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

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 2.2% 0.7% -0.1% -7.8% 3.0%
Sector 6.4% 0.2% 3.5% -6.7% 4.9%
Rank 103/112 52/120 130/147 85/150 117/154
Quartile 4 2 4 3 4

Annualised performance

Annualised
3 Years to
29/02/24
5 Years to
29/02/24
10 Years to
29/02/24
Fund -1.7% -0.4% 0.7%
Sector 0.4% 1.6% 2.3%
Rank 118/147 98/112 34/39
Quartile 4 4 4

Top 10 Holdings

Stock % Weight
M&G Feeder of Property Portfolio Class A GBP 8.93
GERMANY (FEDERAL REPUBLIC OF) RegS 0.5 02/15/2025 1.89
GERMANY (FEDERAL REPUBLIC OF) 1.5% 15/05/2024 1.88
GERMANY (FEDERAL REPUBLIC OF) RegS 0 08/15/2026 0.83
VOLKSWAGEN INTERNATIONAL FIN NV 4.375% 15/05/2030 0.44
SIEMENS AKTIENGESELLSCHAFT 0.37
NOVO NORDISK A/S 0.35
ING GROEP NV 4.5% 23/05/2029 0.35
ROCHE HLDG AG 0.34
TOTAL SE 0.33
Total 15.71

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 18 years and 5 months

Photo of M&G Treasury & Investment Office With access to investment professionals around the world and assets under management of £178bn, 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 (27/03/2024) 1.30
Offer (27/03/2024) 1.37
Fund size (29/02/2024) €0.47m
Number of holdings 3743
Launch date 28/10/2005

Fund Charges

Annual Management Charge (AMC) 1.40%
Further Costs 0.30%
Yearly Total 1.70%

Asset Allocation

pie chart
  International Bonds 58.91%
  International Equities 13.38%
  Property 9.14%
  UK Corporate Bonds 4.84%
  UK Equities 4.27%
  Cash and Equivalents 3.73%
  Alternative Trading Strategies 1.88%
  UK Gilts 0.31%
  Investment Trusts 0.04%
  Other Assets 3.49%
Portfolio data accurate as at: 29/02/24

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 58.91%
  International Equities 13.38%
  Property 9.14%
  UK Corporate Bonds 4.84%
  UK Equities 4.27%
  Cash and Equivalents 3.73%
  Alternative Trading Strategies 1.88%
  UK Gilts 0.31%
  Investment Trusts 0.04%
  Other Assets 3.49%

Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Bonds 64.06% - - -
 
Non-Classified 12.43% - - -
 
Non-Classified - 0.49% - -
 
Non-Classified - - 0.49% -
 
Non-Classified - - - 0.49%
 
Cash and Equivalents 3.73% - - -
 
Financials 3.19% - - -
 
Banks - 1.49% - -
 
Banks - - 1.49% -
 
Banks - - - 1.49%
 
Financial Services - 0.90% - -
 
Investment Banking & Brokerage Services - - 0.72% -
 
Asset Managers & Custodians - - - 0.52%
 
Investment Services - - - 0.12%
 
Diversified Financial Services - - - 0.09%
 
Finance & Credit Services - - 0.13% -
 
Financial Data & Systems - - - 0.09%
 
Mortgage Finance - - - 0.02%
 
Consumer Lending - - - 0.02%
 
Equity Investment Instruments - - 0.04% -
 
Equity Investment Instruments - - - 0.04%
 
Insurance - 0.80% - -
 
Non-life Insurance - - 0.58% -
 
Full Line Insurance - - - 0.35%
 
Reinsurance - - - 0.16%
 
Property & Casualty Insurance - - - 0.06%
 
Insurance Brokers - - - 0.01%
 
Life Insurance - - 0.22% -
 
Life Insurance - - - 0.22%
 
Industrials 3.04% - - -
 
Industrial Goods & Services - 2.57% - -
 
Industrial Support Services - - 0.71% -
 
Professional Business Support Services - - - 0.22%
 
Security Services - - - 0.17%
 
Industrial Suppliers - - - 0.15%
 
Transaction Processing Services - - - 0.13%
 
Business Training & Employment Agencies - - - 0.03%
 
General Industrials - - 0.58% -
 
Diversified Industrials - - - 0.50%
 
Containers & Packaging - - - 0.08%
 
Glass - - - 0.00%
 
Industrial Transportation - - 0.40% -
 
Commercial Vehicles & Parts - - - 0.13%
 
Railroads - - - 0.10%
 
Marine Transportation - - - 0.05%
 
Delivery Services - - - 0.05%
 
Transportation Services - - - 0.04%
 
Commercial Vehicle-Equipment Leasing - - - 0.02%
 
Trucking - - - 0.01%
 
Aerospace & Defence - - 0.36% -
 
Defense - - - 0.27%
 
Aerospace - - - 0.09%
 
Electronic & Electrical Equipment - - 0.33% -
 
Electrical Components - - - 0.24%
 
Electronic Equipment: Control & Filter - - - 0.04%
 
Electronic Equipment: Gauges & Meters - - - 0.03%
 
Electronic Equipment: Pollution Control - - - 0.02%
 
Industrial Engineering - - 0.19% -
 
Machinery: Construction & Handling - - - 0.09%
 
Machinery: Engines - - - 0.04%
 
Machinery: Industrial - - - 0.04%
 
Machinery: Tools - - - 0.02%
 
Machinery: Specialty - - - 0.00%
 
Construction & Materials - 0.47% - -
 
Construction & Materials - - 0.47% -
 
Building Materials: Other - - - 0.21%
 
Cement - - - 0.13%
 
Construction - - - 0.06%
 
Building: Climate Control - - - 0.03%
 
Building, Roofing/Wallboard & Plumbing - - - 0.02%
 
Engineering & Contracting Services - - - 0.00%
 
Consumer Discretionary 2.50% - - -
 
Retail - 0.73% - -
 
Retailers - - 0.73% -
 
Diversified Retailers - - - 0.22%
 
Apparel Retailers - - - 0.22%
 
Specialty Retailers - - - 0.21%
 
Home Improvement Retailers - - - 0.07%
 
Consumer Products & Services - 0.53% - -
 
Personal Goods - - 0.26% -
 
Clothing & Accessories - - - 0.14%
 
Cosmetics - - - 0.06%
 
Luxury Items - - - 0.04%
 
Footwear - - - 0.03%
 
Household Goods & Home Construction - - 0.17% -
 
Home Construction - - - 0.15%
 
Household Appliance - - - 0.02%
 
Household Equipment & Products - - - 0.00%
 
Household Furnishings - - - 0.00%
 
Consumer Services - - 0.09% -
 
Vending & Catering Service - - - 0.08%
 
Consumer Services: Misc. - - - 0.01%
 
Leisure Goods - - 0.01% -
 
Toys - - - 0.01%
 
Electronic Entertainment - - - 0.00%
 
Automobiles & Parts - 0.47% - -
 
Automobiles & Parts - - 0.47% -
 
Automobiles - - - 0.36%
 
Tires - - - 0.10%
 
Auto Parts - - - 0.02%
 
Media - 0.41% - -
 
Media - - 0.41% -
 
Radio & TV Broadcasters - - - 0.13%
 
Publishing - - - 0.13%
 
Media Agencies - - - 0.11%
 
Entertainment - - - 0.04%
 
Travel & Leisure - 0.36% - -
 
Travel & Leisure - - 0.36% -
 
Restaurants & Bars - - - 0.12%
 
Airlines - - - 0.10%
 
Hotels & Motels - - - 0.09%
 
Travel & Tourism - - - 0.03%
 
Casinos & Gambling - - - 0.01%
 
Recreational Services - - - 0.00%
 
Health Care 2.38% - - -
 
Health Care - 2.38% - -
 
Pharmaceuticals & Biotechnology - - 2.02% -
 
Pharmaceuticals - - - 1.97%
 
Biotechnology - - - 0.06%
 
Medical Equipment & Services - - 0.29% -
 
Medical Equipment - - - 0.23%
 
Medical Supplies - - - 0.06%
 
Health Care Providers - - 0.07% -
 
Health Care Management Services - - - 0.07%
 
Health Care Services - - - 0.00%
 
Technology 1.97% - - -
 
Technology - 1.97% - -
 
Software & Computer Services - - 1.13% -
 
Software - - - 0.71%
 
Consumer Digital Services - - - 0.32%
 
Computer Services - - - 0.10%
 
Technology Hardware & Equipment - - 0.84% -
 
Semiconductors - - - 0.39%
 
Computer Hardware - - - 0.25%
 
Production Technology Equipment - - - 0.19%
 
Electronic Components - - - 0.00%
 
Alternative Trading Strategies 1.88% - - -
 
Alternative Trading Strategies - 1.88% - -
 
Alternative Trading Strategies - - 1.88% -
 
Alternative Trading Strategies - - - 1.88%
 
Consumer Staples 1.37% - - -
 
Personal Care, Drug & Grocery Stores - 0.76% - -
 
Personal Care, Drug & Grocery Stores - - 0.76% -
 
Food Retailers & Wholesalers - - - 0.51%
 
Personal Products - - - 0.17%
 
Nondurable Household Products - - - 0.04%
 
Drug Retailers - - - 0.03%
 
Food, Beverage & Tobacco - 0.61% - -
 
Food Producers - - 0.33% -
 
Food Products - - - 0.33%
 
Farming, Fishing, Ranching & Plantations - - - 0.00%
 
Beverages - - 0.28% -
 
Soft Drinks - - - 0.16%
 
Distillers & Vintners - - - 0.10%
 
Brewers - - - 0.03%
 
Energy 1.04% - - -
 
Energy - 1.04% - -
 
Non-Renewable Energy - - 1.02% -
 
Integrated Oil & Gas - - - 0.75%
 
Oil Equipment & Services - - - 0.16%
 
Oil: Crude Producers - - - 0.08%
 
Oil Refining and Marketing - - - 0.03%
 
Pipelines - - - 0.00%
 
Offshore Drilling & Other Services - - - 0.00%
 
Renewable Energy - - 0.02% -
 
Renewable Energy Equipment - - - 0.02%
 
Basic Materials 0.96% - - -
 
Basic Resources - 0.62% - -
 
Industrial Metals & Mining - - 0.43% -
 
Iron & Steel - - - 0.26%
 
General Mining - - - 0.13%
 
Copper - - - 0.02%
 
Metal Fabricating - - - 0.01%
 
Aluminum - - - 0.01%
 
Industrial Materials - - 0.15% -
 
Paper - - - 0.14%
 
Diversified Materials - - - 0.01%
 
Forestry - - - 0.01%
 
Precious Metals & Mining - - 0.03% -
 
Gold Mining - - - 0.03%
 
Platinum & Precious Metals - - - 0.00%
 
Diamonds & Gemstones - - - 0.00%
 
Chemicals - 0.35% - -
 
Chemicals - - 0.35% -
 
Chemicals: Diversified - - - 0.23%
 
Specialty Chemicals - - - 0.07%
 
Fertilizers - - - 0.05%
 
Chemicals & Synthetic Fibers - - - 0.00%
 
Utilities 0.59% - - -
 
Utilities - 0.59% - -
 
Gas, Water & Multi-utilities - - 0.35% -
 
Multi-Utilities - - - 0.32%
 
Water - - - 0.03%
 
Electricity - - 0.22% -
 
Conventional Electricity - - - 0.21%
 
Alternative Electricity - - - 0.02%
 
Waste & Disposal Services - - 0.01% -
 
Waste & Disposal Services - - - 0.01%
 
Real Estate 0.44% - - -
 
Real Estate - 0.44% - -
 
Real Estate Investment Trusts - - 0.30% -
 
Diversified REITs - - - 0.07%
 
Industrial REITs - - - 0.07%
 
Office REITs - - - 0.04%
 
Retail REITs - - - 0.02%
 
Storage REITs - - - 0.02%
 
Health Care REITs - - - 0.02%
 
Timber REITs - - - 0.02%
 
Residential REITs - - - 0.02%
 
Other Specialty REITs - - - 0.01%
 
Hotel & Lodging REITs - - - 0.00%
 
Real Estate Investment & Services - - 0.15% -
 
Real Estate Holding and Development - - - 0.09%
 
Real Estate Services - - - 0.05%
 
Telecommunications 0.40% - - -
 
Telecommunications - 0.40% - -
 
Telecommunications Service Providers - - 0.24% -
 
Telecommunications Services - - - 0.24%
 
Cable Television Services - - - 0.00%
 
Telecommunications Equipment - - 0.16% -
 
Telecommunications Equipment - - - 0.16%

Regional Allocation

pie chart
  Developed Europe - Excl UK 49.49%
  North America 17.75%
  UK 9.43%
  Non-Classified 17.95%
  Cash and Equivalents 3.73%
  Australia & New Zealand 0.83%
  Japan 0.36%
  Property 0.21%
  South & Central America 0.10%
  Other Regions 0.17%

Fixed Interest Currencies

pie chart
  Euro 47.14%
  Non-Fixed Interest Assets 32.21%
  US Dollar 8.98%
  Pound Sterling 7.93%
  Cash 3.73%
  Canadian Dollar 0.01%

Regional Breakdown

Expand allCollapse all
Region Country
 
Developed Europe - Excl UK 49.49% -
 
Germany - 12.45%
 
France - 11.75%
 
Netherlands - 5.66%
 
Italy - 4.29%
 
Spain - 3.05%
 
Switzerland - 2.12%
 
Luxembourg - 1.97%
 
Belgium - 1.66%
 
Sweden - 1.42%
 
Finland - 1.05%
 
Ireland - 1.02%
 
Austria - 0.92%
 
Norway - 0.87%
 
Denmark - 0.69%
 
Iceland - 0.46%
 
Portugal - 0.10%
 
North America 17.75% -
 
United States - 16.84%
 
Canada - 0.91%
 
UK 9.43% -
 
United Kingdom - 9.43%
 
Non-Classified 17.95% -
 
Cash and Equivalents 3.73% -
 
Australia & New Zealand 0.83% -
 
Australia - 0.66%
 
New Zealand - 0.17%
 
Japan 0.36% -
 
Japan - 0.36%
 
Property 0.21% -
 
South & Central America 0.10% -
 
Mexico - 0.10%
 
Cayman Islands - 0.00%
 
Emerging Asia 0.07% -
 
Philippines - 0.06%
 
China - 0.01%
 
India - 0.00%
 
Emerging Europe 0.05% -
 
Turkey - 0.02%
 
Poland - 0.01%
 
Greece - 0.01%
 
Hungary - 0.01%
 
Czech Republic - 0.00%
 
Middle East & Africa 0.04% -
 
United Arab Emirates - 0.02%
 
Saudi Arabia - 0.01%
 
Israel - 0.00%
 
Developed Asia 0.01% -
 
Singapore - 0.01%
 
Hong Kong - 0.00%

Breakdown By Market Cap (%)

Mega
 
 
10.23%
Large
 
 
3.97%
Medium
 
 
2.26%
Small
 
 
0.32%
Micro
 
 
0.05%
Non-Classified
 
 
15.38%
Bonds
 
 
64.06%
Cash
 
 
3.73%

Fixed Interest Maturity Profile

< 5Yr Maturity
 
 
29.46%
5Yr - 10Yr Maturity
 
 
24.44%
10Yr - 15Yr Maturity
 
 
3.71%
> 15Yr Maturity
 
 
6.44%
Cash And Equivalents
 
 
3.73%
Unknown Maturity
 
 
11.95%
Other Asset Types
 
 
20.26%

Fixed Interest Quality Profile

AAA
 
 
8.66%
AA
 
 
4.50%
A
 
 
9.54%
BBB
 
 
12.17%
Sub-Investment Grade
 
 
1.19%
Unknown Quality
 
 
27.99%
Cash and Equivalents
 
 
3.73%
Other Asset Types
 
 
32.21%

Top 10 Fund Holdings

Name % Weight Sector Country
1 M&G European Credit Investment Class A EUR 41.02% Managed Funds Managed Funds
2 M&G Feeder of Property Portfolio Class A GBP 8.93% Managed Funds Managed Funds
3 M&G (1) Sterling Investment Grade Corporate Bond Class Z2A GBP 8.88% Managed Funds Managed Funds
4 BlackRock (Lux) iShares Euro Government Bond Index Class D2 8.86% Managed Funds Managed Funds
5 M&G (LUX) FCP Europe ex UK Equity Fund Z3A Acc 6.95% Managed Funds Managed Funds
6 M&G (1) US Corporate Bond - 6.21% Managed Funds Managed Funds
7 PIA UK Equity Ser B 4.67% Managed Funds Managed Funds
8 PIA Euro Deposit EUR Ser B 4.22% Managed Funds Managed Funds
9 M&G (ACS) Blackrock US Equity Z3A Acc 3.70% Managed Funds Managed Funds
10 M&G (LUX) FCP BlackRock Europe ex UK Equity Fund Z3A Acc 2.98% Managed Funds Managed Funds

Top 10 Holdings

Stock % Weight Sector Country
1 M&G Feeder of Property Portfolio Class A GBP 8.93% Non-Classified Non-Classified
2 GERMANY (FEDERAL REPUBLIC OF) RegS 0.5 02/15/2025 1.89% Bonds Germany
3 GERMANY (FEDERAL REPUBLIC OF) 1.5% 15/05/2024 1.88% Bonds Germany
4 GERMANY (FEDERAL REPUBLIC OF) RegS 0 08/15/2026 0.83% Bonds Germany
5 VOLKSWAGEN INTERNATIONAL FIN NV 4.375% 15/05/2030 0.44% Bonds Non-Classified
6 SIEMENS AKTIENGESELLSCHAFT 0.37% General Industrials Germany
7 NOVO NORDISK A/S 0.35% Pharmaceuticals & Biotechnology Denmark
8 ING GROEP NV 4.5% 23/05/2029 0.35% Bonds Netherlands
9 ROCHE HLDG AG 0.34% Pharmaceuticals & Biotechnology Switzerland
10 TOTAL SE 0.33% Non-Renewable Energy France

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 0.30%
Yearly Total 1.70%

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
Sector OI Mixed Investment 0-35% Shares

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.