund's investments. The fund aims to hedge any non-sterling assets back to sterling. Derivatives may be used for investment purposes, efficient portfolio management and hedging.
Benchmark ICE of BofAML Global High Yield Index (GBP Hedged)
Sector OI Sterling High Yield

Ratings

FE Crown Crown Rating of 2

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 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.