PIA M&G Gilt & Fixed Interest Income Ser A
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 | 2.7% | -2.8% | -21.8% | -6.1% | 2.6% |
| Sector | 5.1% | -2.4% | -23.9% | -7.8% | 3.0% |
| Rank | 18/18 | 15/18 | 6/18 | 4/18 | 13/19 |
| Quartile | 4 | 4 | 2 | 1 | 3 |
Annualised performance
| Annualised | ||||
|---|---|---|---|---|
| 3 Years to 30/11/24 |
5 Years to 30/11/24 |
10 Years to 30/11/24 |
||
| Fund | -9.0% | -5.5% | -1.4% | |
| Sector | -10.3% | -5.8% | -1.3% | |
| Rank | 5/18 | 12/18 | 9/11 | |
| Quartile | 1 | 3 | 4 | |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| 4⅛% Treasury Gilt 2027 | 16.65 |
| 4½% Treasury Gilt 2028 | 14.71 |
| UNITED KINGDOM OF GREAT BRITAIN AN 4.125% 22/07/2029 | 12.16 |
| 4% Treasury Gilt 2063 | 9.42 |
| 4¾% Treasury Gilt 2043 | 8.04 |
| M&G (LUX) FCP Sterling Liquidity Fund Z6A Acc | 4.45 |
| 1% Treasury Gilt 2032 | 4.36 |
| ⅞ Treasury 2046 | 3.84 |
| 5% Treasury Stock 2025 | 3.55 |
| 1⅝% Treasury Gilt 2054 | 3.28 |
| Total | 80.46 |
Fund Aims
Objective: The investment strategy of the fund is to purchase units in the M&G Gilt & Fixed Interest Income Fund - the underlying fund.
Underlying Fund Objective: The fund aims to provide a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than that of the FTSE UK Conventional Gilts All Stocks Index over any five-year period. At least 70% of the fund is invested, directly or indirectly through derivatives, in investment grade short, medium and long-dated gilts. These securities are issued or guaranteed by the UK government, and denominated in sterling. Other investments may include transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G). Derivatives may be used for investment purposes, efficient portfolio management and hedging.
Fund Manager
Miles Tym joined M&G Investments in January 2009 as a senior portfolio manager specialising in government bond and macro fixed income mandates. Before joining the investment management industry in 1996, Miles worked briefly as an accountant and a trader on the LIFFE floor. He spent the next eight years of his career managing both government and corporate bond portfolios for Alliance Capital. In 2004, Miles joined Morley with a brief to specialise in government bond portfolios. He graduated from Cambridge University in 1993 with a BA Hons in Economics.
Fund Overview
| Bid (20/12/2024) | 2.36 |
| Offer (20/12/2024) | 2.48 |
| Fund size (31/10/2024) | £78.31m |
| Underlying Fund size | £368.93m |
| Number of holdings | 21 |
| Launch date | 30/06/1994 |
Fund Charges
| Annual Management Charge (AMC) | 1.75% |
| Further Costs | 0.01% |
| Yearly Total | 1.76% |
Asset Allocation
| UK Gilts | 82.44% | |
| UK Corporate Bonds | 0.86% | |
| Cash and Equivalents | 0.10% | |
| Other Assets | 16.60% |
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 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
| UK Gilts | 82.44% | |
| UK Corporate Bonds | 0.86% | |
| Cash and Equivalents | 0.10% | |
| Other Assets | 16.60% |
Equity Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Bonds | 83.30% | - | - | - | |
| Non-Classified | 16.60% | - | - | - | |
| Non-Classified | - | 4.45% | - | - | |
| Non-Classified | - | - | 4.45% | - | |
| Non-Classified | - | - | - | 4.45% | |
| Cash and Equivalents | 0.10% | - | - | - | |
Regional Allocation
| UK | 83.30% | |
| Non-Classified | 16.60% | |
| Cash and Equivalents | 0.10% |
Fixed Interest Currencies
| Pound Sterling | 83.30% | |
| Non-Fixed Interest Assets | 16.60% | |
| Cash | 0.10% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| UK | 83.30% | - | |
United Kingdom
|
- | 83.30% | |
| Non-Classified | 16.60% | - | |
| Cash and Equivalents | 0.10% | - | |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | 4⅛% Treasury Gilt 2027 | 16.65% | Bonds | United Kingdom |
| 2 | 4½% Treasury Gilt 2028 | 14.71% | Bonds | United Kingdom |
| 3 | UNITED KINGDOM OF GREAT BRITAIN AN 4.125% 22/07/2029 | 12.16% | Non-Classified | Non-Classified |
| 4 | 4% Treasury Gilt 2063 | 9.42% | Bonds | United Kingdom |
| 5 | 4¾% Treasury Gilt 2043 | 8.04% | Bonds | United Kingdom |
| 6 | M&G (LUX) FCP Sterling Liquidity Fund Z6A Acc | 4.45% | Managed Funds | Non-Classified |
| 7 | 1% Treasury Gilt 2032 | 4.36% | Bonds | United Kingdom |
| 8 | ⅞ Treasury 2046 | 3.84% | Bonds | United Kingdom |
| 9 | 5% Treasury Stock 2025 | 3.55% | Bonds | United Kingdom |
| 10 | 1⅝% Treasury Gilt 2054 | 3.28% | Bonds | United Kingdom |
Dual Aspect Equity Analysis
| UK Equities | Int'l Equities | UK Bonds | Int'l Bonds | UK Gilts | Property | Other | Cash & Equiv | Total | |
|---|---|---|---|---|---|---|---|---|---|
| Cash and Equivalents | - | - | - | - | - | - | - | 0.10% | 0.10% |
| Bonds | - | - | 0.86% | - | 82.44% | - | - | - | 83.30% |
| Non-Classified | - | - | - | - | - | - | 16.60% | - | 16.60% |
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 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 | 0794682 |
| Mex Code | SBEUKF |
| Isin Code | IE0007946829 |
| Citi Code | SY49 |
Fund Charges
| Annual Management Charge (AMC) | 1.75% |
| Further Costs | 0.01% |
| Yearly Total | 1.76% |
Aims and Benchmark
| Aims | Objective: The investment strategy of the fund is to purchase units in the M&G Gilt & Fixed Interest Income Fund - the underlying fund. Underlying Fund Objective: The fund aims to provide a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than that of the FTSE UK Conventional Gilts All Stocks Index over any five-year period. At least 70% of the fund is invested, directly or indirectly through derivatives, in investment grade short, medium and long-dated gilts. These securities are issued or guaranteed by the UK government, and denominated in sterling. Other investments may include transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G). Derivatives may be used for investment purposes, efficient portfolio management and hedging. |
| Benchmark | FTSE Actuaries UK Conventional Gilts All Stocks |
| ABI Sector | UK Gilts |
Ratings
| FE Crown |  |
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 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 | -0.20 |
| Beta | 0.86 |
| Sharpe | -0.01 |
| Standard Deviation | 10.10 |
| Info Ratio | 0.57 |
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 | No |
| Geared Investments | No |
| Value of Investments | Yes |
| Investments Long Term | Yes |
| Property | No |
| Exchange Rate | No |
| Higher Risk | No |
| Performance Charges | No |
| Derivative Exposure | No |
| Offshore | No |
| Income Eroding Capital Growth | Yes |
| Umbrella Liabilities | Yes |
| New Fund | No |
| Solvency of Depository | No |
| Solvency of Bond Issuers | Yes |
| 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).
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.
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.
Umbrella Liabilities
If the liabilities of one fund were to exceed its assets, the other funds within the scheme might have to transfer across money to cover the liabilities.
Solvency of Bond Issuers
If the fund you choose invests in bonds there is a risk that the issuer may default, resulting in a loss to the portfolio.
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.
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.
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.