Objective

The investment objective of the PGIM Global Corporate Bond Fund (the "Fund") is to outperform the Bloomberg Global Aggregate Corporate Index on a total return basis. There is no guarantee that this objective will be met. The Fund will primarily invest in fixed income securities listed or traded on Recognised Markets (as set out in Appendix B of the Prospectus) globally which are rated investment grade, or, if not rated, determined by the Investment Manager to be of comparable quality to securities so rated. The Fund’s below investment grade holdings may not exceed 10% of its net asset value. In addition, no more than 5% of the net asset value of the Fund may be invested in securities that are not rated by a rating agency. The Fund incorporates environmental, social and governance (“ESG”) factors into its investment process and promotes certain sustainability characteristics. PGIM Fixed Income has determined that the Fund qualifies as a Light Green Fund, which is a fund that seeks to comply with the principles of Article 8 of the SFDR. Please see the Company’s Fund Documents as defined below for additional information.

actively managed

Seeks to drive alpha through methodical bottom-up research and subsector selection combined with country exposure based on macro perspective

deep experience & resources

With 50+ experienced professionals focused on investment grade corporate, few can match the experience, scale and resources of PGIM Fixed Income

A HERITAGE OF MANAGING RISK

PGIM Fixed Income has been managing risk since 1875 with equal emphasis on risk, portfolio management and credit research

All data as of 08 August 2025 unless otherwise indicated.
Fund features
Investment Manager: PGIM, Inc.
Domicile: Ireland
Benchmark: Bloomberg Global Aggregate Corporate Index (USD Hedged)
Base Currency: USD
Dealing: Daily
Fund Net Assets (USD mm): 1397.90
SFDR Classification: Article 8
FUND CHARACTERISTICS
AS OF 30/06/2025
Fund
Benchmark
Effective Duration (yrs) 5.77 5.79
Yield-to-Worst (%) 5.30 5.16
Spread (bps) 101 87
Average Coupon (%) 4.44 3.95
Average Quality (Moody's) Baa1 A3
Number of Countries 23 66
Number of Issuers 367 2,083.00
Turnover Ratio (Latest 12-Months) 73

Due to the characteristics of the fund, the NAV may be highly volatile.

fees
Entry Charge: None
Exit Charge: None
Management (%): 0.30
Ongoing Charges (%): 0.35
Switching Fee: None

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
ISIN: IE00BFLQZJ56
SEDOL: BFLQZJ5
WKN: A1422N
Bloomberg: PRGCBUA ID
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.

 

fund administration

Investment Manager                  PGIM, Inc.
ListingGlobal Exchange Market of the Irish Stock Exchange plc
DepositaryState Street Custodial Services (Ireland) Limited
AdministratorState Street Fund Services (Ireland) Limited
AuditorPwC
ReportingMonthly 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.

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 (%)
AS OF 31 July 2025
ANNUALISED
NetReturns
1 Mo
3 Mo
YTD
1Yr
3Yr
5Yr
Since Inception (19 May 2017)
Fund 0.54 2.17 4.23 5.48 4.21 0.41 2.79
Benchmark 0.29 1.91 4.09 5.32 3.98 0.46 2.71
Difference 0.25 0.26 0.14 0.16 0.23 -0.05 0.08
rolling 12 month (%)
AS OF 31 July 2025
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Fund - - 0.14 10.06 10.31 2.73 -12.20 -0.92 8.29 5.48
Benchmark - - 0.48 9.90 8.96 2.34 -11.09 -0.89 7.71 5.32
Difference - - -0.34 0.16 1.35 0.39 -1.11 -0.03 0.58 0.16
CALENDAR YEAR (%)

(Year Ended 31 December)

2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Fund - - - -2.11 13.44 9.62 -0.73 -15.53 9.77 4.14
Benchmark - - - -1.00 12.51 8.26 -0.79 -14.11 9.10 3.69
Difference - - - -1.11 0.93 1.36 0.06 -1.42 0.67 0.45

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 Bloomberg Global Aggregate Corporate Index (USD Hedged) (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.

Bloomberg Global Aggregate Corporate Index currently includes investment grade fixed income issues with a minimum remaining time to maturity of one year. The Benchmark provides a broad-based measure of the global investment grade corporate fixed-rate debt market. It is comprised of the corporate issues from three major components: the US Dollar issues, the Pan-European issues, and the Asian-Pacific issues. In addition to securities from these three regions, the Benchmark includes Eurodollar, Euro-Yen, Canadian and investment grade rule 144A index-eligible corporate securities. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg does not approve or endorse this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

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.

All data as of 30 June 2025 unless otherwise indicated.
Sector Allocation (%)
Sector
Fund
IG Corporates 91.8%
Non-US Govt Related 3.5%
Municipals 1.3%
Emerging Markets 0.9%
ABS 0.5%
US Government 0.3%
High Yield 0.3%
CMBS 0.2%
Swaps 0.1%
Cash/Equiv 1.0%
Credit Quality (%)
Rating
Fund
Benchmark
AAA 1.3 0.7
AA 3.6 7.9
A 36.0 43.7
BBB 57.4 46.9
BB 0.5 0.0
Not Rated 0.1 0.8
Cash/Equiv 1.0
TOP 10 INDUSTRIES (%)
Industry
Fund
Benchmark
Banking 31.3 26.4
Electric & Water 6.3 7.8
Automotive 6.0 4.1
REIT 5.3 2.7
Energy - Upstream 5.2 2.9
Technology 5.0 6.5
Energy - Midstream 3.9 2.8
Life Insurance 3.6 3.5
Non-US Govt Related 3.6 0.0
Healthcare & Pharm. 3.5 6.7
TOP 10 COUNTRIES (%)
Country
Fund
Benchmark
United States 56.0 56.8
United Kingdom 7.8 7.1
France 7.8 6.5
Germany 3.8 4.6
Canada 2.8 5.0
Netherlands 2.7 1.9
Spain 2.6 2.0
Italy 2.5 1.9
Belgium 2.5 0.9
Japan 2.0 2.5
CURRENCY ALLOCATION (%)
Currency
Share Class
Benchmark
USD 99.8 100.0
Other Developed 0.2 0.0
EUR 0.0 0.0
Emerging Markets 0.0 0.0
Yen 0.0 0.0
TOP 10 CORPORATE HOLDINGS (%)
Holding
Fund
UBS 0.7
CITIGROUP 0.6
JPMORGAN CHASE 0.6
GOLDMAN SACHS 0.5
BP CAP MKTS 0.5
TOTALENERGIES CAP INTL SA 0.5
GENERAL MOTORS FIN 0.5
COVENTRY BLDG SOCIETY 0.5
BARCLAYS PLC 0.4
BANCO SANTANDER 0.4
INDUSTRY ALLOCATION (%)
Industry
Fund
Benchmark
Finance 45.6 39.3
Industrial 39.1 50.9
Utility 8.3 9.2
Non Credit 3.6 0.0
REGIONAL ALLOCATION (%)
Region
Fund
Benchmark
Dollar Bloc 60.7 64.3
Europe 35.4 30.0
Asia 2.2 4.3
Latin America 0.7 0.9
Middle East 0.0 0.5
Africa 0.0 0.1
Cash/Equiv 1.0
PGIM ESG IMPACT RATINGS DISTRIBUTION (%)
Score
Fund
Benchmark
Average PGIM ESG Impact Rating 56.4 54.1
85-100 (Net Positive) 2.6 0.7
65-80 (Advanced) 29.8 25.1
40-60 (Balanced) 61.6 59.5
20-35 (Lagging/Mixed) 6.1 7.7
0-15 (Net Negative) 0.0 2.0
Not Rated 0.0 5.1
MSCI ESG RISK RATINGS* (%)
Rating
Fund
Benchmark
AAA 5.3 9.4
AA 36.5 33.2
A 24.8 27.2
BBB 10.9 13.8
BB 4.6 6.5
B 2.8 1.7
CCC 0.9 0.5
Not Rated 14.2 7.6
MSCI CARBON METRICS (%)
Fund*
Benchmark
Corporates
Weighted Average Carbon Intensity** 154.6 198.8
(%) of Corporates 98.3 100.0
(%) of Corporates Coverage 91.9 94.1
Sovereigns
GHG emissions per capita (tons of CO2 eq) 17.6 0.0
(%) of Sovereigns 1.0 0.0
(%) of Sovereigns Coverage 31.2 0.0

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.

1Dollar Bloc represents allocation to U.S., Australia, Canada, Bermuda, and Cayman Islands. Europe represents all European countries plus Russia, Kazakhstan, and Turkey.

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.

3MSCI Carbon Metrics is a measure of a fund's exposure to carbon related potential market and regulatory risks and is computed as the sum product of the funds companies' carbon intensities and weights. Weighted Average Carbon Intensity provided by MSCI ESG Research.

*Excludes cash and derivatives. MSCI ESG Ratings provided by MSCI ESG Research.

**Represents issuer's greenhouse gas emissions / sales (tCO2e / $M sales)

4ESG scores exclude cash and derivatives. Benchmark statistics and ESG scores based on PGIM analytics and may differ from published statistics by official benchmark vendors. PGIM Fixed Income maintains a proprietary ESG ratings framework, where issuers or issues across all fixed income sectors are given an ESG rating in addition to a fundamental credit rating. More than 100 analysts seek to assign ESG ratings based on a 100-point scale in five-point increments, with zero as the lowest and 100 as the highest. In certain instances, it may not be possible or practical to obtain or analyse the information needed to assess and rate each investment and where this is the case our analysts may either make reasonable assumptions in order to rate the particular investments based on, for example, information relating to the particular industry of an underlying issuer or identify the investment as unrated. Does not constitute a recommendation regarding the merits of any investments or investment advice and should not be used as the basis for any investment decision. ESG Ratings are subject to change without notice.

©2025 MSCI ESG Research LLC. Reproduced by permission; no further redistribution permitted. Although PGIM's information providers, including without limitation MSCI ESG Research LLC and its affiliates (the “ESG Parties”) obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness, of any data herein and expressly disclaim all express or implied warranties, including those of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein, or any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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.

Edward Farley
Edward Farley

Head of European Investment Grade Corporate Bonds and Senior Portfolio Manager, Global Corporate Strategy

|

PGIM Fixed Income

|

London

Edward Farley is a Managing Director and Head of the European Investment Grade Corporate Bond Team at PGIM Fixed Income, based in London.

Grand Buildings, 1-3 Strand, Trafalgar Square, London, United Kingdom

Robert White
Robert White

Principal and Portfolio Manager

|

PGIM Fixed Income

|

London

Robert White is a Principal and Portfolio Manager on the European Investment Grade Corporate Bond Team at PGIM Fixed Income.

Grand Buildings, 1-3 Strand, Trafalgar Square, London, United Kingdom

Ashley Wieseltier, CFA
Ashley Wieseltier, CFA

Vice President and Portfolio Manager

|

PGIM Fixed Income

|

Newark

Ashley Wieseltier, CFA, is a Vice President and Portfolio Manager for PGIM Fixed Income’s U.S. Investment Grade Corporate Bond Team. 

Prudential Tower, 655 Broad Street, Newark, New Jersey, United States

Christopher Alquiza, CFA
Christopher Alquiza, CFA

U.S. Investment Grade Corporate Bond Portfolio Manager

|

Newark

Christopher Alquiza, CFA's Biography

Prudential Tower, 655 Broad Street, Newark, NJ, United States

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.

3313268  Ed. 01/2024

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