Objective

The investment objective of the PGIM European Corporate Bond Fund (the "Fund") (prior to 31 January 2025, the Fund was known as PGIM European Corporate ESG Bond Fund) is to seek total return through a combination of current income and capital appreciation consistent with prudent risk management, while applying environmental, social and governance (“ESG”) principles in the selection of securities. There is no assurance that such objective will be achieved.  Please see the Company’s Fund Documents as defined below for additional information. 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.

esg-oriented

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

deep & experienced team

With 50+ experienced professionals in the investment grade corp.  bond team, few can match the experience, scale and resources of PGIM Fixed Income

actively managed

Intensive in-depth evaluation of European investment grade issuers incorporates fundamental, structural, quantitative and ESG analysis 

All data as 08 August 2025 unless otherwise indicated.
Fund features
Investment Manager: PGIM, Inc.
Domicile: Ireland
Benchmark: Bloomberg Euro Aggregate Corporate Index (USD Hedged)
Base Currency: EUR
Dealing: Daily
Fund Net Assets (EUR mm): 38.33
SFDR Classification: Article 8
FUND CHARACTERISTICS
AS OF 30/06/2025
Fund
Benchmark
Effective Duration (yrs) 4.52 4.51
Yield-to-Worst (%) 3.30 3.09
Spread (bps) 115 92
Average Coupon (%) 3.47 2.66
Average Quality (Moody's) A3 A3
Number of Countries 22 41
Number of Issuers 181 688
Turnover Ratio (Latest 12-Months) 150 —

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 (%): 0.42
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: IE00BD0YSS66
SEDOL: BD0YSS6
WKN: A2PH75
Bloomberg: PGECUHI 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 policy changed on 30/09/2021 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.

 

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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 (04 December 2018)
Fund 0.81 2.06 3.74 6.89 5.27 2.23 3.55
Benchmark 0.74 1.92 3.51 6.73 4.92 2.03 3.16
Difference 0.07 0.14 0.23 0.16 0.35 0.2 0.39
rolling 12 month (%)
AS OF 31 July 2025
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Fund - - - - 2.91 4.81 -8.66 -0.45 9.62 6.89
Benchmark - - - - 1.81 4.11 -8.04 -0.72 9.00 6.73
Difference - - - - 1.10 0.70 -0.62 0.27 0.62 0.16
CALENDAR YEAR (%)
2016
2017
2018
2019
2020
2021
2022
2023
2024
Fund - - - 9.99 5.79 -0.13 -12.24 11.41 6.55
Benchmark - - - 9.42 4.18 -0.13 -11.62 10.55 6.41
Difference - - - 0.57 1.61 0.00 -0.62 0.86 0.14

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 Euro Aggregate Corporate 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 Bloomberg Euro Aggregate Corporate Index (the “Benchmark”). The Benchmark is an index that measures the corporate component of the Bloomberg Euro Aggregate Bond Index, a broad-based flagship index that measures the investment grade, Euro-denominated, fixed-rate bond market, including treasuries, government-related, corporate and securitised issues. Inclusion is based on currency denomination of a bond and not country of risk of the issuer.

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.

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All data as of 30 June 2025 unless otherwise indicated.
All data as of 30 June 2025 unless otherwise indicated.
Sector Allocation (%)
Sector
Fund
Benchmark
IG Corporates 90.9% 98.8
Non-US Govt Related 11.0% 0.0
High Yield 0.5% 0.0
Emerging Markets 0.2% 1.1
Non US Government 0.1% 0.0
Cash/Equiv -2.8% —
Credit Quality (%)
Rating
Fund
Benchmark
AAA 0.6 0.4
AA 5.9 7.4
A 39.5 41.1
BBB 55.1 51.1
BB 1.6 0.0
Not Rated 0.0 0.0
Cash/Equiv -2.8 —
TOP 10 INDUSTRIES (%)
Industry
Fund
Benchmark
Banking 32.6 31.7
Non-US Govt Related 11.0 0.0
Automotive 9.4 6.3
Electric & Water 7.2 5.9
Healthcare & Pharm. 5.6 6.4
Energy - Upstream 4.9 3.2
Life Insurance 4.7 3.0
Consumer Non-Cyclical 4.5 8.1
Capital Goods 3.5 3.2
Natural Gas 2.5 2.2
TOP 10 COUNTRIES (%)
Country
Fund
Benchmark
United States 22.3 20.6
France 13.7 19.6
Germany 12.2 13.2
United Kingdom 10.5 8.3
Belgium 6.2 2.1
Netherlands 6.1 5.3
Switzerland 4.8 2.3
Spain 4.5 6.0
Italy 4.4 5.8
Australia 3.2 1.7
CURRENCY ALLOCATION (%)
Currency
Share Class
Benchmark
EUR 100.0 100.0
USD 0.0 0.0
Emerging Markets 0.0 0.0
Yen 0.0 0.0
Other Developed 0.0 0.0
TOP 10 ISSUERS (%)
Issuer
Fund
Benchmark
CAISSE FEDERALE DE CREDIT MUTUEL 2.7 1.5
PORSCHE AUTOMOBIL 2.4 1.7
TOTALENERGIES 2.4 0.9
RUE LA BOETIE SAS 2.2 1.5
UBS 1.9 0.9
SOCIETE GENERALE 1.7 1.4
HONDA MOTOR CO LTD 1.6 0.2
DEUTSCHE BANK AG 1.6 0.7
ING GROEP NV 1.6 1.2
MORGAN STANLEY 1.5 0.8
INDUSTRY ALLOCATION (%)
Industry
Fund
Benchmark
Finance 45.1 42.9
Industrial 36.9 49.0
Non Credit 11.0 0.0
Utility 9.7 8.1
REGIONAL ALLOCATION (%)
Region
Fund
Benchmark
Europe 73.1 74.6
Dollar Bloc 26.6 23.4
Asia 3.1 1.8
Africa 0.0 0.1
Cash/Equiv -2.8 —
PGIM ESG IMPACT RATINGS DISTRIBUTION (%)
Score
Fund
Benchmark
Average PGIM ESG Impact Rating 58.7 57.0
85-100 (Net Positive) 4.2 0.8
65-80 (Advanced) 35.5 32.2
40-60 (Balanced) 57.9 56.5
20-35 (Lagging/Mixed) 2.4 4.8
0-15 (Net Negative) 0.0 0.6
Not Rated 0.0 5.3
MSCI ESG RISK RATINGS* (%)
Rating
Fund
Benchmark
AAA 9.4 14.2
AA 42.0 41.8
A 18.2 22.8
BBB 5.1 8.1
BB 3.2 4.5
B 3.2 2.1
CCC 0.8 0.1
Not Rated 18.1 6.4
MSCI CARBON METRICS (%)
Fund*
Benchmark
Corporates — —
Weighted Average Carbon Intensity** 78.0 86.7
(%) of Corporates 97.1 100.0
(%) of Corporates Coverage 90.1 95.4
Sovereigns — —
GHG emissions per capita (tons of CO2 eq) 8.3 0.0
(%) of Sovereigns 2.9 0.0
(%) of Sovereigns Coverage 3.6 0.0
TOP 10 CORPORATE HOLDINGS (%)
Holdings
Fund
Benchmark
VOLKSWAGEN BK GMBH 1.1 0.0
AIR PRODUCTS & CHEMICALS 1.1 0.0
SELP FIN SARL 0.8 0.0
AMPRION GMBH 0.8 0.0
CARLSBERG BREWERIES AS 0.8 0.0
VAR ENERGI ASA 0.8 0.0
BARCLAYS PLC 0.8 0.0
AMERICAN HONDA FIN 0.8 0.0
COMMERZBANK AG 0.8 0.0
TOTALENERGIES CAP INTL SA 0.8 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.

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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.

Donna Cabral, CFA
Donna Cabral, CFA

Principal and Portfolio Manager

|

PGIM Fixed Income

|

London

Donna Cabral, CFA, 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

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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

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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

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Michael Roper, CFA
Michael Roper, CFA

Portfolio Manager, European Investment Grade Corporate Bonds

|

PGIM Fixed Income

|

London

Michael Roper, CFA's Biography

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

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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.

4204069    Ed. 01/2025

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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.