Prudential Index-Linked S1
Performance
Discrete performance - to latest available quarter end
| 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 |
31/03/24 to 31/03/25 |
|
|---|---|---|---|---|---|
| Fund | 2.4% | 6.6% | -30.7% | -7.4% | -11.6% |
| Benchmark | 2.6% | 4.8% | -30.1% | -6.9% | -10.8% |
Performance - to latest available quarter end
| Quarter | Annualised | |||
|---|---|---|---|---|
| 1 2025 |
3 Years to 31/03/25 |
5 Years to 31/03/25 |
10 Years to 31/03/25 |
|
| Fund | -2.3% | -17.2% | -9.2% | -1.9% |
| Benchmark | -2.1% | -16.6% | -9.0% | -1.7% |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| ⅝% Index-linked Treasury Gilt 2045 | 41.02 |
| UK I/L GILT RegS | 22.64 |
| ⅛% Index-linked Treasury Gilt 2039 | 11.10 |
| UK I/L GILT RegS | 6.27 |
| ⅛% Index-linked Treasury Gilt 2044 | 5.49 |
| ¾% Index-linked Treasury Gilt 2033 | 3.71 |
| ⅛% Index-linked Treasury Gilt 2048 | 1.38 |
| ORSTED A/S RegS | 1.21 |
| ⅛% Index-linked Treasury Gilt 2051 | 0.60 |
| ¼% Index-linked Treasury Gilt 2052 | 0.51 |
| Total | 93.92 |
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 (28/04/2025) | 5.11 |
| Offer (28/04/2025) | 5.38 |
| Fund size (31/03/2025) | £23.97m |
| Underlying Fund size | £123.40m |
| 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 | 63.80% | |
| Cash and Equivalents | 6.08% | |
| International Bonds | 1.21% | |
| Other Assets | 28.91% |
Commentary
Performance as at Q4 2024- As yield curves moved steeper the manager increased exposure to longer dated maturities versus shorter dated maturities. This had a small negative contribution to performance during the quarter. 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
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 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 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 intended for the advisers 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. You should refer to your client's 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 infomation or make any warranties regarding results from its usage.
