Prudential Index-Linked S1
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 | 1.5% | 2.4% | 6.6% | -30.7% | -7.4% |
| Benchmark | 2.4% | 2.6% | 4.8% | -30.1% | -6.9% |
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 | -2.3% | -11.9% | -6.6% | 1.3% |
| Benchmark | -2.4% | -12.0% | -6.4% | 1.4% |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| ⅛% Index-linked Treasury Gilt 2039 | 23.13 |
| ⅛% Index-linked Treasury Gilt 2044 | 16.46 |
| ⅛% Index-linked Treasury Gilt 2046 | 14.45 |
| ⅝% Index-linked Treasury Gilt 2045 | 13.42 |
| ⅛% Index-linked Treasury Gilt 2068 | 8.51 |
| ¾% Index-linked Treasury Gilt 2033 | 6.98 |
| ⅛% Index-linked Treasury Gilt 2028 | 6.54 |
| 4½% Treasury Gilt 2028 | 5.53 |
| ORSTED A/S RegS | 1.68 |
| ¼% Index-linked Treasury Gilt 2052 | 1.42 |
| Total | 98.12 |
Fund Aims
Objective: The investment strategy of the fund is to purchase units in the M&G PP Index-Linked Fund - the underlying fund.
Underlying Fund Objective: The fund invests mainly in UK Government index-linked gilts, typically with over five years to maturity. The fund is actively managed against its benchmark, the iBoxx UK Gilt Inflation-Linked Over 5 Year Index. The fund can also invest in corporate bonds, overseas government bonds and fixed interest gilts. 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 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 (11/04/2024) | 5.59 |
| Offer (11/04/2024) | 5.88 |
| Fund size (29/02/2024) | £29.12m |
| Underlying Fund size | £88.15m |
| Number of holdings | 11 |
| Launch date | 02/07/1991 |
Fund Charges
| Annual Management Charge (AMC) | 0.75% |
| Further Costs | 0.01% |
| Yearly Total | 0.76% |
Asset Allocation
| UK Gilts | 97.78% | |
| International Bonds | 1.68% | |
| Cash and Equivalents | 0.54% |
Commentary
Performance as at Q4 2023 - The fund's overweight position in the 20-25 year sector outperformed over the quarter and contributed positively to fund performance. This trade remains a high conviction strategy for the coming weeks and months. The fund remains overweight the 20-25 year sector. Activity in the fund continued to focus on an active stock specific relative value approach. The manager continues to position in the fund in anomalously cheap securities along the index -linked gilt yield curve.
Source: M&G
Important Information
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.
Asset Allocation
| UK Gilts | 97.78% | |
| International Bonds | 1.68% | |
| Cash and Equivalents | 0.54% |
Bond Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Bonds | 99.46% | - | - | - | |
| Cash and Equivalents | 0.54% | - | - | - | |
Regional Allocation
| UK | 97.78% | |
| Developed Europe - Excl UK | 1.68% | |
| Cash and Equivalents | 0.54% |
Fixed Interest Currencies
| Pound Sterling | 99.46% | |
| Cash | 0.54% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| UK | 97.78% | - | |
United Kingdom
|
- | 97.78% | |
| Developed Europe - Excl UK | 1.68% | - | |
Denmark
|
- | 1.68% | |
| Cash and Equivalents | 0.54% | - | |
Fixed Interest Maturity Profile
| < 5Yr Maturity |
|
12.07% |
| 5Yr - 10Yr Maturity |
|
6.98% |
| 10Yr - 15Yr Maturity |
|
1.68% |
| > 15Yr Maturity |
|
78.73% |
| Cash And Equivalents |
|
0.54% |
Fixed Interest Quality Profile
| AA |
|
97.78% |
| BBB |
|
1.68% |
| Cash and Equivalents |
|
0.54% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | ⅛% Index-linked Treasury Gilt 2039 | 23.13% | Bonds | United Kingdom |
| 2 | ⅛% Index-linked Treasury Gilt 2044 | 16.46% | Bonds | United Kingdom |
| 3 | ⅛% Index-linked Treasury Gilt 2046 | 14.45% | Bonds | United Kingdom |
| 4 | ⅝% Index-linked Treasury Gilt 2045 | 13.42% | Bonds | United Kingdom |
| 5 | ⅛% Index-linked Treasury Gilt 2068 | 8.51% | Bonds | United Kingdom |
| 6 | ¾% Index-linked Treasury Gilt 2033 | 6.98% | Bonds | United Kingdom |
| 7 | ⅛% Index-linked Treasury Gilt 2028 | 6.54% | Bonds | United Kingdom |
| 8 | 4½% Treasury Gilt 2028 | 5.53% | Bonds | United Kingdom |
| 9 | ORSTED A/S RegS | 1.68% | Bonds | Denmark |
| 10 | ¼% Index-linked Treasury Gilt 2052 | 1.42% | Bonds | United Kingdom |
Important Information
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 | 0702339 |
| Mex Code | PUPMIL |
| Isin Code | GB0007023392 |
| Citi Code | PS23 |
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 Index-Linked Fund - the underlying fund. Underlying Fund Objective: The fund invests mainly in UK Government index-linked gilts, typically with over five years to maturity. The fund is actively managed against its benchmark, the iBoxx UK Gilt Inflation-Linked Over 5 Year Index. The fund can also invest in corporate bonds, overseas government bonds and fixed interest gilts. 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 UK Gilt Inflation-Linked Over 5 Year Index |
| ABI Sector | UK Index-linked Gilts |
Important Information
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.
Medium Risk
These funds may invest in multi-asset strategies with a higher weighting in equities (or with significant derivative use), while funds investing mainly in property, high yield or government bonds (such as UK Gilts) are also in this category.
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
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.