star star star star Morningstar Tooltip Icon
Overall Morningstar Rating TM

Overall Morningstar Rating™ out of 524 USD High Yield Bond, as of 30 June 2025.

star star star star

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: 01 August 2014. Ratings 3yr 3/524, 5yr 4/448, 10yr 4/243. See MORNINGSTAR INFORMATION at the bottom of this page.

Objective

The investment objective of the PGIM Emerging Market Corporate Bond Fund (the "Fund") (prior to 29 November 2024, the Fund was known as PGIM Emerging Market Corporate ESG Bond Fund) is to seek to achieve total return through a combination of current income and capital appreciation with prudent risk management. There is no assurance that the investment objective will be achieved. 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.

esg-oriented

Environmental, social and governance principles are applied during security selection, favouring positive impact while excluding securities which fail to meet requirements

actively managed

Seeks to outperform its benchmark through sector, security, and country selection, as well as active yield curve positioning

experienced & well-resourced

Credit research team staffed with 110+ experienced investment professionals

All data as of 08 August 2025 unless otherwise indicated.
Fund features
Investment Manager: PGIM, Inc.
Domicile: Ireland
Benchmark: J.P. Morgan Corporate EMBI Broad Diversified Index
Base Currency: USD
Dealing: Daily
Fund Net Assets (USD mm): 29.24
SFDR Classification: Article 8
FUND CHARACTERISTICS
AS OF 30/06/2025
Fund
Benchmark
Effective Duration (yrs) 4.15 4.02
Yield-to-Worst (%) 6.28 6.22
Spread (bps) 232 216
Average Coupon (%) 5.48 5.38
Average Quality (Moody's) Baa3 Baa2
Number of Countries 41 71
Number of Issuers 144 605
Turnover Ratio (Latest 12-Months) 48 —

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

fees
Entry Charge: None
Exit Charge: None
Management (%): 0.55
Ongoing Charges (%): 0.59
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: IE00BFLQZ401
SEDOL: BFLQZ40
WKN: A1422G
Bloomberg: PREMCUA 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.

*The Fund’s investment objective and investment policy changed on 29/11/2024 and performance data quoted reflects past performance which was achieved under circumstances that no longer apply.

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.

 

Disclosure link keyboard_arrow_right

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.

MORNINGSTAR INFORMATION

The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustments for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year(if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

©2025 Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this 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 (%)
AS OF 31 July 2025
ANNUALISED
NetReturns
1 Mo
3 Mo
YTD
1Yr
3Yr
5Yr
Since Inception (01 August 2014)
Fund 0.83 2.95 5.16 7.38 7.12 2.85 3.72
Benchmark 0.91 2.94 4.98 7.19 7.54 2.73 4.02
Difference -0.08 0.01 0.18 0.19 -0.42 0.12 -0.30
rolling 12 month (%)
AS OF 31 December 2024
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Fund 5.51 6.88 0.77 9.54 3.79 9.57 -14.57 4.91 9.11 7.38
Benchmark 7.01 5.97 0.51 9.61 5.21 6.44 -13.54 5.59 9.87 7.19
Difference -1.50 0.91 0.26 -0.07 -1.42 3.13 -1.03 -0.68 -0.76 0.19
CALENDAR YEAR (%)

(Year Ended 31 December)

2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Fund -0.72 9.57 10.33 -3.42 13.71 8.30 1.71 -12.26 6.33 7.68
Benchmark 1.30 9.65 7.96 -1.65 13.09 7.13 0.91 -12.26 9.08 7.63
Difference -2.02 -0.08 2.37 -1.77 0.62 1.17 0.80 0.00 -2.75 0.05

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 of the Fund is the J.P. Morgan Corporate EMBI Broad Diversified Index (the “Benchmark”). The Benchmark tracks total returns of U.S. dollar-denominated debt instruments issued by corporate entities in emerging market countries. The Investment Manager may change the benchmark of the Fund from time to time to any other index which the Investment Manager determines, in its sole discretion, is generally representative for the Fund, in which case this Supplement will be updated appropriately. Shareholders will be notified of any change in the benchmark of the Fund in the periodic reports of the Company following such change. Investors should note that the Fund does not intend to track the Benchmark.

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.

Disclosure link keyboard_arrow_right
All data as of 30 June 2025 unless otherwise indicated.
Sector Allocation (%)
Sector
Fund
Hard Currency 93.3%
Corporates 64.8%
Quasi-Sovereign 24.5%
Sovereign 4.0%
Total Emerging Markets Debt 99.6%
Credit Quality (%)
Rating
Fund
Benchmark
AAA 0.0 0.3
AA 4.0 6.3
A 11.3 20.5
BBB 32.7 31.7
BB 38.2 21.8
B 7.8 11.5
CCC & Below 1.4 3.5
Not Rated 4.1 4.4
Cash/Equiv 0.4 —
TOP 10 INDUSTRIES (%)
Industry
Fund
Benchmark
Non-US Govt Related 28.5 26.0
Banking 15.1 19.8
Metals 5.9 6.0
Electric & Water 5.4 5.3
Telecom 4.9 4.6
Other Financial Institutions 4.6 2.9
Energy - Midstream 3.8 1.4
Chemicals 3.1 2.0
Gaming & Lodging & Leisure 3.1 3.6
Retailers & Restaurants 2.8 1.2
TOP 10 COUNTRIES (%)
Country
Fund
Benchmark
India 6.7 3.9
United Arab Emirates 6.7 4.7
Brazil 6.4 4.2
Mexico 6.1 4.2
Peru 5.5 2.8
Korea (South), Republic of 5.0 4.4
Chile 4.3 3.6
Turkey 4.3 3.8
Colombia 4.2 3.1
Thailand 3.8 3.1
CURRENCY ALLOCATION (%)
Currency
Share Class
Benchmark
USD 99.7 100.0
EUR 0.2 0.0
Other Developed 0.1 0.0
Yen 0.0 0.0
Emerging Markets 0.0 0.0
TOP 10 CORPORATE HOLDINGS (%)
Holding
Fund
HDFC BK 1.1
MELCO RESORTS FIN 1.0
HPCL MITTAL ENERGY 0.9
AMERICA MOVIL SAB DE CV 0.8
STANDARD CHARTERED 0.8
FIRST QUANTUM MINERALS 0.8
LD CELULOSE INTL 0.8
MASHREQBANK PSC 0.7
SAAVI ENERGIA SRL 0.7
BANCO DE CREDITO DEL PERU 0.7
INDUSTRY ALLOCATION (%)
Industry
Fund
Benchmark
Industrial 40.3 42.3
Non Credit 28.5 26.0
Finance 22.5 26.1
Utility 5.4 5.5
REGIONAL ALLOCATION (%)
Region
Fund
Benchmark
Latin America 33.3 23.6
Asia 32.7 38.3
Middle East 15.2 17.6
Europe 10.6 10.5
Africa 4.3 6.1
Dollar Bloc 3.5 2.9
Supranational 0.0 1.0
Cash/Equiv 0.4 —
PGIM ESG IMPACT RATINGS DISTRIBUTION (%)
Score
Fund
Benchmark
Average PGIM ESG Impact Rating 46.2 41.4
85-100 (Net Positive) 1.2 0.0
65-80 (Advanced) 11.3 6.9
40-60 (Balanced) 61.0 44.1
20-35 (Lagging/Mixed) 22.2 27.1
0-15 (Net Negative) 4.0 7.6
Not Rated 0.3 14.1
MSCI ESG RISK RATINGS* (%)
Rating
Fund
Benchmark
AAA 2.7 5.4
AA 14.3 14.4
A 23.7 21.1
BBB 12.9 16.1
BB 15.5 13.5
B 4.7 6.6
CCC 1.4 2.4
Not Rated 24.8 20.4
MSCI CARBON METRICS (%)
Fund*
Benchmark
Corporates — —
Weighted Average Carbon Intensity** 402.8 481.0
(%) of Corporates 93.1 99.7
(%) of Corporates Coverage 76.3 82.7
Sovereigns — —
GHG emissions per capita (tons of CO2 eq) 15.0 0.0
(%) of Sovereigns 6.9 0.3
(%) of Sovereigns Coverage 100.0 0.0

The ESG Impact Ratings, as determined by the Investment Manager, for the holdings of the Fund 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.

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.

Disclosure link keyboard_arrow_right

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
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.

View Bio keyboard_arrow_right
Aayush Sonthalia, CFA
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.

View Bio keyboard_arrow_right
Mark Thurgood, ACA
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

View Bio keyboard_arrow_right
Todd Petersen
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.

View Bio keyboard_arrow_right

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.

Ed. 11/2024     4063030

PGIM literature

Fund literature
Displaying - of
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.