PIA India Equity USD Ser B

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

Performance

Discrete performance - to last month end

31/10/20
to
31/10/21
31/10/21
to
31/10/22
31/10/22
to
31/10/23
31/10/23
to
31/10/24
31/10/24
to
31/10/25
Fund 51.8% -10.0% 7.2% 28.7% -0.1%
Sector 23.3% -28.6% 8.1% 18.6% 18.8%
Rank 44/283 47/284 182/287 47/307 272/321
Quartile 1 1 3 1 4

Annualised performance

Annualised
3 Years to
31/10/25
5 Years to
31/10/25
10 Years to
31/10/25
Fund 11.3% 13.5% 7.5%
Sector 15.1% 6.1% 5.7%
Rank 187/287 19/282 62/226
Quartile 3 1 2

Top 10 Holdings

Stock % Weight
HDFC BANK LIMITED 7.20
RELIANCE INDUSTRIES LIMITED 6.65
DLF LTD 4.50
LARSEN & TOUBRO LIMITED 4.48
ICICI BANK LIMITED 4.39
STATE BANK OF INDIA 3.66
SUN PHARMACEUTICAL INDUSTRIES LIMITED 3.65
GODREJ CONSUMER PRODUCTS LIMITED 3.32
ULTRATECH CEMENT LIMITED 3.19
MCX INDIA LTD 3.17
Total 44.21

Fund Aims

Objective: The investment strategy of the fund is to purchase shares in India companies via M&G funds. It is a fund of funds holding units in India equity funds managed by different fund managers.

Underlying Fund Objective: At least 80% of the underlying funds’ Net Asset Value is directly invested in equity securities and equity-related securities of companies that are incorporated, listed or domiciled or do most of their business in India. The funds may invest up to 10% Net Asset Value in unlisted equity securities and equity-related securities of companies that are incorporated, domiciled or do most of their business in India.

Fund Manager

Sanjiv Duggal manager of the underlying fund for 29 years and 8 months

Photo of Sanjiv Duggal Sanjiv Duggal is the Head of Asia Pacific and Indian Equities and has been working in the industry since 1991. Sanjiv joined HSBC in 1996 and was responsible for the management of Indian equities. Sanjiv moved into his current role in July 2013 and will continue to manage the flagship HSBC GIF Indian Equity Fund which he has been involved in running since he joined. Prior to joining HSBC, Sanjiv worked for the Hill Samuel Group where he spent nearly five years, initially in internal audit and latterly as an Emerging Markets fund manager. Sanjiv is a Chartered Accountant.

Nilang Mehta manager of the underlying fund for 10 years and 11 months

Photo of Nilang Mehta Nilang Mehta is an Associate Director in the Regional Equity Team and has been working in the industry since 1996. Nilang manages our Indian and ASEAN strategies. He joined HSBC Global Asset Management India in 2004 and subsequently relocated to Singapore in 2009 and to Hong Kong in 2014. Prior to joining HSBC, Nilang worked at Alliance Capital Asset Management and IDBI Principal Asset Management in India. He holds a Master’s degree in Commerce from University of Mumbai and is also a Chartered Accountant and a CFA charter holder.

Fund Overview

Bid (31/10/2025) 3.76
Offer (31/10/2025) 3.96
Fund size (30/09/2025) $1.67m
Underlying Fund size $1289.05m
Number of holdings 127
Launch date 28/10/2005

Fund Charges

Annual Management Charge (AMC) 1.70%
Further Costs 0.39%
Yearly Total 2.09%

Asset Allocation

pie chart
  International Equities 101.19%
  Cash and Equivalents 2.16%
  Alternative Trading Strategies -4.15%
  Other Assets 0.80%
Portfolio data accurate as at: 31/08/25

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 Equities 101.19%
  Cash and Equivalents 2.16%
  Alternative Trading Strategies -4.15%
  Other Assets 0.80%

Equity Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Financials 32.94% - - -
 
Banks - 21.26% - -
 
Banks - - 21.26% -
 
Banks - - - 21.26%
 
Financial Services - 9.55% - -
 
Investment Banking & Brokerage Services - - 5.57% -
 
Investment Services - - - 3.17%
 
Asset Managers & Custodians - - - 2.40%
 
Finance & Credit Services - - 3.98% -
 
Consumer Lending - - - 3.98%
 
Insurance - 2.12% - -
 
Non-life Insurance - - 2.12% -
 
Insurance Brokers - - - 2.12%
 
Industrials 14.30% - - -
 
Construction & Materials - 7.67% - -
 
Construction & Materials - - 7.67% -
 
Engineering & Contracting Services - - - 4.48%
 
Cement - - - 3.19%
 
Industrial Goods & Services - 6.63% - -
 
Industrial Transportation - - 2.10% -
 
Delivery Services - - - 2.10%
 
Aerospace & Defence - - 1.97% -
 
Defense - - - 1.97%
 
Electronic & Electrical Equipment - - 1.14% -
 
Electrical Components - - - 1.14%
 
General Industrials - - 0.82% -
 
Paints & Coatings - - - 0.82%
 
Industrial Engineering - - 0.59% -
 
Machinery: Agricultural - - - 0.59%
 
Technology 11.30% - - -
 
Technology - 11.30% - -
 
Software & Computer Services - - 11.30% -
 
Computer Services - - - 8.28%
 
Consumer Digital Services - - - 3.02%
 
Consumer Discretionary 10.06% - - -
 
Consumer Products & Services - 5.84% - -
 
Personal Goods - - 2.84% -
 
Luxury Items - - - 2.84%
 
Consumer Services - - 1.64% -
 
Consumer Services: Misc. - - - 1.64%
 
Leisure Goods - - 1.36% -
 
Recreational Vehicles & Boats - - - 1.36%
 
Automobiles & Parts - 2.77% - -
 
Automobiles & Parts - - 2.77% -
 
Automobiles - - - 2.31%
 
Auto Parts - - - 0.46%
 
Travel & Leisure - 1.44% - -
 
Travel & Leisure - - 1.44% -
 
Restaurants & Bars - - - 1.11%
 
Travel & Tourism - - - 0.34%
 
Health Care 7.19% - - -
 
Health Care - 7.19% - -
 
Pharmaceuticals & Biotechnology - - 5.09% -
 
Pharmaceuticals - - - 5.09%
 
Health Care Providers - - 2.09% -
 
Health Care Facilities - - - 2.09%
 
Consumer Staples 7.12% - - -
 
Personal Care, Drug & Grocery Stores - 4.04% - -
 
Personal Care, Drug & Grocery Stores - - 4.04% -
 
Personal Products - - - 4.04%
 
Food, Beverage & Tobacco - 3.08% - -
 
Beverages - - 3.08% -
 
Soft Drinks - - - 3.08%
 
Energy 6.65% - - -
 
Energy - 6.65% - -
 
Non-Renewable Energy - - 6.65% -
 
Oil Refining and Marketing - - - 6.65%
 
Real Estate 5.67% - - -
 
Real Estate - 5.67% - -
 
Real Estate Investment & Services - - 5.67% -
 
Real Estate Holding and Development - - - 5.67%
 
Telecommunications 3.00% - - -
 
Telecommunications - 3.00% - -
 
Telecommunications Service Providers - - 3.00% -
 
Telecommunications Services - - - 3.00%
 
Basic Materials 2.97% - - -
 
Basic Resources - 2.97% - -
 
Industrial Metals & Mining - - 2.97% -
 
Iron & Steel - - - 2.97%
 
Cash and Equivalents 2.16% - - -
 
Non-Classified 0.80% - - -
 
Non-Classified - 0.80% - -
 
Non-Classified - - 0.80% -
 
Non-Classified - - - 0.80%
 
Alternative Trading Strategies -4.15% - - -
 
Alternative Trading Strategies - -4.15% - -
 
Alternative Trading Strategies - - -4.15% -
 
Alternative Trading Strategies - - - -4.15%

Regional Allocation

pie chart
  Emerging Asia 99.71%
  Cash and Equivalents 2.16%
  North America 1.48%
  Non-Classified -3.35%

Fixed Interest Currencies

pie chart
  Non-Fixed Interest Assets 96.95%
  US Dollar 1.54%
  Cash 1.52%

Regional Breakdown

Expand allCollapse all
Region Country
 
Emerging Asia 99.71% -
 
India - 99.71%
 
Cash and Equivalents 2.16% -
 
North America 1.48% -
 
United States - 1.48%
 
Non-Classified -3.35% -

Breakdown By Market Cap (%)

Mega
 
 
42.09%
Large
 
 
27.90%
Medium
 
 
11.60%
Small
 
 
3.80%
Non-Classified
 
 
12.45%
Cash
 
 
2.16%

Top 10 Holdings

Stock % Weight Sector Country
1 HDFC BANK LIMITED 7.20% Banks India
2 RELIANCE INDUSTRIES LIMITED 6.65% Non-Renewable Energy India
3 DLF LTD 4.50% Real Estate Investment & Services India
4 LARSEN & TOUBRO LIMITED 4.48% Construction & Materials India
5 ICICI BANK LIMITED 4.39% Banks India
6 STATE BANK OF INDIA 3.66% Banks India
7 SUN PHARMACEUTICAL INDUSTRIES LIMITED 3.65% Pharmaceuticals & Biotechnology India
8 GODREJ CONSUMER PRODUCTS LIMITED 3.32% Personal Care, Drug & Grocery Stores India
9 ULTRATECH CEMENT LIMITED 3.19% Construction & Materials India
10 MCX INDIA LTD 3.17% Investment Banking & Brokerage Services India

Dual Aspect Equity Analysis

UK Equities Int'l Equities UK Bonds Int'l Bonds UK Gilts Property Other Cash & Equiv Total
Technology - 11.30% - - - - - - 11.30%
Telecommunications - 3.00% - - - - - - 3.00%
Financials - 32.94% - - - - - - 32.94%
Real Estate - 5.67% - - - - - - 5.67%
Consumer Discretionary - 10.06% - - - - - - 10.06%
Consumer Staples - 7.12% - - - - - - 7.12%
Energy - 6.65% - - - - - - 6.65%
Health Care - 7.19% - - - - - - 7.19%
Industrials - 14.30% - - - - - - 14.30%
Basic Materials - 2.97% - - - - - - 2.97%
Cash and Equivalents - - - - - - - 2.16% 2.16%
Non-Classified - - - - - - -3.35% - -3.35%

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 B0MSSJ6
Mex Code SBHIND
Isin Code IE00B0MSSJ66
Citi Code TI99

Fund Charges

Annual Management Charge (AMC) 1.70%
Further Costs 0.39%
Yearly Total 2.09%

Aims and Benchmark

Aims Objective: The investment strategy of the fund is to purchase shares in India companies via M&G funds. It is a fund of funds holding units in India equity funds managed by different fund managers. Underlying Fund Objective: At least 80% of the underlying funds’ Net Asset Value is directly invested in equity securities and equity-related securities of companies that are incorporated, listed or domiciled or do most of their business in India. The funds may invest up to 10% Net Asset Value in unlisted equity securities and equity-related securities of companies that are incorporated, domiciled or do most of their business in India.
Benchmark MSCI India
ABI Sector Global Emerging Markets Equities

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.