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PGIM ESG Total Return Bond Fund

mutual fund
PAIWX
Payout Change
Pending
Price as of:
$8.12 +0.01 +0.12%
primary theme
U.S. Intermediate-Term Bond Duration
PAIWX (Mutual Fund)

PGIM ESG Total Return Bond Fund

Payout Change
Pending
Price as of:
$8.12 +0.01 +0.12%
primary theme
U.S. Intermediate-Term Bond Duration
PAIWX (Mutual Fund)

PGIM ESG Total Return Bond Fund

Payout Change
Pending
Price as of:
$8.12 +0.01 +0.12%
primary theme
U.S. Intermediate-Term Bond Duration

Name

As of 12/24/2024

Price

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

$8.12

$23.6 M

4.33%

$0.35

13.26%

Vitals

YTD Return

2.2%

1 yr return

2.4%

3 Yr Avg Return

-2.5%

5 Yr Avg Return

N/A

Net Assets

$23.6 M

Holdings in Top 10

22.1%

52 WEEK LOW AND HIGH

$8.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 13.26%

SALES FEES

Front Load 3.25%

Deferred Load N/A

TRADING FEES

Turnover 77.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/24/2024

Price

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

$8.12

$23.6 M

4.33%

$0.35

13.26%

PAIWX - Profile

Distributions

  • YTD Total Return 2.2%
  • 3 Yr Annualized Total Return -2.5%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.28%
DIVIDENDS
  • Dividend Yield 4.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    PGIM ESG Total Return Bond Fund
  • Fund Family Name
    Prudential
  • Inception Date
    Sep 30, 2021
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Lindsay Rosner

Fund Description

The Fund seeks to achieve its objective through a mix of current income and capital appreciation as determined by the Fund's subadviser, while applying an environmental, social and governance (“ESG”) methodology developed by the Fund’s subadviser in the selection of portfolio investments. The Fund invests, under normal circumstances, at least 80% of its investable assets in bonds that, at the time of investment, are included in the investable universe based on the subadviser’s ESG methodology described below. For purposes of this policy, bonds include all fixed income securities, other than preferred stock, with a maturity at date of issue of greater than one year (including bonds acquired by the Fund with a maturity at date of issue of greater than one year, but a remaining maturity of one year or less). In selecting the Fund’s portfolio investments, the subadviser incorporates proprietary ESG criteria and employs third-party screening services as described in more detail below. 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's subadviser allocates assets among different debt securities, including (but not limited to) U.S. Government securities, mortgage-related and asset-backed securities (including collateralized debt obligations and collateralized loan obligations), corporate debt securities and foreign debt securities. The Fund may invest up to 30% of its investable assets in speculative, high risk, below investment-grade securities. These securities are also known as high-yield debt securities or junk bonds. The Fund may invest up to 30% of its investable assets in foreign debt securities, including emerging market debt securities, of issuers located anywhere in the world. From time to time the Fund's investments may be concentrated in a geographic region or country.The subadviser’s ESG methodology begins with exclusionary screening, and then applies a proprietary scoring methodology focusing on factors that impact the environment and society, which include governance factors (“ESG Impact Ratings”), to construct the Fund’s portfolio.First, the subadviser will use third-party screening agents to exclude from all potential portfolio investments issuers that do not meet the subadviser’s investment criteria (which may be updated periodically). Such excluded issuers currently include: (i) those with exposure to controversial weapons (e.g., anti-personnel mines, biological and chemical weapons, cluster weapons, incendiary weapons, depleted uranium, nuclear weapons, and white phosphorus) and those with revenue above a certain threshold (as determined by the subadviser, which generally range from 5% to 20%, with the exception of gambling, which normally has a threshold of 50%) from conventional weapons (e.g., civilian firearms (such as guns, rifles, and pistols or components of these), military equipment, and service providers to civilian firearms and/or military equipment), tobacco, thermal coal generation and extraction, oil sands extraction and processing, arctic oil and gas extraction and gambling activities; (ii) issuers that have carbon emissions activities above a certain emission intensity as determined by the subadviser; and (iii) issuers that are non-compliant with UN Global Compact principles. When selecting securities for the Fund, the subadviser seeks to ensure that the weighted average carbon intensity score of the portfolio as a whole is lower than the weighted average carbon intensity score of the Bloomberg US Universal ex MBS ex Treasury Index (the “Relevant Index”). The carbon intensity scores are calculated by the third party screening agent, who may not provide a carbon intensity score for each security in the Fund and Relevant Index. The average carbon intensity score of the Fund and the Relevant Index includes only securities that have carbon intensity scores.The principles of the UN Global Compact represent a set of values that the UN believes responsible businesses should incorporate into their operations in order to meet fundamental responsibilities in the areas of human rights, labor, environment and anti-corruption. To the extent an issuer’s status changes to meet the qualification for exclusion, the subadviser may take steps to divest its holdings of the issuer within a reasonable period of time after the issuer’s change in status. This screening criteria is subject to change over time at the subadviser’s discretion.Next, the subadviser assigns each potential investment an ESG Impact Rating (where possible). The subadviser assesses the type of investment and structure, and the ESG Impact Ratings are developed based on research and due diligence, including review of publicly available information as well as information from alternative data sources (e.g., non-governmental organization (“NGO”) analyses, governmental and inter-governmental studies, etc.) and third-party research and tools. The subadviser may supplement this information and adjust a rating based on direct engagement with the issuer. The ESG Impact Rating is assigned by assessing the impact of the following factors: environmental (e.g., reduction of environmental pollution, waste management, water consumption and climate change mitigation) and social (e.g., human rights, employee rights, health and safety and community relations). Governance factors (e.g., effective management and business conduct) are integrated into the assessment of factors that impact the environment and society. Issuers that score well with respect to these factors generally receive higher ESG Impact Ratings. While the subadviser considers ESG factors when evaluating an issuer, only one or two of these categories may be considered with respect to a particular investment or sector, and categories may be weighted differently according to the type of investment being considered.The subadviser seeks to assign each investment opportunity an ESG Impact Rating on a 100-point scale in 5-point increments, with 0 as the lowest and 100 as the highest ESG Impact Rating. An overall aggregated, or composite, ESG Impact Rating is also calculated, with ESG factors weighted differently depending on the industry. The ESG Impact Ratings are determined prior to purchase and reviewed at least annually. Under normal circumstances, the Fund will not purchase securities of issuers that have ESG Impact Ratings that are below a threshold established by the subadviser, except that the Fund may purchase a “Green Bond” from certain issuers whose securities may otherwise be excluded based on ESG Impact Ratings. A Green Bond is a type of fixed income instrument specifically earmarked to raise money for climate and environmental projects. The subadviser will seek to divest within a reasonable period of time from investments for which the ESG Impact Rating falls below the thresholds established by the subadviser. The subadviser may determine that there is not sufficient information available to assign an ESG Impact Rating with respect to certain securities and/or issuers. Up to 5% of the Fund’s total assets may normally comprise investments without ESG Impact Ratings. The subadviser may periodically update its ESG Impact Rating methodology.After identifying the relevant investable universe based on its ESG methodology (i.e., screening and application of ESG Impact Ratings), the subadviser then selects securities for the Fund using 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 by continually evaluating economic data that affect the movement of markets and securities prices. 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, which includes a review of the composition of revenue, profitability, cash flow margin, and leverage, as well as an assessment of the issuer's corporate governance (e.g., ownership structures and board effectiveness). 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. When selecting securities for the Fund, the subadviser seeks to ensure that the weighted average ESG Impact Rating of the portfolio as a whole is higher than the weighted average ESG Impact Rating of the Relevant Index. The subadviser may not provide ESG Impact Ratings for certain securities in the Relevant Index, which under normal market conditions may be up to 10% of the Relevant Index. The average ESG Impact Rating of the Relevant Index includes only securities that have been rated.The Fund may use derivatives to manage its duration, as well as to manage its foreign currency exposure, to hedge against losses, and to try to improve returns.
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PAIWX - Performance

Return Ranking - Trailing

Period PAIWX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.2% -7.8% 11.6% 31.54%
1 Yr 2.4% -7.5% 11.7% 30.50%
3 Yr -2.5%* -11.0% 27.4% 53.73%
5 Yr N/A* -7.6% 58.4% N/A
10 Yr N/A* -3.0% 73.8% N/A

* Annualized

Return Ranking - Calendar

Period PAIWX Return Category Return Low Category Return High Rank in Category (%)
2023 2.6% -16.2% 8.1% 26.72%
2022 -18.9% -34.7% 131.9% 92.66%
2021 N/A -11.6% 4.4% N/A
2020 N/A -9.9% 946.1% N/A
2019 N/A -1.7% 16.9% N/A

Total Return Ranking - Trailing

Period PAIWX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.2% -7.8% 11.6% 31.54%
1 Yr 2.4% -7.5% 11.7% 30.50%
3 Yr -2.5%* -11.0% 27.4% 53.73%
5 Yr N/A* -7.6% 58.4% N/A
10 Yr N/A* -3.0% 73.8% N/A

* Annualized

Total Return Ranking - Calendar

Period PAIWX Return Category Return Low Category Return High Rank in Category (%)
2023 7.6% -11.3% 11.9% 7.69%
2022 -15.2% -32.2% 131.9% 88.62%
2021 N/A -9.4% 9.2% N/A
2020 N/A -1.9% 1009.0% N/A
2019 N/A 1.1% 21668.0% N/A

NAV & Total Return History


PAIWX - Holdings

Concentration Analysis

PAIWX Category Low Category High PAIWX % Rank
Net Assets 23.6 M 2.9 M 314 B 97.51%
Number of Holdings 236 1 17880 84.42%
Net Assets in Top 10 5.37 M 1.62 M 35.1 B 98.13%
Weighting of Top 10 22.09% 4.7% 3984.6% 55.06%

Top 10 Holdings

  1. (PIPA070) PGIM Core Government Money Market Fund 3.20%
  2. United States Treasury Note/Bond 2.72%
  3. PGIM AAA CLO ETF 2.35%
  4. Broad River Bsl Funding Clo Ltd 2020-1 2.21%
  5. BANK 2020-BNK25 2.20%
  6. CSAIL 2020-C19 Commercial Mortgage Trust 2.13%
  7. CSMC Trust 2016-NXSR 1.99%
  8. Battalion CLO XII Ltd 1.78%
  9. Anchorage Capital Europe Clo 1 DAC 1.77%
  10. Freddie Mac Pool 1.74%

Asset Allocation

Weighting Return Low Return High PAIWX % Rank
Bonds
95.49% 0.00% 9231.88% 45.60%
Cash
3.20% -54.51% 237.69% 44.86%
Stocks
2.35% 0.00% 99.98% 7.15%
Other
2.08% -27.25% 1695.17% 62.62%
Convertible Bonds
0.71% 0.00% 7.93% 75.63%
Preferred Stocks
0.00% 0.00% 72.34% 84.94%

Stock Sector Breakdown

Weighting Return Low Return High PAIWX % Rank
Utilities
0.00% 0.00% 100.00% N/A
Technology
0.00% 0.00% 43.45% N/A
Real Estate
0.00% 0.00% 99.26% N/A
Industrials
0.00% 0.00% 48.31% N/A
Healthcare
0.00% 0.00% 17.70% N/A
Financial Services
0.00% 0.00% 100.00% N/A
Energy
0.00% 0.00% 100.00% N/A
Communication Services
0.00% 0.00% 100.00% N/A
Consumer Defense
0.00% 0.00% 99.67% N/A
Consumer Cyclical
0.00% 0.00% 100.00% N/A
Basic Materials
0.00% 0.00% 100.00% N/A

Stock Geographic Breakdown

Weighting Return Low Return High PAIWX % Rank
US
2.35% 0.00% 99.98% 7.17%
Non US
0.00% 0.00% 88.46% 81.00%

Bond Sector Breakdown

Weighting Return Low Return High PAIWX % Rank
Securitized
33.54% 0.00% 98.40% 37.76%
Corporate
30.62% 0.00% 100.00% 48.01%
Government
13.30% 0.00% 86.23% 79.18%
Cash & Equivalents
3.20% 0.00% 237.69% 43.82%
Municipal
1.15% 0.00% 100.00% 23.95%
Derivative
0.46% -6.56% 43.84% 10.18%

Bond Geographic Breakdown

Weighting Return Low Return High PAIWX % Rank
US
88.77% 0.00% 9042.62% 70.40%
Non US
6.72% 0.00% 189.26% 7.58%

PAIWX - Expenses

Operational Fees

PAIWX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 13.26% 0.01% 39.64% 0.42%
Management Fee 0.44% 0.00% 1.76% 78.07%
12b-1 Fee 0.25% 0.00% 1.00% 54.92%
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

PAIWX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.25% 2.00% 5.75% 83.70%
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

PAIWX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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.

PAIWX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 77.00% 2.00% 493.39% 34.83%

PAIWX - Distributions

Dividend Yield Analysis

PAIWX Category Low Category High PAIWX % Rank
Dividend Yield 4.33% 0.00% 10.11% 21.35%

Dividend Distribution Analysis

PAIWX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly SemiAnnual Monthly Quarterly

Net Income Ratio Analysis

PAIWX Category Low Category High PAIWX % Rank
Net Income Ratio 1.28% -1.28% 4.79% 76.89%

Capital Gain Distribution Analysis

PAIWX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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PAIWX - Fund Manager Analysis

Managers

Lindsay Rosner


Start Date

Tenure

Tenure Rank

Sep 30, 2021

0.67

0.7%

Lindsay Rosner, CFA, is Vice President on the Multi-Sector Portfolio Management Team for PGIM Fixed Income. Her primary responsibilities are supporting our efforts in managing multi-sector portfolios across several mandates, including Core, Core Plus, and Core Conservative, both intermediate and long duration. Prior to joining the Firm in 2012, Ms. Rosner worked for Barclays Capital (and prior to that, Lehman Brothers) in New York City where she was a convertible bond trader, working with both hedge fund and traditional money management clients. Ms. Rosner is a graduate of Princeton University. She holds a BA from the Woodrow Wilson School of Public and International Affairs. Ms. Rosner holds the Chartered Financial Analyst (CFA) designation.

Robert Tipp


Start Date

Tenure

Tenure Rank

Sep 30, 2021

0.67

0.7%

Robert Tipp, CFA, is a Managing Director, Chief Investment Strategist, and Head of Global Bonds for PGIM Fixed Income. In addition to comanaging the Global Aggregate Plus strategy, Mr. Tipp is responsible for global rates positioning for Core Plus, Absolute Return, and other portfolios. Mr. Tipp has worked at the Firm since 1991, where he has held a variety of senior investment manager and strategist roles. Prior to joining the Firm, he was a Director in the Portfolio Strategies Group at the First Boston Corporation, where he developed, marketed, and implemented strategic portfolio products for money managers. Before that, Mr. Tipp was a Senior Staff Analyst at the Allstate Research & Planning Center, and managed fixed income and equity derivative strategies at Wells Fargo Investment Advisors. He received a BS in Business Administration and an MBA from the University of California, Berkeley. Mr. Tipp holds the Chartered Financial Analyst (CFA) designation. Named Morningstar’s 2017 Fixed Income Manager of The Year for PGIM Total Return Bond Fund.

Michael Collins


Start Date

Tenure

Tenure Rank

Sep 30, 2021

0.67

0.7%

Michael J. Collins, CFA, is a Managing Director and Senior Portfolio Manager for Core, Core Plus, Absolute Return, and other Multi-Sector Fixed Income strategies. Previously, Mr. Collins was a High Yield Portfolio Manager and Fixed Income Investment Strategist. Earlier he was a credit research analyst, covering investment grade and high yield corporate credits. Additionally, he developed proprietary quantitative international interest rate and currency valuation models for our global bond unit. Mr. Collins began his career at the Firm in 1986 as a software applications designer. He received a BS in Mathematics and Computer Science from the State University of New York at Binghamton and an MBA in Finance from New York University. Mr. Collins holds the Chartered Financial Analyst (CFA) designation and is a Fellow of the Life Management Institute (FLMI). Named Morningstar’s 2017 Fixed Income Manager of The Year for Prudential Total Return Bond Fund.

Gregory Peters


Start Date

Tenure

Tenure Rank

Sep 30, 2021

0.67

0.7%

Gregory Peters is a Managing Director and Senior Investment Officer of PGIM Fixed Income. He is also senior portfolio manager for Core, Long Government/Credit, Core Plus, Absolute Return, and other multi-sector Fixed Income strategies. Prior to joining PGIM Fixed Income, Mr. Peters was the Chief Global Cross Asset Strategist at Morgan Stanley and responsible for the firm's macro research and asset allocation strategy. In addition, he was Morgan Stanley's Global Director of Fixed Income & Economic Research and served on the Firm Risk, Investment, Asset Allocation, Global Credit, and Global Fixed Income Operating Committees. Earlier, Mr. Peters worked at Salomon Smith Barney and the Department of U.S. Treasury. Mr. Peters has been recognized by Institutional Investor magazine for his efforts in macro, fixed income, high yield and investment grade strategies. Mr. Peters was also recently recognized as Business Insider's Top Analysts and Top Analyst's to Watch by CEO World. Mr. Peters earned a BA in Finance from The College of New Jersey and an MBA from Fordham University. He is also a member of the Fixed Income Analyst Society and the Bond Market Association.

Richard Piccirillo


Start Date

Tenure

Tenure Rank

Sep 30, 2021

0.67

0.7%

Richard Piccirillo is a Principal and senior portfolio manager for PGIM Fixed Income’s Core, Long Government/Credit, Core Plus, Absolute Return, and other multi-sector Fixed Income strategies. He is also a member of the Global Rates and Securitized Products Team focusing on CMBS. Mr. Piccirillo has specialized in mortgage-and asset- backed securities since joining Prudential Financial in 1993. Before joining Prudential Financial, Mr. Piccirillo was a fixed income analyst with Fischer Francis Trees & Watts. Mr. Piccirillo started his career as a financial analyst at Smith Barney. He received a BBA in Finance from George Washington University and an MBA in Finance and International Business from New York University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.43 6.77 1.16