PGIM Emerging Market Hard Currency Debt Fund
$
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The investment objective of the PGIM Emerging Market Hard Currency Debt Fund (the "Fund") is to seek to achieve a return through a combination of current income and capital appreciation while preserving invested capital. There is no assurance that such objective will be achieved. The Fund will be actively managed and will use the relative value approach through which it will seek to identify and capture market inefficiencies, such as mispriced securities relative to the Investment Manager’s expectation, within the emerging market fixed income and foreign exchange markets with an actively-managed approach. The benchmark of the Fund is the J.P. Morgan EMBI Global Diversified Index. Please see the Company's Fund Documents as described below for additional information.
Fund features
FUND CHARACTERISTICS
|
Fund
|
Benchmark
|
|
|---|---|---|
| Effective Duration (yrs) | 7.23 | 6.42 |
| Yield-to-Worst (%) | 7.58 | 6.44 |
| Spread (bps) | 256 | 213 |
| Average Coupon (%) | 4.89 | 5.10 |
| Average Quality (Moody's) | Ba2 | Ba1 |
| Number of Countries | 68 | 72 |
| Number of Issuers | 163 | 114 |
| Turnover Ratio (Latest 12-Months) | 30 | — |
Due to the characteristics of the fund, the NAV may be highly volatile.
fees
Swing pricing, as defined in the prospectus, may be applied on a subscription or redemption of shares to reflect the costs of dealing in the Fund's assets.
Symbols
share class features
Where an investor's own currency is different to the currency of the fund, the return on investment may be affected by fluctuations in the currency exchange rate. Also, the use of financial derivative instruments may result in increased gains or losses within the Fund.
Source: PGIM, Inc. Past performance is no guarantee of future results.
This is a marketing communication. Further information about the Fund (including the current Prospectus and Fund Supplement, net asset value per share of the Fund, and most recent financial statements) is available from the applicable distributor.
This Summary Fund Profile is a financial promotion and qualified in its entirety by reference to the more complete information contained in the Company’s Prospectus (the “Prospectus”), Supplement (the “Supplement”) and Key Investor Information Document (the “KIID”) or Key Information Document (the "KID"), depending on the jurisdition (collectively the “Fund Documents”). Capitalised terms used herein without definition have the respective meanings provided in the Prospectus, Supplement and KIID/KID, as applicable. Investors should review the Fund Documents and seek advice prior to making an investment.
RISKS
An investment in the Fund involves a high degree of risk, including the risk that the entire amount invested may be lost. The Fund is primarily designed to purchase certain investments, which will introduce significant risk to the Fund, including asset performance, price volatility, administrative risk and counterparty risk. No guarantee or representation is made that any Fund’s investment program will be successful, or that such Fund’s returns will exhibit low correlation with an investor’s traditional securities portfolio.
Any investment in the Fund will be deemed to be a speculative investment and is not intended as a complete investment program. Investment in the Fund is suitable only for persons who can bear the economic risk of the loss of their investment and who meet the conditions set forth in the Fund Documents. There can be no assurances that the Fund will achieve its investment objective. Prospective and existing Investors should carefully consider the risks involved in an investment in the Fund, including, but not limited to, those discussed in the Fund Documents. Prospective and existing Investors should consult their own legal, tax and financial advisors about the risks of an investment in the Fund. Any such risk could have a material adverse effect on the Fund and its Shareholders.
Please note the PGIM Emerging Market Hard Currency Debt Fund and PGIM Emerging Market Blend Debt Fund are not registered for public distribution in any European jurisdiction and are not available for European domiciled investors.
fund administration
| Investment Manager | PGIM, Inc. |
| Listing | Global Exchange Market of the Irish Stock Exchange plc |
| Depositary | State Street Custodial Services (Ireland) Limited |
| Administrator | State Street Fund Services (Ireland) Limited |
| Auditor | PwC |
| Reporting | Monthly statements |
| Annual audited financial statements |
fund structure
- Ireland based UCITS fund
- The Fund is a sub-fund of PGIM Funds plc (the “Company”)
- The Company is an investment company with variable capital incorporated in Ireland with registered number 530399
- The Company is established as an umbrella fund with segregated liability between sub-funds
- The Company is managed by PGIM Investments (Ireland) Limited (the “Manager”). The Company and the Manager are each authorised in Ireland and regulated by the Central Bank of Ireland.
MORNINGSTAR INFORMATION
Growth of $10,000
Past performance does not guarantee future results and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost.
Please refer to the Fund Documents for other important
information regarding the risks involved in an investment
in the Fund.
standard (%)
|
ANNUALISED
|
|||||||
|---|---|---|---|---|---|---|---|
|
Net Returns
|
1 Mo
|
3 Mo
|
YTD
|
1Yr
|
3Yr
|
5Yr
|
Since Inception (29 January 2018)
|
| Fund | 0.98 | 4.72 | 6.53 | 8.73 | 8.53 | 1.28 | 1.43 |
| Benchmark | 1.27 | 4.87 | 6.98 | 9.32 | 8.28 | 1.31 | 2.3 |
| Difference | -0.29 | -0.15 | -0.45 | -0.59 | 0.25 | -0.03 | -0.87 |
rolling 12 month (%)
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
|
|---|---|---|---|---|---|---|---|---|---|---|
| Fund | - | - | - | 10.22 | -0.65 | 5.75 | -21.18 | 7.30 | 9.59 | 8.73 |
| Benchmark | - | - | - | 10.98 | 2.97 | 4.11 | -19.28 | 6.37 | 9.18 | 9.32 |
| Difference | - | - | - | -0.76 | -3.62 | 1.64 | -1.90 | 0.93 | 0.41 | -0.59 |
CALENDAR YEAR (%)
(Year Ended 31 December)
|
2015
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
|---|
The monthly calculated performance scenarios are available upon request.
Source: PGIM, Inc. Past performance is no guarantee of future results. Net returns are calculated on a Net Asset Value (NAV) to NAV basis and reflect the deduction of ongoing fees, which include the management fee. Difference represents the difference between net returns and the benchmark and may reflect rounding differences. Benchmark is J.P. Morgan Corporate EMBI Broad Diversified Index (the "Benchmark").
This is a marketing communication. Further information about the Fund (including the current Prospectus and Fund Supplement, net asset value per share of the Fund, and most recent financial statements) is available from the applicable distributor.
The Benchmark tracks total returns for USD-denominated debt instruments issued by emerging market sovereign and quasisovereign entities: Brady bonds, loans, and Eurobonds. It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2024, J.P. Morgan Chase & Co. All rights reserved.
Fund performance is as of the last business day of the month as defined in the Fund Supplement, which may differ from the month end. If any current shareholders would like to receive intra-month summaries please request this through your registered financial intermediary.
- TABLE
- CHARTS
Sector Allocation (%)
|
Sector
|
Fund
|
|---|---|
| Emerging Markets Hard Currency | 94.7% |
| EM Hard Sovereign | 73.7% |
| EM Hard Quasi-Sovereign | 15.7% |
| EM Hard Corporates | 5.3% |
| U.S. Treasuries | 2.2% |
| Emerging Markets Local Currency | 0.9% |
| EM Local Sovereign | 0.9% |
| High Yield Corporates | 0.2% |
| Foreign HY | 0.2% |
| Foreign Government Related | 0.0% |
| USD | 0.0% |
| Cash/Equiv | 1.9% |
Credit Quality (%)2
|
Rating
|
Fund
|
Benchmark
|
|---|---|---|
| AAA | 0.0 | 0.0 |
| AA | 5.0 | 4.2 |
| A | 5.6 | 15.9 |
| BBB | 27.4 | 30.5 |
| BB | 32.0 | 24.9 |
| B | 16.2 | 15.4 |
| CCC & Below | 11.3 | 8.7 |
| Not Rated | 0.7 | 0.5 |
| Cash/Equiv | 1.9 | — |
TOP 10 CORPORATE INDUSTRIES (%)
|
Industry
|
Fund
|
Benchmark
|
|---|---|---|
| Banking | 1.1 | 0.0 |
| Telecom | 1.0 | 0.0 |
| Pipelines & Other | 0.8 | 0.0 |
| Electric | 0.6 | 0.0 |
| Chemicals | 0.4 | 0.0 |
| Energy - Other | 0.3 | 0.0 |
| Capital Goods | 0.2 | 0.0 |
| Gaming | 0.2 | 0.0 |
| Media & Entertainment | 0.2 | 0.0 |
| Cable | 0.2 | 0.0 |
TOP 10 COUNTRIES (%)
|
Country
|
Fund
|
Benchmark
|
|---|---|---|
| Mexico | 7.1 | 5.0 |
| Turkey | 4.4 | 4.3 |
| Romania | 4.4 | 2.8 |
| Dominican Republic | 4.0 | 2.8 |
| Colombia | 4.0 | 2.9 |
| South Africa | 3.8 | 2.6 |
| Brazil | 3.7 | 3.1 |
| United Arab Emirates | 3.3 | 4.3 |
| Argentina | 3.2 | 2.5 |
| Egypt | 3.2 | 2.6 |
INDUSTRY ALLOCATION (%)
|
Industry
|
Fund
|
Benchmark
|
|---|---|---|
| Non Credit | 89.4 | 100.0 |
| Industrial | 3.6 | 0.0 |
| Finance | 1.2 | 0.0 |
| Utility | 0.7 | 0.0 |
REGIONAL ALLOCATION (%)1
|
Region
|
Fund
|
Benchmark
|
|---|---|---|
| Latin America | 38.0 | 34.6 |
| Europe | 17.5 | 17.3 |
| Africa | 16.3 | 13.0 |
| Middle East | 13.9 | 18.6 |
| Asia | 10.1 | 16.4 |
| Dollar Bloc | 2.2 | 0.0 |
| Cash/Equiv | 1.9 | — |
CURRENCY ALLOCATION (%)
|
Currency
|
Share Class
|
Benchmark
|
|---|---|---|
| USD | 96.7 | 100.0 |
| EUR | 2.2 | 0.0 |
| Emerging Markets | 0.7 | 0.0 |
| Yen | 0.5 | 0.0 |
| Other Developed | 0.0 | 0.0 |
The monthly calculated performance scenarios are available upon request.
Source: PGIM, Inc. Totals may not equal 100% due to rounding. Portfolio holdings may not represent current, future investments or all of the portfolio’s holdings. Future portfolio holdings may not be profitable.
This is a marketing communication. Further information about the Fund (including the current Prospectus and Fund Supplement, net asset value per share of the Fund, and most recent financial statements) is available from the applicable distributor.
This Summary Fund Profile is a financial promotion and qualified in its entirety by reference to the more complete information contained in the Fund Documents. Capitalised terms used herein without definition have the respective meanings provided in the Fund Documents as applicable. Investors should review the Fund Documents and seek advice prior to making an investment.
2The Credit Quality allocation is based on the current ratings methodology of Bloomberg Global Family of Indices, which is as follows: If each of the Ratings Agencies (Moody’s, S&P, and Fitch) assigns ratings to an instrument, the methodology will attribute the middle rating to the instrument after dropping the highest and lowest ratings. If only two Ratings Agencies assign ratings, the methodology will attribute the more conservative (lower) rating of the two. If only one Ratings Agency assigns a rating, the methodology will attribute that rating.
1Dollar Bloc represents allocation to U.S., Australia, Canada, Bermuda, and Cayman Islands. Europe represents all European countries plus Russia, Kazakhstan, and Turkey.
ABOUT
PGIM Fixed Income, with $821 billion in assets under management (as of 31 Mar 2024)1, is a global asset manager offering active solutions across all fixed income markets. The company has offices in Newark, N.J., London, Tokyo, Amsterdam and Singapore. At PGIM Fixed Income we believe that research-driven security selection is the most consistent strategy for adding value to client portfolios. The firm complements that base strategy with active sector rotation, duration management, and superior trade execution. Risk budgeting is central to this approach.
Cathy Hepworth
Managing Director and Head of PGIM Fixed Income's Emerging Markets Debt Team
|PGIM Fixed Income
Cathy L. Hepworth, CFA, is a Managing Director and Head of PGIM Fixed Income's Emerging Markets Debt Team.
Mariusz Banasiak, CFA
Managing Director and Head of Local Currency Rates and FX for PGIM Fixed Income's Emerging Markets Debt Team
|PGIM Fixed Income
Mariusz Banasiak, CFA, is a Managing Director and Head of Local Currency Rates and FX for PGIM Fixed Income's Emerging Markets Debt Team.
Todd Petersen
Principal and Portfolio Manager for PGIM Fixed Income's Emerging Markets Debt Team
|PGIM Fixed Income
Todd Petersen is a Principal and portfolio manager for PGIM Fixed Income's Emerging Markets Debt Team.
Johnny Mak
Principal and Portfolio Manager for PGIM Fixed Income's Emerging Markets Debt Team
|PGIM Fixed Income
Johnny Mak is a Principal and portfolio manager for PGIM Fixed Income's Emerging Markets Debt team.
Aayush Sonthalia, CFA
Principal and portfolio manager for PGIM Fixed Income's Emerging Markets Debt Team
|PGIM Fixed Income
Aayush V. Sonthalia, CFA, is a Principal and portfolio manager for PGIM Fixed Income's Emerging Markets Debt Team.
Mark Thurgood, ACA
Principal and Portfolio Manager
|PGIM Fixed Income
|London
Mark Thurgood, ACA, is a Principal and Portfolio Manager for PGIM Fixed Income's Emerging Markets Debt Team.
Grand Buildings, 1-3 Strand, Trafalgar Square, London, United Kingdom
Source: PGIM, Inc. Past performance is no guarantee of future results.
This is a marketing communication. Further information about the Fund (including the current Prospectus and Fund Supplement, net asset value per share of the Fund, and most recent financial statements) is available from the applicable distributor.
This Summary Fund Profile is a financial promotion and qualified in its entirety by reference to the more complete information contained in the Fund Documents. Capitalised terms used herein without definition have the respective meanings provided in the Fund Documents as applicable. Investors should review the Fund Documents and seek advice prior to making an investment.
1Assets under management (AUM) are based on company estimates and are subject to change.
3313265 Ed. 01/2024
PGIM literature
Fund literature
| document name | Type |
|---|
There is no guarantee that this objective will be achieved. Portfolio characteristics subject to change. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.
