MULTI‑SECTOR CREDIT: RISK AND REWARD IN FOCUS

A multi‑sector strategy helps investors access credit opportunities and actively manage risk as market conditions change.

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MARKET POTENTIAL SOLUTIONS SPOTLIGHT A Decade in Credit EXPERTISE IN ACTION ADDED INSIGHTS

EQUIPPED TO NAVIGATE CHANGING MARKETS

With tariffs, equity market volatility and slowing growth creating uncertainty, bonds can help provide income and diversification. Elevated yields, tight spreads and increased dispersion reinforce the case for active management, while a flexible global multi-sector approach can help investors access opportunities across the credit spectrum.

FLEXIBLE ACCESS ACROSS THE CREDIT SPECTRUM

Today's yields create attractive income opportunities, while a flexible multi-sector approach can help investors manage interest-rate risk and adapt to changing market conditions.

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Past performance is not a guarantee nor a reliable indicator of future results. Source: Bloomberg, PGIM as of 31 July 2026. Global AAA CLOs: 50% JPM US CLOIE AAA / 50% EURO CLOIE AAA (USD Equivalent). Global IG: Bloomberg Global Aggregate Index USD Hedged; Global High Yield: ICE BofA Developed Markets High Yield Constrained Index USD Hedged; US Government: BBG US Government Bond Index; Emerging Markets Debt: JPM EMBI Global Diversified Index. Fed Funds Effective Rate. 2021 data as of 31 December 2021. It is not possible to invest directly in an index or Fed funds rate. 

OPPORTUNITY SETS VARY ACROSS CREDIT SECTORS

An active multi-sector approach can identify opportunities across attractive credit segments while helping navigate volatility and reduce exposure to rate-driven drawdowns.

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Past performance is not a guarantee of future results. Source: Morningstar Direct, as of 30 June 2026. For illustrative purposes only. It is not possible to invest directly in an index.

NARROW SPREADS CREATE ACTIVE CREDIT OPPORTUNITIES

Narrow spreads and periodic dislocations highlight the importance of a fundamentals-driven approach to identifying resilient issuers and uncovering relative value opportunities.

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Past performance is not a guarantee of future results. Source: PGIM and Bloomberg. As of 31 July 2026

WHY BONDS MATTER NOW

With equities near historic highs and bond yields at levels not seen since the Global Financial Crisis, bonds offer renewed income potential and may help diversify portfolios amid elevated valuations and ongoing uncertainty.

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Past performance is not a guarantee of future results. Source: PGIM and Bloomberg. As of 31 December 2025.

BEST-IDEA PORTFOLIO POSITIONING​

By dynamically allocating across fixed income sectors, PGIM's multi-sector strategies seek to capture differentiated sources of income, enhance diversification and adapt as market conditions evolve

FEATURED FUNDS

Past performance, including simulated performance, is not a reliable indicator of future performance. Source: Morningstar. Please see bottom of the page for overall Morningstar Disclosure.

FUND IN FOCUS | A DECADE IN CREDIT  

10 YEARS NAVIGATING CHANGING FIXED INCOME MARKETS

Discover how the PGIM Multi-Sector Credit Fund has navigated a decade of shifting market regimes through active management, diversification and disciplined security selection.

Explore the Journey

THE STRENGTH BEHIND OUR MULTI-SECTOR CAPABILITIES

EXPERIENCE AND STABILITY

The PGIM multi-sector team members have an average of 22 years' investment experience and 19 years with the firm, managing multi-sector strategy assets totalling $292 billion. 

INTENSIVE RESEARCH​

The experienced team draws on the expertise of 125 fundamental analysts, 44 portfolio analysts, 22 risk and quantitative analysts and 10 global macroeconomic analysts. 

DEEP SPECIALIST EXPERTISE

Specialist expertise across investment grade, high yield, emerging markets and securitised credit provides the foundation for PGIM's multi-sector investing capabilities.

Sources of data (unless otherwise noted) are as of 30 June 2026.

Prior to 1 August 2024, the Multi-Sector Credit Fund was known as PGIM Multi Asset Credit Fund.

References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities. The securities referenced may or may not be held in the portfolio at the time of publication and, if such securities are held, no representation is being made that such securities will continue to be held.

 

The views expressed herein are those of PGIM investment professionals at the time the comments were made, may not be reflective of their current opinions, and are subject to change without notice. Neither the information contained herein nor any opinion expressed shall be construed to constitute investment advice or an offer to sell or a solicitation to buy any securities mentioned herein. Neither PFI, its affiliates, nor their licensed sales professionals render tax or legal advice. Clients should consult with their attorney, accountant, and/or tax professional for advice concerning their particular situation. Certain information in this commentary has been obtained from sources believed to be reliable as of the date presented; however, we cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed. The information contained herein is current as of the date of issuance (or such earlier date as referenced herein) and is subject to change without notice. The manager has no obligation to update any or all such information; nor do we make any express or implied warranties or representations as to the completeness or accuracy.

 

Any projections or forecasts presented herein are subject to change without notice. Actual data will vary and may not be reflected here. Projections and forecasts are subject to high levels of uncertainty. Accordingly, any projections or forecasts should be viewed as merely representative of a broad range of possible outcomes. Projections or forecasts are estimated based on assumptions, subject to significant revision, and may change materially as economic and market conditions change.

Morningstar Ratings

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.

 

©2026 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.  

 

Past performance is not a guarantee or a reliable indicator of future results.


Please click on this PGIM Funds plc disclosure link for important information.

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