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PruFund range of funds

Expected Growth Rates and Unit Price Adjustments

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PruFund

PruFund Investment Funds aim to grow your money over the medium to long term (5 to 10 years or more), while protecting you from some of the short-term ups and downs of investment markets. The funds give you access to a wide range of assets while the established smoothing process helps reduce some of the short-term fluctuations associated with investment markets. This means that while you’ll  be protected from some of the short-term falls in investment markets, you won't fully benefit from any increases in investment markets over the short-term.

PruFund - how it works

Expected Growth Rates (EGR)

  • We set EGRs.
  • These are the annualised rates your investment will normally grow at.
  • They reflect our view of how each PruFund Investment Fund will perform over the long term (up to 15 years).
  • Each PruFund Investment Fund has its own EGR.
  • Your investment will normally grow daily by the relevant EGR.
  • EGRs are reviewed every three months to allow for any changes, which may mean a change in EGR on a quarterly basis, up or down.

PruFund’s EGR review dates

  • 25 February
  • 25 May
  • 25 August
  • 25 November

Where any of the above dates fall on a weekend or bank holiday, the quarter date will move out to the next working day. 

Unit Price Adjustments (UPA)

Where EGRs reflect our long-term view of the fund’s performance, UPAs allow us to take into account shorter-term performance.

On a daily basis, if the shorter-term performance differs too much from our current EGR, we’d have to amend the value of your fund up or down to ensure we're not returning too much or too little. We call these Unit Price Adjustments.

PruFund EGRs

The table below shows the current and historic EGR (gross of all product charges) and UPA information correct as at 25 February 2026 (unless otherwise indicated).

The PruFund Smoothed Price reflects the value of the fund; and each day the Smoothed Unit Price is increased by the relevant Expected Growth Rate (EGR). This is a yearly rate and it’s our estimate of how we think the fund will perform over the long term (10 years plus), but it’s not a guarantee of future performance.

There will be periods over the shorter term where the actual performance of the assets (such as Equities, Commercial Property, Bonds, and Cash) in the fund differ from the EGR being applied; when this happens your unit price will be adjusted to bring the smoothed value back in line with the value of the assets (we call these Unit Price Adjustments or UPAs). UPAs can either be up or down and are applied to make sure everyone invested in the fund gets their fair share.

So what is smoothing and how does it work?

The PruFund range of investment funds are invested in Prudential's With-Profits Fund. The PruFund Investment Funds have an established smoothing process which aims to provide you with some protection from the extreme short-term ups and downs of the markets.

Our established smoothing process has two elements:

  • Expected Growth Rates, which normally apply on a day-to-day basis.
  • Unit Price Adjustments, which will be applied when the process requires us to do so.

How do Expected Growth Rates affect my investment?

When you invest in one or more of the PruFund range of investment funds, your initial investment will purchase a number of units that you will hold in the fund or funds you choose to invest in. The initial price and number of units you purchase will depend on the unit price on the day you invest as well as the amount of money you invest with.

The Expected Growth Rates that are applied daily to the units that you hold within the fund or funds you choose will normally give you an indication of how your investment should increase over the quarter and are shown gross of all product charges including annual management charges.

Please note that they are not an indication of what you will get back over the long term as the value of your investment can go down as well as up and there is still the potential that you may not get back the amount you put in.

Can we reset the smoothed price?

We may decide to reset the smoothed price of a PruFund investment fund on a particular day, to protect the With-Profits Fund and those invested in it.

If we decide to reset, the smoothed price (also known as the unit price) of the affected fund would be adjusted to be the same value as the relevant unsmoothed price on that working day. That adjusted smoothed price would then continue to grow in line with the relevant Expected Growth Rate.

Suspension of smoothing

There may be occasions where we have to suspend the smoothing process for one or more PruFund investment funds for a period of consecutive days, to protect our With-Profits Fund and those invested in it. When this happens the smoothed price for the affected fund(s) is set to the unsmoothed price for each day until we reinstate the smoothing process.

Please read the Your With-Profits Plan - a guide to how we manage the Fund for further information on the PruFund range of funds.

If you have any questions we would recommend that you speak to your financial adviser.

If you don't already have an adviser, it takes just three minutes to book a no-obligation, initial chat with M&G Advice. It’s a great way to explore how we could help.

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