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Overall Morningstar Rating TM

Overall Morningstar Rating™ out of 310 USD High Yield Bond, as of 30 June 2025.

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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: 09 March 2015. Ratings 3yr 3/310, 5yr 3/273, 10yr 4/116. See MORNINGSTAR INFORMATION at the bottom of this page.

Objective

The investment objective of the PGIM US Corporate Bond Fund (the "Fund") is to outperform the Bloomberg U.S. Corporate Index (the “Benchmark”) on a total return basis. The Fund promotes certain environmental and social 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.

broad high yield exposure

Offers well-diversified exposure to global high yield securities across U.S, Europe and emerging markets with limited issuer risk

focused on fundamentals

Managed by a deeply experienced and well-resourced team comprising over 50 leveraged finance investment professionals and credit analysts

experienced manager

PGIM Fixed Income has been investing in high yield bonds since 1979, resulting in 50+ years of experience across multiple credit cycles

All data as of 08 August 2025 unless otherwise indicated.
Fund features
Investment Manager: PGIM, Inc.
Domicile: Ireland
Benchmark: Bloomberg U.S. Corporate Index
Base Currency: USD
Dealing: Daily
Fund Net Assets (USD mm): 921.11
SFDR Classification: Article 8
FUND CHARACTERISTICS
AS OF 30/06/2025
Fund
Benchmark
Effective Duration (yrs) 6.69 6.69
Yield-to-Worst (%) 5.12 4.99
Spread (bps) 89 82
Average Coupon (%) 4.36 4.39
Number of Countries 16 27
Average Quality (Moody's) A3 A3
Number of Issuers 248 880
Turnover Ratio (Latest 12-Months) 28 —

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: IE00BFLR1L27
SEDOL: BFLR1L2
WKN: A1422C
Bloomberg: PRUCBUA 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.

 

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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 30 June 2025
ANNUALISED
Net Returns
1 Mo
3 Mo
YTD
1Yr
3Yr
5Yr
Since Inception (09 March 2015)
Fund 2.0 1.74 4.08 6.69 4.47 0.31 2.92
Benchmark 1.87 1.82 4.17 6.91 4.34 0.14 2.67
Difference 0.13 -0.08 -0.09 -0.22 0.13 0.17 0.25
rolling 12 month (%)
AS OF 30 June 2025
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Fund - - 8.38 3.22 -0.89 11.09 9.10 5.16 -15.31 1.60 5.17
Benchmark - - 7.94 2.28 -0.83 10.72 9.50 3.30 -14.19 1.55 4.63
Difference - - 0.44 0.94 -0.06 0.37 -0.40 1.86 -1.12 0.05 0.54
CALENDAR YEAR (%)

(Year Ended 31 December)

2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Fund - - 7.33 7.09 -3.12 15.32 10.79 -0.67 -17.14 9.04 2.57
Benchmark - - 6.11 6.42 -2.51 14.54 9.89 -1.04 -15.76 8.52 2.13
Difference - - 1.22 0.67 -0.61 0.78 0.90 0.37 -1.38 0.52 0.44

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 ICE BofA Developed Markets High Yield Constrained 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 index contains all securities in The ICE BofAML Global High Yield Index from developed markets countries, but caps issuer exposure at 2%. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one-year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of USD 250 million, EUR 250 million, GBP 100 million, or CAD 100 million.

Source: Intercontinental Exchange Bank of America Merrill Lynch (ICE BofAML), used with permission. ICE BofAML IS LICENSING THE ICE BofAML INDICES AND RELATED DATA "AS IS," MAKES NO WARRANTIES REGARDING SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE BOFA MERRILL LYNCH INDICES OR ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH THEIR USE, AND DOES 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.

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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 85.3% 97.8
Municipals 2.8% 1.1
ABS 2.3% 0.0
CMBS 0.9% 0.0
Non-US Govt Related 0.7% 0.0
High Yield 0.7% 0.0
US Government 0.3% 0.0
Emerging Markets 0.3% 1.0
Cash/Equiv 6.6% —
Credit Quality (%)
Rating
Fund
Benchmark
AAA 3.9 1.1
AA 2.4 7.3
A 33.6 45.3
BBB 52.8 46.3
BB 0.7 0.0
Not Rated 0.0 0.0
Cash/Equiv 6.6 —
TOP 10 INDUSTRIES (%)
Industry
Fund
Benchmark
Banking 25.2 23.0
Energy - Midstream 8.4 3.7
Electric & Water 6.2 8.8
Technology 6.0 9.5
Healthcare & Pharm. 5.7 8.5
REIT 4.6 2.8
Telecom 3.9 4.3
Automotive 2.5 2.5
Energy - Upstream 2.4 3.0
Consumer Non-Cyclical 2.3 4.8
TOP 10 COUNTRIES (%)
Country
Fund
Benchmark
United States 78.4 85.5
Canada 3.2 3.2
United Kingdom 2.2 3.9
France 2.0 0.3
Japan 2.0 2.0
Norway 1.0 0.0
Belgium 0.7 0.5
Australia 0.7 1.0
Switzerland 0.5 0.2
Italy 0.5 0.0
CURRENCY ALLOCATION (%)
Currency
Share Class
Benchmark
USD 100.0 100.0
Other Developed 0.0 0.0
Yen 0.0 0.0
Emerging Markets 0.0 0.0
EUR 0.0 0.0
TOP 10 ISSUERS (%)
Issuer
Fund
Benchmark
INDUSTRY ALLOCATION (%)
Industry
Fund
Benchmark
Industrial 43.3 55.5
Finance 35.9 33.8
Utility 7.1 9.6
Non Credit 0.7 0.0
REGIONAL ALLOCATION (%)
Region
Fund
Benchmark
Dollar Bloc 82.4 89.8
Europe 8.6 7.1
Asia 2.0 2.5
Latin America 0.3 0.5
Cash/Equiv 6.6 —
PGIM ESG IMPACT RATINGS DISTRIBUTION (%)
Score
Fund
Benchmark
Average PGIM ESG Impact Rating 55.9 52.8
85-100 (Net Positive) 2.5 0.9
65-80 (Advanced) 28.8 22.9
40-60 (Balanced) 63.2 63.2
20-35 (Lagging/Mixed) 5.6 8.1
0-15 (Net Negative) 0.0 3.0
Not Rated 0.0 2.0
MSCI ESG RISK RATINGS* (%)
Rating
Fund
Benchmark
AAA 6.6 7.4
AA 25.4 28.1
A 31.1 32.0
BBB 12.3 17.8
BB 8.0 7.6
B 0.9 1.4
CCC 0.5 0.2
Not Rated 15.2 5.5
MSCI CARBON METRICS (%)
Fund*
Benchmark
Corporates — —
Weighted Average Carbon Intensity** 234.0 263.0
(%) of Corporates 96.2 100.0
(%) of Corporates Coverage 90.1 95.6
Sovereigns — —
GHG emissions per capita (tons of CO2 eq) 17.6 0.0
(%) of Sovereigns 0.4 0.0
(%) of Sovereigns Coverage 100.0 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.

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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.

Robert Cignarella, CFA
Robert Cignarella, CFA

Managing Director and Head of U.S. High Yield for PGIM Fixed Income

|

PGIM Fixed Income

Robert Cignarella, CFA, is a Managing Director and Head of U.S. High Yield for PGIM Fixed Income.

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Jonathan Butler
Jonathan Butler

Head of European Leveraged Finance and Co-Head of Global High Yield Strategy

|

PGIM Fixed Income

|

London

Jonathan Butler's Biography

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

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Rob Fawn
Rob Fawn

Portfolio Manager, European Leveraged Finance

|

PGIM Fixed Income

|

London

Rob Fawn 's Biography

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

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Brian Clapp
Brian Clapp

Principal and a high yield portfolio manager for PGIM Fixed Income's U.S. High Yield Team

|

PGIM Fixed Income

Brian Clapp, CFA, is a Principal and a high yield portfolio manager for PGIM Fixed Income's U.S. High Yield Team.

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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.

3311516    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.