2023 SEP Fund Fact Sheet v1

PRULink Bond Fund
Fund Fact Sheet September 2023
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 ATRAM Trust Corporation.
Key Information and Investment Disclosure

(all data as at 02 October 2023 unless otherwise stated)
Launch Date 24 September 2002 Fund Classification Diversified

NAVPu (PHP) 2.85108 Minimum Risk Rating 1 (Conservative)
Fund Size PHP 18.14 billion Fund Manager ATRAM Trust Corporation*
Fund Currency Philippine Peso Annual Management Fee 1.53% p.a.
Financial Year End 31st December Benchmark Markit iBoxx ALBI Philippines
ISIN Code *effective September 15, 2023
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 and money market instruments.
Performance Chart Annualized Performance

4.0 1-Month 1-Year 5-Year Year-to-date Since Inception
3.5 Fund 0.03% 4.30% 4.08% 3.77% 5.11%
3.0
2.5
2.0 Fund Statistics

1.5 Highest NAVPU reached (20 Aug 20) 3.11410
1.0 Lowest NAVPU reached (24 Sep 02) 1.00000
0.5 Initial NAVPU (24 Sep 02) 1.00000
2-Oct-05
2-Oct-01
2-Oct-02
2-Oct-03
2-Oct-04
2-Oct-06
2-Oct-07
2-Oct-08
2-Oct-09
2-Oct-10
2-Oct-11
2-Oct-12
2-Oct-13
2-Oct-14
2-Oct-15
2-Oct-16
2-Oct-17
2-Oct-18
2-Oct-19
2-Oct-20
2-Oct-21
2-Oct-22
2-Oct-23
The fund returns are net of Annual Management Charge.

Top 10 Holdings
Past performance is not necessarily indicative of the future
or likely performance of the Fund.
1 RPGB 6 ¾ 09/15/32 9yrs 9.16%
Asset Allocation 2 RPGB 4 ⅞ 03/04/27 3yr 5.34%
3 RPGB 4 ⅝ 06/02/27 4yr 4.49%
4 RPGB 8 07/19/31 8yrs 4.34%
Government bond 5 RPGB 6 ⅞ 01/10/29 5yr 4.25%

95.68%
6 RPGB 3 ⅜ 04/08/26 2yr 4.09%
Corporate bond
4.15%
7 RPGB 2 ⅝ 08/12/25 671da 4.01%
Cash & cash
equivalents 0.17% 8 RPGB 3 ¾ 08/12/28 5yr 3.68%
9 RPGB 3 ⅝ 04/22/28 5yr 3.49%
10 RPGB 8 ⅛ 12/16/35 12y 3.37%
Note: RPGB (Republic of the Philippines Government Bonds)
Fund Manager's Commentary
The persistent strength of the US economy continues to point for an extended period of elevated policy rates. While the peak of monetary
policy rate may be nearing for most global central banks, the debate on term premium has created recent volatility in the rates market as the
associated effects of tight financial conditions brought by recent policy hikes have not been very apparent yet.
(Continued on the next page)
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 the pioneer of insuravest, or investment-
linked life insurance products, in the Philippines and is one of the first life insurance companies approved to distribute US dollar-denominated investment-linked life insurance policies in the country. Since its
establishment, Pru Life UK has expanded its reach to over 190 branches in the Philippines, with the largest life agency force with more than 33,000 licensed agents as of September 2022. The company is the
number one life insurer in the Philippines for two consecutive years in terms of new business annual premium equivalent and renewal premium income from variable life insurance products, according to the
Insurance Commission’s 2021 ranking. Pru Life UK is headquartered in Uptown Bonifacio, Taguig City. Pru Life UK and Prudential are not affiliated with Prudential Financial, Inc., (a company whose principal place
of business is in the United States of America), Prudential Assurance Company (a subsidiary of M&G plc, a company incorporated in the United Kingdom), Philippine Prudential Life Insurance Company,
Prudentialife Plans, Inc. or Prudential Guarantee and Assurance, Inc. (all Philippine-registered companies). Pru Life UK is a life insurance company and is not engaged in the business of selling pre-need plans. To
learn more about the Fund, visit www.prulifeuk.com.ph or contact a Pru Life UK insurance agent.
Fund Manager's Commentary on PRULink Bond Fund
This has created questions on whether the long-term US neutral rate may have risen as inflation may remain stubbornly higher longer term,
thereby pushing long-end rates higher in the market. The shakeout and tightening of financial conditions brought by the volatility in market
rates has somewhat fed through the minds of policy makers as a substitute for raising rates in the upcoming months. Despite the overall
noise on price impact of duration, there is no denying that yield levels have been hefty at 20-year highs. We anticipate this change in market
backdrop to affect broad asset allocation as risks remain expensively valued relative to where rates are, pushing for a more attractive risk-
reward for fixed income against other riskier assets.
On the local space, hawkish statements from the Bangko Sentral ng Pilipinas (BSP) governor signaling a possibility of an off-cycle rate hike
combined with elevated US rates have been broadly appropriate as a steep reflation was seen in the headline numbers. The 2023 and 2024
baseline inflation forecast revision to the upside in the next BSP meeting is anticipated to further worsen to take into account the recent
pressure on prices and second-round effects seen on wage rates and transport prices. Nevertheless, market technical and the lack of sizeable
bond supply have been broadly effective in capping yields despite the volatile market backdrop which has been especially effective in keeping
the curve flat as players remain opportunistic buyers of duration.
Local bond yields ended higher last September as various risk events and data were digested by investors. Yields across the curve went up by
5-16 basis points (bps) given the selloff in US rates and upward adjustments in yields from primary and secondary market implying the
pricing of an upcoming ‘hike’ from the recent rhetoric from the BSP Governor.
Since take over until the end of September, the portfolio has been broadly in line with the benchmark performing 7 basis point. The recent
volatility in rates have allowed us to fade the selloff to capture duration at opportunistic levels as we shifted some of the front-end positions
toward the longer-end part of the curve. As of end of September, portfolio duration was at 4.98-years against the benchmark at 4.77-years,
implying a duration overweight of 0.21 years, mostly from an overweight position on the 7- to 10-year tenor bucket counterbalanced by an
underweight on the 1 to 5-year.
In the next weeks and months, market is anticipated to wait for cue from the US Federal Reserve for any dovish pivot to discourage the BSP
from proactively raising rates through an off-cycle hike. Still, we anticipate the BSP to look through the upcoming inflation data and real-time
development on price factors in determining its policy stance to convincingly bring inflation to target while not materially hindering growth
any further. We anticipate pockets of opportunities on the primary market to extend duration even further and anticipate near term maturities
to be deployed on medium to long-term securities to reduce reinvestment risks.
PRULink Managed Fund


NAVpu (PHP) 3.25140 Minimum Risk Rating 2 (Moderate)
Financial Year End 31st December Benchmark 80% Markit iBoxx ALB Philippines + 20% PCI
Philippine Stock Exchange Index (PSEi)
ISIN Code *effective September 15, 2023
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 stock listed in the Philippine Stock Exchange.

3.5 Fund 0.49% 5.55% 2.83% 2.54% 5.77%
3.0
2.5
2.0 Fund Statistics

1.5 Highest NAVPU reached (17 Dec 20) 3.54174
1.0
Lowest NAVPU reached (23 Oct 02) 0.99568
Initial NAVPU (24 Sep 02) 1.00000
0.5
2-Oct-01
2-Oct-02
2-Oct-03
2-Oct-04
2-Oct-05
2-Oct-06
2-Oct-07
2-Oct-08
2-Oct-09
2-Oct-10
2-Oct-11
2-Oct-12
2-Oct-13
2-Oct-14
2-Oct-15
2-Oct-16
2-Oct-17
2-Oct-18
2-Oct-19
2-Oct-20
2-Oct-21
2-Oct-22
2-Oct-23
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 Top 10 Holdings
1 PRULINK BOND FUND 78.73%

Fixed income funds 78.73%
2 PRULINK EQUITY FUND 21.04%
Equity funds 21.04%
3 CASH & CASH EQUIVALENTS (PHP) 0.23%
Cash & cash equivalents 0.23%
Note: Refer to the Top 10 holdings of PRULink Bond and Equity Funds.
Local bond yields ended higher for September as various risk events and data were digested by investors. Yields across the curve went up by
The Philippine Stock Exchange Index (PSEi) was up 2.36% month-on-month (MoM) to close at 6,321.24 points in September. The index
rebounded after the 6% selloff in August as investors went bargain-hunting. The index gains came despite consumer price index (CPI) in
August clocking in at 5.3%, which is higher than the 4.7% inflation print last month and well ahead of Street expectations of also 4.7%.
Fund Manager's Commentary on PRULink Managed Fund
Hawkish statements from the Bangko Sentral ng Pilipinas (BSP) governor signaling a possibility of an off-cycle rate hike combined with
elevated US rates have been broadly appropriate as a steep reflation was seen in the headline numbers. The 2023 and 2024 baseline inflation
forecast revision to the upside in the next BSP meeting is anticipated to further worsen to take into account the recent pressure on prices and
second-round effects seen on wage rates and transport prices. Nevertheless, market technical and the lack of sizeable bond supply have been
broadly effective in capping yields despite the volatile market backdrop which has been especially effective in keeping the curve flat as
players remain opportunistic buyers of duration.
The PSEi also rebalanced during the month with MPI and AP being deleted and replaced by BLOOM and CNPF. MPI was deleted as a result of
the tender offer while AP was booted out due to the free float requirement. During the month, the market went below the 6,100 level before
recovering in the final week. Volatility was exacerbated by the rebalancing from the Financial Times Stock Exchange (FTSE) that saw foreign
outflows drag market performance. This was all reversed by the strong month-end finish which was mainly due to investors deploying the
proceeds from the tender offer of MPI, 3rd quarter window dressing, and bottom-fishing on oversold names. The month of September saw
$512mn worth of foreign outflows bringing YTD outflows to $774mn.
In the coming weeks and months, market is anticipated to wait for cue from the US Federal Reserve for any dovish pivot to discourage the
BSP from proactively raising rates through an off-cycle hike. Still, we anticipate the BSP to look through the upcoming inflation data and real-
time development on price factors in determining its policy stance to convincingly bring inflation to target while not materially hindering
growth any further.
For fixed income, recent volatility in rates have allowed us to fade the selloff to capture duration at opportunistic levels as we shifted some of
the front-end positions toward the longer-end part of the curve. As of end of September, portfolio duration was at 4.98-years against the
benchmark at 4.77-years, implying a duration overweight of 0.21 years, mostly from an overweight position on the 7 to 10-year tenor bucket
counterbalanced by an underweight on the 1 to 5-year. We anticipate pockets of opportunities on the primary market to extend duration even
further and anticipate near term maturities to be deployed on medium to long-term securities to reduce reinvestment risks.
For equities, the market will be busy over the next few month as 3Q23 corporate earnings are released. Along with the earnings releases, we
will also get forward guidance from the corporates on fourth quarter trends and possibly some expectations for next year. We still expect
3Q23 corporate earnings to be resilient as they have been over the past two quarters. Inflation and high interest rates have not significantly
affected corporate earnings with banking, property, power, and industrial sectors holding up quite well. However, it may not be enough to
overcome concerns on inflation and interest rates. As a result, we expect the market to trade sideways as we wait for an improvement in our
macro environment. Given this, we favor value cyclical names that have limited downside given already cheap valuations and at the same
time be able to participate in times of economic strength.
PRULink US Dollar Bond Fund
serve as individual investment advice. The manager of the Fund is Eastspring Investments (Singapore) Limited.

Launch Date 03 June 2003 Fund Classification Diversified

NAVpu (USD) 2.34510 Minimum Risk Rating 1 (Conservative)
Fund Size USD 77.38 million Fund Manager Eastspring Investments
Fund Currency US Dollar Annual Management Fee 1.53% p.a.
Financial Year End 31st December Benchmark JPM USD EMBI Global Philippines
ISIN Code n/a
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.

1-Month 1-Year 5-Year Year-to-date Since Inception
3.5
Fund -3.59% 1.98% -1.01% -3.01% 4.28%
3.0
2.5
2.0
Fund Statistics
1.5
Highest NAVPU reached (12 Aug 20) 3.07860
1.0 Lowest NAVPU reached (05 Aug 03) 0.96080
0.5 Initial NAVPU (03 Jun 03) 1.00000
2-Oct-02
2-Oct-03
2-Oct-04
2-Oct-05
2-Oct-06
2-Oct-07
2-Oct-08
2-Oct-09
2-Oct-10
2-Oct-11
2-Oct-12
2-Oct-13
2-Oct-14
2-Oct-15
2-Oct-16
2-Oct-17
2-Oct-18
2-Oct-19
2-Oct-20
2-Oct-21
2-Oct-22
2-Oct-23

1 PHILIPPINES (REPUBLIC OF) 9.5% 2-FEB-2030 10.38%

2 PHILIPPINES (REPUBLIC OF) 7.75% 14-JAN-2031 10.36%
Government Bond
91.08% 3 PHILIPPINES (REPUBLIC OF) 3% 1-FEB-2028 8.37%
FI Funds 5.52%
4 PHILIPPINES (REPUBLIC OF) 3.7% 1-MAR-2041 7.38%
Quasi Government
3.35% 6 PHILIPPINES (REPUBLIC OF) 3.7% 2-FEB-2042 7.05%
Cash and cash
7 PHILIPPINES (REPUBLIC OF) 6.375% 23-OCT-2034 6.99%
equivalents 0.06%
8 EASTSPRING INV ASIAN BOND D USD 5.52%
10 PHILIPPINES (REPUBLIC OF) 5% 13-JAN-2037 4.86%
Emerging market debt and Asian credits posted a negative performance in September as US rates rose significantly. Treasury yields climbed
to multi-year highs as the Fed’s hawkish pause kept pressure on markets. Adding to the uncertainty was the rising probability of a US
government shutdown amid a political deadlock ahead of the September 30 deadline.
Fund Manager's Commentary on PRULink US Dollar Bond Fund
The US Federal Reserve kept the benchmark interest rate at the current target range of between 5.25% and 5.50%. Fed members raised their
assessment on real GDP growth, lifted the unemployment rate forecast and lowered their expectation for inflation. Other economic data over
the month reaffirmed a weak US economy. Manufacturing PMI stayed below 50 but climbed to 49 in September from 47.6 in August. The
Conference Board Consumer Confidence Index dropped to 103 in September from 108.7 in the prior month as more consumers expressed less
confidence about future business conditions, job availability and incomes. Yields on the 2-year, 5-year and 10-year US Treasury yields
increased 18 bps, 35 bps and 46bps to end the month at 5.04%, 4.61% and 4.57% respectively.
The JP Morgan Asia Credit Index (JACI) posted a loss of 0.96%. US Treasury yields climbed to multi-year highs as the Fed’s hawkish pause
kept pressure on markets. The losses were largely attributed to negative price returns because of higher interest rate despite credit spreads
tightening during the month. The Philippines USD bond market down by 3.54% as represented by JPMorgan EMBI Global Philippine index.
High yield bonds outperformed investment grade in September. Across sectors in the JP Morgan Asia Credit Index, the gains were led by high
yield sovereign bonds by Sri Lanka and Pakistan, as well as Sri Lanka quasi-sovereign notes. Among corporate bonds, high yield issuers fared
better than investment grade, led by miners and oil & gas credits. Most investment grade corporates sold off in September. Infrastructure
investment grade credits however, bucked the trend and ended the month positively. Within emerging market credits, quasi-sovereign bonds
registered lower declines than sovereign bonds. All regional constituents delivered negative returns, with Africa, EM Asia, EM Europe, Latin
America and Middle East down by 1.0%, 2.1%, 1.8%, 4.0% and 2.3% respectively.
The Philippines’ central bank kept their policy rate unchanged at 6.25% and raised the 2023 inflation forecast to 5.8% from 5.6%, citing
higher oil and rice prices as the main reason.
The Fund’s positive curve positioning mitigated negative spread effects during the month. The Fund‘s underlying sub-fund Asian USD Bond
exposures was a drag to performance during the month as Asian USD bonds reported losses on the back of higher US interest rates despite
credit spreads tightening.
In September, we maintained a neutral to slight overall duration overweight via Asian credits. September has been a relatively challenging
month for Asian credits due to the risk off sentiment in global markets which were in turn driven by strong US economic data and higher US
Treasury yields. However, Asian credit spreads and carry continue to remain attractive relative to the Philippines Government Bonds (ROP
bonds), and continue to offer diversification benefits. Asian credits can continue being stable due to positive technical such as the low bond
supply in the region, and the recent uptick in China’s economic recovery should lend some support. That being said, uncertainties around
China’s socioeconomic policies and growth will continue to introduce volatility in Asian credits vis-à-vis ROP bonds. Locally, we expect growth
to remain resilient with a tight labour market and stable consumer sentiment, but we acknowledge that the momentum is clearly slowing.
Inflation is still high and out of BSP’s target, with upside risks from food and energy. Peso volatility is also adding pressure on the BSP to stay
hawkish or potentially hike the policy rate further. The current account deficit adds to the country’s woes amidst slow external demand and
poorer-than-expected investment flows, and they do not seem to have much leeway for fiscal consolidation as well. Overall, its fundamentals
still look poorer than similarly rated peers like Indonesia, but the bonds are generally trading more expensive. Therefore, we think that the
broader Asian credit market will continue doing better than the Philippines government bonds. We are inclined to keep our allocation to Asian
credit but will look to maintain its weight in the Fund. We will keep the Fund’s neutral to slight overweight duration position via Asian credits.
PRULink Growth Fund

Launch Date 22 July 2005 Fund Classification Diversified

NAVpu (PHP) 3.46762 Minimum Risk Rating 3 (Aggressive)
Financial Year End 31st December Benchmark 20% Markit iBoxx ALBI Philippines + 80% PCI
Philippine Stock Exchange Index (PSEi)
ISIN Code *Effective September 15, 2023
Fund Objective
The Fund seeks to optimize medium- to long-term capital and income growth, with an emphasis on strong capital growth, through a greater
focus of investment in shares of stock listed in the Philippines. The Fund also invests in fixed-income securities and money market
instruments.

4.5
Fund 1.85% 10.29% -1.04% -0.55% 7.07%
3.5
2.5
Fund Statistics
Highest NAVPU reached (30 Jan 18) 4.45577
1.5
0.5
Initial NAVPU (22 Jul 05) 1.00000
2-Oct-07
2-Oct-18
2-Oct-05
2-Oct-06
2-Oct-08
2-Oct-09
2-Oct-10
2-Oct-11
2-Oct-12
2-Oct-13
2-Oct-14
2-Oct-15
2-Oct-16
2-Oct-17
2-Oct-19
2-Oct-20
2-Oct-21
2-Oct-22
2-Oct-23

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.
Equity funds 80.78% 2 PRULINK BOND FUND 18.90%
Fixed income funds 18.90% 3 CASH & CASH EQUIVALENTS (PHP) 0.32%

(Continued on next page)
Fund Manager's Commentary on PRULink Growth Fund
The Philippine Stock Exchange Index (PSEi) was up 2.36% month-on-month (MoM) to close at 6,321.24 in September. The index rebounded
after the 6% selloff in August as investors went bargain-hunting. The index gains came despite consumer price index (CPI) in August clocking
in at 5.3%, which is higher than the 4.7% inflation print last month and well ahead of Street expectations of also 4.7%.
growth any further.
PRULink Equity Fund

Launch Date 23 October 2007 Fund Classification Diversified

Financial Year End 31st December Benchmark Philippine Stock Exchange Index (PSEi)
Fund Objective
The Fund seeks to optimize medium- to long-term capital growth through investments in shares of stock listed in the Philippines.

2.8
Fund 2.31% 12.41% -2.27% -1.30% 4.14%
2.3
1.8
Fund Statistics
1.3
0.8 Lowest NAVPU reached (28 Oct 08) 0.42505
Initial NAVPU (23 Oct 07) 1.00000
0.3
2-Oct-19
2-Oct-06
2-Oct-07
2-Oct-08
2-Oct-09
2-Oct-10
2-Oct-11
2-Oct-12
2-Oct-13
2-Oct-14
2-Oct-15
2-Oct-16
2-Oct-17
2-Oct-18
2-Oct-20
2-Oct-21
2-Oct-22
2-Oct-23

performance of the Fund.
Sector Allocation Top 10 Holdings
1 SM INVESTMENTS CORP 9.46%

Industrials 31.51%
2 BDO UNIBANK INC 9.35%
Financials 21.35%
3 SM PRIME HOLDINGS INC. 9.01%
Real Estate 17.05%
4 BANK OF THE PHILIPPINE ISLANDS 7.79%
Consumer Staples 8.22%
5 AYALA LAND INC 6.49%
Cash 6.08%
6 INTERNATIONAL CONTAINER TERMINAL SERVICES INC 6.05%
Communication Services 5.61%
7 AYALA CORPORATION 5.78%
Utilities 5.12%
8 UNIVERSAL ROBINA CORP 3.95%
Consumer Discretionary 5.06%
9 JOLLIBEE FOODS CORP 3.82%
10 METROPOLITAN BANK AND TRUST COMPANY 3.54%

Market Review
after the 6% selloff in August as investors went bargain-hunting. The index gains came despite CPI in August clocking in at 5.3%, which is
higher than the 4.7% inflation print last month and well ahead of Street expectations of also 4.7%.

Fund Manager's Commentary on PRULink Equity Fund
after the 6% selloff in August as investors went bargain-hunting. The index gains came despite CPI in August clocking in at 5.3%, which is
higher than the 4.7% inflation print last month and well ahead of Street expectations of also 4.7%.
Key Contributors
The underweight positions in Bloomberry Resorts and Emperador were among the key contributors to relative performance for the month.
Bloomberry Resorts succumbed to profit-taking after significant price gains in the previous months. The market has already discounted its
inclusion to the PSEi as a replacement for Metro Pacific Investments. Because of this, investors took the opportunity to take profits on the
stock on the actual announcement of its inclusion to the index. This profit-taking more than offset relatively strong earnings growth for
Bloomberry Resorts in the first half of the year. Emperador, on the other hand, lagged the index, as second quarter 2023 earnings showed
weakness in its brandy segment. The company attributed this to a distribution transition in Spain and an inflationary environment
domestically. On top of this, brandy has been continuously losing market share to rum and gin recently. The illiquidity of the stock also
became a burden as investors preferred to hold more liquid names in the consumer space.
Key Detractors
The underweight position in SM Investments and overweight position in Metro Pacific Investments were amongst the key detractors to
relative performance during the month.
SM Investments is a permanent underweight position given the size of the holding in the benchmark. First half 2023 earnings continue to
support the stock as it grew 32% year-on-year to PHP35.6bn. SM Retail was a bright spot for the conglomerate with revenue increasing 15%
year-on-year to PHP188.9bn, while net income increased 21% year-on-year to PHP8.4bn. Other segments such as banking and property also
came in strong with the high interest rate environment benefitting the former and the continued recovery of the mall segment driving the
earnings of the latter. Metro Pacific Investments was a laggard as the Tender Offer price of P5.20/share served as a cap on any further price
gains. Investors have already pushed the stock near the Tender Offer price which ultimately gives no reason for investors to push the price
up any further.
Fund Activity
The Manager opened a new position in Bloomberry Resorts during the month.
Outlook
The market will be busy in the next few month as 3Q23 corporate earnings are released. Along with the earnings releases, we will also get
forward guidance from the corporates on fourth quarter trends and possibly some expectations for next year. The inflation figure for August,
which was higher than expected, coincides with indications from consumer companies of the challenging environment they are seeing. El
Nino is another headwind that can result to margin contraction for consumer companies. To add to this, it can cause the BSP to continue its
tight monetary policy due to supply disruptions which lead to higher food prices. Despite this, we still expect 3Q23 corporate earnings to be
resilient as they have been for the past two quarters. Inflation and high interest rates have not significantly affected corporate earnings with
banking, property, power, and industrial sectors holding up quite well. This will support the market in the 4th quarter but it may not be
enough to overcome concerns on inflation and interest rates. As a result, we expect the market to trade sideways as we wait for an
improvement in our macro environment. Given this, we favor value cyclical names that have limited downside given already cheap valuations
and at the same time be able to participate in times of economic strength.
PRULink Proactive Fund

Launch Date 17 February 2009 Fund Classification Diversified

Financial Year End 31st December Benchmark 50% Markit iBoxx ALBI Philippines + 50% PCI
PSEi - Philippine Stock Exchange Index
Fund Objective
The Fund seeks to optimize medium- to long-term capital and income growth with emphasis on dynamic asset allocation by fund managers
through investment in fixed-income securities, money market instruments, and shares of stock listed in the Philippines.

2.5
Fund 1.18% 7.47% 0.68% 0.68% 5.02%
2.0
1.5 Fund Statistics

1.0 Lowest NAVPU reahed (03 Mar 09) 0.99950
Initial NAVPU (17 Feb 09) 1.00000
0.5

performance of the Fund.

Equity funds 52.37%
2 PRULINK BOND FUND 47.56%
Fixed income funds 47.56% 3 CASH & CASH EQUIVALENTS (PHP) 0.07%

The Philippine Stock Exchange Index (PSEi) was up 2.36% month-on-month (MoM) to close at 6,321.24 points in September. The index
rebounded after the 6% selloff in August as investors went bargain-hunting. The index gains came despite CPI in August clocking in at 5.3%,
which is higher than the 4.7% inflation print last month and well ahead of Street expectations of also 4.7%.

Fund Manager's Commentary on PRULink Proactive Fund
growth any further.
PRULink Asian Local Bond Fund

Launch Date 28 January 2012 Fund Classification Diversified

NAVpu (USD) 0.98857 Minimum Risk Rating 2 (Moderate)
Financial Year End 31st December Benchmark Markit iBoxx ALBI x Chn Twd Cust
ISIN Code LU0259732591
Fund Objective
The Fund is structured as a feeder fund which invests in the Eastspring Investments – Asian Local Bond Fund (EI-Asian Local Bond Fund). The
EI-Asian Local Bond Fund invests in a diversified portfolio consisting primarily of fixed-income / debt securities issued by Asian entities or
their subsidiaries. This Fund’s portfolio primarily consists of securities denominated in the various Asian currencies and aims to maximize
total returns through investing in fixed-income or debt securities that are rated as well as unrated.

1.25
Fund -2.61% 12.61% 0.19% 3.64% -0.10%
1.15
Fund Statistics
1.05
0.95 Lowest NAVPU reached (24 Oct 22) 0.85255
Initial NAVPU (28 Jan 12) 1.00000
0.85
The fund returns are net of Annual Management Charge. Past performance is
not necessarily indicative of the future or likely performance of the Fund.
Treasury 73.48% 1 EZION HOLDINGS LTD 0.25% 20-NOV-2024 4.57%

Banking 5.80%
2 EZION HOLDINGS LTD 31-DEC-2079 3.09%
Oil Field Services 4.57%
3 SINGAPORE TECHNOLOGIES TELEMEDIA PTE LTD 5.5% 31-DEC-2079 2.03%
Other Financial Institutions 3.86%
4 Forward THAILAND BAHT 1.49%
Other REIT 2.39%
US Agencies 2.03% 5 CREDIT AGRICOLE SA 5.25% 7-SEP-2033 1.49%
Automotive 1.72% 6 MAPLETREE TREASURY SERVICES LTD 3.95% 31-DEC-2079 1.46%
Diversified Manufacturing 1.09%
7 SINGAPORE (REPUBLIC OF) 3.375% 1-SEP-2033 1.31%
Life Insurance 0.96%
8 HSBC HOLDINGS PLC 6.547% 20-JUN-2034 1.31%
Sovereign 0.50%
9 KOREA (REPUBLIC OF) 1.25% 10-MAR-2026 1.26%
Home Construction 0.47%
Supermarkets 0.37% 10 INDONESIA (REPUBLIC OF) 6.5% 15-FEB-2031 1.19%
Foreign Agencies 0.27%
In September, US Treasury yields climbed to multi-year highs as the U.S. Federal Reserve’s (Fed) hawkish pause kept pressure on markets.
Adding to the uncertainty was the rising probability of a US government shutdown amid a political deadlock ahead of the September 30
deadline.
(Continued
Disclaimer: on the
The views nextherein
contained page)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 the pioneer of insuravest, or investment-
Fund Manager's Commentary on PRULink Asian Local Bond Fund
The US Fed kept the benchmark interest rate at the current target range of between 5.25% and 5.50%. In their economic projections, Fed
members raised their assessment on real GDP growth, lifted the unemployment rate forecast and lowered their expectation for inflation.
Other economic data over the month reaffirmed a weak economy. US manufacturing PMI stayed below 50 but climbed to 49 in September
from 47.6 in August. The Conference Board Consumer Confidence Index dropped to 103 in September from 108.7 in the prior month as more
consumers expressed less confidence about future business conditions, job availability and incomes. Yields on the 2-year, 5-year and 10-year
US Treasury yields increased 18 basis points (bps), 35 bps and 46bps to end the month at 5.04%, 4.61% and 4.57% respectively.
The third quarter of 2023 ended with most global central banks keeping interest rates unchanged, as they strived to balance combating
surging inflation and avoiding a recession. In line with market expectations, the US Fed took a pause on its interest rate hikes at the
September Federal Open Market Committee meeting, as inflation appears to have slowed but remains above its target of 2%. Among the few
central banks that did not pause in September, the European Central Bank surprised markets by announcing another rate hike in their
respective economies.
Most central banks in Asia kept interest rates steady as inflation moderated. The Bank of Thailand, however raised its key interest rate by 25
bps, to 2.50%, its highest in 10 years against the backdrop of continuing economic expansion. In China, the People's Bank of China on the
other hand, reduced the reserve requirement ratio for most banks by 25 bps, which marked the second cut this year. In addition, the central
bank left the benchmark lending rates unchanged with the one-year loan prime rate at 3.45% and the five-year loan prime rate at 4.20%.
Asian local currency bonds as represented by the customised iBoxx Asian Local Bond Index (USD unhedged terms) posted a loss, declining by
2.71% for the second consecutive month. Most underlying local currency bond markets contributed to the loss due to rates and currency
weakness against the US dollar. In local currency terms, Thailand and Hong Kong were the worst-performing markets. Only India and the
Philippines managed to eke out some small gains in September.
In September Asian currencies continued to weaken against the US dollar on the back of general risk-off tone. The region’s top three worst-
performing currencies were Thai Baht, Korean Won and Indonesian Rupiah during the month. Hong Kong Dollar and the Philippines Peso
managed to buck the downward trend.
The portfolio’s outperformance was driven by underweight duration in Hong Kong and Indonesia which contributed to relative performance.
While exposures to Singapore credits added value, overweight in Singapore dollar detracted performance. Underweight in Korean Won and
Indonesian Rupiah, on the other hand were contributor to performance. The portfolio’s exposures to USD credits, however narrowed some of
the gains as credit spreads widened during the month.
Asian local currency bonds underwent moderate correction in the month of September, in tandem with higher yields across global bond
markets led by US Treasuries.
US Treasury (UST) bonds sold off meaningfully in September, amidst concerns about increased UST issuance to fund the US deficit in fourth
quarter, reduced UST demand from the Fed as it embarked on Quantitative Tightening, and the spectre of a US Government shutdown caused
by a funding impasse. UST10-year yields rose by almost 50 bps over the month, the move further reinforced by strong US labour data and
Fed members advocating “higher for longer” in their communication. The UST curve bear steepened meaningfully, with term premium
reintroduced into longer tenors.
US economic exceptionalism has been further augmented, with the USD a major beneficiary, as the rest of world struggles to keep up with
the resilience demonstrated by the US economy. Oil prices had been trending higher over the last 2 months, and the re-emergence of the
Arab Israeli conflict further serves to keep energy prices elevated and untether inflation.
Against this backdrop, Asian local currency bonds will continue to stay under pressure and steepen in tandem with UST, at least until the
negative technical factors subside. We expect the demand supply imbalance in the UST markets to take a while to stabilize, and therefore
generally stay cautious on duration, even as we advocate adding to duration on spike in yields on improved valuations. This applies more to
the lower yielding markets.
We are also biased to stay neutral to long USD on the portfolio as markets tread cautiously around geopolitical risk events and a strong
advance in US yields, which makes the opportunity of shorting the USD uncomfortably high. However, similar to UST markets, we watch
carefully for switch adjustment higher in both UST yields and the USD to more meaningfully engage overweight local currencies and duration
positions at better levels.
PRULink Asia Pacific Equity Fund
serve as individual investment advice. The manager of the fund is Eastspring Investments (Singapore) Limited.


NAVpu (USD) 1.01065 Minimum Risk Rating 3 (Aggressive)
Financial Year End 31st December Benchmark MSCI APXJ Index (Net)
Fund Objective
The Fund is structured as a feeder fund which invests in the Eastspring Investments – Asia Pacific Equity Fund, which aims to maximize long-
term total return by investing primarily in equity and equity-related securities of companies which are incorporated, listed in or have their
area of primary activity in the Asia Pacific ex-Japan Region. This Fund may also invest in depository receipts including American Depositary
Receipts and Global Depositary Receipts, debt securities convertible into common shares, preference shares and warrants.

Fund -1.65% 12.58% -1.17% 0.07% 0.10%
1.1
Fund Statistics
0.8
Highest NAVPU reached (18 Feb 21) 1.32381
Lowest NAVPU reached (22 Jan 16) 0.69551
0.5
Initial reached (26 Feb 13) 1.00000
Financials 27.33% 1 SAMSUNG ELECTRONICS CO LTD 5.98%

Information Technology 18.42%
2 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 5.92%
3 TENCENT HOLDINGS LTD 4.12%
Communication 8.97%
4 ALIBABA GROUP HOLDING LTD 3.37%
Energy 6.83%
Industrials 5.49% 5 USD CASH 3.12%

Materials 4.76% 6 BHP GROUP LTD 2.87%
Real Estate 3.86% 7 INDUSIND BANK LTD 2.60%
Cash Securities 3.62% 8 BANK NEGARA INDONESIA PERSERO TBK PT 2.31%
Health Care 3.07% 9 ICICI BANK LTD 2.24%
Consumer Staples 2.89%
10 SINGAPORE TELECOMMUNICATIONS LTD 2.20%
Market review
Global equities declined in September, with sentiment remaining under pressure following a weak August. Developed markets broadly
underperformed on a USD basis, with the US the worst performing major region over the month.

Fund Manager's Commentary on PRULink Asia Pacific Equity Fund
The US Federal Reserve (Fed) kept rates on hold during September but signaled a further hike later in the year, whilst also suggesting that
rates will remain higher for longer. The US 10-year Treasury yield rallied, closing the month at the highest level since 2007, weighing on
technology and growth stocks. On a global basis, value stocks outperformed growth stocks. Asia and Emerging Markets (EM) benefited from a
stronger performance from China, supported by some improvement in macro data, whilst rising oil prices supported the energy sector and
country beneficiaries.
Asia Pacific ex Japan markets returned -3.0% in USD terms in September. Chinese equities returned -2.9% in USD terms over the month.
China’s factory activity expanded for the first time in six months in September, suggesting the world’s second-largest economy has begun to
bottom out and is showing signs of stabilisation. Its official manufacturing PMI rose from 49.7 in August to 50.2 in September. MSCI Hong
Kong fell by -5.9% in September, on Fed’s hawkish hold. Offshore investors appear more concerned about the domestic economic outlook
amidst continued property weakness, than onshore investors. Encouragingly, new policy efforts vowed to enhance monetary support, FX
stability and capital market liquidity.
ASEAN markets mildly underperformed the broader Asian region and EM during the month, and posted a negative absolute return on a USD
basis. The Philippines and Singapore outperformed, whilst Thailand was the weakest performer. Headline inflation in the Philippines moved
higher to 5.3% year-on-year in August after six consecutive months of easing, although the country’s central bank left rates on hold as it
weighed up recent economic weakness with upside risks to the inflation outlook. Thai equities declined on the combination of uncertainties
surrounding the country’s coalition government - including the potential inability to pass policy promises in parliament given the need to
garner support from coalition partners - and uncertainties around the strength of any recovery in China, with Thailand a key beneficiary.
Separately, India returned 1.7% on a USD basis and strongly outperformed broader EM during the month. Investors digested the news at the
very end of the previous month that the country’s GDP grew at its fastest pace in a year during the most recent quarter, buoyed by strong
services activity and robust demand, expanding 7.8% on an annual basis and accelerating from the 6.1% growth seen in the previous
quarter.
In other markets, Australia returned -3.6% on a USD basis in September.
Key contributors
Stock selection within South Korea, Indonesia and China were key contributors to relative performance during the month. At a sector level,
stock selection within Financials, Industrials and Information Technology added value.
At a stock level, we saw the largest contribution from the Fund’s overweight positions in Bank Negara Indonesia, CNOOC and Indusind Bank.
Key detractors
At a country level, stock selection within Philippines and Taiwan detracted from relative performance during the period. At a sector level,
stock selection within Communication Services and Health Care detracted from relative performance.
At a stock level, the Fund’s overweight positions in JD.com, GPT Group and Sands China detracted most from relative performance during the
month.
Fund activity
During the month the Fund topped up positions in Sun Pharmaceutical, Insurance Australia Group, Infosys and Phison Electronics while it
trimmed positions in National Australia Bank, Indusind Bank, Bangkok Bank, Taiwan Semiconductor Manufacturing Company and Indian Oil
Corp.
Strategy and outlook.
Value style continues its outperformance since late 2020 and the outlook appears to be supportive for continued tailwinds for a disciplined
value approach.
Governments are focused on investing in the real economy and supporting consumers and we are seeing inflationary pressures and higher
rates which have historically been supportive of value stocks and a headwind for quality and growth stocks.
With attractive headline valuations providing a good entry point, the valuation anomaly within Asian equity markets between value and
quality / growth stocks remains near extreme levels and the Fund is well positioned to capture the opportunity as it unfolds.
We continue to follow our disciplined valuation driven approach with a longer-term investment view to identifying investment opportunities
across Asian equity markets.
PRUlink Global Emerging Markets
Dynamic Fund

Launch Date 01 April 2014 Fund Classification Diversified

NAVpu (USD) 1.18603 Minimum Risk Rating 3 (Aggressive)
Financial Year End 31st December Benchmark MSCI Emerging Markets (Net Div)
Fund Objective
The Fund is structured as a feeder fund which invests in the Eastspring Investments – Global Emerging Markets Dynamic Fund, which aims to
generate long-term capital growth through a concentrated portfolio of equities, equity-related securities, and bonds. This Fund invests
primarily in securities of companies which are incorporated, or listed in, or operating principally from, or carrying on significant business in,
or derive substantial revenue from, or whose subsidiaries, related or associated corporations derive substantial revenue from the emerging
markets worldwide. This Fund may also invest in depository receipts including American Depositary Receipts and Global Depositary Receipts,
preference shares and warrants.

1.4
Fund -2.20% 19.89% 2.29% 5.74% 1.81%
1.1
Fund Statistics
0.8
Highest NAVPU reached (11 Jun 21) 1.35594
Lowest NAVPU reached (22 Jan 16) 0.63696
0.5 Initial NAVPU (01 Apr 14) 1.00000

Financials 30.18%
Consumer Discretionary 20.44% 1 SAMSUNG ELECTRONICS CO LTD 7.51%

Information Technology 13.08% 2 ALIBABA GROUP HOLDING LTD 4.55%
Consumer Staples 8.15% 3 INDUSIND BANK LTD 4.36%
Materials 7.75% 4 SHRIRAM FINANCE LTD 3.89%
Industrials 5.71% 5 HON HAI PRECISION INDUSTRY CO LTD 3.55%
Communication 4.99% 6 BAIDU INC 3.38%
Health Care 2.90% 7 PING AN INSURANCE GROUP CO OF CHINA LTD 3.31%
Energy 2.89%
8 SPOT CANADIAN DOLLAR 3.15%
Cash Securities 1.92%
9 KOMERCNI BANKA AS 3.00%
Utilities 1.40%
10 SINOPHARM GROUP CO LTD 2.90%
Real Estate 0.63%
Market review
underperformed on a USD basis, with the US the worst performing major region over the month. On a global basis, value stocks outperformed
growth stocks.

Fund Manager's Commentary on PRUlink Global Emerging Markets Dynamic Fund
Asia and Emerging Markets (EM) benefited from a stronger performance from China, supported by some improvement in macro data, whilst
rising oil prices supported the energy sector and country beneficiaries.
It was a weak month for MSCI EM (-2.8%) as the index fell to ~940 levels in September. A strong rally in oil was not able to lead EM equities
into positive territory as September investors signaled a shift to risk-off sentiment. The Fed's higher for longer narrative dampened the EM
outlook and pushed the dollar stronger and US Yields to highs not seen since the GFC. On the bright side, China showed signs of life with
improving macro data and continued policy support. All EM regions posted negative performance in September. CEEMEA (-3.3%) was the
worst performer, followed by EM Asia (-2.8%) and LatAm (-2.5%). Among sectors, Energy, Utilities, and Health Care were the outperformers,
while Materials, Communication Services, and IT were the underperformers in September.
The MSCI EM Asia Index fell 2.8% in September. Chinese equities returned -2.9% over the month. China's factory activity expanded for the
first time in six months in September, suggesting the world's second-largest economy has begun to bottom out and is showing signs of
stabilisation. Its official manufacturing PMI rose from 49.7 in August to 50.2 in September. MSCI Taiwan Index returned -4.0% in September.
Sector-wise, Industrials, Energy, and Communications outperformed, while IT, Materials, and Staples underperformed.
During September, LatAm (-2.5%) continued the negative trend, but unlike the previous month it was not the worst global performer, as all
regions posted negative returns. In LatAm, every country, except for Colombia (2.6%), had red numbers. The weak performance of the region
was led by Argentina (-16.3%), who was the best performer last month. Brazil (0.0%) as well as Colombia (2.6%) had outperformed the
region. On the underperformance side, Mexico (-6.4%), Chile (-5.9%), Peru (-7.5% ) and Argentina (-16.3%) completed the table.
The MSCI EMEA Index fell -3.4% in September, behind MSCI EM (-2.8%) but ahead of MSCI World (-4.4%). Egypt (+5.8%), UAE (+4.5%),
Turkey (+2.9%), Kuwait (-1.6%) and Czech (-1.7%) all outperformed EMEA in September. South Africa (-4.4%), Saudi (-4.8%), Hungary (-
7.1%), Greece (-10.4%) and Poland (-11.6%) lagged. September saw the end of winter and the resurgence of load-shedding with many days
hitting Stages 4-6 power cuts, due to loss of generating units and increased maintenance. The South African Reserve Bank voted to keep
interest rates on hold at its 21 Sept meeting but signaled ongoing hawkishness with the press conference focus on fiscal risks and upside to
its ZAR and oil price assumptions.
Key contributors
The strategy's overweight position in Indusind Bank contributed to the outperformance of the strategy the company continues to deliver
strong loan growth with healthy traction across all domains. We take comfort that even at the current valuations, the stock's risk reward
remains favorable with a significant upside. Further, we believe that the fourth largest private bank in India has put asset quality issues
behind it and the improving credit cycle and rising rate cycle will further support our investment case for the stock.
The Fund's overweight position in Bank Negara Indonesia added to relative performance during the period as its share price jumped on the
back of positive sentiments surrounding the 2-for-1 stock split. Its relative valuations versus its sector and its own history remain attractive
while the improving asset quality, credible management team and healthy growth momentum support our conviction in the holding.
An underweight position in Taiwan Semiconductor Manufacturing Company contributed to the outperformance of the Fund over the month as
stock price was dragged in view of the delay in the delivery of chip equipment. We find in our model that the upside for the company is
limited, despite considering its multiple strengths while further downside risk on topline, higher depreciation cost from its 3nm expansion and
efficiency losses further support our negative view on the company's valuation.
Key detractors
The Fund's overweight position in Grupo Televisa detracted from relative performance as its share price decreased on the back of continued
concerns on the consumer cable and advertising segments. Grupo Televisa is the largest cable operator in Mexico, leading content provider in
the Spanish-speaking world, and the largest DTH platform in Mexico, Central America and the Caribbean. We take comfort in the cost
reduction and content quality improvement efforts by the company and take advantage of the market ‘s harsh assumptions especially for its
highly profitable content business.The Fund's overweight position in Komercni Bank detracted from relative performance in September owing
to the lukewarm sentiment post the announcement by the Czech National Bank to cancel the remuneration of minimum required reserves.
Komercni Bank is a well-managed bank, with a conservative balance sheet that has generated healthy ROE, with low cost of risk and high
capital base.
We believe that the market is pricing in negative outcomes in terms of ROE and through implication a bearish outcome for Net interest
Margins and Cost-to-Income Ratios thus contributing to the stock's upside risks.
The third largest relative detractor to the Fund's performance was our overweight position in China Gas underpinned by the weak industrial
sector performance. From the deep fundamental analysis that the team has performed on China Gas, we found the Dollar Margin looks to
have troughed and the impact of the major gas incident that caught media headline in 2021 is much less than feared.
Fund Manager's Commentary on PRUlink Global Emerging Markets Dynamic Fund
Fund activity
In September, the Fund topped up Samsung Electronics, Hon Hai, Baoshan Iron & Steel, CTBC Financial, Hyundai Mobis, Abu Dhabi
Commercial Bank, Hankook Tire & Technology, E-Mart, Grupo Televisa, The Foschini Group and Tongcheng Travel while trimmed its position
in China Lesso.
Strategy and outlook
Value style investing has outperformed since late 2020 and the outlook appears to be supportive for continued tailwinds for a disciplined
value approach. Governments are focused on investing in the real economy and supporting consumers and we are seeing inflationary
pressures and higher rates which have historically been supportive of value stocks and a headwind for quality and growth stocks.
With attractive headline valuations providing a good entry point, the valuation anomaly within Global Emerging Markets between value and
quality / growth stocks remains near extreme levels and the Fund is well positioned to capture the opportunity as it unfolds.
We continue to follow our disciplined valuation driven approach with a longer-term investment view to identifying investment opportunities
across the global emerging markets.
PRULink Cash Flow Fund

Launch Date 17 November 2014 Fund Classification Diversified

Financial Year End 31st December Benchmark 50% JACI + 50% BofA ML US HY Con
ISIN Code
Fund Objective
The Fund seeks to provide investors with regular payout by investing in a diversified portfolio consisting primarily of high-yield bonds and
other fixed-income/debt securities denominated in US dollars, issued in the US market rated below BBB-, as well as fixed-income/debt
securities issued by Asian entities or their subsidiaries. The Fund may, in addition, at the Fund Manager's discretion, invest up to twenty
percent (20%) of its assets in dividend-yielding equities.

1.1
Fund -2.19% 0.96% -4.40% -0.47% -3.27%
1.0
0.9
Fund Statistics
0.8 Highest NAVPU reached (29 Apr 15) 1.01016
Lowest NAVPU reached (07 Nov 22) 0.71947
0.7
Initial NAVPU (17 Nov 14) 1.00000
*Payout is not guaranteed. The Fund aims to provide payouts with a target rate of 4% per annum or 1% per
quarter based on the number of units held at time of payout computation (the Target Payout Rate or Payout).
Actual distribution of Payouts shall be at the sole discretion of Pru Life UK based on the recommendation of the
Fund Manager and shall be made out of either (a) income; or (b) net capital gains; or (c) capital of the Fund or
any combination of (a) and/or (b) and/or (c). There is no guarantee that any distribution will be made or that the
frequency and amount of distributions as set out in the sales materials will be met. If Payout is made, such Payout
is not in any way, a forecast, indication or projection of the future or likely performance or distribution of the
Fund. The making of any Payout shall not be taken to imply that further payouts will be made. Pru Life UK and the
Fund Manager may vary the payout rate during the duration of the customer’s insurance policy and there may be
periods where there are no payouts. Payout declaration schedule may be subject to change.
Fixed Income Funds 90.85%

1 EASTSPRING INV US HIGH YIELD BOND D 47.61%
Exchange Traded Bond Funds 5.75% 2 EASTSPRING INV ASIAN BOND D USD 43.24%
3 ISHARES HIGH YIELD CORP BOND UCITS ETF USD 5.75%
4 CASH & CASH EQUIVALENTS (USD) 1.95%
Financials 1.45%
5 ISHARES S&P 500 1.45%
Note: See Appendix for the underlying fund holdings.

underperformed on a USD basis, with the US the worst performing major region over the month. The US Federal Reserve (Fed) kept rates
steady, but signaled a further hike later in the year, whilst also suggesting that rates will remain higher for longer.
Fund Manager's Commentary on PRULink Cash Flow Fund
The US 10-year Treasury yield rallied, closing the month at the highest level since 2007, weighing on technology and growth stocks. On a
global basis, value stocks outperformed growth stocks. Asia and Emerging Markets (EM) benefited from a stronger performance from China,
supported by some improvement in macro data, whilst rising oil prices supported the energy sector and country beneficiaries.
US equities returned -4.8% in September, with the S&P 500 wrapping up its worst quarterly performance in a year after another surge in
Treasury yields. On the other hand, the US labor market has been strong despite the central bank’s aggressive tightening of monetary policy,
with an expected downtick in the unemployment rate to 3.7% in September compared to 3.8% in the prior month. European equities
delivered -4.0% in USD terms in September. The region’s manufacturing fragility was once again apparent as both the Eurozone and UK
factory activities continued to contract over the month. The UK economic performance since the start of the COVID-19 pandemic has been
much stronger than previously expected, as it witnesses faster growth compared to France and Germany.
bottom out and is showing signs of stabilisation. Its official manufacturing PMI rose from 49.7 in August to 50.2 in September.
garner support from coalition partners - and uncertainties around the strength of any recovery in China, with Thailand a key beneficiary. In
other markets, Australia returned -3.6% and Japanese equities returned -2.8% on a USD basis in September.
In the fixed income markets, US Treasury yields climbed to multi-year highs with the 2-year, 5-year and 10-year US Treasury yields
increased 18 bps, 35 bps and 46bps to end the month at 5.04%, 4.61% and 4.57% respectively. The US High Yield market (proxied by ICE
BofA US High Yield Constrained Index) returned -1.19%; the Asian credit market (proxied by JACI) posted a -0.96% return, driven primarily
by Investment Grade.
The global economy is in a difficult place. Investors are facing uncertainty on several fronts ranging from interest rates, macroeconomics,
climate and geopolitics. The rest of the year looks unlikely to be a smooth ride as most forecasters expect slower growth and a weaker job
market. Supply chain bottlenecks have improved and commodity prices stayed low for a period of time, and inflationary pressures have
eased. Central banks are still maintaining a tight monetary policy to cool inflation and return the pace of price growth to its long-term
objective while avoiding a recession. So far, for the most part GDP growth is still positive for most economies. In the US, the depth of a
potential recession appears to be mild as some parts of the economy such as services are growing and offsetting the weakness in
manufacturing.
However, weak growth, softer aggregate demand and disinflationary trends in the prices of goods could lead to less hawkish outcomes in
monetary policy. A rate pause or a potential cut in interest rates would be favourable.
Due to the lagged effects of high interest rates, market volatility could remain elevated in 2023. As such, global equities remain volatile
within this uncertain market environment. Though Asian valuations remain cheap relative to other regional markets, we remain cognisant of
the impact of the US Federal Reserve’s interest rate policy, along with tensions around US-China relations, labour shortages and commodity
and goods inflation, which are contributing drivers of global volatility. We will remain nimble, while diversifying and making further tactical
adjustments as market conditions continue to evolve through this uncertain period.
PRULink Asian Balanced Fund

Launch Date 09 October 2017 Fund Classification Diversified

Fund Size USD 1.99 million Manager Eastspring Investments
Financial Year End 31st December Benchmark 50% MSAP XJ+25% JACI+25%
Markit iBoxx ALBIxCT
ISIN Code
Fund Objective
The Fund aims to maximize total return in the medium- to long-term by primarily investing in equities/equity-related securities of companies,
which are incorporated, listed in, or have their area of primary activity in the Asia-Pacific region (excluding Japan) as well as fixed-
income/debt securities issued by Asian entities or their subsidiaries. The Fund is invested in three US dollar-denominated and Luxembourg-
domiciled Asian SICAV funds of Eastspring Investments, namely, Asia Pacific Equity Fund, Asian Local Bond Fund, and Asian Bond Fund.

Fund -1.71% 9.41% -1.05% 0.79% -1.50%
1.3
1.2
1.1
Fund Statistics
1.0 Highest NAVPU reached (18 Feb 21) 1.18836
Lowest NAVPU reached (24 Mar 20) 0.79397
0.9
Initial NAVPU (09 Oct 17) 1.00000
0.8
2-Oct-17 2-Oct-19 2-Oct-21 2-Oct-23
1 EASTSPRING INV ASIA PACIFIC EQUITY 49.74%

Equity Funds 49.74%
2 EASTSPRING INV ASIAN LOCAL BOND D 24.65%
Fixed Income Funds 49.09%
Cash & cash equivalents 1.17% 4 USD CASH 1.17%
steady, but signaled a further hike later in the year, whilst also suggesting that rates will remain higher for longer. The US 10-year Treasury
yield rallied, closing the month at the highest level since 2007, weighing on technology and growth stocks. On a global basis, value stocks
outperformed growth stocks. Asia and Emerging Markets (EM) benefited from a stronger performance from China, supported by some
improvement in macro data, whilst rising oil prices supported the energy sector and country beneficiaries.

Fund Manager's Commentary on PRULink Asian Balanced Fund
manufacturing.
PRULink Peso Cash Flow Fund
Hedged Share Class


Fund Size PHP 6.25 billion Fund Manager Eastspring Investments
Financial Year End 31st December Benchmark 50% JACI + 50% BofA ML US HY Con
ISIN Code
Fund Objective
The Fund seeks to provide investors with regular payout by investing in a diversified portfolio consisting primarily of high-yield bonds and
other fixed-income/debt securities denominated in US dollars, issued in the US market rated below BBB-, as well as fixed-income/debt
securities issued by Asian entities or their subsidiaries. The Fund may, in addition, at the Fund Manager's discretion, invest up to twenty
percent (20%) of its assets in dividend-yielding equities.

1.1
Fund -2.27% 2.04% -0.02875 -0.42% -2.80%
1.0
Fund Statistics
Highest NAVPU reached (15 Jun 21) 1.09093
0.9
0.8
2-Oct-18 2-Oct-19 2-Oct-20 2-Oct-21 2-Oct-22 2-Oct-23 *Payout is not guaranteed. The Fund aims to provide payouts with a target rate of 4% per annum or 1% per
quarter based on the number of units held at time of payout computation (the Target Payout Rate or Payout).
The fund returns are net of Annual Management Charge. Past performance is Fund Manager and shall be made out of either (a) income; or (b) net capital gains; or (c) capital of the Fund or
not necessarily indicative of the future or likely performance of the Fund. any combination of (a) and/or (b) and/or (c). There is no guarantee that any distribution will be made or that the
Asset Allocation
Top 5 Holdings
1 EASTSPRING INV US HIGH YIELD BOND D 47.61%
Fixed Income Funds
90.85% 2 EASTSPRING INV ASIAN BOND D USD 43.24%
Exchange Traded Bond 3 ISHARES HIGH YIELD CORP BOND UCITS ETF USD 5.75%
Funds 5.75%
4 USD CASH 1.95%
Cash & cash equivalents
1.95% 5 ISHARES S&P 500 1.45%
Financials 1.45%

Fund Manager's Commentary on PRULink Peso Cash Flow Fund Hedged Share Class
manufacturing.
PRULink Global Market Navigator Fund -
Peso Unhedged Share Class



Financial Year End 31st December Benchmark None
ISIN Code
Fund Objective
The Fund is a peso-denominated multi-asset fund that aims to give better return potential by investing in a diversified pool of global assets,
including equities, bonds, currencies, and cash.

Fund -3.60% 3.02% n.a. 3.66% 0.94%
1.2
1.1
Fund Statistics
1.0
Lowest NAVPU reached (24 Mar 20) 0.79212
0.9
0.8
2-Oct-18 2-Oct-19 2-Oct-20 2-Oct-21 2-Oct-22 2-Oct-23
Equity ETF 50.91% 1 ISHARES MSCI USA ESG SCREENED UCITS ETF USD ACC 16.86%
2 SPDR S&P 500 ESG SCREENED UCITS ETF USD ACC 16.75%
Exchange Traded Bond
Funds 35.63% 15.90%
3 ISHARES $ CORP BOND ESG UCITS ETF USD ACC
Equity Funds 5.29%
4 ISHARES MSCI EUROPE ESG SCREENED UCITS ETF EUR ACC 9.93%
Fixed Income 5.13%
5 ISHARES GLOBAL AGGREGATE BD ESG UCITS ETF USD ACC 7.87%
Financials 4.97% 6.68%
6 XTRACKERS II GLOBAL AGGREGATE BND SWAP UCITS ETF 1D
Equity 1.11% 7 ESI - GLOBAL MF EQ FUND CLASS D 5.29%
Other 0.02% 8 US 2YR NOTE DEC 23 4.10%
Cash & cash 9 ISHARES MSCI EM IMI ESG SCREENED UCITS ETF USD 3.27%
equivalents 0.00%
10 ISHARES MSCI JAPAN ESG SCREENED UCITS ETF USD ACC 3.17%


Fund Manager's Commentary on PRULink Global Market Navigator Fund -Peso Unhedged Share Class
The Fund’s absolute performance was negative overall for the month of September. The top tactical contributors included: US High Yield (vs.
US Investment Grade), US Industrials equities (vs. US), and Mexico equities (vs. EM). The top tactical detractors included: US Duration (30Y
vs. 2Y), Europe Duration (30Y vs. 2Y), and US Energy (vs. US).
manufacturing.
PRULink Money Market Fund
serve as individual investment advice. The manager of the Fund is Pru Life UK Investments.


NAVpu (PHP) 1.1658 Minimum Risk Rating 1 (Conservative)
Fund Size PHP 479.34 million Fund Manager Pru Life UK Investments*
Financial Year End 31st December Benchmark 91-day (3-month) PH Treasury Bill
ISIN Code
*Effective May 2022
Fund Objective
The Fund's primary objective is capital preservation.The Fund aims to provide investors a vehicle for short-term placement investing primarily
in government securities, deposits in local banks or branches of foreign banks operating in the Philippines, or financial institutions in any
foreign country that has at least an investment-grade credit rating from a reputable international credit rating agency. The Fund will have a
maximum portfolio duration of one (1) year.

1.2
Fund 0.38% 3.78% 0.02107 3.00% 1.05%
1.1
Fund Statistics
1.0
Highest NAVPU reached (02 Oct 23) 1.1658
Lowest NAVPU reached (07 Jun 13) 0.99991
0.9 Initial NAVPU (17 Feb 09) 1.00000
1 RPGB 6.25 02/14/26 7-62 7.91%

2 BSPBIL 0 10/17/23 7.87%
Treasury bills 98.47% 3 BSPBIL 0 10/24/23 7.86%
4 RPTB 0 01/31/24 7.77%
Money Market 1.50% 5 RPTB 0 04/10/24 7.69%
6 RPTB 0 06/26/24 7.61%
7 RPTB 0 11/29/23 7.52%
8 RPTB 0 06/11/24 6.71%
9 RPTB 0 05/29/24 4.89%
10 RPGB 6.25 09/07/26 0329 4.73%
not necessarily indicative of the future or likely performance of the Fund. BSPBIL - a 28-day bill issued by Bangko Sentral ng Pilipinas
RPTB - Republic of the Philippines Treasury Bills
Fund Manager's Commentary RPGB - Republic of the Philippines Government Bonds
Fund Manager's Commentary on PRULink Money Market Fund
PHP Bond Market Summary and Outlook
Local bond yields generally increased for September as investors anticipate upticks in the local consumer price index (CPI) print given the
rise in international oil prices. Adding to this was the Bangko Sentral ng Pilipinas (BSP)’s announcement that their average inflation
expectation will be adjusted upwards due to ongoing supply chain bottleneck, increasing crude prices, and the negative effects on production
of the El Niño weather. For September, the 1mo-1yr tenor sank by an average of 2 bps. The 1-5yr increased by 6 bps. The 5-10yr saw the
largest average increase at 12 bps. Some investors appeared to be buyers of the long ends hence the 20-25yr tenor bucket decreased by 13
bps.
The tone for the month began on a bad note as the latest inflation result showed that the headline CPI increased to 5.3% YoY in August 2023.
This was higher than July’s result 4.7%. This ended the six straight PH CPI increased by a faster rate of 5.3% in August from 4.7% in July.
Sharp increase in price of rice and fuel contributed greatly to the faster increase. Main contributors to the uptrend were the following: food
and non-alcoholic beverages, 8.1% (prev. 6.3%); Transportation, 0.2% (prev. -4.7%); Recreation, sport and culture, 4.9% (prev. 4.2%).
On the latest developments on monetary policy, the BSP has opted to keep the key rate unchanged at 6.25% on their last meeting held on
September 21. The main consideration of the pause is that the previous monetary policy hikes in the past has already started to be felt in the
economy as recent indicators of domestic economic activity pointed to waning pent-up demand. The BSP also further added that they are
ready to resume its tightening actions in the face of upside risks and potential second-round effects that could dislodge inflation expectations.
These upside risks being impact of further adjustments in transport fares, electricity rates, weather disturbances, rising global crude oil
prices, and the recent depreciation of the peso. The BSP has also revised their CPI target upward for 2023 to 5.8% from previously 5.6%,
while the forecast for 2024 is also adjusted upward to 3.5% from 3.3%.
On the government’s planned borrowing, the Bureau of Treasury (BTr) plans to borrow a total of PHP150 Bn in October. This was lower than
September’s PHP180 Bn. The government plans to borrow PHP60 Bn via T-Bills and PHP90 Bn via treasury bonds.
For our outlook, we continue to expect that the period of overly high inflation print is over. We may see some temporary upticks in the local
inflation scene but it will be not as bad as the previous year. Both the BSP and the Fed are still expected to implement one more rate hike
this year before a long pause. For our strategy, we will dial down our buying of long ends as we continue to observe indications of where the
local inflation print will go for the last remaining months of the year.
PRULink Equity Index
Tracker Fund
serve as individual investment advice. The manager of the Fund is Pru Life UK Investments.

Launch Date 24 August 2020 Fund Classification Diversified

Fund Size PHP 1.46 billion Fund Manager Pru Life UK Investments
Financial Year End 31st December Benchmark Philippine Stock Exchange Index (PSEi)
ISIN Code
Fund Objective
The Fund seeks to achieve investment returns that track the performance of the PSEi by investing in a diversified portfolio of stocks
comprising the PSEi in the same weights as the index.

1.3
Fund 2.20% 10.51% n.a. -2.93% 2.99%
1.2
1.1
Fund Statistics
1.0
Initial NAVPU (24 Aug 2020) 1.00000
0.9
2-Oct-19 2-Oct-20 2-Oct-21 2-Oct-22 2-Oct-23
Benchmark: 100% Philippine Stock Exchange Index

Holding Firms 31.72% 1 SM INVESTMENTS CORPORATION 13.9%

2 SM PRIME HOLDINGS INC 9.4%
Financials 20.48% 3 BDO UNIBANK INC 9.2%
4 BANK OF THE PHILIPPINE ISLANDS 7.8%
Property 15.28%
5 AYALA LAND INC 6.0%
Industrials 14.88% 6 INTERNATIONAL CONTAINER TERMINAL SERVICES INC 5.9%
7 AYALA CORP 5.4%
Services 13.46%
8 ABOITIZ EQUITY VENTURES INC 3.5%
Mining & Oil 0.98% 9 JG SUMMIT HOLDINGS INC 3.3%

10 METROPOLITAN BANK AND TRUST COMPANY 3.2%
Market Review
PSEi advanced 2.36% to 6,321.24 as it recovered after breaching the 6,000 support. Net foreign outflows grew to PhP 26.71Bn (USD 472Mn)
which brings year-to-date (YTD) net outflows to PhP 41.70Bn (USD 737Mn). AP was replaced by BLOOM effective September 26 and MPI was
replaced by CNPF effective September 27 in an off-cycle rebalancing of PSEi.

Fund Manager's Commentary on PRULink Equity Index Tracker Fund
AP was removed after its share buy-back which brought its public float below the minimum requirement while MPI decided to undergo
voluntary delisting and concluded its tender offer program.
Headline inflation accelerated to 5.3% in August from 4.7% in July, driven by higher prices for oil and key agricultural commodities. This
brings 8M23 average inflation to 6.6%. Core inflation decelerated to 6.1% from 6.7% in the previous month.
The BSP maintained its key policy rate at 6.25% for a fourth straight meeting but signaled it might resume tightening at its next meeting in
November if inflation pressures remain. The central bank raised its average inflation forecast to 5.8% from 5.6% for 2023 and to 3.5% from
3.3% for 2024.
Unemployment rate inched up to 4.8% in July from 4.5% in June, bringing 7M23 average unemployment to 4.6%. Cash remittances sent
through banks increased by 2.6% to USD 2.99Bn in July. 7M23 cash remittances rose by 2.9% to USD 18.79Bn.
Trade deficit shrank by 30% to USD 4.20Bn in July as exports and imports continued to decline. Exports dropped by 1.2% to USD 6.14Bn
while imports fell by 15.3% to USD 10.35Bn. 7M23 trade deficit narrowed to USD 32.18Bn from USD 35.84Bn a year ago.
Leaders for the month were MONDE (+25.42%), CNVRG (+23.55%) and SCC (+9.06%). Laggards were BLOOM (-8.68%), UBP (-6.52%) and
JFC (-3.21%).
Outlook and Strategy
Macro data has been disappointing and remains a key challenge with the sharp miss on 2Q23 GDP, uptick in inflation and weakening
employment data. We will be cautious on deploying funds given the macroeconomic headwinds. On the technicals, PSEi hit the 100-day EMA
resistance or around the 6,400 level while the support level is at 6,150.
PRULink Global Equity Navigator Fund -
Peso Unhedged Share Class
serve as individual investment advice. The manager of the Fund is Eastspring Investments (Singapore), Ltd.

Launch Date 08 November 2021 Fund Classification Diversified

Fund Size PHP 639.86 million Fund Manager Eastspring Investments
Financial Year End 31st December Benchmark None
ISIN Code
Fund Objective
The Fund seeks to provide a combination of income and capital growth over the medium term by primarily investing in various equity markets
around the world through exchange traded funds, direct equities, index futures, and derivatives. Structured as a feeder fund, the Fund invests
in Global Equity Navigator Fund Class D managed by Eastspring Investments. It may also invest in fixed-income securities and money market
instruments issued or guaranteed by the US government, its agencies, and instrumentalities.

1.1
Fund -3.97% 8.97% n.a. 5.98% -3.29%
1.0
0.9 Fund Statistics

Lowest NAVPU reached (17 Jun 22) 0.84085
0.8
2-Apr-22
2-Apr-23
2-Oct-21
2-Oct-22
2-Oct-23


Financials 37.12%
Futures 17.80% 1 JPMORGAN LIQUIDITY FUNDS - USD LIQUIDITY FUND 12.16%
Information Technology 11.28%
2 STOXX EUROPE 600 DEC 23 10.78%
Mutual Funds / Unit Investment Trust 9.06%
Health Care 7.03% 3 SPDR S&P 500 UCITS ETF 10.59%
Industrials 6.70% 4 S&P500 EMINI DEC 23 9.64%
Consumer Staples 4.59% 5 ESI - GLOBAL MF EQ FUND CLASS D 9.06%
Communication 4.51%
6 FORWARD EURO 4.66%
Materials 3.20%
Energy 3.03% 7 STOXX 600 UTIL DEC 23 3.24%
Utilities 1.80%
Real Estate 1.45% 8 GBP CASH 3.03%
Cash Securities 1.14% 9 E-MINI UTILITIES SELECT SECTOR DEC 2.74%
Exchange Traded Funds 0.35%
Other 0.01%
10 NASDAQ 100 E-MINI DEC 23 2.65%
Foreign exchange 0.01%
Fund Manager's Commentary on PRULink Global Equity Navigator Fund - Peso Unhedged Share Class
steady, but signaled a further hike later in the year, whilst also suggesting that rates will remain higher for longer. The US 10-year Treasury
yield rallied, closing the month at the highest level since 2007, weighing on technology and growth stocks. On a global basis, value stocks
outperformed growth stocks. Asia and Emerging Markets (EM) benefited from a stronger performance from China, supported by some
improvement in macro data, whilst rising oil prices supported the energy sector and country beneficiaries.
manufacturing.
PRULink Cash Flow Fund Plus
PhP Hedged Share Class
Fund Fact Sheet

Launch Date 13 December 2022 Fund Classification Diversified

Fund Currency Philippine Peso Annual Management Fee 1.95%
Financial Year End 31st December Benchmarks JP Morgan Asia Credit Index
MSCI World Index
Fund Objective ICE Bank of America US High Yield Constrained Index
The Fund invests in a diversified portfolio consisting primarily of high-yield bonds and other fixed-income/debt securities denominated in US
dollars, issued in the US market, and rated below BBB-, as well as fixed income/debt securities issued by Asian entities or their subsidiaries.
This Fund may invest up to 20% of its assets in global equities and other dividend-yielding assets. It seeks to provide investors with a non-
guaranteed payout* of up to 6% per year (or up to 1.5% per quarter) based on the number of units held at the time of payout computation.

1.1
Fund -3.46% n.a. n.a. -3.44% -4.33%
Fund Statistics
1.0
0.9 *Payout is not guaranteed. The Fund aims to provide payouts with a target rate of 6% per annum or 1.5% per
2-Oct-22 2-Dec-22 2-Feb-23 2-Apr-23 2-Jun-23 2-Aug-23 2-Oct-23 quarter based on the number of units held at time of payout computation (the Target Payout Rate or Payout).
Fund Manager and shall be made out of either (a) income; or (b) net capital gains; or (c) capital of the Fund or
any combination of (a) and/or (b) and/or (c). There is no guarantee that any distribution will be made or that the
Fixed Income Funds 74.10% 1 EASTSPRING INV US HIGH YIELD BOND D 41.57%
Exchange Traded Bond Funds
10.99% 3 ISHARES HIGH YIELD CORP BOND UCITS ETF USD 5.90%
Financials 7.54% 4 ISHARES $ TREASURY BD 20+YR UCITS ETF USD DIST 5.09%
5 USD CASH 3.75%
Cash & cash equivalents 6 ISHARES S&P 500 UTILITIES SECTOR UCITS ETF USD (ACC) 3.62%
3.75%
7 ISHARES CORE S&P 500 UCITS ETF 3.36%
Exchange Traded Equity Funds 2.14%
8 ISHARES NASDAQ 100 UCITS ETF
3.62%
9 XTRACKERS MSCI EUROPE UCITS ETF 2.04%
10 PHP CASH 0.00%
The Fund may also invest up to 20% in other bonds considered as safe-haven assets such as US Treasuries
(Continued on the next page) for downside protection and/or during risk-off market conditions. Furthermore, there is no minimum credit
rating requirements for the underlying bond assets of the Fund.
Fund Manager's Commentary on PRULink Cash Flow Fund Plus - PhP Hedged Share Class
Global equities declined in September, with sentiment remaining under pressure following a weak August. Developed markets broadly underperformed on a USD
basis, with the US the worst performing major region over the month. The US Federal Reserve (Fed) kept rates steady, but signaled a further hike later in the
year, whilst also suggesting that rates will remain higher for longer. The US 10-year Treasury yield rallied, closing the month at the highest level since 2007,
weighing on technology and growth stocks. On a global basis, value stocks outperformed growth stocks. Asia and Emerging Markets (EM) benefited from a
stronger performance from China, supported by some improvement in macro data, whilst rising oil prices supported the energy sector and country beneficiaries.
US equities returned -4.8% in September, with the S&P 500 wrapping up its worst quarterly performance in a year after another surge in Treasury yields. On the
other hand, the US labor market has been strong despite the central bank’s aggressive tightening of monetary policy, with an expected downtick in the
unemployment rate to 3.7% in September compared to 3.8% in the prior month. European equities delivered -4.0% in USD terms in September. The region’s
manufacturing fragility was once again apparent as both the Eurozone and UK factory activities continued to contract over the month. The UK economic
performance since the start of the COVID-19 pandemic has been much stronger than previously expected, as it witnesses faster growth compared to France and
Germany.
Asia Pacific ex Japan markets returned -3.0% in USD terms in September. Chinese equities returned -2.9% in USD terms over the month. China’s factory activity
expanded for the first time in six months in September, suggesting the world’s second-largest economy has begun to bottom out and is showing signs of
stabilisation. Its official manufacturing PMI rose from 49.7 in August to 50.2 in September.
ASEAN markets mildly underperformed the broader Asian region and EM during the month, and posted a negative absolute return on a USD basis. The
Philippines and Singapore outperformed, whilst Thailand was the weakest performer. Headline inflation in the Philippines moved higher to 5.3% year-on-year in
August after six consecutive months of easing, although the country’s central bank left rates on hold as it weighed up recent economic weakness with upside
risks to the inflation outlook. Thai equities declined on the combination of uncertainties surrounding the country’s coalition government - including the potential
inability to pass policy promises in parliament given the need to garner support from coalition partners - and uncertainties around the strength of any recovery in
China, with Thailand a key beneficiary. In other markets, Australia returned -3.6% and Japanese equities returned -2.8% on a USD basis in September.
In the fixed income markets, US Treasury yields climbed to multi-year highs with the 2-year, 5-year and 10-year US Treasury yields increased 18 bps, 35 bps
and 46bps to end the month at 5.04%, 4.61% and 4.57% respectively. The US High Yield market (proxied by ICE BofA US High Yield Constrained Index)
returned -1.19%; the Asian credit market (proxied by JACI) posted a -0.96% return, driven primarily by Investment Grade.
The global economy is in a difficult place. Investors are facing uncertainty on several fronts ranging from interest rates, macroeconomics, climate and geopolitics.
The rest of the year looks unlikely to be a smooth ride as most forecasters expect slower growth and a weaker job market. Supply chain bottlenecks have
improved and commodity prices stayed low for a period of time, and inflationary pressures have eased. Central banks are still maintaining a tight monetary policy
to cool inflation and return the pace of price growth to its long-term objective while avoiding a recession. So far, for the most part GDP growth is still positive for
most economies. In the US, the depth of a potential recession appears to be mild as some parts of the economy such as services are growing and offsetting the
weakness in manufacturing.
However, weak growth, softer aggregate demand and disinflationary trends in the prices of goods could lead to less hawkish outcomes in monetary policy. A rate
pause or a potential cut in interest rates would be favourable.
Due to the lagged effects of high interest rates, market volatility could remain elevated in 2023. As such, global equities remain volatile within this uncertain
market environment. Though Asian valuations remain cheap relative to other regional markets, we remain cognisant of the impact of the US Federal Reserve’s
interest rate policy, along with tensions around US-China relations, labour shortages and commodity and goods inflation, which are contributing drivers of global
volatility. We will remain nimble, while diversifying and making further tactical adjustments as market conditions continue to evolve through this uncertain period.

2023 SEP Fund Fact Sheet v1

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PRULink Bond Fund

Fund Fact Sheet September 2023

Key Information and Investment Disclosure

Launch Date 24 September 2002 Fund Classification Diversified

Performance Chart Annualized Performance

2.0 Fund Statistics

The fund returns are net of Annual Management Charge.

1 RPGB 6 ¾ 09/15/32 9yrs 9.16%

Asset Allocation 2 RPGB 4 ⅞ 03/04/27 3yr 5.34%

3 RPGB 4 ⅝ 06/02/27 4yr 4.49%

4 RPGB 8 07/19/31 8yrs 4.34%

Government bond 5 RPGB 6 ⅞ 01/10/29 5yr 4.25%

9 RPGB 3 ⅝ 04/22/28 5yr 3.49%

10 RPGB 8 ⅛ 12/16/35 12y 3.37%

Note: RPGB (Republic of the Philippines Government Bonds)

Fund Manager's Commentary

(Continued on the next page)

Key Information and Investment Disclosure

Launch Date 24 September 2002 Fund Classification Diversified

Performance Chart Annualized Performance

2.0 Fund Statistics

The fund returns are net of Annual Management Charge. Past

Asset Allocation Top 10 Holdings

1 PRULINK BOND FUND 78.73%

Fund Manager's Commentary

(Continued on the next page)

Key Information and Investment Disclosure

Launch Date 03 June 2003 Fund Classification Diversified

Performance Chart Annualized Performance

The fund returns are net of Annual Management Charge.

Asset Allocation Top 10 Holdings

1 PHILIPPINES (REPUBLIC OF) 9.5% 2-FEB-2030 10.38%

Fund Manager's Commentary

(Continued on the next page)

Key Information and Investment Disclosure

Launch Date 22 July 2005 Fund Classification Diversified

Performance Chart Annualized Performance

The fund returns are net of Annual Management Charge. Past

Asset Allocation Top 10 Holdings

1 PRULINK EQUITY FUND 80.78%

Equity funds 80.78% 2 PRULINK BOND FUND 18.90%

Cash & cash equivalents 0.32%

Fund Manager's Commentary

(Continued on next page)

Key Information and Investment Disclosure

Launch Date 23 October 2007 Fund Classification Diversified

Performance Chart Annualized Performance

The fund returns are net of Annual Management Charge. Past

Sector Allocation Top 10 Holdings

1 SM INVESTMENTS CORP 9.46%

10 METROPOLITAN BANK AND TRUST COMPANY 3.54%

Fund Manager's Commentary

(Continued on the next page)

Key Information and Investment Disclosure

Launch Date 17 February 2009 Fund Classification Diversified

Performance Chart Annualized Performance

1.5 Fund Statistics

The fund returns are net of Annual Management Charge. Past