Global High Yield

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Leveraged Finance

Global High Yield

Fact Sheet

Table of Contents

Investment Objective
Investment Philosophy
Investment Process
INVESTMENT CAPABILITIES
OUR BUSINESSES

Investment Objective

The investment objective of Our Global High Yield Strategy is to outperform a global high yield index over a full market cycle. ^1,2

Investment Philosophy

The Global High Yield Strategy places an emphasis on high yield opportunities around the world, in multiple countries and currencies.

Investment Process

We employ a disciplined, three-step investment process to manage Global High Yield Portfolios:

Senior Portfolio Managers

Robert Cignarella, CFA

Head of U.S. High Yield, Co-Head of Global High Yield
Jonathan Butler

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

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¹ There is no guarantee that these objectives will be met.

² On average, over a full market cycle defined as three to five years.

No risk management technique can guarantee the mitigation of elimination of risk in any market environment.

Source: PGIM Fixed Income as of September 30, 2025.

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All investments involve risks, including possible loss of principal. Past performance is not indicative of future results.

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