Overall Morningstar Rating™ out of 1207 USD High Yield Bond, as of 30 June 2025.
Morningstar measures risk-adjusted returns. The overall rating is a weighted average based on the Fund's 3-, 5-, and 10-year star rating. Source: Morningstar. Inception: 12 January 2018. Ratings 3yr 5/1207, 5yr 5/940, 10yr N/A. See MORNINGSTAR INFORMATION at the bottom of this page.
The investment objective of the PGIM Multi-Sector Credit Fund (the "Fund") (prior to 01 August 2024, the Fund was known as PGIM Multi Asset Credit Fund) is to seek to outperform Bloomberg Multiverse 1-5yrs Ex Treasury A+ to B- USD GBP EUR Index (USD Hedged)^ (the "Benchmark") over a full market cycle on a total return basis. The Fund is actively managed and seeks to add value through a flexible investment strategy, investing in a variety of securities and instruments and using a variety of investment techniques which may include managing duration, credit quality, yield curve positioning, and currency exposure, as well as sector and security selection. There is no assurance that the investment objective will be achieved. The Fund’s investments may include debt, asset-backed securities, mortgage backed securities, Rule 144A securities, Reg S securities, certain loan instruments, trust preferred securities, preferred stock, and private placement securities. The Fund may also use derivatives (to a significant extent) for investment, risk management or hedging purposes. 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.
Fund
|
Benchmark
|
|
---|---|---|
Effective Duration (yrs) | 2.61 | 2.65 |
Yield-to-Worst (%) | 6.50 | 5.10 |
Spread (bps) | 178 | 108 |
Average Coupon (%) | 5.05 | 4.05 |
Average Quality (Moody's) | Baa1 | Baa1 |
Number of Countries | 52 | 101 |
Number of Issuers | 442 | 2,769.00 |
Turnover Ratio (Latest 12-Months) | 77 | — |
Due to the characteristics of the fund, the NAV may be highly volatile.
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.
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.
^The Fund’s Benchmark changed on 1 August 2024. The past performance data shown in the chart for annual periods prior to that date relates to the Fund’s performance against the previous Benchmark, ICE BofA US 3-Month Treasury Bill Index.
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.
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.
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 |
PGIM Multi-Sector Credit Fund (previously known as PGIM Multi Asset Credit Fund) received the award on 20/06/2024 based on data as of 31/01/2024.
Please refer to the Fund Documents for other important
information regarding the risks involved in an investment
in the Fund.
ANNUALISED
|
|||||||
---|---|---|---|---|---|---|---|
Net Returns
|
1 Mo
|
3 Mo
|
YTD
|
1Yr
|
3Yr
|
5Yr
|
Since Inception (12 January 2018)
|
Fund | 0.92 | 1.82 | 3.29 | 5.63 | 6.46 | 3.90 | 2.35 |
Benchmark 1 | 0.72 | 1.53 | 2.78 | 5.88 | 4.02 | 1.24 | 1.20 |
Difference | 0.20 | 0.29 | 0.51 | -0.25 | 2.44 | 2.66 | 1.15 |
Benchmark 2 | 0.13 | 0.47 | 1.07 | 2.81 | 2.52 | 1.17 | 0.56 |
Difference | 0.79 | 1.35 | 2.22 | 2.82 | 3.94 | 2.73 | 1.79 |
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
|
---|---|---|---|---|---|---|---|---|---|---|
Fund | - | - | - | 2.27 | -3.23 | 9.14 | -8.06 | 5.25 | 8.52 | 5.63 |
Benchmark 1 | - | - | - | 3.24 | 0.83 | 3.53 | -8.71 | 0.52 | 5.75 | 5.88 |
Difference | - | - | - | -0.97 | -4.06 | 5.61 | 0.65 | 4.73 | 2.77 | -0.25 |
Benchmark 2 | - | - | - | -0.73 | -0.61 | -0.75 | -0.91 | 1.05 | 3.71 | 2.81 |
Difference | - | - | - | 3.00 | -2.62 | 9.89 | -7.15 | 4.20 | 4.81 | 2.82 |
Year Ended 31 December
2015
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
|
---|---|---|---|---|---|---|---|---|---|---|
Fund | - | - | - | - | 6.41 | 1.11 | 1.95 | -5.64 | 6.68 | 6.49 |
Benchmark 1 | - | - | - | - | 4.26 | 3.25 | -0.37 | -8.64 | 5.69 | 4.38 |
Difference | - | - | - | - | 2.14 | -2.14 | 2.33 | 3.00 | 0.99 | 2.11 |
Benchmark 2 | - | - | - | - | -0.71 | -0.58 | -0.79 | -0.53 | 2.93 | 3.62 |
Difference | - | - | - | - | 7.12 | 1.69 | 2.74 | -5.11 | 3.75 | 2.87 |
The monthly calculated performance scenarios are available upon request.
1The benchmark for the Fund changed from ICE BofA US 3-Month Treasury Bill Index ("Benchmark 2") to Bloomberg Multiverse 1-5yrs Ex Treasury A+ to B- USD GBP EUR Index (USD Hedged) ("Benchmark 1") on 1 August 2024. The performance of the share class is shown against ICE BofA US 3-Month Treasury Bill Index for comparison purposes only. Difference is calculated based on the ICE BofA US 3-Month Treasury Bill Index ("Benchmark 2").
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 Multiverse 1-5yrs Ex Treasury A+ to B- USD GBP EUR 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.
The Benchmark tracks the performance of a single US 3-month Treasury Bill issue purchased at the beginning of the month and held for a full month. The issue selected by the Benchmark at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. SOURCE ICE DATA INDICES, LLC (“ICE DATA”), IS USED WITH PERMISSION. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND PGIM INVESTMENTS, OR ANY OF ITS PRODUCTS OR SERVICES.
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.
Sector
|
Fund
|
---|---|
IG Corporates | 29.7% |
High Yield | 20.7% |
ABS | 12.5% |
Emerging Markets | 11.1% |
Mortgages | 10.0% |
US Government | 7.4% |
CMBS | 3.7% |
Non-Agency MBS | 3.7% |
Non-US Govt Related | 2.9% |
Swaps | 1.4% |
Municipals | 0.5% |
Bank Loan | 0.4% |
Non US Government | 0.4% |
Cash/Equiv | -4.4% |
Rating
|
Fund
|
---|---|
AAA | 5.9 |
AA | 27.9 |
A | 15.5 |
BBB | 21.9 |
BB | 14.8 |
B | 13.3 |
CCC & Below | 2.2 |
Not Rated | 2.9 |
Cash/Equiv | -4.4 |
Industry
|
Fund
|
---|---|
Banking | 14.5 |
Telecom | 3.4 |
Automotive | 3.1 |
Building Mat. & Const. | 2.4 |
REITS | 2.4 |
Technology | 2.3 |
Non Captive Finance | 2.2 |
Insurance | 2.2 |
Retailers | 2.1 |
Foods | 2.0 |
Country
|
Fund
|
---|---|
United States | 57.9 |
European Union | 12.4 |
United Kingdom | 6.9 |
France | 4.2 |
Germany | 2.5 |
Canada | 1.6 |
Hungary | 1.4 |
Supranational | 1.4 |
Netherlands | 1.3 |
Spain | 1.0 |
Industry
|
Fund
|
---|---|
Industrial | 29.8 |
Finance | 22.1 |
Non Credit | 11.2 |
Utility | 1.2 |
Region
|
Fund
|
---|---|
Dollar Bloc | 59.8 |
Europe | 35.5 |
Latin America | 4.3 |
Africa | 2.2 |
Supranational | 1.4 |
Asia | 1.0 |
Middle East | 0.2 |
Cash/Equiv | -4.4 |
Currency
|
Share Class
|
---|---|
USD | 99.4 |
EUR | 0.3 |
Yen | 0.3 |
Other Developed | 0.1 |
Emerging Markets | 0.0 |
Fund*
|
Benchmark
|
|
---|---|---|
Corporates | — | — |
Weighted Average Carbon Intensity** | 103.9 | 169.2 |
(%) of Corporates | 57.2 | 93.7 |
(%) of Corporates Coverage | 79.0 | 90.6 |
Sovereigns | — | — |
GHG emissions per capita (tons of CO2 eq) | 11.8 | 10.2 |
(%) of Sovereigns | 13.8 | 6.0 |
(%) of Sovereigns Coverage | 98.0 | 78.8 |
Score
|
Fund
|
Benchmark
|
---|---|---|
Average PGIM ESG Impact Rating | 55.0 | 52.7 |
85-100 (Net Positive) | 2.0 | 0.4 |
65-80 (Advanced) | 22.5 | 23.5 |
40-60 (Balanced) | 68.0 | 56.5 |
20-35 (Lagging/Mixed) | 7.2 | 11.2 |
0-15 (Net Negative) | 0.0 | 1.8 |
Not Rated | 0.2 | 6.6 |
Rating
|
Fund
|
Benchmark
|
---|---|---|
AAA | 2.8 | 8.5 |
AA | 14.6 | 29.4 |
A | 19.0 | 22.8 |
BBB | 9.0 | 13.7 |
BB | 9.2 | 9.0 |
B | 2.8 | 2.9 |
CCC | 1.3 | 1.6 |
Not Rated | 41.4 | 12.2 |
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.
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.
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.
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.
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.
Managing Director and Co-Chief Investment Officer of PGIM Fixed Income
|PGIM Fixed Income
Gregory Peters is a Managing Director and Co-Chief Investment Officer of PGIM Fixed Income.
Managing Director and Co-head on PGIM Fixed Income's Multi-Sector Team
|PGIM Fixed Income
Richard Piccirillo is a Managing Director and one of the co-heads on the Multi-Sector Team at PGIM Fixed Income.
Principal and Portfolio Manager on the Multi-Sector Team at PGIM Fixed Income
|PGIM Fixed Income
Matthew Angelucci, CFA, is a Principal and portfolio manager on the Multi-Sector Team at PGIM Fixed Income.
Principal and Portfolio Manager for PGIM Fixed Income's Multi-Sector Team
|PGIM Fixed Income
Tyler Thorn is a Principal and a portfolio manager on the Multi-Sector Team at PGIM Fixed Income.
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.
4005569 Ed. 11/2024
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.