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Overall Morningstar Rating TM

Overall Morningstar Rating™ out of 687 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: 26 September 2016. Ratings 3yr 4/687, 5yr 5/544, 10yr N/A. See MORNINGSTAR INFORMATION at the bottom of this page.

Objective

The investment objective of the PGIM Multi-Sector Credit Fund (the "Fund") (prior to 01 August 2024, the Fund was known as PGIM Multi Asset Credit Fund) is to seek to outperform Bloomberg Multiverse 1-5yrs Ex Treasury A+ to B- USD GBP EUR Index (USD Hedged)^ (the "Benchmark") over a full market cycle on a total return basis. The Fund is actively managed and seeks to add value through a flexible investment strategy, investing in a variety of securities and instruments and using a variety of investment techniques which may include managing duration, credit quality, yield curve positioning, and currency exposure, as well as sector and security selection. There is no assurance that the investment objective will be achieved. The Fund’s investments may include debt, asset-backed securities, mortgage backed securities, Rule 144A securities, Reg S securities, certain loan instruments, trust preferred securities, preferred stock, and private placement securities. The Fund may also use derivatives (to a significant extent) for investment, risk management or hedging purposes. 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.

actively managed

Seeks to drive alpha through methodical, bottom-up security selection combined with tactical duration, credit quality, and yield curve positioning

deep & experienced team

With 180+ experienced investment professionals in the multi-sector group, few can match the experience, scale and resources of PGIM Fixed Income

risk-focused

Daily monitoring of issuer and market risks, with stress tests that help mitigate industry, issuer, credit quality, and liquidity concerns

All data as of 08 August 2025 unless otherwise indicated.
Fund features
Investment Manager: PGIM, Inc.
Domicile: Ireland
Benchmark: Bloomberg Multiverse 1-5yrs Ex Treasury A+ to B- USD GBP EUR Index (USD Hedged)
Base Currency: USD
Dealing: Daily
Fund Net Assets (USD mm): 383.09
SFDR Classification: Article 8
FUND CHARACTERISTICS
AS OF 30/06/2025
Fund
Benchmark
Effective Duration (yrs) 2.61 2.65
Yield-to-Worst (%) 6.50 5.10
Spread (bps) 178 108
Average Coupon (%) 5.05 4.05
Average Quality (Moody's) Baa1 Baa1
Number of Countries 52 101
Number of Issuers 442 2,769.00
Turnover Ratio (Latest 12-Months) 77

Due to the characteristics of the fund, the NAV may be highly volatile.

fees
Entry Charge: None
Exit Charge: None
Management (%): 0.40
Ongoing Charges (%): 0.49
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: IE00BZ4CS792
SEDOL: BZ4CS79
WKN: A2ARGH
Bloomberg: PMACUIA 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 Benchmark changed on 1 August 2024. The past performance data shown in the chart for annual periods prior to that date relates to the Fund’s performance against the previous Benchmark, ICE BofA US 3-Month Treasury Bill Index.

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.

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.

The Morningstar Medalist RatingTM is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures/.

The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.

©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. Past performance does not guarantee future results.

Investment Week Award

PGIM Multi-Sector Credit Fund (previously known as PGIM Multi Asset Credit Fund) received the award on 20/06/2024 based on data as of 31/01/2024.

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 (26 September 2016)
Fund 1.12 2.34 4.22 7.49 8.54 5.58 4.66
Benchmark 1 0.92 2.10 3.76 7.83 6.17 2.96 3.21
Difference 0.20 0.24 0.46 -0.34 2.37 2.62 1.45
Benchmark 2 0.33 1.04 2.07 4.68 4.56 2.76
Difference 0.79 1.30 2.15 2.81 3.98 2.82
rolling 12 month (%)
AS OF 30 June 2025
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Fund - - 4.08 5.38 -0.64 10.18 -6.89 7.87 10.27 7.49
Benchmark 1 - - 1.45 6.43 3.15 4.52 -7.52 3.22 7.53 7.83
Difference - - 2.63 -1.05 -3.79 5.66 0.63 4.65 2.74 -0.34
Benchmark 2 - - 1.36 2.31 1.63 0.09 0.17 3.59 5.40 4.68
Difference - - 2.72 3.07 -2.27 10.09 -7.06 4.28 4.87 2.81
CALENDAR YEAR (%)

Year Ended 31 December

2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Fund - - 6.29 1.04 9.60 2.91 2.82 -3.58 8.80 8.19
Benchmark 1 - - 3.70 1.18 7.43 4.68 0.51 -6.55 7.97 6.08
Difference - - 2.59 -0.14 2.18 -1.77 2.31 2.97 0.83 2.11
Benchmark 2 - - 0.86 1.87 2.28 0.67 0.05 1.46 5.01 5.25
Difference - - 5.43 -0.83 7.32 2.24 2.77 -5.04 3.79 2.94

The monthly calculated performance scenarios are available upon request.

1The benchmark for the Fund changed from ICE BofA US 3-Month Treasury Bill Index ("Benchmark 2") to Bloomberg Multiverse 1-5yrs Ex Treasury A+ to B- USD GBP EUR Index (USD Hedged) ("Benchmark 1") on 1 August 2024. The performance of the share class is shown against ICE BofA US 3-Month Treasury Bill Index for comparison purposes only. Difference is calculated based on the ICE BofA US 3-Month Treasury Bill Index ("Benchmark 2").

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 Multiverse 1-5yrs Ex Treasury A+ to B- USD GBP EUR 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 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.

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
IG Corporates 29.7%
High Yield 20.7%
ABS 12.5%
Emerging Markets 11.1%
Mortgages 10.0%
US Government 7.4%
CMBS 3.7%
Non-Agency MBS 3.7%
Non-US Govt Related 2.9%
Swaps 1.4%
Municipals 0.5%
Bank Loan 0.4%
Non US Government 0.4%
Cash/Equiv -4.4%
Credit Quality (%)2
Rating
Fund
AAA 5.9
AA 27.9
A 15.5
BBB 21.9
BB 14.8
B 13.3
CCC & Below 2.2
Not Rated 2.9
Cash/Equiv -4.4
TOP 10 CORPORATE INDUSTRIES (%)
Industry
Fund
Banking 14.5
Telecom 3.4
Automotive 3.1
Building Mat. & Const. 2.4
REITS 2.4
Technology 2.3
Non Captive Finance 2.2
Insurance 2.2
Retailers 2.1
Foods 2.0
TOP 10 COUNTRIES (%)
Country
Fund
United States 57.9
European Union 12.4
United Kingdom 6.9
France 4.2
Germany 2.5
Canada 1.6
Hungary 1.4
Supranational 1.4
Netherlands 1.3
Spain 1.0
INDUSTRY ALLOCATION (%)
Industry
Fund
Industrial 29.8
Finance 22.1
Non Credit 11.2
Utility 1.2
REGIONAL ALLOCATION (%)1
Region
Fund
Dollar Bloc 59.8
Europe 35.5
Latin America 4.3
Africa 2.2
Supranational 1.4
Asia 1.0
Middle East 0.2
Cash/Equiv -4.4
CURRENCY ALLOCATION (%)
Currency
Share Class
USD 99.4
EUR 0.3
Yen 0.3
Other Developed 0.1
Emerging Markets 0.0
MSCI CARBON METRICS (%)3
Fund*
Benchmark
Corporates
Weighted Average Carbon Intensity** 103.9 169.2
(%) of Corporates 57.2 93.7
(%) of Corporates Coverage 79.0 90.6
Sovereigns
GHG emissions per capita (tons of CO2 eq) 11.8 10.2
(%) of Sovereigns 13.8 6.0
(%) of Sovereigns Coverage 98.0 78.8
PGIM ESG IMPACT RATINGS DISTRIBUTION (%)4
Score
Fund
Benchmark
Average PGIM ESG Impact Rating 55.0 52.7
85-100 (Net Positive) 2.0 0.4
65-80 (Advanced) 22.5 23.5
40-60 (Balanced) 68.0 56.5
20-35 (Lagging/Mixed) 7.2 11.2
0-15 (Net Negative) 0.0 1.8
Not Rated 0.2 6.6
MSCI ESG RISK RATINGS* (%)
Rating
Fund
Benchmark
AAA 2.8 8.5
AA 14.6 29.4
A 19.0 22.8
BBB 9.0 13.7
BB 9.2 9.0
B 2.8 2.9
CCC 1.3 1.6
Not Rated 41.4 12.2

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.

Gregory Peters
Gregory Peters

Managing Director and Co-Chief Investment Officer of PGIM Fixed Income

|

PGIM Fixed Income

Gregory Peters is a Managing Director and Co-Chief Investment Officer of PGIM Fixed Income.

Richard Piccirillo
Richard Piccirillo

Managing Director and Co-head on PGIM Fixed Income's Multi-Sector Team

|

PGIM Fixed Income

Richard Piccirillo is a Managing Director and one of the co-heads on the Multi-Sector Team at PGIM Fixed Income.

Matthew Angelucci, CFA
Matthew Angelucci, CFA

Principal and Portfolio Manager on the Multi-Sector Team at PGIM Fixed Income

|

PGIM Fixed Income

Matthew Angelucci, CFA, is a Principal and portfolio manager on the Multi-Sector Team at PGIM Fixed Income.

Tyler Thorn
Tyler Thorn

Principal and Portfolio Manager for PGIM Fixed Income's Multi-Sector Team

|

PGIM Fixed Income

Tyler Thorn is a Principal and a portfolio manager on the Multi-Sector Team at PGIM Fixed Income.

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.

4005569    Ed. 11/2024

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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.