Prudential Fixed Interest S1
Performance
Discrete performance - to latest available quarter end
| 30/06/19 to 30/06/20 |
30/06/20 to 30/06/21 |
30/06/21 to 30/06/22 |
30/06/22 to 30/06/23 |
30/06/23 to 30/06/24 |
|
|---|---|---|---|---|---|
| Fund | 10.9% | -6.7% | -14.3% | -14.6% | 4.5% |
| Benchmark | 11.2% | -6.2% | -14.0% | -15.4% | 4.5% |
Performance - to latest available quarter end
| Quarter | Annualised | |||
|---|---|---|---|---|
| 2 2024 |
3 Years to 30/06/24 |
5 Years to 30/06/24 |
10 Years to 30/06/24 |
|
| Fund | -1.4% | -8.5% | -4.6% | 0.1% |
| Benchmark | -1.2% | -8.7% | -4.5% | 0.4% |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| 4½% Treasury Gilt 2028 | 21.25 |
| 4⅛% Treasury Gilt 2027 | 17.82 |
| ½% Treasury Gilt 2029 | 10.96 |
| 4% Treasury Gilt 2063 | 9.65 |
| ⅞ Treasury 2046 | 7.29 |
| 2½% Treasury Gilt 2065 | 6.61 |
| 1½% Green Gilt 2053 | 6.16 |
| UNITED KINGDOM OF GREAT BRITAIN AN RegS | 6.13 |
| 3¾% Treasury Gilt 2027 | 5.38 |
| ⅝% Treasury Gilt 2050 | 2.85 |
| Total | 94.11 |
Fund Aims
Objective: The investment strategy of the fund is to purchase units in the M&G PP Fixed Interest Fund - the underlying fund.
Underlying Fund Objective: The fund invests mainly in UK government gilts. The fund is actively managed against its benchmark, the iBoxx Sterling Gilts Index. The fund can also invest in overseas government bonds and corporate bonds issues by UK and overseas companies and institutions. 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 (24/07/2024) | 4.91 |
| Offer (24/07/2024) | 5.17 |
| Fund size (30/06/2024) | £18.05m |
| Underlying Fund size | £45.76m |
| Number of holdings | 15 |
| 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 | 93.80% | |
| Cash and Equivalents | 0.06% | |
| Other Assets | 6.13% |
Commentary
Performance as at Q1 2024 - At the end of Q4 2023 the manager tactically reduced the funds exposure to interest rates as the market had seemingly priced in too many interest rate cuts from the Central Bank. As data continued to come in stronger over Q1 2024 markets priced out these cuts resulting in the market selling off. The position had a small positive contribution to performance. During the quarter the manager reduced further reduced the exposure to bonds maturing between 7-15 years and bought into the wings of 5 year and 30/40 year. The sector remains expensive and is a high conviction trade.
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 investment can go down as well as up so you might get back less than you put in.
This factsheet is intended for the trustees, sponsors, advisers and members 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. If you are not familiar with any of the investment terminology included, then please contact an adviser. Investors should refer to their 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 information or make any warranties regarding results from its usage.
Asset Allocation
| UK Gilts | 93.80% | |
| Cash and Equivalents | 0.06% | |
| Other Assets | 6.13% |
Bond Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Bonds | 93.80% | - | - | - | |
| Non-Classified | 6.13% | - | - | - | |
| Cash and Equivalents | 0.06% | - | - | - | |
Regional Allocation
| UK | 93.80% | |
| Non-Classified | 6.13% | |
| Cash and Equivalents | 0.06% |
Fixed Interest Currencies
| Pound Sterling | 93.80% | |
| Non-Fixed Interest Assets | 6.13% | |
| Cash | 0.06% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| UK | 93.80% | - | |
United Kingdom
|
- | 93.80% | |
| Non-Classified | 6.13% | - | |
| Cash and Equivalents | 0.06% | - | |
Fixed Interest Maturity Profile
| < 5Yr Maturity |
|
56.71% |
| > 15Yr Maturity |
|
37.09% |
| Cash And Equivalents |
|
0.06% |
| Unknown Maturity |
|
6.13% |
Fixed Interest Quality Profile
| AA |
|
93.80% |
| Cash and Equivalents |
|
0.06% |
| Other Asset Types |
|
6.13% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | 4½% Treasury Gilt 2028 | 21.25% | Bonds | United Kingdom |
| 2 | 4⅛% Treasury Gilt 2027 | 17.82% | Bonds | United Kingdom |
| 3 | ½% Treasury Gilt 2029 | 10.96% | Bonds | United Kingdom |
| 4 | 4% Treasury Gilt 2063 | 9.65% | Bonds | United Kingdom |
| 5 | ⅞ Treasury 2046 | 7.29% | Bonds | United Kingdom |
| 6 | 2½% Treasury Gilt 2065 | 6.61% | Bonds | United Kingdom |
| 7 | 1½% Green Gilt 2053 | 6.16% | Bonds | United Kingdom |
| 8 | UNITED KINGDOM OF GREAT BRITAIN AN RegS | 6.13% | Non-Classified | Non-Classified |
| 9 | 3¾% Treasury Gilt 2027 | 5.38% | Bonds | United Kingdom |
| 10 | ⅝% Treasury Gilt 2050 | 2.85% | Bonds | United Kingdom |
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).
Identification Codes
| Sedol Code | 0702317 |
| Mex Code | PUPMF |
| Isin Code | GB0007023178 |
| Citi Code | PS22 |
Fund Charges
| Annual Management Charge (AMC) | 0.75% |
| Further Costs | 0.01% |
| Yearly Total | 0.76% |
Aims and Benchmark
| Aims | Objective: The investment strategy of the fund is to purchase units in the M&G PP Fixed Interest Fund - the underlying fund. Underlying Fund Objective: The fund invests mainly in UK government gilts. The fund is actively managed against its benchmark, the iBoxx Sterling Gilts Index. The fund can also invest in overseas government bonds and corporate bonds issues by UK and overseas companies and institutions. 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. |
| Benchmark | iBoxx Sterling Gilts Index |
| Sector | ABI UK Gilts |
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.
These risk ratings have been developed by Prudential to help provide an indication of a fund’s potential level of risk and reward based on the type of assets which may be held by the fund. Other companies may use different descriptions and as such these risk ratings should not be considered as generic across the fund management industry.
We regularly review our fund risk ratings, so they may change in the future. If, in our view, there is a material change in the fund's level of risk, for example due to a significant change to the assets held by the fund or in the way the fund is managed, we will provide information on the new risk rating. We recommend that you make sure you understand the risk rating of any fund before you invest.
You should also consider discussing your decision and the appropriateness of a fund's risk rating with an adviser.
Lower to Medium Risk
These funds may invest in corporate bonds or multi-asset strategies with a higher weighting in corporate bonds (and other comparable strategies).
Help
Important Information
This factsheet is intended for the trustees, sponsors, advisers and members 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. If you are not familiar with any of the investment terminology included, then please contact an adviser. Investors should refer to their 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 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 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 investment can go down as well as up so you might get back less than you put in.
This factsheet is intended for the trustees, sponsors, advisers and members 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. If you are not familiar with any of the investment terminology included, then please contact an adviser. Investors should refer to their 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 information or make any warranties regarding results from its usage.
Prudential is a trading name of Prudential Pensions Limited. Prudential Pensions Limited is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 992726. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.