Objective

The investment objective of the PGIM Emerging Market Local Currency Debt Fund (the "Fund") is to achieve a return through a combination of current income and capital appreciation while preserving invested capital. There is no guarantee that this objective will be achieved. The Fund will seek to achieve its objective by investing in a diversified portfolio consisting primarily of locally denominated emerging market sovereign and corporate bonds, currencies and, to a lesser extent hard currency (ex. U.S. Dollar, Euro and Yen) emerging market securities. Fund investments will be subject to VAG investment restrictions, which require securities to be rated at least B- (Standard & Poor’s and Fitch) or B3 (Moody’s) or the equivalent by another rating agency or, if unrated, as determined by the Investment Manager to be of comparable quality. The benchmark of the Fund is the J.P. Morgan GBI-EM Global Diversified Index. 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.

disciplined approach

Focus on income and capital appreciation, with a rigorous review of each country’s political, policy, structural, liquidity, fiscal, and ESG risks

research-driven

Employs a research-based approach to security selection to seek the most attractive investment opportunities

experienced team

An emerging markets debt team that has leveraged resources across the firm to deliver exposure without overreaching on risk since 1995

All data as of 08 August 2025 unless otherwise indicated.
Fund features
Investment Manager: PGIM, Inc.
Domicile: Ireland
Benchmark: J.P. Morgan GBI-EM Global Diversified Index (USD)
Base Currency: USD
Dealing: Daily
Fund Net Assets (USD mm): 142.59
SFDR Classification: Article 8
FUND CHARACTERISTICS
AS OF 30/06/2025
Fund
Benchmark
Effective Duration (yrs) 6.45 5.32
Yield-to-Worst (%) 9.38 6.49
Spread (bps) 22 8
Average Coupon (%) 5.67 5.60
Average Quality (Moody's) Baa2 Baa1
Number of Countries 30 20
Number of Issuers 64 19
Turnover Ratio (Latest 12-Months) 36

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: IE00BFLQZB70
SEDOL: BFLQZB7
WKN: A1422L
Bloomberg: PREMLUA 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
Net Returns
1 Mo
3 Mo
YTD
1Yr
3Yr
5Yr
Since Inception (03 November 2014)
Fund -0.87 3.46 11.15 9.53 7.97 1.58 0.85
Benchmark -0.75 3.46 11.42 10.45 8.09 1.13 0.79
Difference -0.12 0.0 -0.27 -0.92 -0.12 0.45 0.06
rolling 12 month (%)
AS OF 31 July 2025
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Fund 5.10 8.19 -4.43 7.97 -0.95 4.32 -17.61 14.60 0.26 9.53
Benchmark 5.30 7.97 -2.50 7.95 -0.81 3.00 -18.70 14.25 0.08 10.45
Difference -0.20 0.22 -1.93 0.02 -0.14 1.32 1.09 0.35 0.18 -0.92
CALENDAR YEAR (%)

(Year Ended 31 December)

2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Fund -13.43 8.09 16.37 -9.12 15.33 4.23 -9.11 -10.76 13.59 -3.06
Benchmark -14.92 9.94 15.21 -6.21 13.47 2.69 -8.75 -11.69 12.70 -2.38
Difference 1.49 -1.85 1.16 -2.91 1.86 1.54 -0.36 0.93 0.89 -0.68

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 50% J.P. Morgan EMBI Global Diversified Index/50% J.P. Morgan GBI-EM Global Diversified Index (USD) (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 local currency bonds issued by emerging market governments. 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.

All data as of 30 June 2025 unless otherwise indicated.
Sector Allocation (%)
Sector
Fund
Local Market 87.3%
Sovereign 87.3%
Hard Currency 3.4%
Sovereign 3.4%
Other -0.8%
Total Emerging Markets Debt 91.3%
Credit Quality (%)
Rating
Fund
Benchmark
AAA 0.8 0.0
AA 3.4 5.0
A 20.8 29.4
BBB 41.3 46.2
BB 25.7 19.4
CCC & Below 0.0 0.0
Not Rated -0.9 0.0
Cash/Equiv 8.9
LOCAL CURRENCY (years)
Country
Active Duration
South Africa 0.3
Brazil 0.3
Thailand 0.2
Mexico 0.2
Korea (South), Republic of 0.1
HARD CURRENCY (%)
Country
Active Weight
The Republic of Serbia 0.6
Romania 0.6
Colombia 0.4
Dominican Republic 0.4
Panama 0.4
CURRENCY ALLOCATION (%)
Currency
Share Class
Benchmark
Emerging Markets 104.4 100.0
Yen 1.5 0.0
EUR 0.2 0.0
Other Developed 0.0 0.0
USD -6.0 0.0
TOP 10 COUNTRIES (%)
Holding
Fund
Benchmark
South Africa 13.4 7.3
Indonesia 10.7 10.0
Thailand 8.8 8.7
Colombia 8.2 3.6
Poland 7.0 7.6
Mexico 6.9 10.0
China 6.5 10.0
Malaysia 5.9 10.0
Hungary 4.6 2.3
India 3.8 10.0
MSCI CARBON METRICS (%)
Fund*
Benchmark
Corporates
Weighted Average Carbon Intensity** 1.7 0.0
(%) of Corporates 1.4 0.0
(%) of Corporates Coverage 76.4 0.0
Sovereigns
GHG emissions per capita (tons of CO2 eq) 6.8 6.9
(%) of Sovereigns 98.6 100.0
(%) of Sovereigns Coverage 100.0 100.0
REGIONAL ALLOCATION (%)
Region
Fund
Benchmark
Asia 35.8 48.6
Latin America 21.5 24.2
Europe 19.0 19.8
Africa 13.7 7.3
Supranational 1.3 0.0
Cash/Equiv 8.7
PGIM ESG IMPACT RATINGS DISTRIBUTION (%)
Score
Fund
Benchmark
Average PGIM ESG Impact Rating 43.1 42.2
85-100 (Net Positive) 0.5 0.0
65-80 (Advanced) 0.2 0.1
40-60 (Balanced) 72.1 71.3
20-35 (Lagging/Mixed) 27.2 28.6
0-15 (Net Negative) 0.0 0.0
Not Rated 0.0 0.0
MSCI ESG RISK RATINGS* (%)
Rating
Fund
Benchmark
AAA 0.5 0.0
A 3.4 5.2
BBB 63.9 54.3
BB 31.9 40.6
Not Rated 0.3 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.

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.

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.

Mariusz Banasiak, CFA
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.

Pradeep Kumar, CFA
Pradeep Kumar, CFA

Principal and Portfolio Manager for PGIM Fixed Income's Emerging Markets Debt Team

|

PGIM Fixed Income

Pradeep Kumar, PhD, CFA, is a Principal and Portfolio Manager for PGIM Fixed Income's Emerging Markets Debt Team.

David DiChiacchio
David DiChiacchio

Vice President and Portfolio Manager for PGIM Fixed Income's Emerging Markets Debt Team

|

PGIM Fixed Income

David DiChiacchio is a Vice President and Portfolio Manager for PGIM Fixed Income's Emerging Markets Debt Team.

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.

3311440    Ed. 01/2024

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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.