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 | 11.9% | -3.0% | -17.7% | -19.9% | -0.9% |
Benchmark | 11.9% | -4.4% | -19.7% | -19.6% | -1.5% |
Quarter | Annualised | |||
---|---|---|---|---|
2 2024 |
3 Years to 30/06/24 |
5 Years to 30/06/24 |
10 Years to 30/06/24 |
|
Fund | -3.0% | -13.2% | -6.6% | 1.6% |
Benchmark | -3.1% | -14.0% | -7.4% | 1.0% |
Stock | % Weight |
---|---|
UK I/L GILT RegS | 20.39 |
⅛% Index-linked Treasury Gilt 2044 | 14.36 |
⅛% Index-linked Treasury Gilt 2046 | 11.76 |
⅝% Index-linked Treasury Gilt 2045 | 11.28 |
⅛% Index-linked Treasury Gilt 2028 | 8.97 |
⅛% Index-linked Treasury Gilt 2068 | 7.28 |
4½% Treasury Gilt 2028 | 5.87 |
¼% Index-linked Treasury Gilt 2052 | 4.28 |
⅛% Index-linked Treasury Gilt 2039 | 3.90 |
¾% Index-linked Treasury Gilt 2033 | 3.38 |
Total | 91.47 |
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.
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.
Daily price (29/08/2024) | 312.90 |
Fund size (31/07/2024) | £29.04m |
Underlying Fund size | £101.90m |
Number of holdings | 14 |
Annual Management Charge (AMC) | Please refer to the "Fund Guide" for your specific pension plan |
Launch date | 06/04/2001 |
UK Gilts | 74.73% | |
Cash and Equivalents | 2.71% | |
International Bonds | 1.50% | |
Other Assets | 21.06% |
Performance as at Q2 2024 - During the quarter, the Fund sold bonds maturing in the 10-15 year sector and purchased bonds maturing in 5 and 30 year+ sectors. Additionally, the manager sold bonds maturing in the 10-15 year sector and purchased bonds with a maturity of greater than 30 years, as bonds maturing in the long end of the curve have underperformed and should be supported due to limited supply over the summer. Lastly, the manager implemented a small long duration position as bonds with maturities greater than 30 years underperformed. The Fund remains overweight 5 year fixed rate gilts versus the 5 year Index linked gilts. Inflation continues to fall which will support the position going forward. The Fund remains overweight the 20-25 year sector versus the wings. The Fund remains underweight bonds maturing in the 35 years as the sector is rich with a large amount of supply to come in the area, which should pressure the area to cheapen. 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
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.
UK Gilts | 74.73% | |
Cash and Equivalents | 2.71% | |
International Bonds | 1.50% | |
Other Assets | 21.06% |
Industry | Supersector | Sector | Subsector | ||
---|---|---|---|---|---|
Bonds | 76.24% | - | - | - | |
Non-Classified | 21.06% | - | - | - | |
Cash and Equivalents | 2.71% | - | - | - |
UK | 74.73% | |
Non-Classified | 21.06% | |
Cash and Equivalents | 2.71% | |
Developed Europe - Excl UK | 1.50% |
Pound Sterling | 76.24% | |
Non-Fixed Interest Assets | 21.06% | |
Cash | 2.71% |
Region | Country | ||
---|---|---|---|
UK | 74.73% | - | |
![]() |
- | 74.73% | |
Non-Classified | 21.06% | - | |
Cash and Equivalents | 2.71% | - | |
Developed Europe - Excl UK | 1.50% | - | |
![]() |
- | 1.50% |
< 5Yr Maturity |
|
16.62% |
5Yr - 10Yr Maturity |
|
4.88% |
10Yr - 15Yr Maturity |
|
3.90% |
> 15Yr Maturity |
|
50.83% |
Cash And Equivalents |
|
2.71% |
Unknown Maturity |
|
21.06% |
AA |
|
74.73% |
BBB |
|
1.50% |
Cash and Equivalents |
|
2.71% |
Other Asset Types |
|
21.06% |
Stock | % Weight | Sector | Country | |
---|---|---|---|---|
1 | UK I/L GILT RegS | 20.39% | Non-Classified | Non-Classified |
2 | ⅛% Index-linked Treasury Gilt 2044 | 14.36% | Bonds | United Kingdom |
3 | ⅛% Index-linked Treasury Gilt 2046 | 11.76% | Bonds | United Kingdom |
4 | ⅝% Index-linked Treasury Gilt 2045 | 11.28% | Bonds | United Kingdom |
5 | ⅛% Index-linked Treasury Gilt 2028 | 8.97% | Bonds | United Kingdom |
6 | ⅛% Index-linked Treasury Gilt 2068 | 7.28% | Bonds | United Kingdom |
7 | 4½% Treasury Gilt 2028 | 5.87% | Bonds | United Kingdom |
8 | ¼% Index-linked Treasury Gilt 2052 | 4.28% | Bonds | United Kingdom |
9 | ⅛% Index-linked Treasury Gilt 2039 | 3.90% | Bonds | United Kingdom |
10 | ¾% Index-linked Treasury Gilt 2033 | 3.38% | Bonds | United Kingdom |
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 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.
Sedol Code | 3168604 |
Mex Code | PUIL |
Isin Code | GB0031686040 |
Citi Code | P275 |
Annual Management Charge (AMC) | Please refer to the "Fund Guide" for your specific pension plan |
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. |
Benchmark | iBoxx UK Gilt Inflation-Linked Over 5 Year Index |
ABI Sector | UK Index-linked Gilts |
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.
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.
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.