PIA M&G Property (FUND SUSPENDED with effect from 20 October 2023) Ser B
Performance
Discrete performance - to last month end
| 30/11/19 to 30/11/20 |
30/11/20 to 30/11/21 |
30/11/21 to 30/11/22 |
30/11/22 to 30/11/23 |
30/11/23 to 30/11/24 |
|
|---|---|---|---|---|---|
| Fund | -7.3% | 3.0% | -7.9% | -5.2% | -9.2% |
| Sector | -6.2% | 4.8% | -6.9% | -3.7% | 0.1% |
| Rank | 8/11 | 10/11 | 9/10 | 8/10 | 9/10 |
| Quartile | 3 | 4 | 4 | 4 | 4 |
Annualised performance
| Annualised | ||||
|---|---|---|---|---|
| 3 Years to 30/11/24 |
5 Years to 30/11/24 |
10 Years to 30/11/24 |
||
| Fund | -7.5% | -5.4% | -2.5% | |
| Sector | -3.5% | -2.5% | -0.2% | |
| Rank | 8/10 | 9/10 | 7/8 | |
| Quartile | 4 | 4 | 4 | |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| PORTLAND RIDING ESTATE 80 92 | 9.31 |
| MEDWAY VALLEY LEISURE PARK ROC | 7.85 |
| BNP PARIBAS LONDON BRANCH | 7.13 |
| 3 TEMPLE QUAY BRISTOL | 6.93 |
| FREMLIN WALK | 6.16 |
| SELLY OAK STUDENT QUARTER | 5.48 |
| A1 A29 ALTENS IND EST ABERDEEN | 4.97 |
| 8 GREENWICH VIEW PLACE | 4.70 |
| ORBITAL ONE TRADING ESTATE | 3.89 |
| SOUTHWATER SQUARE, TELFORD | 3.83 |
| Total | 60.25 |
Fund Aims
Objective: The investment strategy of the fund is to purchase units in the M&G Feeder of Property Portfolio – the underlying fund. However, the underlying fund is currently being wound up, and when it has sufficient liquidity, cash distributions will be received by the Prudential fund. The unit price and performance of the Prudential fund will now reflect the value of cash proceeds received from property sales as well as units held in the underlying fund. Underlying Fund Objective: The investment objective of the Fund is to carry on Property Investment Business and to manage cash raised from investors for investment in the Property Investment Business. In doing so the fund aims to provide a higher total return (capital growth plus income), net of the Ongoing Charge Figure and Property Expense Ratio, than the average return of the IA UK Direct Property Sector over any five-year period solely through investment in M&G Property Portfolio. At least 70% of the Fund is invested directly in a diversified portfolio of commercial property in the UK. This may be reduced to 60%, if it is considered prudent for liquidity management. The Fund may also invest in other property related assets including other types of property, including residential property ; property of any type outside the UK; funds (including funds managed by M&G); and transferable securities; and money market instruments. For liquidity management, the Fund may invest in cash; near cash; money market instruments; and government bonds, directly, or via funds (including funds managed by M&G). Derivatives may be used for investment purposes, efficient portfolio management and hedging.
Fund Manager
TBC
Fund Overview
| Bid (20/12/2024) | 0.81 |
| Offer (20/12/2024) | 0.86 |
| Fund size (31/10/2024) | £3.79m |
| Underlying Fund size | £283.05m |
| Number of holdings | 22 |
| Launch date | 26/04/2004 |
Fund Charges
| Annual Management Charge (AMC) | 1.60% |
| Further Costs | 2.15% |
| Yearly Total | 3.75% |
Asset Allocation
| Property | 72.03% | |
| Cash and Equivalents | 10.07% | |
| Other Assets | 17.90% |
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.
This fund invests in property and land. This can be difficult to sell - so you may not be able to sell/cash in this investment when you want to. We may have to delay acting on your instructions to sell your investment.
Other than in very exceptional circumstances we would not expect delays to be longer than six months for investments in property and land.
You should look upon your investment in the property fund as being long-term, so 10 years or more. There are large costs when we buy and sell property. The allowance for these costs amongst other factors can lead to short-term falls in the price of units in the Property fund. The return achieved from investing in property is a combination of rental income and changes in the value of the property; which is generally a matter of a valuer’s opinion rather than fact.
For more information please refer to your policy or scheme documentation.
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 client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s 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.
Asset Allocation
| Property | 72.03% | |
| Cash and Equivalents | 10.07% | |
| Other Assets | 17.90% |
Regional Allocation
| Property | 72.03% | |
| Cash and Equivalents | 10.07% | |
| Non-Classified | 17.90% |
Fixed Interest Currencies
| Non-Fixed Interest Assets | 94.82% | |
| Cash | 4.83% | |
| Pound Sterling | 0.36% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| Property | 72.03% | - | |
| Cash and Equivalents | 10.07% | - | |
| Non-Classified | 17.90% | - | |
Property Regions
| SOUTH EAST | 35.45% | |
| SOUTH WEST | 14.28% | |
| CENTRAL LONDON | 14.05% | |
| THE MIDLANDS | 13.64% | |
| THE NORTH | 1.24% | |
| OTHER | 21.35% |
Asset Allocation
| OFFICE | 41.32% | |
| OTHER | 35.75% | |
| INDUSTRIAL | 22.94% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | PORTLAND RIDING ESTATE 80 92 | 9.31% | Property | Direct Property and REITs |
| 2 | MEDWAY VALLEY LEISURE PARK ROC | 7.85% | Property | Direct Property and REITs |
| 3 | BNP PARIBAS LONDON BRANCH | 7.13% | Non-Classified | Non-Classified |
| 4 | 3 TEMPLE QUAY BRISTOL | 6.93% | Property | Direct Property and REITs |
| 5 | FREMLIN WALK | 6.16% | Property | Direct Property and REITs |
| 6 | SELLY OAK STUDENT QUARTER | 5.48% | Property | Direct Property and REITs |
| 7 | A1 A29 ALTENS IND EST ABERDEEN | 4.97% | Property | Direct Property and REITs |
| 8 | 8 GREENWICH VIEW PLACE | 4.70% | Property | Direct Property and REITs |
| 9 | ORBITAL ONE TRADING ESTATE | 3.89% | Property | Direct Property and REITs |
| 10 | SOUTHWATER SQUARE, TELFORD | 3.83% | Property | Direct Property and REITs |
Dual Aspect Equity Analysis
| UK Equities | Int'l Equities | UK Bonds | Int'l Bonds | UK Gilts | Property | Other | Cash & Equiv | Total | |
|---|---|---|---|---|---|---|---|---|---|
| Real Estate | - | - | - | - | - | 0.35% | - | - | 0.35% |
| Property | - | - | - | - | - | 71.68% | - | - | 71.68% |
| Cash and Equivalents | - | - | - | - | - | - | - | 10.07% | 10.07% |
| Non-Classified | - | - | - | - | - | - | 17.90% | - | 17.90% |
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.
This fund invests in property and land. This can be difficult to sell - so you may not be able to sell/cash in this investment when you want to. We may have to delay acting on your instructions to sell your investment.
Other than in very exceptional circumstances we would not expect delays to be longer than six months for investments in property and land.
You should look upon your investment in the property fund as being long-term, so 10 years or more. There are large costs when we buy and sell property. The allowance for these costs amongst other factors can lead to short-term falls in the price of units in the Property fund. The return achieved from investing in property is a combination of rental income and changes in the value of the property; which is generally a matter of a valuer’s opinion rather than fact.
For more information please refer to your policy or scheme documentation.
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).
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s 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 | B00L9B6 |
| Mex Code | SBMEGP |
| Isin Code | IE00B00L9B61 |
| Citi Code | FPH0 |
Fund Charges
| Annual Management Charge (AMC) | 1.60% |
| Further Costs | 2.15% |
| Yearly Total | 3.75% |
Aims and Benchmark
| Aims | Objective: The investment strategy of the fund is to purchase units in the M&G Feeder of Property Portfolio – the underlying fund. However, the underlying fund is currently being wound up, and when it has sufficient liquidity, cash distributions will be received by the Prudential fund. The unit price and performance of the Prudential fund will now reflect the value of cash proceeds received from property sales as well as units held in the underlying fund. Underlying Fund Objective: The investment objective of the Fund is to carry on Property Investment Business and to manage cash raised from investors for investment in the Property Investment Business. In doing so the fund aims to provide a higher total return (capital growth plus income), net of the Ongoing Charge Figure and Property Expense Ratio, than the average return of the IA UK Direct Property Sector over any five-year period solely through investment in M&G Property Portfolio. At least 70% of the Fund is invested directly in a diversified portfolio of commercial property in the UK. This may be reduced to 60%, if it is considered prudent for liquidity management. The Fund may also invest in other property related assets including other types of property, including residential property ; property of any type outside the UK; funds (including funds managed by M&G); and transferable securities; and money market instruments. For liquidity management, the Fund may invest in cash; near cash; money market instruments; and government bonds, directly, or via funds (including funds managed by M&G). Derivatives may be used for investment purposes, efficient portfolio management and hedging. |
| Benchmark | IA UK Direct Property |
| ABI Sector | UK Direct Property |
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.
This fund invests in property and land. This can be difficult to sell - so you may not be able to sell/cash in this investment when you want to. We may have to delay acting on your instructions to sell your investment.
Other than in very exceptional circumstances we would not expect delays to be longer than six months for investments in property and land.
You should look upon your investment in the property fund as being long-term, so 10 years or more. There are large costs when we buy and sell property. The allowance for these costs amongst other factors can lead to short-term falls in the price of units in the Property fund. The return achieved from investing in property is a combination of rental income and changes in the value of the property; which is generally a matter of a valuer’s opinion rather than fact.
For more information please refer to your policy or scheme documentation.
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 investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s 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.
Risk Analysis
| Ratio | Value |
|---|---|
| Alpha | -4.68 |
| Beta | 0.85 |
| Sharpe | -0.01 |
| Standard Deviation | 6.12 |
| Info Ratio | -1.08 |
Risk Factors
| Risk Factor | Yes / No |
|---|---|
| Charges to Capital | Yes |
| Emerging Markets | No |
| Concentrated Portfolio | No |
| Smaller Companies | No |
| High Yield Bonds | No |
| Sector Specific | Yes |
| Geared Investments | No |
| Value of Investments | Yes |
| Investments Long Term | Yes |
| Property | Yes |
| Exchange Rate | Yes |
| Higher Risk | No |
| Performance Charges | No |
| Derivative Exposure | No |
| Offshore | No |
| Income Eroding Capital Growth | Yes |
| Umbrella Liabilities | No |
| New Fund | No |
| Solvency of Depository | No |
| Solvency of Bond Issuers | No |
| Ethical Restrictions | No |
| Liquidity | Yes |
| Returns Are Not Guaranteed | Yes |
| Inflation | Yes |
| Taxation and Tax Relief | Yes |
Fund Specific Risks
Charges to Capital
Part, or all of the periodic annual management fee(s) and expenses may be charged to capital which could increase the potential for the capital value of your investment to be eroded. Your capital could also decrease if income withdrawals exceed the growth rate of the fund(s).
Sector Specific
The fund invests in specific sectors. Funds which invest in specific sectors may carry more risk than those spread across a number of different sectors. They may assume higher risk, as markets/sectors can be more volatile. In particular, gold, technology funds and other focused funds can suffer as the underlying stocks can be more volatile and less liquid.
Value of Investments
The value of investments, and any income can fall, as well as rise, so you could get back less than you invested. Neither capital nor income is guaranteed.
Investments Long Term
Investments should be regarded as long term and are not suitable for money which may be needed in the short term, you should always have a sufficient cash reserve.
Property
The fund invests in Property funds, property shares or direct property. In particular the following risks will apply:- The property market is illiquid and this can, in exceptional circumstances, lead to times in which clients are unable to dispose of part or all of their holding. Property valuations are made by independent agents but are ultimately subjective and a matter of judgement. Property transaction costs are high (typically around 7% due to legal costs, valuations and stamp duty)
Exchange Rate
This fund invests in securities outside the UK. The value of investments and any income from them may therefore decrease or increase as a result of changes in exchange rates between currencies.
Income Eroding Capital Growth
The fund focuses on providing an income, which can reduce the prospects for capital growth, and in some cases the capital value may fall.
Liquidity
This fund can suffer from partial or total illiquidity, which may lead to considerable price fluctuations and the inability to redeem your investment.
Returns Are Not Guaranteed
What you receive when you sell your investment is not guaranteed; it depends on how your investments perform.
Inflation
Inflation will reduce the real value of your investments in future.
Taxation and Tax Relief
Levels of taxation and tax relief are subject to change.
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.
This fund invests in property and land. This can be difficult to sell - so you may not be able to sell/cash in this investment when you want to. We may have to delay acting on your instructions to sell your investment.
Other than in very exceptional circumstances we would not expect delays to be longer than six months for investments in property and land.
You should look upon your investment in the property fund as being long-term, so 10 years or more. There are large costs when we buy and sell property. The allowance for these costs amongst other factors can lead to short-term falls in the price of units in the Property fund. The return achieved from investing in property is a combination of rental income and changes in the value of the property; which is generally a matter of a valuer’s opinion rather than fact.
For more information please refer to your policy or scheme documentation.
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 risk factor definitions are provided by Broadridge. These definitions may differ from those of Prudential or any underlying fund manager. The data itself is provided by Prudential or the underlying fund manager.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s 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.
This fund invests in property and land. This can be difficult to sell - so you may not be able to sell/cash in this investment when you want to. We may have to delay acting on your instructions to sell your investment.
Other than in very exceptional circumstances we would not expect delays to be longer than six months for investments in property and land.
You should look upon your investment in the property fund as being long-term, so 10 years or more. There are large costs when we buy and sell property. The allowance for these costs amongst other factors can lead to short-term falls in the price of units in the Property fund. The return achieved from investing in property is a combination of rental income and changes in the value of the property; which is generally a matter of a valuer’s opinion rather than fact.
For more information please refer to your policy or scheme documentation.
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 client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s 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.