Prudential Index-Linked S1

Essentials Portfolio Analysis Background Data Prudential Risk Performance View PDF Factsheet
Portfolio data accurate as at:

Performance

Discrete performance - to latest available quarter end

30/09/19
to
30/09/20
30/09/20
to
30/09/21
30/09/21
to
30/09/22
30/09/22
to
30/09/23
30/09/23
to
30/09/24
Fund 0.0% 1.3% -32.8% -12.7% 7.1%
Benchmark 0.4% 0.2% -32.0% -13.2% 7.3%

Performance - to latest available quarter end

Quarter Annualised
3
2024
3 Years to
30/09/24
5 Years to
30/09/24
10 Years to
30/09/24
Fund 1.6% -14.4% -8.6% 0.4%
Benchmark 1.7% -14.1% -8.6% 0.5%

Top 10 Holdings

Stock % Weight
⅝% Index-linked Treasury Gilt 2045 32.79
¾% Index-linked Treasury Gilt 2033 25.09
UK I/L GILT RegS 16.24
⅛% Index-linked Treasury Gilt 2068 6.78
¼% Index-linked Treasury Gilt 2052 4.26
⅛% Index-linked Treasury Gilt 2039 3.96
⅛% Index-linked Treasury Gilt 2041 2.51
⅛% Index-linked Treasury Gilt 2046 1.90
⅛% Index-linked Treasury Gilt 2051 1.87
ORSTED A/S RegS 1.53
Total 96.94

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 Tym manager of the underlying fund for 12 years and 2 months

Photo of Miles Tym 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 (19/12/2024) 5.30
Offer (19/12/2024) 5.57
Fund size (31/10/2024) £27.62m
Underlying Fund size £97.68m
Number of holdings 10
Launch date 02/07/1991

Fund Charges

Annual Management Charge (AMC) 0.75%
Further Costs 0.01%
Yearly Total 0.76%

Asset Allocation

pie chart
  UK Gilts 79.17%
  Cash and Equivalents 3.06%
  International Bonds 1.53%
  Other Assets 16.24%

Commentary

Performance as at Q3 2024 - The manager partially reduced and then fully closed the Funds overweight in fixed rate gilts. The trade had a negligible contribution to P&L and the managers conviction has been reduced given the escalating tensions in the middle east. 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

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.

Portfolio data accurate as at:

Asset Allocation

pie chart
  UK Gilts 79.17%
  Cash and Equivalents 3.06%
  International Bonds 1.53%
  Other Assets 16.24%

Bond Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Bonds 80.70% - - -
 
Non-Classified 16.24% - - -
 
Cash and Equivalents 3.06% - - -

Regional Allocation

pie chart
  UK 79.17%
  Non-Classified 16.24%
  Cash and Equivalents 3.06%
  Developed Europe - Excl UK 1.53%

Fixed Interest Currencies

pie chart
  Pound Sterling 80.70%
  Non-Fixed Interest Assets 16.24%
  Cash 3.06%

Regional Breakdown

Expand allCollapse all
Region Country
 
UK 79.17% -
 
United Kingdom - 79.17%
 
Non-Classified 16.24% -
 
Cash and Equivalents 3.06% -
 
Developed Europe - Excl UK 1.53% -
 
Denmark - 1.53%

Fixed Interest Maturity Profile

5Yr - 10Yr Maturity
 
 
26.63%
10Yr - 15Yr Maturity
 
 
3.96%
> 15Yr Maturity
 
 
50.11%
Cash And Equivalents
 
 
3.06%
Unknown Maturity
 
 
16.24%

Fixed Interest Quality Profile

AA
 
 
79.17%
BBB
 
 
1.53%
Cash and Equivalents
 
 
3.06%
Other Asset Types
 
 
16.24%

Top 10 Holdings

Stock % Weight Sector Country
1 ⅝% Index-linked Treasury Gilt 2045 32.79% Bonds United Kingdom
2 ¾% Index-linked Treasury Gilt 2033 25.09% Bonds United Kingdom
3 UK I/L GILT RegS 16.24% Non-Classified Non-Classified
4 ⅛% Index-linked Treasury Gilt 2068 6.78% Bonds United Kingdom
5 ¼% Index-linked Treasury Gilt 2052 4.26% Bonds United Kingdom
6 ⅛% Index-linked Treasury Gilt 2039 3.96% Bonds United Kingdom
7 ⅛% Index-linked Treasury Gilt 2041 2.51% Bonds United Kingdom
8 ⅛% Index-linked Treasury Gilt 2046 1.90% Bonds United Kingdom
9 ⅛% Index-linked Treasury Gilt 2051 1.87% Bonds United Kingdom
10 ORSTED A/S RegS 1.53% Bonds Denmark

Important Information

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 0702339
Mex Code PUPMIL
Isin Code GB0007023392
Citi Code PS23

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 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

Important Information

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).

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.

  • Higher Risk
  • Medium to Higher Risk
  • Medium Risk
  • Lower to Medium Risk
  • Lower Risk
  • Minimal Risk

Medium Risk

These funds may invest in multi-asset strategies with a higher weighting in equities (or with significant derivative use), while funds investing mainly in property, high yield or government bonds (such as UK Gilts) are also in this category.

Help

Important Information

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.