PIA PruFund Cautious Fund USD Ser B
Performance
Discrete performance - to last month end
| 31/01/20 to 31/01/21 |
31/01/21 to 31/01/22 |
31/01/22 to 31/01/23 |
31/01/23 to 31/01/24 |
31/01/24 to 31/01/25 |
|
|---|---|---|---|---|---|
| Fund | 10.7% | 10.0% | -10.5% | 6.4% | 8.8% |
Annualised performance
| Annualised | ||||
|---|---|---|---|---|
| 3 Years to 31/01/25 |
5 Years to 31/01/25 |
10 Years to 31/01/25 |
||
| Fund | 1.2% | 4.7% | 4.5% | |
Commentary
31 December 2024 The quarter witnessed significant equity rallies and bond sell-offs, driven by central bank manoeuvres and political developments. Global government bond prices fell 5.4% despite widespread rate cuts. US government bonds experienced significant election-induced volatility, with the benchmark 10-year Treasury ending the quarter down 5.0% as the yield rose to 4.6% from 3.8%. A ‘tax and spend’ budget by the new Labour government, which sparked concerns over growth and inflation, put pressure on UK gilts. European bonds were influenced by political turmoil, with Italian government bonds outperforming French and German. Corporate bonds performed better than government debt.
Equity markets experienced a significant rally following the US presidential election. The FTSE World Index advanced 6.5%, culminating in a year-end return of 20.1%. US equities reached new highs post-election with the S&P 500 rising 5.9% in November. Over the quarter, the S&P 500 advanced 2.4%, resulting in an annual return of 25% (in US dollars). In the UK, the FTSE 100 Index delivered a small decline (0.2%) but finished the year with a total increase of 9.7%. European, Asian ex Japan and emerging market equities were among the weakest regions. From a sector standpoint, financials and technology outperformed the global market.
The US dollar experienced a strong rally following Trump's win. In the commodities market, Brent crude oil ended down 3.8%. Conversely, gold prices surged 27.1% in 2024.
The M&G Treasury & Investment Office (T&IO) outlook is cautious as much uncertainty remains.
Fund Aims
The fund aims to produce growth over the medium to long term (5 to 10 years or more) using a cautious approach to investing while smoothing some of the ups and downs of short-term investment performance. The fund spreads investment risk by investing in a range of different asset types, which currently includes US and international equities, property, fixed interest securities, index-linked securities, cash and other specialist investments. The cautious approach to investment means the fund aims to invest 50-75% in fixed interest securities, index-linked securities and cash, although we may occasionally move outside this range to meet the fund objectives.
Fund Manager
The M&G Treasury and Investment Office (T&IO) 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 (03/02/2025) | 2.33 |
| Offer | n/a |
| Fund size | - |
| Launch date | 25/11/2009 |
Fund Charges
| Annual Management Charge (AMC) | 1.20% |
| Further Costs | 0.18% |
| Yearly Total | 1.38% |
Asset Allocation
| US Investment Grade |
|
15.90% |
| Asia Fixed Interest |
|
11.10% |
| North American Equities |
|
8.20% |
| Europe Investment Grade |
|
8.00% |
| UK Investment Grade |
|
8.00% |
| US Treasury |
|
5.40% |
| Emerging Market Debt |
|
4.50% |
| Private Equity |
|
4.20% |
| North America Real Estate |
|
4.10% |
| Asia ex. Japan Equities |
|
3.10% |
| Infrastructure |
|
2.80% |
| UK Equities |
|
2.60% |
| Tactical Investment Opportunities |
|
2.40% |
| European Equities |
|
2.40% |
| Cash & Equivalents |
|
2.00% |
| Africa Fixed Interest |
|
1.90% |
| Japanese Equities |
|
1.70% |
| Asia Real Estate |
|
1.60% |
| Private High Yield |
|
1.40% |
| US High Yield |
|
1.20% |
| Middle East and Africa Equities |
|
1.00% |
| Other Factors |
|
0.90% |
| Global Emerging Markets Equities |
|
0.90% |
| Europe ex UK Real Estate |
|
0.80% |
| China Equities |
|
0.80% |
| Global High Yield |
|
0.70% |
| UK Real Estate |
|
0.70% |
| India Equities |
|
0.70% |
| Lower Risk Private Credit |
|
0.60% |
| Commodities |
|
0.40% |
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.
We can't predict the future. Past Performance isn't a guide to future performance. For the range of PruFund funds, what you receive will depend on the value of the underlying investments, the smoothing process, our charges, and when you take your money out.
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
| US Investment Grade |
|
15.90% |
| Asia Fixed Interest |
|
11.10% |
| North American Equities |
|
8.20% |
| Europe Investment Grade |
|
8.00% |
| UK Investment Grade |
|
8.00% |
| US Treasury |
|
5.40% |
| Emerging Market Debt |
|
4.50% |
| Private Equity |
|
4.20% |
| North America Real Estate |
|
4.10% |
| Asia ex. Japan Equities |
|
3.10% |
| Infrastructure |
|
2.80% |
| UK Equities |
|
2.60% |
| Tactical Investment Opportunities |
|
2.40% |
| European Equities |
|
2.40% |
| Cash & Equivalents |
|
2.00% |
| Africa Fixed Interest |
|
1.90% |
| Japanese Equities |
|
1.70% |
| Asia Real Estate |
|
1.60% |
| Private High Yield |
|
1.40% |
| US High Yield |
|
1.20% |
| Middle East and Africa Equities |
|
1.00% |
| Other Factors |
|
0.90% |
| Global Emerging Markets Equities |
|
0.90% |
| Europe ex UK Real Estate |
|
0.80% |
| China Equities |
|
0.80% |
| Global High Yield |
|
0.70% |
| UK Real Estate |
|
0.70% |
| India Equities |
|
0.70% |
| Lower Risk Private Credit |
|
0.60% |
| Commodities |
|
0.40% |
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.
We can't predict the future. Past Performance isn't a guide to future performance. For the range of PruFund funds, what you receive will depend on the value of the underlying investments, the smoothing process, our charges, and when you take your money out.
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 | B41ZT48 |
| Mex Code | SBPDTS |
| Isin Code | IE00B41ZT488 |
| Citi Code | GSK0 |
Fund Charges
| Annual Management Charge (AMC) | 1.20% |
| Further Costs | 0.18% |
| Yearly Total | 1.38% |
Aims and Benchmark
| Aims | The fund aims to produce growth over the medium to long term (5 to 10 years or more) using a cautious approach to investing while smoothing some of the ups and downs of short-term investment performance. The fund spreads investment risk by investing in a range of different asset types, which currently includes US and international equities, property, fixed interest securities, index-linked securities, cash and other specialist investments. The cautious approach to investment means the fund aims to invest 50-75% in fixed interest securities, index-linked securities and cash, although we may occasionally move outside this range to meet the fund objectives. |
| Benchmark | Not benchmarked |
| ABI Sector | Unclassified |
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.
We can't predict the future. Past Performance isn't a guide to future performance. For the range of PruFund funds, what you receive will depend on the value of the underlying investments, the smoothing process, our charges, and when you take your money out.
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 | -7.60 |
| Beta | 2.56 |
| Sharpe | 0.00 |
| Standard Deviation | 9.45 |
| Info Ratio | -0.29 |
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.
We can't predict the future. Past Performance isn't a guide to future performance. For the range of PruFund funds, what you receive will depend on the value of the underlying investments, the smoothing process, our charges, and when you take your money out.
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.
We can't predict the future. Past Performance isn't a guide to future performance. For the range of PruFund funds, what you receive will depend on the value of the underlying investments, the smoothing process, our charges, and when you take your money out.
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.