PIA Conservative Managed USD Ser A

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

Performance

Discrete performance - to last month end

31/12/20
to
31/12/21
31/12/21
to
31/12/22
31/12/22
to
31/12/23
31/12/23
to
31/12/24
31/12/24
to
31/12/25
Fund 1.7% -14.0% 7.7% 2.9% 9.9%
Sector 0.6% -17.5% 9.8% 2.3% 13.2%
Rank 60/156 37/163 118/167 75/173 127/175
Quartile 2 1 3 2 3

Annualised performance

Annualised
3 Years to
31/12/25
5 Years to
31/12/25
10 Years to
31/12/25
Fund 6.8% 1.2% 2.4%
Sector 8.4% 1.1% 2.2%
Rank 116/167 59/156 27/72
Quartile 3 2 2

Top 10 Holdings

Stock % Weight
GBP FWD ASSET 20 JAN 2026 5.70
US 5YR NOTE (CBT) Mar26 1.87
US 5YR NOTE (CBT) Mar26 1.69
GBP FWD ASSET 20 JAN 2026 1.46
EUR FWD ASSET 20 JAN 2026 1.44
GBP FWD ASSET 20 JAN 2026 1.06
US TRE 0.875% 30/06/2026 1.00
EUR FWD ASSET 20 JAN 2026 0.80
NVIDIA CORPORATION 0.79
CBT US LON BON Mar26 0.73
Total 16.52

Fund Aims

Objective: The fund aims to maximise the total long term growth (the combination of income and growth of capital) in US Dollars.

Fund Investments: The fund will have a high exposure towards lower risk assets such as international fixed income funds and cash instruments. The fund also invests in international equity funds.

Fund Manager

M&G Life Investment Office manager for 31 years and 6 months

Photo of M&G Life Investment Office The M&G Life Investment Office (LIO) 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 (16/01/2026) 2.02
Offer (16/01/2026) 2.13
Fund size (30/11/2025) $0.13m
Number of holdings 3520
Launch date 30/06/1994

Fund Charges

Annual Management Charge (AMC) 1.75%
Further Costs 0.06%
Yearly Total 1.81%

Asset Allocation

pie chart
  International Bonds 62.80%
  International Equities 21.94%
  UK Equities 3.81%
  Cash and Equivalents 3.54%
  UK Corporate Bonds 0.58%
  Property 0.41%
  Investment Trusts 0.02%
  Alternative Trading Strategies 0.00%
  Other Assets 6.89%

Commentary

Not currently available.

Portfolio data accurate as at: 30/11/25

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 62.80%
  International Equities 21.94%
  UK Equities 3.81%
  Cash and Equivalents 3.54%
  UK Corporate Bonds 0.58%
  Property 0.41%
  Investment Trusts 0.02%
  Alternative Trading Strategies 0.00%
  Other Assets 6.89%

Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Bonds 63.39% - - -
 
Non-Classified 6.93% - - -
 
Non-Classified - 0.09% - -
 
Non-Classified - - 0.09% -
 
Non-Classified - - - 0.09%
 
Technology 5.85% - - -
 
Technology - 5.85% - -
 
Technology Hardware & Equipment - - 3.38% -
 
Semiconductors - - - 2.19%
 
Computer Hardware - - - 0.75%
 
Production Technology Equipment - - - 0.25%
 
Electronic Components - - - 0.18%
 
Electronic Office Equipment - - - 0.01%
 
Software & Computer Services - - 2.47% -
 
Consumer Digital Services - - - 1.09%
 
Software - - - 1.02%
 
Computer Services - - - 0.35%
 
Financials 5.28% - - -
 
Banks - 2.83% - -
 
Banks - - 2.83% -
 
Banks - - - 2.83%
 
Financial Services - 1.33% - -
 
Investment Banking & Brokerage Services - - 1.04% -
 
Investment Services - - - 0.47%
 
Asset Managers & Custodians - - - 0.38%
 
Diversified Financial Services - - - 0.19%
 
Finance & Credit Services - - 0.27% -
 
Financial Data & Systems - - - 0.25%
 
Mortgage Finance - - - 0.02%
 
Consumer Lending - - - 0.00%
 
Equity Investment Instruments - - 0.02% -
 
Equity Investment Instruments - - - 0.02%
 
Insurance - 1.12% - -
 
Life Insurance - - 0.61% -
 
Life Insurance - - - 0.61%
 
Non-life Insurance - - 0.51% -
 
Property & Casualty Insurance - - - 0.16%
 
Full Line Insurance - - - 0.15%
 
Insurance Brokers - - - 0.14%
 
Reinsurance - - - 0.07%
 
Industrials 3.80% - - -
 
Industrial Goods & Services - 3.44% - -
 
General Industrials - - 0.81% -
 
Diversified Industrials - - - 0.58%
 
Containers & Packaging - - - 0.22%
 
Glass - - - 0.01%
 
Industrial Support Services - - 0.72% -
 
Professional Business Support Services - - - 0.31%
 
Transaction Processing Services - - - 0.16%
 
Industrial Suppliers - - - 0.15%
 
Security Services - - - 0.05%
 
Business Training & Employment Agencies - - - 0.05%
 
Industrial Transportation - - 0.62% -
 
Marine Transportation - - - 0.18%
 
Railroads - - - 0.13%
 
Transportation Services - - - 0.12%
 
Delivery Services - - - 0.09%
 
Commercial Vehicles & Parts - - - 0.06%
 
Commercial Vehicle-Equipment Leasing - - - 0.04%
 
Railroad Equipment - - - 0.00%
 
Electronic & Electrical Equipment - - 0.48% -
 
Electrical Components - - - 0.21%
 
Electronic Equipment: Control & Filter - - - 0.15%
 
Electronic Equipment: Pollution Control - - - 0.06%
 
Electronic Equipment: Gauges & Meters - - - 0.06%
 
Electronic Equipment: Other - - - 0.00%
 
Aerospace & Defence - - 0.47% -
 
Aerospace - - - 0.34%
 
Defense - - - 0.12%
 
Industrial Engineering - - 0.34% -
 
Machinery: Industrial - - - 0.12%
 
Machinery: Construction & Handling - - - 0.10%
 
Machinery: Engines - - - 0.08%
 
Machinery: Tools - - - 0.04%
 
Machinery: Agricultural - - - 0.00%
 
Machinery: Specialty - - - 0.00%
 
Construction & Materials - 0.37% - -
 
Construction & Materials - - 0.37% -
 
Building Materials: Other - - - 0.14%
 
Construction - - - 0.10%
 
Cement - - - 0.08%
 
Building: Climate Control - - - 0.02%
 
Engineering & Contracting Services - - - 0.02%
 
Building, Roofing/Wallboard & Plumbing - - - 0.01%
 
Cash and Equivalents 3.54% - - -
 
Consumer Discretionary 3.36% - - -
 
Retail - 1.05% - -
 
Retailers - - 1.05% -
 
Diversified Retailers - - - 0.70%
 
Apparel Retailers - - - 0.21%
 
Specialty Retailers - - - 0.10%
 
Home Improvement Retailers - - - 0.05%
 
Automobiles & Parts - 0.76% - -
 
Automobiles & Parts - - 0.76% -
 
Automobiles - - - 0.60%
 
Auto Parts - - - 0.14%
 
Tires - - - 0.01%
 
Travel & Leisure - 0.73% - -
 
Travel & Leisure - - 0.73% -
 
Hotels & Motels - - - 0.24%
 
Restaurants & Bars - - - 0.17%
 
Casinos & Gambling - - - 0.13%
 
Travel & Tourism - - - 0.10%
 
Airlines - - - 0.09%
 
Recreational Services - - - 0.00%
 
Consumer Products & Services - 0.59% - -
 
Personal Goods - - 0.19% -
 
Cosmetics - - - 0.07%
 
Clothing & Accessories - - - 0.07%
 
Luxury Items - - - 0.03%
 
Footwear - - - 0.02%
 
Leisure Goods - - 0.17% -
 
Consumer Electronics - - - 0.10%
 
Electronic Entertainment - - - 0.05%
 
Toys - - - 0.01%
 
Photography - - - 0.01%
 
Recreational Vehicles & Boats - - - 0.01%
 
Recreational Products - - - 0.00%
 
Household Goods & Home Construction - - 0.14% -
 
Home Construction - - - 0.11%
 
Household Appliance - - - 0.02%
 
Household Equipment & Products - - - 0.01%
 
Household Furnishings - - - 0.00%
 
Consumer Services - - 0.09% -
 
Consumer Services: Misc. - - - 0.06%
 
Vending & Catering Service - - - 0.03%
 
Media - 0.24% - -
 
Media - - 0.24% -
 
Media Agencies - - - 0.12%
 
Entertainment - - - 0.08%
 
Radio & TV Broadcasters - - - 0.02%
 
Publishing - - - 0.02%
 
Health Care 1.93% - - -
 
Health Care - 1.93% - -
 
Pharmaceuticals & Biotechnology - - 1.28% -
 
Pharmaceuticals - - - 1.22%
 
Biotechnology - - - 0.06%
 
Medical Equipment & Services - - 0.54% -
 
Medical Equipment - - - 0.46%
 
Medical Supplies - - - 0.08%
 
Health Care Providers - - 0.11% -
 
Health Care Management Services - - - 0.10%
 
Health Care Services - - - 0.01%
 
Consumer Staples 1.31% - - -
 
Food, Beverage & Tobacco - 0.73% - -
 
Beverages - - 0.42% -
 
Soft Drinks - - - 0.21%
 
Brewers - - - 0.15%
 
Distillers & Vintners - - - 0.06%
 
Food Producers - - 0.31% -
 
Food Products - - - 0.31%
 
Fruit & Grain Processing - - - 0.00%
 
Farming, Fishing, Ranching & Plantations - - - 0.00%
 
Personal Care, Drug & Grocery Stores - 0.58% - -
 
Personal Care, Drug & Grocery Stores - - 0.58% -
 
Food Retailers & Wholesalers - - - 0.29%
 
Personal Products - - - 0.21%
 
Nondurable Household Products - - - 0.08%
 
Telecommunications 1.29% - - -
 
Telecommunications - 1.29% - -
 
Telecommunications Service Providers - - 0.72% -
 
Telecommunications Services - - - 0.72%
 
Telecommunications Equipment - - 0.57% -
 
Telecommunications Equipment - - - 0.57%
 
Real Estate 0.96% - - -
 
Real Estate - 0.96% - -
 
Real Estate Investment & Services - - 0.49% -
 
Real Estate Holding and Development - - - 0.35%
 
Real Estate Services - - - 0.14%
 
Real Estate Investment Trusts - - 0.47% -
 
Industrial REITs - - - 0.14%
 
Retail REITs - - - 0.11%
 
Diversified REITs - - - 0.06%
 
Residential REITs - - - 0.05%
 
Health Care REITs - - - 0.04%
 
Office REITs - - - 0.02%
 
Storage REITs - - - 0.02%
 
Other Specialty REITs - - - 0.01%
 
Infrastructure REITs - - - 0.00%
 
Basic Materials 0.90% - - -
 
Basic Resources - 0.53% - -
 
Industrial Metals & Mining - - 0.45% -
 
Iron & Steel - - - 0.22%
 
General Mining - - - 0.17%
 
Copper - - - 0.03%
 
Metal Fabricating - - - 0.02%
 
Aluminum - - - 0.00%
 
Precious Metals & Mining - - 0.06% -
 
Gold Mining - - - 0.06%
 
Industrial Materials - - 0.03% -
 
Paper - - - 0.03%
 
Chemicals - 0.37% - -
 
Chemicals - - 0.37% -
 
Chemicals: Diversified - - - 0.26%
 
Specialty Chemicals - - - 0.08%
 
Chemicals & Synthetic Fibers - - - 0.01%
 
Fertilizers - - - 0.01%
 
Energy 0.75% - - -
 
Energy - 0.75% - -
 
Non-Renewable Energy - - 0.71% -
 
Integrated Oil & Gas - - - 0.36%
 
Oil Refining and Marketing - - - 0.13%
 
Oil Equipment & Services - - - 0.11%
 
Pipelines - - - 0.06%
 
Oil: Crude Producers - - - 0.05%
 
Offshore Drilling & Other Services - - - 0.02%
 
Renewable Energy - - 0.03% -
 
Renewable Energy Equipment - - - 0.03%
 
Utilities 0.71% - - -
 
Utilities - 0.71% - -
 
Gas, Water & Multi-utilities - - 0.36% -
 
Multi-Utilities - - - 0.31%
 
Water - - - 0.05%
 
Gas Distribution - - - 0.00%
 
Electricity - - 0.32% -
 
Conventional Electricity - - - 0.32%
 
Alternative Electricity - - - 0.01%
 
Waste & Disposal Services - - 0.02% -
 
Waste & Disposal Services - - - 0.02%
 
Alternative Trading Strategies 0.00% - - -
 
Alternative Trading Strategies - 0.00% - -
 
Alternative Trading Strategies - - 0.00% -
 
Alternative Trading Strategies - - - 0.00%

Regional Allocation

pie chart
  North America 69.97%
  Non-Classified 6.92%
  Developed Europe - Excl UK 6.06%
  UK 4.39%
  Emerging Asia 3.72%
  Cash and Equivalents 3.54%
  Japan 2.42%
  Developed Asia 1.86%
  Australia & New Zealand 0.65%
  Other Regions 0.47%

Fixed Interest Currencies

pie chart
  US Dollar 63.13%
  Non-Fixed Interest Assets 35.30%
  Cash 1.32%
  Euro 0.20%
  Swiss Franc 0.03%
  Canadian Dollar 0.03%
  Pound Sterling 0.01%

Regional Breakdown

Expand allCollapse all
Region Country
 
North America 69.97% -
 
United States - 69.11%
 
Canada - 0.85%
 
Non-Classified 6.92% -
 
Developed Europe - Excl UK 6.06% -
 
Ireland - 1.17%
 
Germany - 1.04%
 
France - 0.89%
 
Netherlands - 0.64%
 
Switzerland - 0.47%
 
Sweden - 0.39%
 
Spain - 0.38%
 
Denmark - 0.28%
 
Finland - 0.19%
 
Italy - 0.17%
 
Luxembourg - 0.14%
 
Norway - 0.10%
 
Austria - 0.09%
 
Belgium - 0.09%
 
Portugal - 0.01%
 
UK 4.39% -
 
United Kingdom - 4.40%
 
Emerging Asia 3.72% -
 
South Korea - 1.12%
 
China - 0.83%
 
Taiwan - 0.74%
 
Indonesia - 0.33%
 
Thailand - 0.31%
 
India - 0.28%
 
Malaysia - 0.07%
 
Philippines - 0.04%
 
Cash and Equivalents 3.54% -
 
Japan 2.42% -
 
Japan - 2.42%
 
Developed Asia 1.86% -
 
Hong Kong - 1.21%
 
Singapore - 0.65%
 
Australia & New Zealand 0.65% -
 
Australia - 0.62%
 
New Zealand - 0.03%
 
Property 0.41% -
 
Emerging Europe 0.03% -
 
Turkey - 0.01%
 
Greece - 0.01%
 
Poland - 0.00%
 
Czech Republic - 0.00%
 
Hungary - 0.00%
 
South & Central America 0.02% -
 
Brazil - 0.02%
 
Middle East & Africa 0.02% -
 
Israel - 0.02%

Breakdown By Market Cap (%)

Mega
 
 
15.12%
Large
 
 
6.04%
Medium
 
 
2.01%
Small
 
 
0.18%
Micro
 
 
0.02%
Non-Classified
 
 
9.70%
Bonds
 
 
63.39%
Cash
 
 
3.54%

Fixed Interest Maturity Profile

< 5Yr Maturity
 
 
36.24%
5Yr - 10Yr Maturity
 
 
14.58%
10Yr - 15Yr Maturity
 
 
1.67%
> 15Yr Maturity
 
 
10.90%
Cash And Equivalents
 
 
3.54%
Unknown Maturity
 
 
6.81%
Other Asset Types
 
 
26.26%

Fixed Interest Quality Profile

AAA
 
 
0.13%
AA
 
 
35.56%
A
 
 
11.16%
BBB
 
 
10.71%
Sub-Investment Grade
 
 
1.59%
Unknown Quality
 
 
4.25%
Cash and Equivalents
 
 
3.54%
Other Asset Types
 
 
33.07%

Fund Holdings

Name % Weight Sector Country
1 Vanguard US Government Bond Index Acc 31.19% Managed Funds Managed Funds
2 M&G (1) US Corporate Bond Class Z2A USD 27.43% Managed Funds Managed Funds
3 M&G (1) US Short Duration Corporate Bond - 11.45% Managed Funds Managed Funds
4 M&G (ACS) Blackrock US Equity Z3A Acc 9.95% Managed Funds Managed Funds
5 M&G (1) Asia Pacific (ex Japan) Equity Class GBPZ2A 6.53% Managed Funds Managed Funds
6 PIA UK Equity Ser A 4.11% Managed Funds Managed Funds
7 PIA European Equity Ser B 4.05% Managed Funds Managed Funds
8 M&G (ACS) Japan Equity Fund Z3A Acc 2.24% Managed Funds Managed Funds
9 PIA US Deposit USD Ser A 2.22% Managed Funds Managed Funds

Top 10 Holdings

Stock % Weight Sector Country
1 GBP FWD ASSET 20 JAN 2026 5.70% Non-Classified Non-Classified
2 US 5YR NOTE (CBT) Mar26 1.87% Non-Classified Non-Classified
3 US 5YR NOTE (CBT) Mar26 1.69% Non-Classified Non-Classified
4 GBP FWD ASSET 20 JAN 2026 1.46% Non-Classified Non-Classified
5 EUR FWD ASSET 20 JAN 2026 1.44% Non-Classified Non-Classified
6 GBP FWD ASSET 20 JAN 2026 1.06% Non-Classified Non-Classified
7 US TRE 0.875% 30/06/2026 1.00% Bonds United States
8 EUR FWD ASSET 20 JAN 2026 0.80% Non-Classified Non-Classified
9 NVIDIA CORPORATION 0.79% Technology Hardware & Equipment United States
10 CBT US LON BON Mar26 0.73% 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 0794659
Mex Code SBECD
Isin Code IE0007946597
Citi Code SY40

Fund Charges

Annual Management Charge (AMC) 1.75%
Further Costs 0.06%
Yearly Total 1.81%

Aims and Benchmark

Aims Objective: The fund aims to maximise the total long term growth (the combination of income and growth of capital) in US Dollars. Fund Investments: The fund will have a high exposure towards lower risk assets such as international fixed income funds and cash instruments. The fund also invests in international equity funds.
Benchmark Composite
ABI Sector 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 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.