PRUDENTIAL PLC

The portfolio demonstrates a hybrid investment strategy, blending heavy allocation toward passive fixed-income ETFs with concentrated bets on specific technology equities. The firm employs a "core-satellite" approach, utilizing ETFs for broad market exposure and liquidity while maintaining individual stock positions to generate alpha. Despite the high number of holdings, the portfolio is relatively concentrated in its top assets, with the top 10 positions accounting for approximately 49% of the total portfolio value.

2. Key Holdings

The portfolio is dominated by fixed-income exchange-traded funds, which occupy the top four positions:

• USHY (iShares $ High Yield Corp Bd): The largest holding at $2.45 billion (17.99% of the portfolio), though this position was reduced by 14.0% during the quarter.
• VCSH (Vanguard Short-Term Corp Bd): Holding $993.17 million (7.30%), this suggests a preference for short-duration credit quality.
• VCIT (Vanguard Intermediate-Term Corp Bd): Valued at $870.97 million (6.40%), providing exposure to intermediate-term corporate debt.
• IGIB (iShares $ Invst Grade Cp Bd): At $500.09 million, this adds investment-grade credit exposure.