Prudential BlackRock Aquila Emerging Markets Equity S3

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

Performance

Discrete performance - to latest available quarter end

30/06/17
to
30/06/18
30/06/18
to
30/06/19
30/06/19
to
30/06/20
30/06/20
to
30/06/21
30/06/21
to
30/06/22
Fund 5.5% 6.7% -0.8% 26.1% -14.3%
Benchmark 6.5% 5.0% -0.5% 26.0% -15.0%

Performance - to latest available quarter end

Quarter Annualised
2
2022
3 Years to
30/06/22
5 Years to
30/06/22
10 Years to
30/06/22
Fund -3.6% 2.3% 3.8% 6.2%
Benchmark -4.0% 2.1% 3.6% 5.7%

Top 10 Holdings

Stock % Weight
TAIWAN SEMICONDUCTOR MANUFACTURING CO. 6.75
TENCENT HLDGS LTD 4.10
SAMSUNG ELECTRONICS CO. LTD 3.69
ALIBABA GROUP HLDG LTD 2.64
MEITUAN 1.38
VALE SA 1.03
CHINA CONSTRUCTION BANK CORPORATION 1.02
RELIANCE INDUSTRIES 0.90
JD.COM INC 0.82
AL RAJHI BANK 0.74
Total 23.07

Fund Aims

Objective: The investment strategy of the fund is to purchase units in the BlackRock Aquila Connect Emerging Markets Equity Fund - the underlying fund.

Underlying Fund Objective: The fund aims to achieve a return that is consistent with the return of the MSCI Emerging Markets Index.

Fund Manager

Team Managed manager of the underlying fund for 12 years and 2 months

Photo of Team Managed Team Managed

Fund Overview

Daily price (15/08/2022) 160.40
Fund size (30/06/2022) £7.13m
Underlying Fund size £1446.75m
Number of holdings 1820
Annual Management Charge (AMC) Please refer to the "Fund Guide"
for your specific pension plan
Launch date 01/02/2011

Asset Allocation

pie chart
  International Equities 99.14%
  Cash and Equivalents 0.30%
  Alternative Trading Strategies 0.11%
  Property 0.09%
  Money Market 0.08%
  UK Equities 0.04%
  International Bonds 0.00%
  UK Corporate Bonds 0.00%
  Other Assets 0.24%

Commentary

Performance as at Q1 2022 - March was negative month for the asset class, driven by the US Treasury sell-off as investor uncertainty about the global economic outlook and inflationary pressures prevailed. The Russia-Ukraine war continued to dominate the headlines throughout the month with China’s renewed lockdowns adding to the uncertainty.

In the US, the Fed delivered its long awaited 25bps interest rate hike and Fed Chair Jerome Powell kept the door open to raise by increments larger than 25bps this year. It is clear that the Fed’s main concern is on curbing inflation as Powell expressed the view that the economy was resilient enough to weather the tightening cycle.

In China, renewed COVID lockdowns are creating uncertainties around growth with the latest Omicron surge affecting 28 out of China’s 31 provinces. The majority of the latest cases are found in Shanghai where a total lockdown has been imposed on residential areas, transport and non-essential business for period between the end of March and beginning of April.

Despite the uncertainties, EM spreads managed to perform relatively well in March, particularly in the second half of the month as risk sentiment was buoyed by news suggesting that Ukraine and Russia have made significant progress on a ceasefire. From their peak this year, EMBI spreads notably retraced with EM IG spreads trading tighter than where they traded before the Ukraine invasion. Oil and commodity exporters have outperformed and are likely to continue to perform given the elevated commodity prices. In EMFX, the sell-off has been contained in countries near the war zone such as CEE FX and TRY whilst Asian currencies underperformed due to China growth risks.

The market has been closely watching for Russian coupon payments, which were delivered a few days after the expected delivery date due to delays along the payment chain. Both payments were paid in USD. On 31st March, Russia was excluded from all major bond indices with J.P. Morgan pricing Russian bonds at zero.

In LatAm, the Banco Central de Chile surprised on the dovish side, tightening monetary policy by 150bps versus market pricing 200bps. In Colombia, Banrep also surprised on the dovish side and hiked 100bps versus market expectations of 150bps, without accelerating the pace of tightening despite the upside surprises in inflation.

Source: BlackRock

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: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

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
  International Equities 99.14%
  Cash and Equivalents 0.30%
  Alternative Trading Strategies 0.11%
  Property 0.09%
  Money Market 0.08%
  UK Equities 0.04%
  International Bonds 0.00%
  UK Corporate Bonds 0.00%
  Other Assets 0.24%

Equity Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Technology 27.67% - - -
 
Technology - 27.67% - -
 
Technology Hardware & Equipment - - 17.39% -
 
Semiconductors - - - 9.69%
 
Computer Hardware - - - 5.12%
 
Electronic Components - - - 2.51%
 
Production Technology Equipment - - - 0.08%
 
Software & Computer Services - - 10.27% -
 
Consumer Digital Services - - - 7.67%
 
Computer Services - - - 2.38%
 
Software - - - 0.22%
 
Financials 21.49% - - -
 
Banks - 15.86% - -
 
Banks - - 15.86% -
 
Banks - - - 15.86%
 
Financial Services - 3.08% - -
 
Investment Banking & Brokerage Services - - 1.91% -
 
Diversified Financial Services - - - 0.98%
 
Investment Services - - - 0.88%
 
Asset Managers & Custodians - - - 0.05%
 
Finance & Credit Services - - 1.18% -
 
Mortgage Finance - - - 0.89%
 
Consumer Lending - - - 0.25%
 
Financial Data & Systems - - - 0.04%
 
Insurance - 2.54% - -
 
Life Insurance - - 2.05% -
 
Life Insurance - - - 2.05%
 
Non-life Insurance - - 0.49% -
 
Property & Casualty Insurance - - - 0.36%
 
Full Line Insurance - - - 0.13%
 
Consumer Discretionary 12.93% - - -
 
Retail - 4.81% - -
 
Retailers - - 4.81% -
 
Diversified Retailers - - - 4.27%
 
Specialty Retailers - - - 0.29%
 
Apparel Retailers - - - 0.19%
 
Home Improvement Retailers - - - 0.06%
 
Automobiles & Parts - 3.41% - -
 
Automobiles & Parts - - 3.41% -
 
Automobiles - - - 2.71%
 
Auto Parts - - - 0.57%
 
Tires - - - 0.13%
 
Consumer Products & Services - 3.39% - -
 
Leisure Goods - - 1.47% -
 
Electronic Entertainment - - - 0.95%
 
Recreational Vehicles & Boats - - - 0.18%
 
Consumer Electronics - - - 0.15%
 
Photography - - - 0.09%
 
Toys - - - 0.07%
 
Recreational Products - - - 0.04%
 
Personal Goods - - 1.15% -
 
Clothing & Accessories - - - 0.80%
 
Luxury Items - - - 0.14%
 
Cosmetics - - - 0.13%
 
Footwear - - - 0.08%
 
Consumer Services - - 0.51% -
 
Consumer Services: Misc. - - - 0.35%
 
Rental & Leasing Services: Consumer - - - 0.10%
 
Vending & Catering Service - - - 0.03%
 
Education Services - - - 0.02%
 
Household Goods & Home Construction - - 0.26% -
 
Household Appliance - - - 0.14%
 
Household Equipment & Products - - - 0.07%
 
Household Furnishings - - - 0.04%
 
Travel & Leisure - 1.11% - -
 
Travel & Leisure - - 1.11% -
 
Restaurants & Bars - - - 0.35%
 
Airlines - - - 0.25%
 
Travel & Tourism - - - 0.23%
 
Hotels & Motels - - - 0.14%
 
Casinos & Gambling - - - 0.14%
 
Recreational Services - - - 0.01%
 
Media - 0.20% - -
 
Media - - 0.20% -
 
Radio & TV Broadcasters - - - 0.07%
 
Entertainment - - - 0.07%
 
Publishing - - - 0.03%
 
Media Agencies - - - 0.02%
 
Basic Materials 7.75% - - -
 
Basic Resources - 4.80% - -
 
Industrial Metals & Mining - - 3.37% -
 
Iron & Steel - - - 2.16%
 
General Mining - - - 0.53%
 
Nonferrous Metals - - - 0.32%
 
Copper - - - 0.20%
 
Aluminum - - - 0.16%
 
Metal Fabricating - - - 0.01%
 
Precious Metals & Mining - - 0.95% -
 
Platinum & Precious Metals - - - 0.50%
 
Gold Mining - - - 0.45%
 
Diamonds & Gemstones - - - 0.00%
 
Industrial Materials - - 0.48% -
 
Paper - - - 0.24%
 
Diversified Materials - - - 0.13%
 
Textile Products - - - 0.11%
 
Chemicals - 2.96% - -
 
Chemicals - - 2.96% -
 
Chemicals: Diversified - - - 1.73%
 
Specialty Chemicals - - - 0.84%
 
Fertilizers - - - 0.23%
 
Chemicals & Synthetic Fibers - - - 0.16%
 
Industrials 6.27% - - -
 
Industrial Goods & Services - 4.64% - -
 
Industrial Transportation - - 2.14% -
 
Marine Transportation - - - 0.85%
 
Transportation Services - - - 0.80%
 
Delivery Services - - - 0.20%
 
Commercial Vehicles & Parts - - - 0.10%
 
Railroads - - - 0.06%
 
Railroad Equipment - - - 0.05%
 
Trucking - - - 0.05%
 
Commercial Vehicle-Equipment Leasing - - - 0.02%
 
General Industrials - - 1.29% -
 
Diversified Industrials - - - 0.63%
 
Plastics - - - 0.30%
 
Paints & Coatings - - - 0.23%
 
Glass - - - 0.08%
 
Containers & Packaging - - - 0.04%
 
Industrial Engineering - - 0.56% -
 
Machinery: Industrial - - - 0.36%
 
Machinery: Construction & Handling - - - 0.12%
 
Machinery: Engines - - - 0.07%
 
Machinery: Agricultural - - - 0.00%
 
Electronic & Electrical Equipment - - 0.31% -
 
Electrical Components - - - 0.24%
 
Electronic Equipment: Other - - - 0.04%
 
Electronic Equipment: Gauges & Meters - - - 0.03%
 
Industrial Support Services - - 0.18% -
 
Industrial Suppliers - - - 0.14%
 
Business Training & Employment Agencies - - - 0.03%
 
Security Services - - - 0.02%
 
Aerospace & Defence - - 0.16% -
 
Aerospace - - - 0.09%
 
Defense - - - 0.07%
 
Construction & Materials - 1.63% - -
 
Construction & Materials - - 1.63% -
 
Cement - - - 0.80%
 
Construction - - - 0.34%
 
Engineering & Contracting Services - - - 0.29%
 
Building Materials: Other - - - 0.19%
 
Building, Roofing/Wallboard & Plumbing - - - 0.00%
 
Energy 5.54% - - -
 
Energy - 5.54% - -
 
Non-Renewable Energy - - 5.16% -
 
Oil Refining and Marketing - - - 2.45%
 
Integrated Oil & Gas - - - 1.94%
 
Coal - - - 0.53%
 
Oil: Crude Producers - - - 0.17%
 
Oil Equipment & Services - - - 0.07%
 
Renewable Energy - - 0.38% -
 
Renewable Energy Equipment - - - 0.38%
 
Consumer Staples 5.48% - - -
 
Food, Beverage & Tobacco - 3.70% - -
 
Food Producers - - 1.77% -
 
Food Products - - - 1.43%
 
Farming, Fishing, Ranching & Plantations - - - 0.30%
 
Fruit & Grain Processing - - - 0.04%
 
Beverages - - 1.58% -
 
Distillers & Vintners - - - 0.58%
 
Soft Drinks - - - 0.55%
 
Brewers - - - 0.45%
 
Tobacco - - 0.35% -
 
Tobacco - - - 0.35%
 
Personal Care, Drug & Grocery Stores - 1.78% - -
 
Personal Care, Drug & Grocery Stores - - 1.78% -
 
Personal Products - - - 0.76%
 
Food Retailers & Wholesalers - - - 0.65%
 
Drug Retailers - - - 0.33%
 
Nondurable Household Products - - - 0.03%
 
Telecommunications 3.90% - - -
 
Telecommunications - 3.90% - -
 
Telecommunications Service Providers - - 3.24% -
 
Telecommunications Services - - - 3.18%
 
Cable Television Services - - - 0.07%
 
Telecommunications Equipment - - 0.66% -
 
Telecommunications Equipment - - - 0.66%
 
Health Care 3.56% - - -
 
Health Care - 3.56% - -
 
Pharmaceuticals & Biotechnology - - 2.74% -
 
Pharmaceuticals - - - 1.45%
 
Biotechnology - - - 1.29%
 
Health Care Providers - - 0.61% -
 
Health Care Facilities - - - 0.47%
 
Health Care Management Services - - - 0.09%
 
Health Care Services - - - 0.05%
 
Medical Equipment & Services - - 0.21% -
 
Medical Equipment - - - 0.11%
 
Medical Supplies - - - 0.10%
 
Utilities 2.47% - - -
 
Utilities - 2.47% - -
 
Electricity - - 1.82% -
 
Conventional Electricity - - - 1.42%
 
Alternative Electricity - - - 0.40%
 
Gas, Water & Multi-utilities - - 0.60% -
 
Gas Distribution - - - 0.42%
 
Water - - - 0.15%
 
Multi-Utilities - - - 0.04%
 
Waste & Disposal Services - - 0.05% -
 
Waste & Disposal Services - - - 0.05%
 
Real Estate 2.08% - - -
 
Real Estate - 2.08% - -
 
Real Estate Investment & Services - - 1.99% -
 
Real Estate Holding and Development - - - 1.70%
 
Real Estate Services - - - 0.29%
 
Real Estate Investment Trusts - - 0.09% -
 
Diversified REITs - - - 0.09%
 
Cash and Equivalents 0.38% - - -
 
Non-Classified 0.37% - - -
 
Alternative Trading Strategies 0.11% - - -
 
Alternative Trading Strategies - 0.11% - -
 
Alternative Trading Strategies - - 0.11% -
 
Alternative Trading Strategies - - - 0.11%
 
Bonds 0.00% - - -

Regional Allocation

pie chart
  Emerging Asia 67.50%
  Middle East & Africa 11.19%
  South & Central America 8.39%
  Developed Asia 7.62%
  North America 2.71%
  Emerging Europe 1.50%
  Non-Classified 0.51%
  Cash and Equivalents 0.38%
  Property 0.09%
  Other Regions 0.11%

Fixed Interest Currencies

pie chart
  Non-Fixed Interest Assets 99.84%
  Cash 0.16%

Regional Breakdown

Expand allCollapse all
Region Country
 
Emerging Asia 67.50% -
 
China - 20.74%
 
Taiwan - 15.75%
 
India - 12.60%
 
South Korea - 12.46%
 
Thailand - 1.86%
 
Indonesia - 1.85%
 
Malaysia - 1.49%
 
Philippines - 0.75%
 
Middle East & Africa 11.19% -
 
Saudi Arabia - 4.40%
 
South Africa - 3.60%
 
United Arab Emirates - 1.31%
 
Qatar - 1.04%
 
Kuwait - 0.79%
 
Egypt - 0.05%
 
South & Central America 8.39% -
 
Brazil - 5.47%
 
Mexico - 2.10%
 
Chile - 0.59%
 
Colombia - 0.21%
 
Peru - 0.02%
 
Developed Asia 7.62% -
 
Hong Kong - 7.60%
 
Singapore - 0.02%
 
North America 2.71% -
 
United States - 2.71%
 
Canada - 0.00%
 
Emerging Europe 1.50% -
 
Poland - 0.60%
 
Turkey - 0.30%
 
Greece - 0.28%
 
Czech Republic - 0.16%
 
Hungary - 0.16%
 
Russian Federation - 0.00%
 
Non-Classified 0.51% -
 
Cash and Equivalents 0.38% -
 
Property 0.09% -
 
Developed Europe - Excl UK 0.07% -
 
Luxembourg - 0.07%
 
Finland - 0.00%
 
Switzerland - 0.00%
 
Netherlands - 0.00%
 
UK 0.04% -
 
United Kingdom - 0.04%
 
Jersey - 0.00%

Breakdown By Market Cap (%)

Mega
 
 
45.15%
Large
 
 
28.51%
Medium
 
 
11.14%
Small
 
 
0.03%
Micro
 
 
0.05%
Non-Classified
 
 
14.75%
Cash
 
 
0.38%

Top 10 Holdings

Stock % Weight Sector Country
1 TAIWAN SEMICONDUCTOR MANUFACTURING CO. 6.75% Technology Hardware & Equipment Taiwan
2 TENCENT HLDGS LTD 4.10% Software & Computer Services Hong Kong
3 SAMSUNG ELECTRONICS CO. LTD 3.69% Technology Hardware & Equipment South Korea
4 ALIBABA GROUP HLDG LTD 2.64% Retailers China
5 MEITUAN 1.38% Software & Computer Services China
6 VALE SA 1.03% Industrial Metals & Mining Brazil
7 CHINA CONSTRUCTION BANK CORPORATION 1.02% Banks China
8 RELIANCE INDUSTRIES 0.90% Non-Renewable Energy India
9 JD.COM INC 0.82% Retailers China
10 AL RAJHI BANK 0.74% Banks Saudi Arabia

Dual Aspect Equity Analysis

UK Equities Int'l Equities UK Bonds Int'l Bonds UK Gilts Property Other Cash & Equiv Total
Technology - 27.67% - - - - 0.02% - 27.69%
Telecommunications - 3.90% - - - - 0.03% - 3.93%
Financials - 21.49% - - - - - - 21.49%
Real Estate 0.04% 1.95% - - - 0.09% - - 2.08%
Consumer Discretionary - 12.93% - - - - 0.07% - 13.00%
Consumer Staples - 5.48% - - - - - - 5.48%
Energy - 5.54% - - - - 0.02% - 5.55%
Utilities - 2.47% - - - - 0.02% - 2.49%
Health Care - 3.56% - - - - - - 3.56%
Industrials - 6.27% - - - - 0.12% - 6.39%
Basic Materials - 7.75% - - - - 0.01% - 7.76%
Cash and Equivalents - - - - - - - 0.30% 0.30%
Bonds - - - - - - - - -
Non-Classified - 0.13% - - - - 0.07% 0.08% 0.28%

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: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Identification Codes

Sedol Code B4ZP2W3
Mex Code PUAAAC
Isin Code GB00B4ZP2W35
Citi Code MRP2

Fund Charges

Annual Management Charge (AMC) Please refer to the "Fund Guide"
for your specific pension plan

Aims and Benchmark

Aims Objective: The investment strategy of the fund is to purchase units in the BlackRock Aquila Connect Emerging Markets Equity Fund - the underlying fund. Underlying Fund Objective: The fund aims to achieve a return that is consistent with the return of the MSCI Emerging Markets Index.
Benchmark MSCI Global Emerging Markets Index
ABI Sector Global Emerging Markets Equities

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: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

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

Higher Risk

These are specialist equity funds that focus on set geographical regions or a particular type of share e.g. shares of smaller companies or those that conform to certain criteria.

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: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

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.