PGIM Global Total Return (USD Hedged) Fund (PHEZX)
$
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Seeks total return through current income and capital appreciation by investing in a diversified portfolio of U.S. and non-U.S. fixed income securities, with currency exposure hedged to the U.S. dollar. The Fund may be appropriate for those seeking to add global diversification for a domestic portfolio.
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. This chart represents historical performance and does not assume the effects of sales charges or varying fees and expenses of other share classes. If shown with sales charges or these other fees and expenses, performance could have been lower. It is not possible to invest directly in an index. Click here to view benchmark index definitions.
FUND INFORMATION
Fund StatisticS
|
Name
|
Weight
|
|---|---|
| Average Maturity (years) | 7.60 |
| Duration (years) | 7.30 |
Source: Morningstar. The Morningstar Rating may be calculated based on its share class adjusted historical returns. If so, the fund’s independent Morningstar Rating metric uses its oldest class to determine its hypothetical rating for certain periods. The Fund’s Overall, 3-, 5-, and 10-year Star Ratings/Fund are, if applicable: 4/103.0, 5/103.0, 3/99.0 and 0/0.0, respectively. Morningstar Ratings are calculated for managed products with a 3-year minimum history. Comparatively, exchange-traded funds and open-ended mutual funds are considered a single population. Rating is calculated based on a Morningstar Risk-Adjusted Return measure accounting for variation in a managed product's monthly excess performance that emphasizes downward variations more and rewards consistency, with no sales load adjustment. In each category, the top 10% receive 5 stars, with 4 stars for the next 22.5%, 3 stars for the next 35%, 2 stars for the next 22.5%, and 1 star for the bottom 10%. Overall Morningstar Rating is derived from a weighted average of the performance associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics: for 36-59 months of total returns, 100% 3-year rating, for 60-119 months of total returns, 60% 5-year rating/40% 3-year rating, and for 120 or more months of total returns, 50% 10-year rating/30% 5-year rating/20% 3-year rating. 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 period.
The Morningstar Medalist Rating 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. These ratings indicate which investments Morningstar believes are likely to outperform their Morningstar Category average on a risk‑adjusted basis over time. Investment products are evaluated on 3 fundamental pillars (People, Parent, and Process) and the Medalist Rating Price Score, which forms the basis for Morningstar’s conviction in products’ investment merits and determines the Medalist Rating assigned. Ratings take the form of Low (‑2), Below Average (‑1), Average (0), Above Average (+1), and High (+2). 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. The cost of an investment product is evaluated using the Medalist Rating Price Score, which is a continuous score from -2.5 to +2.5 based on the percentile rank of a vehicle’s expense ratio within its Morningstar Category. Morningstar combines the pillar scores and Medalist Rating Price Score using predetermined weights for actively and passively managed vehicles to calculate a weighted score. The weighted score is then compared to fixed thresholds employed consistently across Morningstar Categories and regions, with separate thresholds for actively and passively managed investments. Rating thresholds are reviewed at least annually. Buffers and ratings caps help prevent frequent ratings changes. When analysts directly cover a vehicle, they assign the fundamental pillar ratings based on their qualitative assessment, subject to Analyst Rating Committee oversight, and monitor and reevaluate them approximately once a year. When vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about the Medalist Ratings, including their methodology, please visit: http://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) is not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involves the risk that return targets will not be met due to unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rates, tax rates, or 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 may result in the rating no longer being accurate. Analysts do not have any other material conflicts of interest at the time of publication. Users wishing to obtain further information should contact their local Morningstar office.
Risks of investing in the fund include but are not limited to the following: Fixed Income investments are subject to credit, market, prepayment and interest rate risks, and their value will decline as interest rates rise. High yield (“junk”) bonds are subject to greater credit and market risks. Investments in currency may result in a decline in the fund’s net asset value due to changes in exchange rates. Foreign securities are subject to currency fluctuations and political uncertainty. Emerging market investments are subject to greater volatility and price declines. Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to a similar risk of decline in market value during periods of rising interest rates. Derivatives may carry market, credit and liquidity risks. There is no guarantee the Fund's objective will be achieved. Risks are more fully explained in the fund's prospectus.
- Monthly & Quarterly Performance
- Prices & Yields
Total Returns (%)
| TOTAL RETURNS (%) WITH SALES CHARGE WITHOUT SALES CHARGE | |||||||
|---|---|---|---|---|---|---|---|
| Cumulative | Average Annual | ||||||
| Class | Ticker | YTD | 1-Yr | 3-Yr | 5-Yr | 10-Yr | Since Inception |
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.
See Daily Returns for the PGIM Global Total Return (USD Hedged) Fund.
See Performance of other PGIM Investments Mutual Funds.
See Calendar Year Performance for the PGIM Global Total Return (USD Hedged) Fund.
See Daily Returns for the PGIM Global Total Return (USD Hedged) Fund.
See Quarterly SEC Standardized Performance of other PGIM Investments Mutual Funds.
See Calendar Year Performance for the PGIM Global Total Return (USD Hedged) Fund.
|
Fund Expenses
|
Maximum Sales Charge (%)
|
|||
|---|---|---|---|---|
|
Class
|
Gross (%)
|
Net (%)
|
Date*
|
|
| A | 2.81 | 0.88 | 02/28/2027 | 3.25 |
| C | 12.97 | 1.63 | 02/28/2027 | 1.00 |
| R6 | 1.14 | 0.58 | 02/28/2027 | — |
| Z | 1.25 | 0.63 | 02/28/2027 | — |
*This date represents the contractual reduction date through which the net expense ratio is in effect.
The performance data featured represents past performance for a period of less than one year. While past performance is never an indication of future results, short periods of performance may be particularly unrepresentative of long-term performance for certain types of funds. Total return describes the return to the investor after net operating expenses but before any sales charges are imposed. Lipper average is unmanaged, is based on the average return of all funds in this category, and does not take into consideration applicable sales charges. Unless noted otherwise, Lipper averages and index returns reflect performance beginning the closest month-end date to the Fund's inception. Benchmark since inception average is based on Class Z inception date. SEC standardized return describes the return to the investor after net operating expense and maximum sales charges are imposed. All returns assume share price changes as well as the compounding effect of reinvested dividends and capital gains. Returns may reflect fee waivers and/or expense reimbursements. Without such, returns would be lower. All returns 1-year or less are cumulative.
Morningstar Global Bond Category Average-USD Hedged: USD hedged portfolios typically invest 40% or more of their assets in fixed-income instruments issued outside of the U.S. These portfolios invest primarily in investment-grade rated issues, but their strategies can vary. Some follow a conservative approach, sticking with high-quality bonds from developed markets. Others are more adventurous, owning some lower-quality bonds from developed or emerging markets. Some portfolios invest exclusively outside the U.S., while others invest in both U.S. and non-U.S. bonds. Funds in this category hedge most of their non-U.S.-dollar currency exposure back to the U.S. dollar.
Bloomberg Global Aggregate Bond (USD Hedged) Index provides a broad-based measure of the global investment-grade fixed income markets, with index components for the U.S. Aggregate, the Pan-European Aggregate and the Asian Pacific Aggregate. Returns for the index are hedged to the U.S. Dollar.
An investment cannot be made directly in an index or average. All indexes and averages are unmanaged.
Prices
|
Class
|
NAV ($)
|
NAV Change ($)
|
NAV Change (%)
|
POP ($)
|
Total Net Assets ($)
|
|---|---|---|---|---|---|
| A |
+8.59
|
-0.06
|
-0.69
|
8.88 | 403,345.61 |
| C |
+8.58
|
-0.07
|
-0.81
|
— | 53,864.31 |
| R6 |
+8.59
|
-0.06
|
-0.69
|
— | 11,718,955.68 |
| Z |
+8.58
|
-0.07
|
-0.81
|
— | 18,662,268.63 |
NAV (Net Asset Value) is the $U.S. value of a single share of a fund, excluding any sales charges. Change shows the change in $U.S. value over the previous day:
= Gain, 
= Loss, 
= No Change.
See Prices of other PGIM Investments Mutual Funds.
52 Week High/Low
|
Class
|
52 Week High ($)
|
52 Week High Date
|
52 Week Low ($)
|
52 Week Low Date
|
|---|---|---|---|---|
| A | 8.90 | 02/27/2026 | 8.55 | 05/21/2025 |
| C | 8.89 | 02/27/2026 | 8.55 | 05/21/2025 |
| R6 | 8.90 | 02/27/2026 | 8.56 | 05/22/2025 |
| Z | 8.89 | 02/27/2026 | 8.55 | 05/21/2025 |
For share classes less than one year old, the 52-week high and 52-week low NAVs are calculated from inception to the current date.
Yields
| Class | SEC 30-Day Subsidized Yield (%) | SEC 30-Day Unsubsidized Yield (%) | Offer Distb. Yield (%) | NAV Distb. Yield (%) | SEC-30 Day Sub Taxable Equivalent Yield (%) |
|---|---|---|---|---|---|
| A - View Prospectus | 3.69 | 0.98 | 3.86 | 3.99 | — |
| C - View Prospectus | 3.06 | -9.62 | — | 3.22 | — |
| R6 - View Prospectus | 4.11 | 3.29 | — | 4.29 | — |
| Z - View Prospectus | 4.06 | 3.17 | — | 4.24 | — |
See Yields of other PGIM Investments Mutual Funds.
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.
- Portfolio Summary
- Complete Holdings
Portfolio Attributes
Currency Concentration (% of Assets)
|
Currency Concentration
|
% of Assets
|
|---|---|
| USD | 100.0% |
| Chinese Yuan | 0.4% |
| Euro | 0.1% |
| Turkish Lira | 0.1% |
| Brazilian Real | 0.1% |
| Mexican Peso | 0.1% |
| Thai Baht | -0.1% |
| Japanese Yen | -0.1% |
| Chinese Offshore Yuan | -0.4% |
Country Concentration (% of Assets)
| United States | 41.3% |
| Italy | 4.7% |
| France | 4.7% |
| Mexico | 4.0% |
| Greece | 2.9% |
| Spain | 2.9% |
| Indonesia | 2.3% |
| Philippines | 2.0% |
| Other | 31.4% |
| Cash/Equiv | 3.8% |
FUND STATISTICS
|
Fund Statistics
|
Years
|
|---|---|
| Average Maturity (years) | 7.6 |
| Duration (years) | 7.3 |
Sector Breakdown (% of Assets)
| Foreign Govt Related | 18.4% |
| U.S. Govt Related | 20.2% |
| Treas | 20.2% |
| Agency | 0.0% |
| MBS | 0.0% |
| U.S Municipals | 0.2% |
| ABS | 0.3% |
| Inv Grade Corp | 21.1% |
| Commercial MBS | 2.5% |
| Non Agency MBS | 3.9% |
| High Yield | 7.4% |
| Emerging Markets | 26.7% |
| Other | -4.6% |
| Cash/Equiv | 3.8% |
All data is unaudited and subject to change. Holdings/allocations may vary. This is not a recommendation to buy or sell any security listed. Largest holdings exclude cash, cash equivalents, money market funds and enhanced cash strategies. Totals may not sum due to rounding. Negative holdings reflect outstanding trades at period end.
Fund Holdings
Holdings are unaudited, may vary and are subject to change. Please refer to the Fund's annual report for audited holdings information. This is not a recommendation to buy or sell any security listed.
Value ($): Cash securities are calculated using market value and derivative securities are calculated using notional value.
Source: Bank of New York Mellon. Holdings are provided to Prudential Financial by the custodian bank and Prudential Financial is not responsible for any errors or omissions related to the holdings data.
© 2026, American Bankers Association. CUSIP Database provided by FactSet Research Systems Inc. All rights reserved.
PGIM Credit is a unit of PGIM, Inc., a registered investment advisor. PGIM Limited acts as a subadvisor to all fixed income funds. PGIM Limited is an indirect, wholly-owned subsidiary of PGIM, Inc. (“PGIM”), the principal asset management business of Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States. All are Prudential Financial affiliates. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates.
5044609 Ed. 12/2025
| Security ID# (CUSIP/SEDOL) | Security Description | Ticker Symbol | Coupon Rate | Maturity Date | Shares/Notional | Value ($) | % of Portfolio |
|---|
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Management
PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. PGIM Investments is a Prudential Financial and PGIM, Inc. affiliate. For more information on the fund's sub-advisors(s), please click here.
Gregory Peters
Co-Chief Investment Officer of PGIM Credit
Gregory Peters is Co-Chief Investment Officer of PGIM Credit.
Robert Tipp, CFA
Managing Director, Chief Investment Strategist, and PGIM Credit's Head of Global Bonds
Robert Tipp, CFA is a Managing Director, Chief Investment Strategist, and PGIM Credit's Head of Global Bonds.
Matthew Angelucci, CFA
Managing Director and Senior Portfolio Manager
Matthew Angelucci, CFA is a Managing Director and senior portfolio manager on PGIM Credit's Multi-Sector Team.
Brett Bailey, CFA
Executive Director and Portfolio Manager
Credit
Brett Bailey, CFA is an Executive Director and portfolio manager on PGIM Credit's Multi-Sector Team.
Average Maturity is the average time to maturity for a bond. Duration measures investment risk that takes into account both a bond's interest payments and its value to maturity. Standard deviation depicts how widely returns vary around its average and is used to understand the range of returns most likely for a given fund. A higher standard deviation generally implies greater volatility. Due to data availability, statistics may not be as of the current reporting period.
Enhanced cash strategies are variations on traditional money market vehicles. They are designed to provide liquidity and principal preservation, but with more of an emphasis on seeking returns that are superior to those of traditional money market offerings.
Source: Benchmarks - Lipper Inc.; Statistics - Morningstar Inc.; All other data from PGIM, Inc.
© 2026 Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar; (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.
BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves nor endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results obtained therefrom and, to the maximum extend allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
Class R6 and Z shares may be available to group retirement plans and institutional investors through certain retirement, mutual fund wrap and asset allocation programs. They may also be available to institutional investors. Class Z shares may be available through fee- or commission-based retail brokerage programs of certain financial intermediaries. Class A, C, and Z shares are generally closed to new retirement plans. Please see the prospectus for additional information about fees, expenses, and investor eligibility.
PGIM Credit is a unit of PGIM, Inc., a registered investment advisor. PGIM Limited acts as a subadvisor to all fixed income funds. PGIM Limited is an indirect, wholly-owned subsidiary of PGIM, Inc. (“PGIM”), the principal asset management business of Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States. All are Prudential Financial affiliates. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates.
5292474 Ed. 03/2026
Fund Literature
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