Prudential Fixed Interest S1

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

Performance

Discrete performance - to latest available quarter 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 8.9% -5.4% -4.9% -16.6% -0.6%
Benchmark 9.9% -5.5% -5.1% -17.0% -0.6%

Performance - to latest available quarter end

Quarter Annualised
1
2024
3 Years to
31/03/24
5 Years to
31/03/24
10 Years to
31/03/24
Fund -2.0% -7.6% -4.1% 0.4%
Benchmark -1.8% -7.8% -4.1% 0.6%

Top 10 Holdings

Stock % Weight
4⅛% Treasury Gilt 2027 22.41
4½% Treasury Gilt 2028 20.72
⅞ Treasury 2046 7.66
½% Treasury Gilt 2029 7.14
2½% Treasury Gilt 2065 6.66
4½% Treasury Gilt 2042 6.09
⅝% Treasury Gilt 2050 5.71
4% Treasury Gilt 2063 4.40
1½% Green Gilt 2053 3.06
1¼% Treasury Gilt 2027 2.87
Total 86.72

Fund Aims

Objective: The investment strategy of the fund is to purchase units in the M&G PP Fixed Interest Fund - the underlying fund.

Underlying Fund Objective: The fund invests mainly in UK government gilts. The fund is actively managed against its benchmark, the iBoxx Sterling Gilts Index. The fund can also invest in overseas government bonds and corporate bonds issues by UK and overseas companies and institutions. Exposure to short-term exchange rate movements from any overseas holdings is mitigated by hedging.

Performance Objective: To outperform the benchmark by 0.75% a year (before charges) on a rolling three year basis.

Fund Manager

Miles Tym manager of the underlying fund for 11 years and 7 months

Photo of Miles Tym Miles joined M&G in January 2009 as a senior portfolio manager specialising in Government bond and macro fixed income mandates. Miles worked briefly as an accountant and a trader on the LIFFE floor before joining the investment management industry in 1996. He spent the next eight years of his career managing both Government and corporate bond portfolios for Alliance Capital. Miles joined Morley in 2004 with a brief to specialise in Government bond portfolios. Miles graduated from Cambridge University in 1993 with a BA Hons in Economics.

Fund Overview

Bid (23/05/2024) 4.84
Offer (23/05/2024) 5.09
Fund size (30/04/2024) £17.84m
Underlying Fund size £44.03m
Number of holdings 18
Launch date 02/07/1991

Fund Charges

Annual Management Charge (AMC) 0.75%
Further Costs 0.01%
Yearly Total 0.76%

Asset Allocation

pie chart
  UK Gilts 99.43%
  Cash and Equivalents 0.57%

Commentary

Performance as at Q1 2024 - At the end of Q4 2023 the manager tactically reduced the funds exposure to interest rates as the market had seemingly priced in too many interest rate cuts from the Central Bank. As data continued to come in stronger over Q1 2024 markets priced out these cuts resulting in the market selling off. The position had a small positive contribution to performance. During the quarter the manager reduced further reduced the exposure to bonds maturing between 7-15 years and bought into the wings of 5 year and 30/40 year. The sector remains expensive and is a high conviction trade.

Source: M&G

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 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 GBP 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 intended for the trustees, sponsors, advisers and members of occupational pension schemes using Prudential group pension contracts and Prudential grouped personal pensions and Stakeholder pension contracts. Its purpose is to provide an insight into how investment markets and funds have performed over the period and is provided for information only. If you are not familiar with any of the investment terminology included, then please contact an adviser. Investors should refer to their scheme documentation (e.g. Fund Guide) for fund availability, investment strategy, any scheme 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 99.43%
  Cash and Equivalents 0.57%

Bond Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Bonds 99.43% - - -
 
Cash and Equivalents 0.57% - - -

Regional Allocation

pie chart
  UK 99.43%
  Cash and Equivalents 0.57%

Fixed Interest Currencies

pie chart
  Pound Sterling 99.43%
  Cash 0.57%

Regional Breakdown

Expand allCollapse all
Region Country
 
UK 99.43% -
 
United Kingdom - 99.43%
 
Cash and Equivalents 0.57% -

Fixed Interest Maturity Profile

< 5Yr Maturity
 
 
60.32%
5Yr - 10Yr Maturity
 
 
1.27%
> 15Yr Maturity
 
 
37.84%
Cash And Equivalents
 
 
0.57%

Fixed Interest Quality Profile

AA
 
 
99.43%
Cash and Equivalents
 
 
0.57%

Top 10 Holdings

Stock % Weight Sector Country
1 4⅛% Treasury Gilt 2027 22.41% Bonds United Kingdom
2 4½% Treasury Gilt 2028 20.72% Bonds United Kingdom
3 ⅞ Treasury 2046 7.66% Bonds United Kingdom
4 ½% Treasury Gilt 2029 7.14% Bonds United Kingdom
5 2½% Treasury Gilt 2065 6.66% Bonds United Kingdom
6 4½% Treasury Gilt 2042 6.09% Bonds United Kingdom
7 ⅝% Treasury Gilt 2050 5.71% Bonds United Kingdom
8 4% Treasury Gilt 2063 4.40% Bonds United Kingdom
9 1½% Green Gilt 2053 3.06% Bonds United Kingdom
10 1¼% Treasury Gilt 2027 2.87% Bonds United Kingdom

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).

Identification Codes

Sedol Code 0702317
Mex Code PUPMF
Isin Code GB0007023178
Citi Code PS22

Fund Charges

Annual Management Charge (AMC) 0.75%
Further Costs 0.01%
Yearly Total 0.76%

Aims and Benchmark

Aims Objective: The investment strategy of the fund is to purchase units in the M&G PP Fixed Interest Fund - the underlying fund. Underlying Fund Objective: The fund invests mainly in UK government gilts. The fund is actively managed against its benchmark, the iBoxx Sterling Gilts Index. The fund can also invest in overseas government bonds and corporate bonds issues by UK and overseas companies and institutions. Exposure to short-term exchange rate movements from any overseas holdings is mitigated by hedging. Performance Objective: To outperform the benchmark by 0.75% a year (before charges) on a rolling three year basis.
Benchmark iBoxx Sterling Gilts Index
Sector ABI UK Gilts

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.

These risk ratings have been developed by Prudential to help provide an indication of a fund’s potential level of risk and reward based on the type of assets which may be held by the fund. Other companies may use different descriptions and as such these risk ratings should not be considered as generic across the fund management industry.

We regularly review our fund risk ratings, so they may change in the future. If, in our view, there is a material change in the fund's level of risk, for example due to a significant change to the assets held by the fund or in the way the fund is managed, we will provide information on the new risk rating. We recommend that you make sure you understand the risk rating of any fund before you invest.

You should also consider discussing your decision and the appropriateness of a fund's risk rating with an adviser.

  • Higher Risk
  • Medium to Higher Risk
  • Medium Risk
  • Lower to Medium Risk
  • Lower Risk
  • Minimal Risk

Lower to Medium Risk

These funds may invest in corporate bonds or multi-asset strategies with a higher weighting in corporate bonds (and other comparable strategies).

Help

Important Information

This factsheet is intended for the trustees, sponsors, advisers and members of occupational pension schemes using Prudential group pension contracts and Prudential grouped personal pensions and Stakeholder pension contracts. Its purpose is to provide an insight into how investment markets and funds have performed over the period and is provided for information only. If you are not familiar with any of the investment terminology included, then please contact an adviser. Investors should refer to their scheme documentation (e.g. Fund Guide) for fund availability, investment strategy, any scheme 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 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 GBP 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 intended for the trustees, sponsors, advisers and members of occupational pension schemes using Prudential group pension contracts and Prudential grouped personal pensions and Stakeholder pension contracts. Its purpose is to provide an insight into how investment markets and funds have performed over the period and is provided for information only. If you are not familiar with any of the investment terminology included, then please contact an adviser. Investors should refer to their scheme documentation (e.g. Fund Guide) for fund availability, investment strategy, any scheme 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 Prudential Pensions Limited. Prudential Pensions Limited is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 992726. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.