PRUlink bond fund

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Fund Manager s Commentary on PRUlink bond fund, Similarly in Asia local rates continued their downward trend with Philippine bonds among the key outperformers Philippine. government bond yields trended lower over the month with the benchmark 10 year and 5 year yields down 50bps and 58bps to. 4 94 and 4 96 respectively While Bangko Sentral ng Pilipinas BSP left its policy rate unchanged after cutting it in the prior month. investor expectations of a more accommodative monetary stance supported the local market s performance Although BSP forecast a. pick up in household spending and government infrastructure spending it also highlighted risks to growth including the ongoing Sino. US trade tensions At the same time the BSP lowered its inflation forecasts for this year and next partly on the prospect of a stronger. peso This was despite the uptick in May consumer price inflation to 3 2 yoy from April s 3 0 yoy BSP now expects inflation to. average 2 7 this year and 3 0 next year down from its previous estimate of 2 9 and 3 1. Strong inflows continued to contribute to a balance of payments surplus of USD928 million in May attributable to foreign currency. deposits and income from overseas investments Conversely personal remittance growth from overseas Filipinos slowed to 3 7 yoy. in April down from the previous month of 6 6 yoy although the BSP governor said this remained above the central bank s target. The Fund s overall duration overweight and the overweight at the long end of the curve contributed positively to performance over. the month However the allocation to corporate bonds weighed on relative return as performance of the sector lagged government. While trade tensions are likely to pose headwinds to growth in the Philippines expected increase in infrastructure spending should. help mitigate the effects Inflation has ticked higher recently but we expect it to be well within BSP s target band for 2019 In this. environment we expect further monetary policy easing by BSP including potential cuts in banks reserve requirement ratio We will. thus maintain our duration overweight for the portfolio although we may look to trim our overweight at the long end due to technical. considerations, Disclaimer The views contained herein are only a general view on what may happen and Pru Life UK does not guarantee its accuracy Established in 1996 Pru Life UK is a subsidiary of British financial services giant Prudential plc. Pru Life UK is the pioneer and current market leader of unit linked or investment linked life insurance products and is one of the first life insurance companies approved to market US dollar denominated policies in the country. Pru Life UK is a life insurance company and is not engaged in the business of selling pre need plans Pru Life UK and Prudential plc are not affiliated with Prudential Financial Inc a US registered company Philippine Prudential. Life Insurance Company Prudentialife Plans Inc or Prudential Guarantee and Assurance Inc all Philippine registered companies For more information about us please visit www prulifeuk com ph. PRUlink managed fund,Fund Fact Sheet June 2019, The Fund Fact Sheet provides general information concerning the underlying funds of Pru Life UK s unit linked policies and is not intended to serve as individual. investment advice The manager of the fund is Eastspring Investments Singapore Limited. Key Information and Investment Disclosure, all data as at 01 July 2019 unless otherwise stated. Launch Date 24 September 2002 Fund Classification Diversified. NAVpu PHP 3 23346 Minimum Risk Rating 2 Moderate, Fund Size PHP 5 88 billion Fund Manager Eastspring Investments Limited.
Fund Currency Philippine Peso Annual Management Fee 1 79 p a. Financial Year End 31st December Benchmark 80 Markit iBoxx ALB Philippines 20 PCI. PCI Philippines Composite Index,Fund Objective, The fund seeks to optimize medium to long term capital and income growth through investment in fixed income securities money market instruments and shares of. stocks listed in the Philippine Stock Exchange,Performance Chart Annualized Performance. 1 Month 1 Year 5 Year Year to date Since Inception. 3 0 Fund 2 51 10 88 1 55 11 91 7 24,Fund Statistics. Highest NAVPU reached 11 Aug 16 3 34119,Lowest NAVPU reached 23 Oct 02 0 99568. Initial NAVPU 24 Sep 02 1 00000, The fund returns are net of Annual Management Charge Past performance is not.
necessarily indicative of the future or likely performance of the fund The Peso. Bond Fund and Equity Fund have served as underlying funds of the Managed and. Growth Funds prior to the funds launch date,Asset Allocation. Equity 20 1,Cash and others 0 4,Fund Manager s Commentary. The Philippine domestic bond market continued to rally in June with the Markit iBoxx ALBI Philippine index delivering a return of 3 06 on the back of. sharply lower government bond yields The central bank kept policy rates on hold whilst inflation moderated to 2 7 year on year in June from 3 2. in the previous month Philippine equities rose marginally in June but lagged the other Asian equity markets The Philippine Stock Exchange index. PSEi edged up over 0 4 in the month led by industrials and conglomerates The Peso appreciated against the US dollar amid signs that the US. Federal Reserve would consider cutting rates The balance of payment continued to improve with the surplus in the first 5 months of the year rising to. US 5 2 billion, From a global perspective the twists and turns in the developments around the ongoing US China trade war have dominated investor sentiment over. the past few months Markets had rallied this year on optimism that the two sides were seemingly close to a trade deal although this was dashed in. May with the US unexpectedly raising tariffs and blacklisting Chinese telecommunications company Huawei. Disclaimer The views contained herein are only a general view on what may happen and Pru Life UK does not guarantee its accuracy Established in 1996 Pru Life UK is a subsidiary of British financial services giant Prudential plc. Pru Life UK is the pioneer and current market leader of unit linked or investment linked life insurance products and is one of the first life insurance companies approved to market US dollar denominated policies in the country. Pru Life UK is a life insurance company and is not engaged in the business of selling pre need plans Pru Life UK and Prudential plc are not affiliated with Prudential Financial Inc a US registered company Philippine Prudential. Life Insurance Company Prudentialife Plans Inc or Prudential Guarantee and Assurance Inc all Philippine registered companies For more information about us please visit www prulifeuk com ph. Fund Manager s Commentary on PRUlink managed fund, US China relations have again improved going through June and into July whilst expectation for a more dovish Fed has provided further support for. the market but the lack of predictability around trade relations and the continued fears for a reescalation of tensions represent a material threat for. global growth, The prospect of rate cuts by the Fed whilst providing support to both equites and bonds also lend support to concerns that growth is slowing and that.
the US China trade war is taking its toll with corporate investment likely delayed until some kind of a resolution is clear We are increasingly concerned. that the ongoing trade war impacts global growth and earnings as recent data is suggesting. On the domestic front falling inflation has paved the way for rate cuts Whilst domestic bonds have outperformed equities as interest rate cuts began. we ultimately expect equities to benefit more than bonds from the looser monetary policy although the broader global backdrop remains a risk The. portfolio is broadly benchmark neutral at this stage however given our view that the increasing global growth headwinds will likely drag on risk. sentiment in the shorter term, Disclaimer The views contained herein are only a general view on what may happen and Pru Life UK does not guarantee its accuracy Established in 1996 Pru Life UK is a subsidiary of British financial services giant Prudential plc. Pru Life UK is the pioneer and current market leader of unit linked or investment linked life insurance products and is one of the first life insurance companies approved to market US dollar denominated policies in the country. Pru Life UK is a life insurance company and is not engaged in the business of selling pre need plans Pru Life UK and Prudential plc are not affiliated with Prudential Financial Inc a US registered company Philippine Prudential. Life Insurance Company Prudentialife Plans Inc or Prudential Guarantee and Assurance Inc all Philippine registered companies For more information about us please visit www prulifeuk com ph. PRUlink US dollar bond fund,Fund Fact Sheet June 2019. The Fund Fact Sheet provides general information concerning the underlying funds of Pru Life UK s unit linked policies and is not intended to serve as individual. investment advice The manager of the fund is Eastspring Investments Singapore Limited. Key Information and Investment Disclosure, all data as at 01 July 2019 unless otherwise stated. Launch Date 03 June 2003 Fund Classification Diversified. NAVpu USD 2 7728 Minimum Risk Rating 1 Conservative. Fund Size USD 142 93 million Fund Manager Eastspring Investments Limited. Fund Currency US Dollar Annual Management Fee 1 53 p a. Financial Year End 31st December Benchmark JPM USD EMBI Global Philippines. Fund Objective, The fund seeks to achieve an optimal level of income in the medium term together with long term capital growth through investments in fixed income securities. denominated in USD,Performance Chart Annualized Performance.
1 Month 1 Year 5 Year Year to date Since Inception. Fund 2 96 14 62 4 22 11 02 6 54,Fund Statistics,Highest NAVPU reached 21 Jun 19 2 7916. 1 0 Lowest NAVPU reached 05 Aug 03 0 96080,Initial NAVPU 03 Jun 03 1 00000. The fund returns are net of Annual Management Charge Past performance is not. necessarily indicative of the future or likely performance of the fund. Asset Allocation Top 5 Holdings,PHILIPPINES REPUBLIC OF 9 5. 02 02 2030,PHILIPPINES REPUBLIC OF 10 625,03 16 2025. PHILIPPINES REPUBLIC OF 6 375,10 23 2034,Government Bond 93 8 PHILIPPINES REPUBLIC OF 7 75.
Quasi Government 5 7 9 1,01 14 2031,Corporate Bond 0 5. PHILIPPINES REPUBLIC OF 3 950,Cash and others 0 0 7 4. 01 20 2040,Fund Manager s Commentary, The Philippine USD sovereign bond market rallied further in June propelled by the fall in US Treasury yields and narrower spreads The JPMorgan EMBI. Global Philippine index strengthened by 3 04 in this environment. Over the month global interest rates fell as growth concerns lingered and major central banks became more dovish While the US Federal Reserve. Fed kept policy rates unchanged at its June policy meeting it gave its strongest signal yet that rate cuts were imminent dropping its previous pledge. to be patient in its policy statement The central bank s median policy rate forecasts also moved lower with one rate cut expected in 2020 The US. Treasury 10 year yield ended 12bps lower at 2, Despite the macro concerns however EM bond investors were cheered by the dovish shift in US monetary policy Trade concerns also waned towards. the month end when President Donald Trump offered to loosen restrictions on Huawei Technologies and hold off new tariffs on Chinese goods on the. sidelines of the G20 meeting Against this backdrop of improved risk appetite EM hard currency debt markets saw renewed inflows which resulted in. a tightening of EM sovereign credit spreads including the Philippines. Disclaimer The views contained herein are only a general view on what may happen and Pru Life UK does not guarantee its accuracy Established in 1996 Pru Life UK is a subsidiary of British financial services giant Prudential plc. Pru Life UK is the pioneer and current market leader of unit linked or investment linked life insurance products and is one of the first life insurance companies approved to market US dollar denominated policies in the country. Pru Life UK is a life insurance company and is not engaged in the business of selling pre need plans Pru Life UK and Prudential plc are not affiliated with Prudential Financial Inc a US registered company Philippine Prudential. Life Insurance Company Prudentialife Plans Inc or Prudential Guarantee and Assurance Inc all Philippine registered companies For more information about us please visit www prulifeuk com ph. Fund Manager s Commentary on PRUlink US dollar bond fund. Domestically soft external demand resulted in subdued export growth in the Philippines with April export growth coming in 0 4 yoy This led to a. widening of trade deficit in April even as imports contracted in April Personal remittance growth from overseas Filipinos slowed to 3 7 yoy in April. although the Bangko Sentral ng Pilipinas BSP governor said this remained above the central bank s target At the June monetary policy meeting BSP. left its policy rate unchanged in June after cutting it in the prior month Nevertheless the BSP lowered its inflation forecasts for this year and next. partly on the prospect of a stronger peso Although BSP forecast a pick up in household spending and government infrastructure spending it also. highlighted risks to growth including the ongoing Sino US trade tensions. The Fund s overall duration overweight contributed positively to performance over the month However t. Fund Manager s Commentary on PRUlink bond fund Disclaimer The views contained herein are only a general view on what may happen and Pru Life UK does not guarantee its accuracy

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