List of suspended property funds |
|---|
Prudential M&G Property Portfolio (exSA) S1 |
Prudential M&G Property Portfolio (exSA) S2 |
Prudential M&G Property Portfolio Acc (ex M&G) |
Prudential M&G Property Portfolio Acc (ex M&G) |
Prudential M&G Property Portfolio Pre A |
PruFRIA M&G Property Portfolio |
Prudential Ex-DSF M&G Property Portfolio Property |
Prudential M&G Property Portfolio Ser A |
Prudential M&G Property Portfolio S1 |
Prudential M&G Property Portfolio S2 |
Prudential M&G Property Portfolio S2 (Inc) |
Prudential M&G Property Portfolio S3 |
Prudential M&G Property Portfolio S4 |
Prudential M&G Property Portfolio S4 (Inc) |
Prudential M&G Property Portfolio S5 |
Prudential M&G Property Portfolio S5 (Inc) |
PIA Ser B M&G Property Fund |
The following OEIC funds on Retirement Account are also impacted: |
M&G Feeder of Property Portfolio Sterling I Acc |
M&G Feeder of Property Portfolio Sterling I Inc |
Pension and Investment fund updates
Our funds are always potentially subject to changes, and we want to keep you up-to-date with what's happening. You'll find information on recent changes below.
We'd recommend that you visit this page for information if you are considering your investment choice. This page is for information purposes only. Please speak to your adviser if you require any more information.
What’s changing?
We regularly review the funds we offer, and we’ve decided to close the Prudential Janus Henderson China Opportunities Funds on 12 April 2024.
Closing a fund is not an option we take lightly. We’ll close funds, when our confidence in how consistent returns will be produced in the future has significantly reduced.
When we close a fund, we offer our selected replacement fund. We aim to keep the fund costs and charges the same or lower. In this case, the replacement fund charges are all lower.
What current investors need to do?
We’re writing to those invested in the closing funds. They can chose to move to another fund, or they can do nothing and we’ll move their investment into our suggested replacement fund.
More information
Not sure which fund series you’re invested in? Check your letter, your annual plan statement, or speak to your financial adviser.
If you are invested via the Prudential Investment Plan (Post R Day) you’ll find more detailed information here
What’s changing?
We regularly review the funds we offer, and we’ve decided to close the Prudential M&G Recovery Funds on 16 February 2024.
Closing a fund is not an option we take lightly. We’ll close funds, when our confidence in how consistent returns will be produced in the future has significantly reduced.
When we close a fund, we offer our selected replacement fund. We aim to keep the fund costs and charges the same or lower. But that’s not always possible, and where charges are higher we let you know.
What current investors need to do?
We’re writing to those invested in the closing funds. They can chose to move to another fund, or they can do nothing and we’ll move their investment into our suggested replacement fund.
For those invested in UTAP fund, product terms mean they can’t choose another fund and we’ll move their investment into our suggested replacement fund.
More information
Not sure which fund series you’re invested in? Check your letter, your annual plan statement, or speak to your financial adviser.
Pension Funds
Life Funds
UTAP Funds
If you are invested via the Prudential Investment Plan (Post R Day) you’ll find more detailed information here.
What’s changing?
We regularly review the funds we offer, and we’ve decided to close the following Life Funds on 17 November 2023.
Prudential M&G Corporate Bond (Inc)
- Prudential M&G Dividend (Inc)
- Prudential M&G Global High Yield Bond (Inc)
- Prudential M&G Property Portfolio (Inc)
We’re closing funds where the fund is too small for us to continue to offer it, or where we have other similar funds available.
When we close a fund, we offer our selected replacement fund. We aim to keep the fund costs and charges the same or lower. But that’s not always possible, and where charges are higher that is shown.
What current investors need to do?
We’re writing to those invested in the closing funds. They can chose to move to another fund, or they can do nothing and we’ll move their investment into our suggested replacement fund.
More information
Not sure which fund series you’re invested in? Check your letter, your annual plan statement, or speak to your financial adviser.
Distribution Income Life Funds
Series 2 Funds
Series 4 Funds
Series 5 Funds
If you are invested via the Prudential Investment Plan (Post R Day) you’ll find more detailed information here.
What’s changing?
We regularly review the funds we offer, and we’ve decided to close both the Prudential Invesco UK Equity Income (Inc) Life Fund closures on 17 November 2023.
Closing a fund is not an option we take lightly. We’ll close funds, when our confidence in how consistent returns will be produced in the future has significantly reduced.
When we close a fund, we offer our selected replacement fund. We aim to keep the fund costs and charges the same or lower. And in this case the replacement fund charges are lower.
What current investors need to do?
We’re writing to those invested in the closing funds. They can chose to move to another fund, or they can do nothing and we’ll move their investment into our suggested replacement fund.
More information
Not sure which fund series you’re invested in? Check your letter, your annual plan statement, or speak to your financial adviser.
If you are invested via the Prudential Investment Plan (Post R Day) you’ll find more detailed information here.
We have suspended transactions on a number of insured Life and Pension property funds that we offer. The funds were suspended from 11 am on 20th October 2023.
The affected funds are shown in the table below. For more information, please go to our information page.
We have reviewed the structure of the US Equity Fund and decided to add additional underlying funds with the aim of improving the potential returns of the fund. The changes will allow for potentially more US and Canadian equity funds to be added in the future.
This means the name and objective of the funds will change. The changes are shown in the table below:
Nothing else has changed, there is no change to their risk profile.
| Details of the name, underlying fund and objective | |
|---|---|
| Current name | New name |
| Prudential US Equity Fund | Prudential North America Equity Fund |
| Current Underlying fund | New Underlying funds |
| M&G (ACS) BlackRock US Equity | M&G (ACS) BlackRock Canada Equity M&G (ACS) BlackRock US Equity M&G (ACS) Earnest Partners US Small Cap Value M&G (ACS) Granahan US Small Cap Growth M&G (ACS) Manulife All Cap Core US Equity M&G (ACS) MFS Large Cap Value Concentrated US Equity M&G (ACS) William Blair Large Cap Growth US EquityNote: the new funds are expected to be added during 2023 and early 2024. |
| Current objective | The investment strategy of the fund is to purchase units in the M&G (ACS) BlackRock US Equity Fund - the underlying fund. Underlying Fund Objective: The Sub-Fund aims to reflect the risk and return characteristics of the S&P 500 Index gross of the Ongoing Charges Figure. The Sub-Investment Manager uses a structured and systematic, bottom-up stock selection process to build a portfolio with similar risk-return characteristics as the Index in order to meet the Sub-Fund's investment objective; in addition the Sub-Investment Manager aims to maximise the Sub-Fund's ESG characteristics by overweighting its investments in securities which score well against the Sub-Investment Manager's ESG research framework, and underweighting the securities which score less well. |
| New objective | The investment strategy of the fund is to purchase shares in North American companies via other M&G funds. It is a "fund of funds holding units in several more specialised North American equity funds to give access to a variety of methods for generating investment returns in differing market conditions. |
What’s changing?
We regularly review the funds we offer, and we’ve decided to close both the Prudential Invesco Global Targeted Returns Pension Funds on 13 October 2023.
Closing a fund is not an option we take lightly. We’ll close funds, when our confidence in how consistent returns will be produced in the future has significantly reduced.
When we close a fund, we offer our selected replacement fund. We aim to keep the fund costs and charges the same or lower. And in this case the replacement fund charges are lower.
What current investors need to do?
We’re writing to those invested in the closing funds. They can chose to move to another fund, or they can do nothing and we’ll move their investment into our suggested replacement fund.
More information
Not sure which fund series you’re invested in? Check your letter, your annual plan statement, or speak to your financial adviser.
What’s changing?
We regularly review the funds we offer, and we’ve decided to close the following Pension Funds on 18 August 2023.
- Prudential M&G Gilt & Fixed Income (Inc)
- Prudential M&G UK Equity Income (Inc)
We’re closing funds where the fund is too small for us to continue to offer it, or where we have other similar funds available.
When we close a fund, we offer our selected replacement fund. We aim to keep the fund costs and charges the same or lower. But that’s not always possible, and where charges are higher that is shown.
What current investors need to do?
We’re writing to those invested in the closing funds. They can chose to move to another fund, or they can do nothing and we’ll move their investment, and any future contributions, into our suggested replacement fund.
More information
Not sure which fund series you’re invested in? Check your letter, your annual plan statement, or speak to your financial adviser.
Distribution Income Life Funds
If you are invested via the Prudential Investment Plan (Post R Day) you’ll find more detailed information here.
What’s changing?
We regularly review the funds we offer, and we’ve decided to close the Prudential Invesco Global Targeted Returns Life Funds on 18 August 2023.
Closing a fund is not an option we take lightly. We’ll close funds, when our confidence in how consistent returns will be produced in the future has significantly reduced.
When we close a fund, we offer our selected replacement fund. We aim to keep the fund costs and charges the same or lower. And in this case the replacement fund charges are lower.
What current investors need to do?
We’re writing to those invested in the closing funds. They can chose to move to another fund, or they can do nothing and we’ll move their investment into our suggested replacement fund.
More information
Not sure which fund series you’re invested in? Check your letter, your annual plan statement, or speak to your financial adviser.
If you are invested via the Prudential Investment Plan (Post R Day) you’ll find more detailed information here.
Following a fund review we have made minor changes to the benchmark and objectives of the funds shown in the table below. The changes are to ensure consistency between the Prudential funds and their underlying funds.
The funds will continue to be managed in the same way, there is no change to the Prudential risk rating or fund charges.
What changed?
The table below shows the details of the changes:
| Fund name | |
|---|---|
| Prudential Artemis Strategic Bond | |
| Previous benchmark | Updated benchmark |
Markit iBoxx Sterling Non Gilts Overall |
IA £ Strategic Bond NR |
| Previous objective | Updated objective |
Objective: The investment strategy of the fund is to purchase units in the BlackRock UK Special Situations Fund - the underlying fund. Underlying Fund Objective: The fund aims to provide a return on your investment (generated through an increase in the value of the assets held by the Fund) (gross of fees) over the long term (5 or more consecutive years beginning at the point of investment) by investing in shares of companies incorporated or listed in the UK. The fund invests at least 70% of its total assets in the equity securities (e.g. shares) of companies incorporated or listed in the United Kingdom and will normally have an emphasis on small and medium sized companies. |
Objective: The investment strategy of the fund is to purchase units in the BlackRock UK Special Situations Fund - the underlying fund. Underlying Fund Objective: The fund aims to provide a return on your investment (generated through an increase in the value of the assets held by the Fund) (gross of fees) over the long term (5 or more consecutive years beginning at the point of investment) by investing in shares of companies incorporated or listed in the UK. The fund invests at least 70% of its total assets in the equity securities (e.g. shares) of companies incorporated or listed in the United Kingdom and will normally have an emphasis on small and medium sized companies. The fund manager may use derivatives to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. |
| Fund name | |
|---|---|
| Prudential BlackRock UK Special Situations | |
| Previous objective | Updated objective |
Objective: The investment strategy of the fund is to purchase units in the BlackRock UK Special Situations Fund - the underlying fund. Underlying Fund Objective: The fund aims to provide a return on your investment (generated through an increase in the value of the assets held by the Fund) (gross of fees) over the long term (5 or more consecutive years beginning at the point of investment) by investing in shares of companies incorporated or listed in the UK. The fund invests at least 70% of its total assets in the equity securities (e.g. shares) of companies incorporated or listed in the United Kingdom and will normally have an emphasis on small and medium sized companies. |
Objective: The investment strategy of the fund is to purchase units in the BlackRock UK Special Situations Fund - the underlying fund. Underlying Fund Objective: The fund aims to provide a return on your investment (generated through an increase in the value of the assets held by the Fund) (gross of fees) over the long term (5 or more consecutive years beginning at the point of investment) by investing in shares of companies incorporated or listed in the UK. The fund invests at least 70% of its total assets in the equity securities (e.g. shares) of companies incorporated or listed in the United Kingdom and will normally have an emphasis on small and medium sized companies. The fund manager may use derivatives to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. |
| Fund name | |
|---|---|
| Prudential Fidelity Asia | |
| Previous objective | Updated objective |
Objective: The investment strategy of the fund is to purchase units in the Fidelity Asia Fund - the underlying fund. Underlying Fund Objective: The fund aims to increase the value of your investment over a period of 5 years or more. The fund will invest at least 70% in equities (and their related securities) of companies throughout Asia (excluding Japan) (those domiciled, incorporated or having significant business in Asia (excluding Japan) and those which are listed in the region) |
Objective: The investment strategy of the fund is to purchase units in the Fidelity Asia Fund - the underlying fund. Underlying Fund Objective: The fund aims to increase the value of your investment over a period of 5 years or more. The fund will invest at least 70% in equities (and their related securities) of companies throughout Asia (excluding Japan) (those domiciled, incorporated or having significant business in Asia (excluding Japan) and those which are listed in the region) The remainder will be invested in companies outside of the region detailed above and in other investment types such as cash and derivatives. |
| Fund name | |
|---|---|
| Prudential Invesco Managed Growth | |
| Previous objective | Updated objective |
Objective: The investment strategy of the fund is to purchase units in the Invesco Managed Growth Fund (UK) - the underlying fund. Underlying Fund Objective: The fund aims to achieve long-term (5 years plus) capital growth. The fund invests at least 80% of its assets in collective investment schemes (including funds managed by the Invesco Group) which invest in a broad range of assets including shares or other equity related securities and corporate and government debt securities (including investment grade, non-investment grade and unrated)
|
Objective: The investment strategy of the fund is to purchase units in the Invesco Managed Growth Fund (UK) - the underlying fund. Underlying Fund Objective: The fund aims to achieve long-term (5 years plus) capital growth. The fund invests at least 80% of its assets in collective investment schemes (including funds managed by the Invesco Group) which invest in a broad range of assets including shares or other equity related securities and corporate and government debt securities (including investment grade, non-investment grade and unrated) The Fund may use derivatives (complex instruments) to manage the Fund more efficiently, with the aim of reducing risk, reducing costs and/or generating additional capital or income. The Fund invests in collective investment schemes (including funds managed by the Invesco group) which may use derivatives with the aim of reducing risk, reducing costs or for investment purposes to manage the fund more efficiently. |
| Fund name | |
|---|---|
| Prudential JP Morgan Natural Resources | |
| Previous benchmark | Updated benchmark |
Euromoney Global Mining, Gold & Energy |
EMIX Global Mining & Energy Index |
| Fund name | |
|---|---|
| Prudential Royal London Sustainable Leaders | |
| Previous objective | Updated objective |
Objective: The investment strategy of the fund is to purchase units in the Royal London Sustainable Leaders Trust - the underlying fund. Underlying Fund Objective: The trust aims to achieve capital growth over the medium term, which should be considered as a period of 3-5 years, by investing predominantly in a diverse portfolio of shares across any economic sector where at least 80% of the assets will be invested in UK companies listed on the London Stock Exchange that are deemed to make a positive contribution to society. The scheme is actively managed meaning that the fund manager will use their investment expertise to select investments that will adhere to the manager’s ethical and sustainable investment policy. |
Objective: The investment strategy of the fund is to purchase units in the Royal London Sustainable Leaders Trust - the underlying fund. Underlying Fund Objective: The trust aims to achieve capital growth over the medium term, which should be considered as a period of 3-5 years, by investing predominantly in a diverse portfolio of shares across any economic sector where at least 80% of the assets will be invested in UK companies listed on the London Stock Exchange that are deemed to make a positive contribution to society. The Scheme’s performance target is to outperform the FTSE All-Share Index (the "Index") over a rolling 5-year period. The scheme is actively managed meaning that the fund manager will use their investment expertise to select investments that will adhere to the manager’s ethical and sustainable investment policy.
|
This Prudential fund is managed by T&IO. Following a review the manager decided to change the fund’s benchmark to a more appropriate one.
The fund will continue to be managed in the same way, there is no change to the investment objective of the fund, the Prudential risk rating or fund charges.
What changed?
The table below shows the details of the changes:
| Previous benchmark | Updated benchmark |
|---|---|
FTSE World |
Composite |
M&G changed the benchmark and objectives for two of their funds, the M&G Corporate Bond Fund and M&G Strategic Corporate Bond Fund. We invest in the underlying funds and so changed our funds.
There are no changes to the Prudential risk rating or fund charges.
What changed?
The table below shows the details of the changes:
| Fund name | |
|---|---|
| Prudential M&G Corporate Bond (ex M&G) Prudential M&G Corporate Bond (exSA) S1 Prudential M&G Corporate Bond Dist (ex M&G) Prudential M&G Corporate Bond S1 Prudential M&G Corporate Bond S2 Prudential M&G Corporate Bond S2 (Inc) Prudential M&G Corporate Bond S3 Prudential M&G Corporate Bond S4 Prudential M&G Corporate Bond S4 (Inc) Prudential M&G Corporate Bond S5 Prudential M&G Corporate Bond S5 (Inc) Prudential Ex-DSF M&G Corporate Bond Prudential FRIA M&G Corporate Bond Prudential M&G Corporate Bond Pens Acc (ex M&G) Prudential M&G Corporate Bond Pre A Prudential M&G Corporate Bond Ser A |
|
| Previous benchmark | Updated benchmark |
IA Sterling Corporate Bond sector |
"iBoxx Sterling Corporates GBP Index" |
| Previous objective | Updated objective |
Objective: The investment strategy of the fund is to purchase units in the M&G Corporate Bond 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 the average return of the IA £ Corporate Bond Sector over any five-year period. At least 70% of the fund is invested, directly or indirectly through derivatives, in investment grade corporate debt securities including investment grade Asset-Backed Securities. These securities can be issued by companies from anywhere in the world, including Emerging Markets. These securities are denominated in sterling or hedged back to sterling. Other investments may include: • debt securities issued or guaranteed by governments and their agencies, public authorities, quasi-sovereigns and supranational bodies and denominated in any currency; • below investment grade and unrated debt securities; • below investment grade and unrated asset-Backed Securities; and • other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G). Investments in Asset-Backed Securities are limited to 20% of the fund. The fund aims to hedge any non-sterling assets to sterling. Derivatives may be used for investment purposes, Efficient Portfolio Management and hedging.
|
Objective: The investment strategy of the fund is to purchase units in the M&G Corporate Bond 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 the average return of the iBoxx Sterling Corporates GBP Index over any five-year period. At least 70% of the fund is invested, directly or indirectly through derivatives, in investment grade corporate debt securities including investment grade Asset-Backed Securities. These securities can be issued by companies from anywhere in the world, including Emerging Markets. These securities are denominated in sterling or hedged back to sterling. Other investments may include: • debt securities issued or guaranteed by governments and their agencies, public authorities, quasi-sovereigns, and supranational bodies and denominated in any currency. • below investment grade and unrated debt securities. • below investment grade and unrated asset-Backed Securities; and • other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G). Investments in Asset-Backed Securities are limited to 20% of the fund. The fund aims to hedge any non-sterling assets to sterling. Derivatives may be used for investment purposes, Efficient Portfolio Management, and hedging. The Fund is diversified across a range of investment grade debt securities from a variety of sectors and geographies. The Fund’s investment approach is based on the principle that returns from corporate bond markets are driven by a combination of macroeconomic, asset class, sector, geographic and stock-level factors. As different factors dominate returns at different stages of the economic cycle, the manager applies a flexible investment approach, changing the blend of duration and credit exposure in the portfolio to weight them appropriately. Individual credit selection is carried out with the assistance of an in-house team of credit analysts to complement the fund manager’s views. |
| Fund name | |
|---|---|
| Prudential M&G Strategic Corporate Bond S2 Prudential M&G Strategic Corporate Bond S4 Prudential M&G Strategic Corporate Bond S5 Prudential M&G Strategic Corporate Bond Ser A |
|
| Previous benchmark | Updated benchmark |
IA Sterling Corporate Bond sector |
"iBoxx Sterling Corporates GBP Index" |
| Previous objective | Updated objective |
Objective: The investment strategy of the fund is to purchase units in the M&G Strategic Corporate Bond 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 the average return of the IA £ Corporate Bond Sector, over any five-year period. At least 70% of the fund is invested, directly or indirectly through derivatives, in investment grade corporate debt securities including investment-grade Asset-Backed Securities. These securities can be issued by companies from anywhere in the world, including Emerging Markets. These securities can be denominated in any currency. Other investments may include:• below investment grade and unrated corporate debt securities; • debt securities issued or guaranteed by governments and their agencies, public authorities, quasi-sovereigns and supranational bodies; • below investment grade and unrated Asset-Backed Securities; and • other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G). Investments in Asset-Backed Securities are limited to 20% of the fund. The fund aims to hedge any non-sterling assets to sterling. Derivatives may be used for investment purposes, efficient portfolio management and hedging.
|
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 the average return of the iBoxx Sterling Corporates GBP Index (the benchmark), over any five-year period. At least 70% of the fund is invested, directly or indirectly through derivatives, in investment grade corporate debt securities including investment-grade Asset-Backed Securities. These securities can be issued by companies from anywhere in the world, including Emerging Markets. These securities can be denominated in any currency. Other investments may include: • below investment grade and unrated corporate debt securities. • debt securities issued or guaranteed by governments and their agencies, public authorities, quasi-sovereigns, and supranational bodies. • below investment grade and unrated Asset-Backed Securities; and • other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G). Investments in Asset-Backed Securities are limited to 20% of the fund. The fund aims to hedge any non-sterling assets to sterling. Derivatives may be used for investment purposes, efficient portfolio management and hedging. The Fund is diversified across a range of investment grade debt securities from a variety of sectors and geographies. The Fund’s investment approach is based on the principle that returns from corporate bond markets are driven by a combination of macroeconomic, asset class, sector, geographic and stock-level factors. As different factors dominate returns at different stages of the economic cycle, the manager applies a flexible investment approach, changing the blend of duration and credit exposure in the portfolio to weight them appropriately. The fund manager has the freedom to take a high-conviction approach when selecting credits for the Fund. Individual credit selection is carried out with the assistance of an in-house team of credit analysts to complement the fund manager’s views. |
The M&G (ACS) BlackRock US Equity Fund is the underlying fund for a number of Prudential US Equity funds. These funds objectives were updated to refer to an updated version of the name of the underlying fund.
There are no changes to the Prudential risk rating or fund charges.
What changed?
The table below shows the details of the changes:
Previous objective |
Updated objective |
|---|---|
Objective: The investment strategy of the fund is to purchase units in the M&G (ACS) BlackRock Optimised US Equity Fund – the underlying fund. Underlying Fund Objective: The Sub-Fund aims to reflect the risk and return characteristics of the S&P 500 Index gross of the Ongoing Charges Figure. The Sub-Investment Manager uses a structured and systematic, bottom-up stock selection process to build a portfolio with similar risk-return characteristics as the Index in order to meet the Sub-Fund’s investment objective; in addition the Sub-Investment Manager aims to maximise the Sub-Fund’s ESG characteristics by overweighting its investments in securities which score well against the Sub-Investment Manager’s ESG research framework, and underweighting the securities which score less well. |
Objective: The investment strategy of the fund is to purchase units in the M&G (ACS) BlackRock US Equity Fund – the underlying fund. Underlying Fund Objective: The Sub-Fund aims to reflect the risk and return characteristics of the S&P 500 Index gross of the Ongoing Charges Figure. The Sub-Investment Manager uses a structured and systematic, bottom-up stock selection process to build a portfolio with similar risk-return characteristics as the Index in order to meet the Sub-Fund’s investment objective; in addition the Sub-Investment Manager aims to maximise the Sub-Fund’s ESG characteristics by overweighting its investments in securities which score well against the Sub-Investment Manager’s ESG research framework, and underweighting the securities which score less well. |
This Prudential fund invests in an underlying fund managed by M&G. The manager has made change to the underlying fund’s benchmark to provide a more accurate representation of the Fund’s investment universe, and make it a more relevant benchmarks against which to assess performance. As a result the objective will also change. We will make the changes to our funds.
There are no changes to the Prudential risk rating or fund charges.
What changed?
The table below shows the details of the changes:
| Fund name | |
|---|---|
| Prudential M&G Optimal Income S5 Prudential M&G Optimal Income S4 Prudential M&G Optimal Income S2 Prudential FRIA M&G Optimal Income Prudential M&G Optimal Income Ser A |
|
| Previous benchmark | Updated benchmark |
IA Sterling Corporate Bond sector
|
A composite index made up of: |
| Previous objective | Updated objective |
Objective: The investment strategy of the fund is to purchase units in the M&G Optimal 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 the average return of the IA £ Strategic Bond Sector, over any five-year period. At least 50% of the fund is invested, directly or indirectly through derivatives, in debt securities, including investment grade bonds, below investment grade, unrated securities and Asset Backed Securities. These securities can be issued or guaranteed by governments and their agencies, public authorities, quasi-sovereigns, supranational bodies and companies from anywhere in the world, including Emerging Markets. These securities can be denominated in any currency. Other investments may include: • up to 20% of the fund in equities; and • other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G). There are no credit quality restrictions applicable to the fund's investments. At least 80% of the fund is in sterling or hedged back to sterling. Derivatives may be used for investment purposes, efficient portfolio management and hedging. |
Objective: The investment strategy of the fund is to purchase units in the M&G Optimal 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 the average return of the composite index, over any five-year period. The composite index is made up of one third Bloomberg Global Treasury Index GBP Hedged, one third Bloomberg Global Aggregate Corporate Index GBP Hedged and one third Bloomberg Global High Yield Index GBP Hedged. The Fund is actively managed. The fund manager has complete freedom in choosing which investments to buy, hold and sell in the Fund.
|
In January 2023 we reviewed and realigned the fund names and objectives of some funds to better match the information held on the underlying fund manager factsheets.
Nothing else has changed, the funds will continue to be managed in the same way, invest in the same assets as before and there is no change to their risk profile.
What changed?
The table below shows the details of the changes:
Prudential M&G UK Income Distribution Bond Acc (ex M&G) |
|
| Previous objective | New objective |
|---|---|
Objective: The investment strategy of the fund is to purchase units in the M&G UK Income Distribution Fund - the underlying fund. Underlying Fund Objective: The Fund aims to provide: • a higher annual yield than the FTSE All-Share Index; • an income stream that increases annually; and • a higher total return (capital growth plus income),net of the Ongoing Charge Figure, than a composite index* over any five year period. *70% FTSE All-Share Index and 30% FTSE Actuaries UK Conventional Gilts All Stocks Index. |
Objective: The investment strategy of the fund is to purchase units in the M&G UK Income Distribution Fund - the underlying fund. Underlying Fund Objective: The fund aims to provide: a higher annual yield than the FTSE All-Share Index; an income stream that increases annually; and a higher total return (capital growth plus income), net of the Ongoing Charge Figure, than a composite index (comprising 70% FTSE All-Share Index and 30% FTSE Actuaries UK Conventional Gilts All Stocks Index) over any five year period. At least 70% of the fund is invested in UK company shares. It may also invest in investment grade government and corporate bonds denominated in sterling. The fund typically invests in a portfolio of high-yielding UK stocks, meaning it tends to have a bias towards out-of-favour, undervalued stocks. The fund’s allocation to bonds is primarily aimed at reducing volatility, whilst providing an alternative stable source of income. |
Prudential Baillie Gifford American |
|
| Previous objective | New objective |
|---|---|
Objective: The investment strategy of the fund is to purchase units in the Baillie Gifford American Fund - the underlying fund. Underlying Fund Objective: Underlying Fund Objective: The objective is to produce capital growth over the long term. The Sub-fund will invest principally in equities of companies which are listed, quoted, traded, incorporated, domiciled or conducting a significant portion of their business in the United States of America. Such investment may be direct or indirect and the portfolio will be concentrated. The Sub-fund may also invest in other equities, cash and near cash. Up to (but no more than) 10% in value of the Sub-fund may be invested in each of the following: (1) collective investment schemes, including those managed or operated by the ACD and (2) deposits. The Sub-fund will be actively managed and investment may be made in any economic sector.
|
Objective: The investment strategy of the fund is to purchase units in the Baillie Gifford American Fund - the underlying fund. Underlying Fund Objective: The objective is to produce capital growth over the long term. The fund will invest principally in equities of companies which are listed, quoted, traded, incorporated, domiciled or conducting a significant portion of their business in the United States of America. Investment may be direct or indirect and the portfolio will be concentrated, usually between 30-50 stocks. The fund may also invest in other equities, cash and near cash. Up to (but no more than) 10% in value of the-fund may be invested in each of the following: (1) collective investment schemes, including those managed or operated by the ACD and (2) deposits. The fund will be actively managed and investment may be made in any economic sector. Underlying Fund Performance Objective: To outperform (after deduction of costs) the S&P 500 Index, as stated in sterling, by at least 1.5% per annum over rolling five-year periods. |
Prudential Artemis UK Smaller Companies |
|
| Previous objective | New objective |
|---|---|
Objective: The investment strategy of the fund is to purchase units in the Artemis UK Smaller Companies Fund - the underlying fund. Underlying Fund Objective: The fund aims to achieve long-term capital growth. The emphasis of the fund will be investment in smaller companies listed, quoted and/or traded in the UK and in smaller companies which are headquartered or have a significant part of their activities in the UK which are quoted on a regulated market outside the UK. |
Objective: The investment strategy of the fund is to purchase units in the Artemis UK Smaller Companies Fund - the underlying fund. Underlying Fund Objective: The fund aims to achieve long-term capital growth where between 80-100% of the fund will hold investment in smaller companies listed, quoted and/or traded and which are headquartered or have a significant part of their activities in the UK which are quoted on a regulated market outside the UK. Up to 20% may be invested in bonds, cash and near cash, other transferable securities, other funds (up to 10%) and derivatives. The fund may use derivatives for efficient portfolio management and to reduce risk. |
Prudential Japan Bond Acc (ex M&G) |
|
| Previous name | New name |
|---|---|
Prudential Japan Bond Acc (ex M&G) |
Prudential M&G Japan Bond Acc (ex M&G) |
Prudential Dividend Bond (ex M&G) |
|
| Previous name | New name |
|---|---|
Prudential Dividend Bond (ex M&G) |
Prudential M&G Dividend Bond (ex M&G) |
© Prudential 2023
"Prudential" is a trading name of Prudential Distribution Limited. Prudential Distribution Limited is registered in Scotland. Registered Office at 5 Central Way, Kildean Business Park, Stirling, FK8 1FT. Registered number SC212640. Authorised and regulated by the Financial Conduct Authority. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company Limited. The Prudential Assurance Company Limited and Prudential Distribution Limited are direct/indirect subsidiaries of M&G plc which is a holding company registered in England and Wales with registered number 11444019 and registered office at 10 Fenchurch Avenue, London EC3M 5AG, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority. These companies are 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.