PIA Managed Defensive EUR Ser B

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

Performance

Discrete performance - to last month end

31/07/20
to
31/07/21
31/07/21
to
31/07/22
31/07/22
to
31/07/23
31/07/23
to
31/07/24
31/07/24
to
31/07/25
Fund 6.6% -6.7% -3.3% 4.9% 3.6%
Sector 9.2% -2.1% -5.3% 8.0% 1.9%
Rank 102/156 111/165 52/166 157/174 35/175
Quartile 3 3 2 4 1

Annualised performance

Annualised
3 Years to
31/07/25
5 Years to
31/07/25
10 Years to
31/07/25
Fund 1.7% 0.9% 0.4%
Sector 1.4% 2.2% 0.9%
Rank 73/165 112/155 39/63
Quartile 2 3 3

Top 10 Holdings

Stock % Weight
BlackRock (Lux) iShares Euro Government Bond Index Class D2 9.98
GERMANY (FEDERAL REPUBLIC OF) 0% 15/08/2030 1.38
MEDWAY VALLEY LEISURE PARK ROC 1.38
GBP FWD ASSET 07 JUL 2025 1.22
SELLY OAK STUDENT QUARTER 1.07
GERMANY (FEDERAL REPUBLIC OF) 1% 15/05/2038 0.91
8 GREENWICH VIEW PLACE 0.80
CAPITOL THEATRE ABERDEEN 0.59
EUR FWD ASSET 07 JUL 2025 0.51
CBT US 5YR NOT (CB Sep25 0.49
Total 18.33

Fund Aims

Objective: The fund aims to achieve long-term growth from a mixture of income and capital whilst seeking to limit the level of capital volatility.

Fund Investments: The fund invests in a portfolio of international equity and fixed income funds, UK property funds and cash. These assets are predominantly denominated in euro.

Fund Manager

M&G Treasury & Investment Office manager for 19 years and 9 months

Photo of M&G Treasury & Investment Office The M&G Treasury and Investment Office (T&IO) is our team of in-house investment strategists and ‘manager of managers’ for Pru in the UK. They are independent of the various underlying asset management businesses within M&G plc and carry out various stages of the investment process including setting the strategic asset allocation, manager selection and oversight and portfolio management. The team includes investment professionals with expertise in capital market research, investment strategy design, liability management, derivatives and portfolio management.

Fund Overview

Bid (01/08/2025) 1.36
Offer (01/08/2025) 1.44
Fund size (30/06/2025) €0.48m
Number of holdings 4024
Launch date 28/10/2005

Fund Charges

Annual Management Charge (AMC) 1.40%
Further Costs 0.25%
Yearly Total 1.65%

Asset Allocation

pie chart
  International Bonds 58.50%
  International Equities 13.85%
  UK Corporate Bonds 6.66%
  Property 5.53%
  UK Equities 4.19%
  Alternative Trading Strategies 3.91%
  Cash and Equivalents 3.51%
  UK Gilts 0.35%
  Investment Trusts 0.02%
  Other Assets 3.50%

Commentary

Not currently available.

Portfolio data accurate as at: 30/06/25

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 58.50%
  International Equities 13.85%
  UK Corporate Bonds 6.66%
  Property 5.53%
  UK Equities 4.19%
  Alternative Trading Strategies 3.91%
  Cash and Equivalents 3.51%
  UK Gilts 0.35%
  Investment Trusts 0.02%
  Other Assets 3.50%

Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Bonds 65.51% - - -
 
Property 5.27% - - -
 
Property - 5.27% - -
 
Property - - 5.27% -
 
Property - - - 5.27%
 
Financials 4.22% - - -
 
Banks - 2.29% - -
 
Banks - - 2.29% -
 
Banks - - - 2.29%
 
Financial Services - 0.97% - -
 
Investment Banking & Brokerage Services - - 0.77% -
 
Asset Managers & Custodians - - - 0.50%
 
Investment Services - - - 0.14%
 
Diversified Financial Services - - - 0.13%
 
Finance & Credit Services - - 0.18% -
 
Financial Data & Systems - - - 0.13%
 
Consumer Lending - - - 0.02%
 
Mortgage Finance - - - 0.02%
 
Equity Investment Instruments - - 0.02% -
 
Equity Investment Instruments - - - 0.02%
 
Nonequity Investment Instruments - - 0.00% -
 
Nonequity Investment Instruments - - - 0.00%
 
Insurance - 0.96% - -
 
Non-life Insurance - - 0.71% -
 
Full Line Insurance - - - 0.38%
 
Reinsurance - - - 0.18%
 
Property & Casualty Insurance - - - 0.11%
 
Insurance Brokers - - - 0.04%
 
Life Insurance - - 0.24% -
 
Life Insurance - - - 0.24%
 
Alternative Trading Strategies 3.91% - - -
 
Alternative Trading Strategies - 3.91% - -
 
Alternative Trading Strategies - - 3.91% -
 
Alternative Trading Strategies - - - 3.91%
 
Cash and Equivalents 3.51% - - -
 
Non-Classified 3.51% - - -
 
Non-Classified - 0.02% - -
 
Non-Classified - - 0.02% -
 
Non-Classified - - - 0.02%
 
Industrials 3.13% - - -
 
Industrial Goods & Services - 2.56% - -
 
Industrial Support Services - - 0.62% -
 
Professional Business Support Services - - - 0.20%
 
Industrial Suppliers - - - 0.16%
 
Security Services - - - 0.15%
 
Transaction Processing Services - - - 0.09%
 
Business Training & Employment Agencies - - - 0.02%
 
General Industrials - - 0.54% -
 
Diversified Industrials - - - 0.52%
 
Containers & Packaging - - - 0.02%
 
Aerospace & Defence - - 0.53% -
 
Defense - - - 0.30%
 
Aerospace - - - 0.24%
 
Industrial Transportation - - 0.46% -
 
Commercial Vehicles & Parts - - - 0.19%
 
Railroads - - - 0.10%
 
Transportation Services - - - 0.10%
 
Delivery Services - - - 0.04%
 
Commercial Vehicle-Equipment Leasing - - - 0.02%
 
Marine Transportation - - - 0.00%
 
Railroad Equipment - - - 0.00%
 
Trucking - - - 0.00%
 
Electronic & Electrical Equipment - - 0.25% -
 
Electrical Components - - - 0.13%
 
Electronic Equipment: Control & Filter - - - 0.06%
 
Electronic Equipment: Gauges & Meters - - - 0.03%
 
Electronic Equipment: Pollution Control - - - 0.02%
 
Industrial Engineering - - 0.16% -
 
Machinery: Construction & Handling - - - 0.07%
 
Machinery: Engines - - - 0.04%
 
Machinery: Tools - - - 0.02%
 
Machinery: Industrial - - - 0.02%
 
Machinery: Specialty - - - 0.00%
 
Construction & Materials - 0.57% - -
 
Construction & Materials - - 0.57% -
 
Building Materials: Other - - - 0.24%
 
Cement - - - 0.18%
 
Construction - - - 0.12%
 
Building, Roofing/Wallboard & Plumbing - - - 0.02%
 
Building: Climate Control - - - 0.01%
 
Engineering & Contracting Services - - - 0.00%
 
Consumer Discretionary 2.19% - - -
 
Retail - 0.73% - -
 
Retailers - - 0.73% -
 
Specialty Retailers - - - 0.28%
 
Diversified Retailers - - - 0.26%
 
Apparel Retailers - - - 0.13%
 
Home Improvement Retailers - - - 0.06%
 
Consumer Products & Services - 0.48% - -
 
Personal Goods - - 0.21% -
 
Clothing & Accessories - - - 0.09%
 
Luxury Items - - - 0.04%
 
Cosmetics - - - 0.04%
 
Footwear - - - 0.03%
 
Household Goods & Home Construction - - 0.20% -
 
Home Construction - - - 0.09%
 
Household Equipment & Products - - - 0.05%
 
Household Appliance - - - 0.05%
 
Household Furnishings - - - 0.00%
 
Consumer Services - - 0.06% -
 
Vending & Catering Service - - - 0.04%
 
Consumer Services: Misc. - - - 0.02%
 
Leisure Goods - - 0.02% -
 
Toys - - - 0.01%
 
Electronic Entertainment - - - 0.00%
 
Photography - - - 0.00%
 
Travel & Leisure - 0.46% - -
 
Travel & Leisure - - 0.46% -
 
Airlines - - - 0.25%
 
Hotels & Motels - - - 0.08%
 
Restaurants & Bars - - - 0.07%
 
Travel & Tourism - - - 0.05%
 
Casinos & Gambling - - - 0.00%
 
Automobiles & Parts - 0.29% - -
 
Automobiles & Parts - - 0.29% -
 
Automobiles - - - 0.29%
 
Auto Parts - - - 0.01%
 
Media - 0.23% - -
 
Media - - 0.23% -
 
Media Agencies - - - 0.17%
 
Publishing - - - 0.03%
 
Entertainment - - - 0.02%
 
Radio & TV Broadcasters - - - 0.01%
 
Technology 1.98% - - -
 
Technology - 1.98% - -
 
Software & Computer Services - - 1.10% -
 
Software - - - 0.53%
 
Consumer Digital Services - - - 0.30%
 
Computer Services - - - 0.27%
 
Technology Hardware & Equipment - - 0.88% -
 
Semiconductors - - - 0.54%
 
Computer Hardware - - - 0.21%
 
Production Technology Equipment - - - 0.13%
 
Electronic Components - - - 0.01%
 
Health Care 1.87% - - -
 
Health Care - 1.87% - -
 
Pharmaceuticals & Biotechnology - - 1.57% -
 
Pharmaceuticals - - - 1.53%
 
Biotechnology - - - 0.04%
 
Medical Equipment & Services - - 0.24% -
 
Medical Equipment - - - 0.20%
 
Medical Supplies - - - 0.04%
 
Health Care Providers - - 0.06% -
 
Health Care Management Services - - - 0.05%
 
Health Care Services - - - 0.01%
 
Consumer Staples 1.18% - - -
 
Personal Care, Drug & Grocery Stores - 0.63% - -
 
Personal Care, Drug & Grocery Stores - - 0.63% -
 
Food Retailers & Wholesalers - - - 0.39%
 
Personal Products - - - 0.16%
 
Nondurable Household Products - - - 0.08%
 
Drug Retailers - - - 0.00%
 
Food, Beverage & Tobacco - 0.55% - -
 
Food Producers - - 0.36% -
 
Food Products - - - 0.36%
 
Farming, Fishing, Ranching & Plantations - - - 0.00%
 
Beverages - - 0.19% -
 
Soft Drinks - - - 0.11%
 
Distillers & Vintners - - - 0.06%
 
Brewers - - - 0.02%
 
Basic Materials 1.00% - - -
 
Basic Resources - 0.65% - -
 
Industrial Metals & Mining - - 0.50% -
 
Iron & Steel - - - 0.34%
 
General Mining - - - 0.11%
 
Copper - - - 0.02%
 
Metal Fabricating - - - 0.01%
 
Aluminum - - - 0.01%
 
Industrial Materials - - 0.10% -
 
Paper - - - 0.10%
 
Diversified Materials - - - 0.00%
 
Precious Metals & Mining - - 0.05% -
 
Gold Mining - - - 0.05%
 
Platinum & Precious Metals - - - 0.00%
 
Diamonds & Gemstones - - - 0.00%
 
Chemicals - 0.35% - -
 
Chemicals - - 0.35% -
 
Chemicals: Diversified - - - 0.24%
 
Specialty Chemicals - - - 0.07%
 
Fertilizers - - - 0.04%
 
Chemicals & Synthetic Fibers - - - 0.00%
 
Utilities 0.99% - - -
 
Utilities - 0.99% - -
 
Gas, Water & Multi-utilities - - 0.74% -
 
Multi-Utilities - - - 0.69%
 
Water - - - 0.05%
 
Gas Distribution - - - 0.00%
 
Electricity - - 0.24% -
 
Conventional Electricity - - - 0.22%
 
Alternative Electricity - - - 0.01%
 
Waste & Disposal Services - - 0.01% -
 
Waste & Disposal Services - - - 0.01%
 
Energy 0.84% - - -
 
Energy - 0.84% - -
 
Non-Renewable Energy - - 0.75% -
 
Integrated Oil & Gas - - - 0.58%
 
Offshore Drilling & Other Services - - - 0.04%
 
Pipelines - - - 0.04%
 
Oil Equipment & Services - - - 0.04%
 
Oil Refining and Marketing - - - 0.03%
 
Oil: Crude Producers - - - 0.02%
 
Renewable Energy - - 0.08% -
 
Renewable Energy Equipment - - - 0.08%
 
Real Estate 0.48% - - -
 
Real Estate - 0.48% - -
 
Real Estate Investment Trusts - - 0.34% -
 
Residential REITs - - - 0.08%
 
Diversified REITs - - - 0.07%
 
Industrial REITs - - - 0.05%
 
Retail REITs - - - 0.03%
 
Office REITs - - - 0.03%
 
Health Care REITs - - - 0.03%
 
Storage REITs - - - 0.02%
 
Timber REITs - - - 0.01%
 
Other Specialty REITs - - - 0.01%
 
Infrastructure REITs - - - 0.00%
 
Real Estate Investment & Services - - 0.14% -
 
Real Estate Holding and Development - - - 0.12%
 
Real Estate Services - - - 0.03%
 
Telecommunications 0.42% - - -
 
Telecommunications - 0.42% - -
 
Telecommunications Service Providers - - 0.25% -
 
Telecommunications Services - - - 0.25%
 
Telecommunications Equipment - - 0.17% -
 
Telecommunications Equipment - - - 0.17%

Regional Allocation

pie chart
  Developed Europe - Excl UK 43.33%
  North America 16.83%
  UK 11.19%
  Non-Classified 17.59%
  Property 5.53%
  Cash and Equivalents 3.51%
  Australia & New Zealand 0.95%
  Japan 0.48%
  Emerging Europe 0.33%
  Other Regions 0.26%

Fixed Interest Currencies

pie chart
  Euro 37.64%
  Non-Fixed Interest Assets 30.98%
  Unrecognised 9.98%
  Pound Sterling 9.91%
  US Dollar 7.84%
  Cash 3.51%
  Other Currencies 0.14%

Regional Breakdown

Expand allCollapse all
Region Country
 
Developed Europe - Excl UK 43.33% -
 
France - 9.76%
 
Germany - 9.75%
 
Netherlands - 6.68%
 
Luxembourg - 2.73%
 
Italy - 2.09%
 
Spain - 2.03%
 
Switzerland - 1.80%
 
Sweden - 1.61%
 
Belgium - 1.40%
 
Ireland - 1.31%
 
Finland - 1.10%
 
Denmark - 0.93%
 
Austria - 0.71%
 
Norway - 0.66%
 
Iceland - 0.43%
 
Portugal - 0.35%
 
North America 16.83% -
 
United States - 15.88%
 
Canada - 0.95%
 
UK 11.19% -
 
United Kingdom - 11.19%
 
Non-Classified 17.59% -
 
Property 5.53% -
 
Cash and Equivalents 3.51% -
 
Australia & New Zealand 0.95% -
 
Australia - 0.67%
 
New Zealand - 0.28%
 
Japan 0.48% -
 
Japan - 0.48%
 
Emerging Europe 0.33% -
 
Hungary - 0.11%
 
Poland - 0.06%
 
Czech Republic - 0.06%
 
Slovenia - 0.04%
 
Turkey - 0.04%
 
Greece - 0.02%
 
South & Central America 0.11% -
 
Mexico - 0.11%
 
Brazil - 0.00%
 
Emerging Asia 0.08% -
 
Philippines - 0.08%
 
Developed Asia 0.03% -
 
Singapore - 0.03%
 
Middle East & Africa 0.03% -
 
United Arab Emirates - 0.03%
 
Israel - 0.01%

Breakdown By Market Cap (%)

Mega
 
 
9.96%
Large
 
 
4.64%
Medium
 
 
2.27%
Small
 
 
0.37%
Micro
 
 
0.08%
Non-Classified
 
 
13.66%
Bonds
 
 
65.51%
Cash
 
 
3.51%

Fixed Interest Maturity Profile

< 5Yr Maturity
 
 
29.33%
5Yr - 10Yr Maturity
 
 
17.72%
10Yr - 15Yr Maturity
 
 
2.63%
> 15Yr Maturity
 
 
5.84%
Cash And Equivalents
 
 
3.51%
Unknown Maturity
 
 
13.47%
Other Asset Types
 
 
27.50%

Fixed Interest Quality Profile

AAA
 
 
4.93%
AA
 
 
7.00%
A
 
 
15.85%
BBB
 
 
14.79%
Sub-Investment Grade
 
 
1.36%
Unknown Quality
 
 
11.61%
Cash and Equivalents
 
 
3.51%
Other Asset Types
 
 
40.96%

Top 10 Fund Holdings

Name % Weight Sector Country
1 M&G European Credit Investment Class A EUR 40.76% Managed Funds Managed Funds
2 M&G Sterling Investment Grade Corporate Bond Class Z2A 10.04% Managed Funds Managed Funds
3 BlackRock (Lux) iShares Euro Government Bond Index Class D2 9.98% Managed Funds Managed Funds
4 M&G Feeder of Property Portfolio Class A GBP 8.61% Managed Funds Managed Funds
5 M&G (LUX) FCP Europe ex UK Equity Fund Z3A Acc 7.93% Managed Funds Managed Funds
6 M&G (1) US Corporate Bond Class Z2A USD 6.02% Managed Funds Managed Funds
7 PIA UK Equity Ser B 4.57% Managed Funds Managed Funds
8 M&G (ACS) Blackrock US Equity Z3A Acc 3.39% Managed Funds Managed Funds
9 PIA Euro Deposit EUR Ser B 3.10% Managed Funds Managed Funds
10 M&G (LUX) FCP BlackRock Europe ex UK Equity Fund Z3A Acc 2.97% Managed Funds Managed Funds

Top 10 Holdings

Stock % Weight Sector Country
1 BlackRock (Lux) iShares Euro Government Bond Index Class D2 9.98% Bonds Non-Classified
2 GERMANY (FEDERAL REPUBLIC OF) 0% 15/08/2030 1.38% Bonds Germany
3 MEDWAY VALLEY LEISURE PARK ROC 1.38% Property Direct Property and REITs
4 GBP FWD ASSET 07 JUL 2025 1.22% Non-Classified Non-Classified
5 SELLY OAK STUDENT QUARTER 1.07% Property Direct Property and REITs
6 GERMANY (FEDERAL REPUBLIC OF) 1% 15/05/2038 0.91% Bonds Germany
7 8 GREENWICH VIEW PLACE 0.80% Property Direct Property and REITs
8 CAPITOL THEATRE ABERDEEN 0.59% Property Direct Property and REITs
9 EUR FWD ASSET 07 JUL 2025 0.51% Non-Classified Non-Classified
10 CBT US 5YR NOT (CB Sep25 0.49% Non-Classified 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 B0MSS41
Mex Code SBMDFB
Isin Code IE00B0MSS411
Citi Code TJ74

Fund Charges

Annual Management Charge (AMC) 1.40%
Further Costs 0.25%
Yearly Total 1.65%

Aims and Benchmark

Aims Objective: The fund aims to achieve long-term growth from a mixture of income and capital whilst seeking to limit the level of capital volatility. Fund Investments: The fund invests in a portfolio of international equity and fixed income funds, UK property funds and cash. These assets are predominantly denominated in euro.
Benchmark Variable
ABI Sector Mixed Investment 0-35% Shares

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.