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PGIM Emerging Markets Debt Local Currency Fund
mutual fund
EMDAX
Payout Change
Pending
Price as of:
$4.51
+0.0
+0.0%
primary theme
Emerging Markets Bond
share class
EMDAX (Mutual Fund)
PGIM Emerging Markets Debt Local Currency Fund
Payout Change
Pending
Price as of:
$4.51
+0.0
+0.0%
primary theme
Emerging Markets Bond
share class
EMDAX (Mutual Fund)
PGIM Emerging Markets Debt Local Currency Fund
Payout Change
Pending
Price as of:
$4.51
+0.0
+0.0%
primary theme
Emerging Markets Bond
share class
Name
As of 11/22/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
-2.3%
1 yr return
1.9%
3 Yr Avg Return
0.1%
5 Yr Avg Return
-0.6%
Net Assets
$55.4 M
Holdings in Top 10
26.3%
52 WEEK LOW AND HIGH
$4.5
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 2.02%
SALES FEES
Front Load 3.25%
Deferred Load N/A
TRADING FEES
Turnover 35.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/22/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
EMDAX - Profile
Distributions
- YTD Total Return -2.3%
- 3 Yr Annualized Total Return 0.1%
- 5 Yr Annualized Total Return -0.6%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 3.75%
- Dividend Yield 5.8%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NamePGIM Emerging Markets Debt Local Currency Fund
-
Fund Family NamePrudential
-
Inception DateMar 30, 2011
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerCathy Hepworth
Fund Description
The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its investable assets in currencies of, and fixed income instruments denominated in local currencies of, emerging market countries. The Fund may invest in derivatives, such as forward contracts, options, futures contracts or swap agreements, denominated in any currency. Such investments will be included under the 80% policy noted above so long as the underlying asset of such derivative is a currency or fixed income instrument denominated in the currency of an emerging market country and such investments are subject to the Fund's limit of investing up to 25% of its net assets in derivatives. The term “investable assets” refers to the Fund's net assets plus any borrowings for investment purposes. The Fund's investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions.The Fund generally considers emerging market countries to be countries included in the JP Morgan Emerging Markets Bond Index Global Diversified Index, the JP Morgan Government Bond Index-Emerging Markets Global Diversified Index, the JP Morgan Emerging Local Markets Index Plus or the JP Morgan Corporate Emerging Markets Bond Index Broad Diversified. The Fund may invest to a lesser extent in lesser-developed emerging market countries that are not included in standard emerging market benchmarks and are not widely followed by investors (commonly referred to as “frontier market countries”). The Fund's investments may be highly concentrated in a geographic region or country. Under normal circumstances the Fund will invest in at least three different countries, without limit as to the amount of Fund assets that may be invested in any single country.The Fund's fixed income instruments may include bonds, debt securities and derivatives issued by various U.S. and non-U.S. public or private sector entities. The Fund may invest up to 50% of its net assets in high-yield debt instruments or “junk bonds,” which are rated below investment grade by a nationally recognized rating service or considered by the subadviser to be of comparablequality.In determining which securities to buy and sell, the subadviser considers country and currency selection, economic conditions, interest rate fundamentals, exchange rates, monetary and fiscal policies, trade and current account balances, legal and political developments and other specific factors that the subadviser believes to be relevant. The subadviser also evaluates individual debt securities within each fixed income sector based upon their relative investment merit and considers factors such as yield, duration and potential for price appreciation as well as credit quality, maturity and risk.In managing the Fund’s assets, the subadviser uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, the subadviser develops views on economic, policy and market trends. In its bottom-up research, the subadviser develops an internal rating and outlook on issuers. The rating and outlook are determined based on a thorough review of the financial health and trends of the issuer. The subadviser may also consider investment factors such as expected total return, yield, spread and potential for price appreciation as well as credit quality, maturity and risk. The Fund may invest in a security based upon the expected total return rather than the yield of such security.The Fund is “non-diversified” for purposes of the Investment Company Act of 1940 (the “1940 Act”), which means that it can invest a greater percentage of its assets in fewer issuers than a “diversified” fund.
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EMDAX - Performance
Return Ranking - Trailing
| Period | EMDAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -2.3% | -6.2% | 459.7% | 91.50% |
| 1 Yr | 1.9% | -3.7% | 484.2% | 91.84% |
| 3 Yr | 0.1%* | -7.8% | 58.8% | 64.44% |
| 5 Yr | -0.6%* | -7.3% | 29.1% | 83.76% |
| 10 Yr | -0.3%* | -5.6% | 14.3% | 80.00% |
* Annualized
Return Ranking - Calendar
| Period | EMDAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 5.9% | -10.6% | 17.8% | 40.14% |
| 2022 | -14.1% | -29.1% | -2.4% | 15.49% |
| 2021 | -13.5% | -24.0% | 2.7% | 91.43% |
| 2020 | -0.2% | -14.0% | 9.7% | 68.63% |
| 2019 | 8.6% | -6.4% | 13.0% | 44.57% |
Total Return Ranking - Trailing
| Period | EMDAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -2.3% | -6.2% | 459.7% | 91.50% |
| 1 Yr | 1.9% | -3.7% | 484.2% | 91.84% |
| 3 Yr | 0.1%* | -7.8% | 58.8% | 64.44% |
| 5 Yr | -0.6%* | -7.3% | 29.1% | 83.76% |
| 10 Yr | -0.3%* | -5.6% | 14.3% | 80.00% |
* Annualized
Total Return Ranking - Calendar
| Period | EMDAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 13.3% | -0.6% | 20.0% | 29.93% |
| 2022 | -9.8% | -27.6% | -1.7% | 16.20% |
| 2021 | -9.3% | -18.5% | 7.4% | 88.57% |
| 2020 | 5.0% | -7.8% | 18.0% | 53.87% |
| 2019 | 14.7% | -3.0% | 23.0% | 26.59% |
NAV & Total Return History
EMDAX - Holdings
Concentration Analysis
| EMDAX | Category Low | Category High | EMDAX % Rank | |
|---|---|---|---|---|
| Net Assets | 55.4 M | 565 K | 14.8 B | 73.47% |
| Number of Holdings | 410 | 4 | 1860 | 29.59% |
| Net Assets in Top 10 | 14.2 M | -134 M | 1.25 B | 72.11% |
| Weighting of Top 10 | 26.25% | 5.8% | 102.2% | 25.77% |
Top 10 Holdings
- Mexican Udibonos 3.98%
- (PIPA070) PGIM Core Government Money Market Fund 3.86%
- Republic of South Africa Government Bond 2.73%
- Republic of South Africa Government Bond 2.72%
- Brazil Notas do Tesouro Nacional Serie F 2.55%
- Peru Government Bond 2.16%
- Republic of South Africa Government Bond 2.13%
- China Government Bond 2.11%
- Thailand Government Bond 2.02%
- Republic of Poland Government Bond 1.99%
Asset Allocation
| Weighting | Return Low | Return High | EMDAX % Rank | |
|---|---|---|---|---|
| Bonds | 93.32% | 0.00% | 105.61% | 64.97% |
| Cash | 8.08% | 0.00% | 29.76% | 24.83% |
| Stocks | 0.02% | -0.01% | 96.78% | 33.33% |
| Preferred Stocks | 0.00% | 0.00% | 2.24% | 11.56% |
| Convertible Bonds | 0.00% | 0.00% | 8.47% | 63.23% |
| Other | -1.42% | -13.89% | 86.73% | 96.94% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | EMDAX % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 11.41% | 14.15% |
| Technology | 0.00% | 0.00% | 30.64% | 43.40% |
| Real Estate | 0.00% | 0.00% | 2.39% | 43.40% |
| Industrials | 0.00% | 0.00% | 100.00% | 2.83% |
| Healthcare | 0.00% | 0.00% | 12.25% | 13.21% |
| Financial Services | 0.00% | 0.00% | 100.00% | 20.75% |
| Energy | 0.00% | 0.00% | 100.00% | 75.47% |
| Communication Services | 0.00% | 0.00% | 8.92% | 0.94% |
| Consumer Defense | 0.00% | 0.00% | 24.66% | 0.94% |
| Consumer Cyclical | 0.00% | 0.00% | 100.00% | 18.87% |
| Basic Materials | 0.00% | 0.00% | 100.00% | 44.34% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | EMDAX % Rank | |
|---|---|---|---|---|
| US | 0.02% | 0.00% | 96.53% | 27.21% |
| Non US | 0.00% | -0.01% | 88.26% | 14.97% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | EMDAX % Rank | |
|---|---|---|---|---|
| Government | 30.01% | 0.00% | 99.79% | 84.88% |
| Cash & Equivalents | 3.86% | 0.00% | 23.23% | 34.35% |
| Corporate | 1.09% | 0.00% | 91.26% | 93.81% |
| Securitized | 0.00% | 0.00% | 2.41% | 19.93% |
| Municipal | 0.00% | 0.00% | 0.00% | 6.19% |
| Derivative | -1.42% | -3.00% | 13.76% | 96.26% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | EMDAX % Rank | |
|---|---|---|---|---|
| Non US | 90.32% | 0.00% | 132.49% | 10.54% |
| US | 3.00% | -42.31% | 99.15% | 84.01% |
EMDAX - Expenses
Operational Fees
| EMDAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 2.02% | 0.02% | 32.92% | 18.77% |
| Management Fee | 0.65% | 0.00% | 1.10% | 33.33% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 16.91% |
| Administrative Fee | N/A | 0.02% | 0.65% | N/A |
Sales Fees
| EMDAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 3.25% | 0.75% | 5.75% | 80.00% |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| EMDAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.75% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| EMDAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 35.00% | 0.00% | 218.00% | 19.07% |
EMDAX - Distributions
Dividend Yield Analysis
| EMDAX | Category Low | Category High | EMDAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 5.80% | 0.00% | 22.22% | 22.45% |
Dividend Distribution Analysis
| EMDAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Quarterly | Monthly | Quarterly |
Net Income Ratio Analysis
| EMDAX | Category Low | Category High | EMDAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 3.75% | -2.28% | 8.00% | 66.55% |
Capital Gain Distribution Analysis
| EMDAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Oct 31, 2024 | $0.022 | OrdinaryDividend |
| Sep 30, 2024 | $0.020 | OrdinaryDividend |
| Aug 30, 2024 | $0.023 | OrdinaryDividend |
| Jul 31, 2024 | $0.023 | OrdinaryDividend |
| Apr 30, 2024 | $0.019 | OrdinaryDividend |
| Mar 28, 2024 | $0.019 | OrdinaryDividend |
| Feb 29, 2024 | $0.019 | OrdinaryDividend |
| Jan 31, 2024 | $0.023 | OrdinaryDividend |
| Dec 29, 2023 | $0.022 | OrdinaryDividend |
| Dec 21, 2023 | $0.054 | OrdinaryDividend |
| Nov 30, 2023 | $0.021 | OrdinaryDividend |
| Oct 31, 2023 | $0.022 | OrdinaryDividend |
| Sep 29, 2023 | $0.019 | OrdinaryDividend |
| Aug 31, 2023 | $0.022 | OrdinaryDividend |
| Jul 31, 2023 | $0.023 | OrdinaryDividend |
| Jun 30, 2023 | $0.019 | OrdinaryDividend |
| May 31, 2023 | $0.019 | OrdinaryDividend |
| Apr 28, 2023 | $0.019 | OrdinaryDividend |
| Mar 31, 2023 | $0.020 | OrdinaryDividend |
| Feb 28, 2023 | $0.017 | OrdinaryDividend |
| Jan 31, 2023 | $0.020 | OrdinaryDividend |
| Dec 30, 2022 | $0.021 | OrdinaryDividend |
| Nov 30, 2022 | $0.019 | OrdinaryDividend |
| Oct 31, 2022 | $0.018 | ReturnOfCapital |
| Oct 31, 2022 | $0.002 | OrdinaryDividend |
| Sep 30, 2022 | $0.015 | ReturnOfCapital |
| Sep 30, 2022 | $0.001 | OrdinaryDividend |
| Aug 31, 2022 | $0.018 | ReturnOfCapital |
| Aug 31, 2022 | $0.002 | OrdinaryDividend |
| Jul 29, 2022 | $0.015 | ReturnOfCapital |
| Jul 29, 2022 | $0.001 | OrdinaryDividend |
| Jun 30, 2022 | $0.018 | ReturnOfCapital |
| Jun 30, 2022 | $0.002 | OrdinaryDividend |
| May 31, 2022 | $0.014 | ReturnOfCapital |
| May 31, 2022 | $0.001 | OrdinaryDividend |
| Apr 29, 2022 | $0.016 | ReturnOfCapital |
| Apr 29, 2022 | $0.001 | OrdinaryDividend |
| Mar 31, 2022 | $0.010 | ReturnOfCapital |
| Mar 31, 2022 | $0.001 | OrdinaryDividend |
| Feb 28, 2022 | $0.013 | ReturnOfCapital |
| Feb 28, 2022 | $0.001 | OrdinaryDividend |
| Jan 31, 2022 | $0.017 | ReturnOfCapital |
| Jan 31, 2022 | $0.002 | OrdinaryDividend |
| Dec 31, 2021 | $0.019 | OrdinaryDividend |
| Nov 30, 2021 | $0.019 | OrdinaryDividend |
| Oct 29, 2021 | $0.021 | OrdinaryDividend |
| Sep 30, 2021 | $0.020 | OrdinaryDividend |
| Aug 31, 2021 | $0.021 | OrdinaryDividend |
| Jul 30, 2021 | $0.020 | OrdinaryDividend |
| Jun 30, 2021 | $0.021 | OrdinaryDividend |
| May 28, 2021 | $0.021 | OrdinaryDividend |
| Apr 30, 2021 | $0.021 | OrdinaryDividend |
| Mar 31, 2021 | $0.018 | OrdinaryDividend |
| Feb 26, 2021 | $0.021 | OrdinaryDividend |
| Jan 29, 2021 | $0.024 | OrdinaryDividend |
| Dec 31, 2020 | $0.022 | OrdinaryDividend |
| Nov 30, 2020 | $0.021 | OrdinaryDividend |
| Oct 30, 2020 | $0.022 | ReturnOfCapital |
| Sep 30, 2020 | $0.021 | ReturnOfCapital |
| Aug 31, 2020 | $0.021 | ReturnOfCapital |
| Jul 31, 2020 | $0.022 | ReturnOfCapital |
| Jun 30, 2020 | $0.021 | ReturnOfCapital |
| May 29, 2020 | $0.020 | ReturnOfCapital |
| Apr 30, 2020 | $0.019 | ReturnOfCapital |
| Mar 31, 2020 | $0.022 | ReturnOfCapital |
| Feb 28, 2020 | $0.023 | ReturnOfCapital |
| Jan 31, 2020 | $0.027 | ReturnOfCapital |
| Dec 31, 2019 | $0.027 | OrdinaryDividend |
| Nov 29, 2019 | $0.027 | OrdinaryDividend |
| Oct 31, 2019 | $0.026 | OrdinaryDividend |
| Sep 30, 2019 | $0.022 | OrdinaryDividend |
| Aug 30, 2019 | $0.027 | OrdinaryDividend |
| Jul 31, 2019 | $0.027 | OrdinaryDividend |
| Dec 26, 2012 | $0.028 | CapitalGainShortTerm |
| Dec 26, 2012 | $0.021 | CapitalGainLongTerm |
| Dec 21, 2012 | $0.047 | ExtraDividend |
EMDAX - Fund Manager Analysis
Managers
Cathy Hepworth
Start Date
Tenure
Tenure Rank
Mar 30, 2011
11.18
11.2%
Cathy L. Hepworth, CFA, is a Managing Director and an Emerging Market Sovereign Strategist/Portfolio Manager for PGIM Fixed Income's Emerging Markets Team. Ms. Hepworth co-founded PGIM Fixed Income's emerging markets debt management effort with David Bessey in 1995. Previously, Ms. Hepworth was an analyst in the credit unit of PGIM Fixed Income's Capital Management Group, focusing on various sovereign, financial and corporate sectors. Prior to joining PGIM Fixed Income in 1989, she held analyst positions at Bankers Trust, Merrill Lynch, and Golembe Associates. Ms. Hepworth received a BSFS from Georgetown University, School of Foreign Service. She holds the Chartered Financial Analyst (CFA) designation.
Mariusz Banasiak
Start Date
Tenure
Tenure Rank
Jun 30, 2017
4.92
4.9%
Mariusz Banasiak is a Principal and Portfolio Manager for PGIM Fixed Income, responsible for developing emerging markets currency strategy. Prior to assuming his current position, Mr. Banasiak was a Vice President for PGIM Fixed Income’s Emerging Markets Debt Team, responsible for developing portfolio strategies on USD sovereign and local emerging market yield curves and currencies in the Europe, Middle East and Africa (EMEA) region. Previously, Mr. Banasiak was an Analyst for emerging market debt portfolios in the Portfolio Analyst Group of PGIM Fixed Income. Earlier, he was responsible for risk analysis and performance attribution for the firm’s proprietary portfolios. Mr. Banasiak joined PGIM Fixed Income in 2004.He received a BS in Finance from Rutgers University and holds the Chartered Financial Analyst (CFA) designation.
Pradeep Kumar
Start Date
Tenure
Tenure Rank
Sep 30, 2021
0.67
0.7%
Pradeep Kumar, PhD, CFA, is a Principal and Portfolio Manager for PGIM Fixed Income's Emerging Markets Debt Team. Mr. Kumar is responsible for developing EM local markets strategy. Prior to joining the Firm in 2019, Mr. Kumar was a Portfolio Manager and Co-Head of Emerging Markets at Ontario Teachers’ Pension Plan (“OTPP”) in Toronto. At OTPP he managed local market portfolios across emerging markets, which included a GBIEM index portfolio and an Absolute Return portfolio. Prior to OTPP, Mr. Kumar spent 13 years as a Portfolio Manager in the hedge fund industry. From 2005 through 2017 he was employed at several firms including Balyasny Asset Management, Woodbine Capital Advisors and Drake Management. During his time working in the hedge fund industry, he managed a fundamentally driven, discretionally global, macro portfolio with a focus on emerging markets. Prior to his experience in investment management, Mr. Kumar was a director in the emerging markets fixed income quantitative group at Citigroup. He joined Citigroup in 1997 as a research analyst in emerging markets where he worked on currency and interest rates models and developed quantitative trading strategies. He received a PhD in Economics from University of Alabama and holds the Chartered Financial Analyst (“CFA”) designation.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.15 | 23.87 | 6.5 | 6.11 |
