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Overall Morningstar Rating TM
Overview Performance Portfolio Management Literature
Overview Performance Portfolio Management Literature

Overall Morningstar Rating™ out of 1487 USD High Yield Bond, as of 31 July 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: 26 March 2019. Ratings 3yr 4/1487, 5yr 5/1223, 10yr N/A. See MORNINGSTAR INFORMATION at the bottom of this page.

Objective

The investment objective of the PGIM Emerging Market Total Return Bond Fund (the “Fund”) is to seek to achieve a return through a combination of current income and capital appreciation while preserving invested capital. The Fund will use the relative value approach through which it will seek to identify and capture market inefficiencies, such as securities which are mispriced relative to the Investment Manager’s expectation, within the emerging market fixed income and foreign exchange markets with an actively-managed approach. The relative value approach involves looking at the fundamental credit ranking and the yield and yield expectation of issuers to assess which investment offers the best risk-adjusted return. 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 macro approach

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

flexibility to pursue opportunitites

High conviction investments across FX and emerging market sovereign, quasi-sovereign and corporate debt

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 21 August 2025 unless otherwise indicated.
Fund features
Investment Manager: PGIM, Inc.
Domicile: Ireland
Benchmark: ICE BofA U.S. 3-Month Treasury Bill Index
Base Currency: USD
Dealing: Daily
Fund Net Assets (USD mm): 70.80
SFDR Classification: Article 8
FUND CHARACTERISTICS
AS OF 31/07/2025
Fund
Effective Duration (yrs) 4.48
Yield-to-Worst (%) 8.52
Spread (bps) 151
Average Coupon (%) 4.27
Number of Countries 54
Average Quality (Moody's) Ba1
Number of Issuers 123
Turnover Ratio (Latest 12-Months) 71

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: IE00BJCWWZ58
SEDOL: BJCWWZ5
WKN: A2PPDY
Bloomberg: PGEMTIU 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 performance of the Class is shown against ICE BofA US 3-Month Treasury Bill Index for comparison purposes. Prior to 14 February 2022, the performance of the Class was shown against ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index, and this performance comparison is available from the Investment Manager on request.

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 (26 March 2019)
Fund 0.61 2.74 5.30 8.91 10.09 7.03 5.82
Benchmark 0.35 1.04 2.43 4.57 4.66 2.83 2.60
Difference 0.26 1.70 2.87 4.34 5.43 4.20 3.22
rolling 12 month (%)
AS OF 31 July 2025
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Fund - - - - -3.28 9.31 -3.72 9.37 12.03 8.91
Benchmark - - - - 1.46 0.08 0.21 3.95 5.45 4.57
Difference - - - - -4.74 9.23 -3.93 5.42 6.58 4.34
CALENDAR YEAR (%)

(Year Ended 31 December)

2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Fund - - - - - 0.49 3.62 1.75 7.59 10.51
Benchmark - - - - - 0.67 0.05 1.46 5.01 5.25
Difference - - - - - -0.18 3.57 0.29 2.58 5.26

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 U.S. 3-Month Treasury Bill 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 tracks the performance of a single US 3-month Treasury Bill issue purchased at the beginning of the month and held for a full month. The issue selected by the Benchmark at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. SOURCE ICE DATA INDICES, LLC (“ICE DATA”), IS USED WITH PERMISSION. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND PGIM INVESTMENTS, OR ANY OF ITS PRODUCTS OR SERVICES.

In the event that the Benchmark is no longer published, the Board of Directors shall designate, by notice to the relevant shareholders, a replacement index.

Investors should note that the Sub-Fund does not intend to track the Benchmark. The Sub-Fund uses the Benchmark for performance comparison purposes only.

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 31 July 2025 unless otherwise indicated.
Sector Allocation (%)
Sector
Fund
Emerging Markets Hard Currency 78.2%
EM Hard Sovereign 48.4%
EM Hard Corporates 19.8%
EM Hard Quasi-Sovereign 10.0%
U.S. Treasuries 10.9%
Emerging Markets Local Currency 6.7%
EM Local Sovereign 6.7%
High Yield Corporates 1.4%
Foreign HY 1.4%
Investment Grade Corporates 0.5%
Foreign IG 0.5%
Other 0.1%
Non US Other 0.5%
US Other -0.4%
Cash/Equiv 2.2%
Credit Quality (%)2
Rating
Fund
Benchmark
AAA 0.0 0.0
AA 10.9 100.0
A 5.4 0.0
BBB 27.0 0.0
BB 34.6 0.0
B 10.6 0.0
CCC & Below 8.1 0.0
Not Rated 1.3 0.0
Cash/Equiv 2.2 —
TOP 10 CORPORATE INDUSTRIES (%)
Industry
Fund
Benchmark
Banking 4.3 0.0
Telecom 4.2 0.0
Non Captive Finance 3.6 0.0
Chemicals 1.8 0.0
Capital Goods 1.7 0.0
Electric 1.2 0.0
Insurance 1.0 0.0
Metals 0.9 0.0
Pipelines & Other 0.5 0.0
Energy - Other 0.5 0.0
TOP 10 COUNTRIES (%)
Country
Fund
Benchmark
United States 10.5 0.0
Colombia 7.4 0.0
South Africa 6.9 0.0
Mexico 4.7 0.0
The Republic of Serbia 4.6 0.0
Romania 4.4 0.0
Hungary 4.1 0.0
Brazil 3.1 0.0
India 2.9 0.0
Korea (South), Republic of 2.7 0.0
INDUSTRY ALLOCATION (%)
Industry
Fund
Benchmark
Non Credit 58.3 0.0
Industrial 11.1 0.0
Finance 9.3 0.0
Utility 1.2 0.0
REGIONAL ALLOCATION (%)1
Region
Fund
Benchmark
Latin America 28.6 0.0
Europe 19.0 0.0
Africa 16.8 0.0
Asia 14.7 0.0
Dollar Bloc 10.5 0.0
Middle East 7.3 0.0
Multinational 0.9 0.0
Cash/Equiv 2.2 —
CURRENCY ALLOCATION (%)
Currency
Share Class
Benchmark
USD 86.6 100.0
EUR 7.9 0.0
Emerging Markets 3.1 0.0
Yen 2.4 0.0
Other Developed 0.1 0.0
MSCI CARBON METRICS (%)3
Fund*
Benchmark
Corporates — —
Weighted Average Carbon Intensity** 455.4 508.7
(%) of Corporates 32.5 39.7
(%) of Corporates Coverage 77.8 80.9
Sovereigns — —
GHG emissions per capita (tons of CO2 eq) 7.7 7.6
(%) of Sovereigns 67.5 60.3
(%) of Corporates Coverage 98.8 98.4
PGIM ESG IMPACT RATINGS DISTRIBUTION (%)4
Score
Fund
Benchmark
Average PGIM ESG Impact Rating 43.8 41.0
85-100 (Net Positive) 0.0 0.0
65-80 (Advanced) 3.8 2.8
40-60 (Balanced) 68.1 56.6
20-35 (Lagging/Mixed) 25.4 31.9
0-15 (Net Negative) 1.9 3.7
Not Rated 0.8 5.0
MSCI ESG RISK RATINGS* (%)
Rating
Fund
Benchmark
AAA 0.5 1.8
AA 4.2 4.8
A 18.1 9.6
BBB 33.7 36.2
BB 22.0 29.2
B 8.1 6.3
CCC 2.0 2.2
Not Rated 11.4 9.8

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.

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.

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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.

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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

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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.

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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.

3313266    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.