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PBHAX Prudential High-Yield A

  • Fund
  • PBHAX
  • Price as of: Dec 06, 2016
  • $5.40
  • + $0.02
  • + 0.37%
  • Category
  • High Yield Bonds

PBHAX - Profile

Vitals

  • YTD Return 6.9%
  • 3 Yr Annualized Return 4.1%
  • 5 Yr Annualized Return 7.0%
  • Net Assets $5.18 B
  • Holdings in Top 10 10.7%

52 WEEK LOW AND HIGH

$5.40
$4.77
$5.50

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.82%

SALES FEES

  • Front Load 4.50%
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 28.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$2,500

IRA

$1,000

Investment Themes

CATEGORY

High Yield Bonds
  • Fund Type Open End Mutual Fund
  • Investment Style High Yield Bond

Distributions

  • YTD Total Return 6.9%
  • 3 Yr Annualized Total Return 2.5%
  • 5 Yr Annualized Total Return 6.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 6.18%
DIVIDENDS
  • Dividend Yield 0.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Prudential High Yield Fund
  • Fund Family Name Prudential Investments
  • Inception Date Jan 22, 1990
  • Shares Outstanding N/A
  • Share Class A
  • Currency USD
  • Domiciled Country United States
  • Manager Terence Wheat

Fund Description

The fund normally invests at least 80% of its investable assets in a diversified portfolio of high yield fixed-income instruments rated Ba or lower by Moody's Investors Service (Moody's) or BB or lower by Standard & Poor's Ratings Group (Standard & Poor's), and instruments either rated by another nationally recognized statistical rating organization (NRSRO), or considered to be of comparable quality, that is, junk bonds.

PBHAX - Performance

Return Ranking - Trailing

Period PBHAX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 6.9% -30.0% 336.7% 25.74% 2
1 Yr 9.8% -30.5% 29.9% 19.14% 1
3 Yr 4.1% * -12.0% 7.7% 13.46% 1
5 Yr 7.0% * -12.9% 12.5% 21.69% 2
10 Yr 6.9% * -11.9% 12.4% 15.06% 1

* Annualized


Return Ranking - Calendar

Period PBHAX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -8.7% -34.3% 1.0% 33.17% 3
2014 -3.5% -21.7% 10.4% 23.22% 2
2013 0.4% -16.9% 31.6% 29.28% 2
2012 6.5% -18.5% 17.6% 45.67% 4
2011 -2.7% -18.8% 6.8% 18.05% 2

Total Return Ranking - Trailing

Period PBHAX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 6.9% -30.0% 336.7% 40.00% 3
1 Yr 4.9% -30.5% 29.9% 67.13% 4
3 Yr 2.5% * -12.0% 7.7% 52.05% 3
5 Yr 6.1% * -12.9% 12.5% 51.44% 3
10 Yr 6.4% * -11.9% 12.4% 29.89% 2

* Annualized


Total Return Ranking - Calendar

Period PBHAX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -8.7% -30.4% 4.6% 48.96% 4
2014 -3.5% -18.4% 10.4% 50.95% 4
2013 0.4% -16.9% 55.9% 57.03% 4
2012 6.5% -18.5% 33.1% 66.02% 5
2011 -2.7% -18.8% 11.9% 40.38% 3

NAV & Total Return History

PBHAX - Holdings

Filings data as of: Oct 31, 2016

Concentration Analysis

PBHAX Category Low Category High PBHAX % Rank Quintile
Net Assets 5.18 B 2.52 M 20.6 B 2.76% 1
Number of Holdings 686 1 1424 2.76% 1
Net Assets in Top 10 505 M -32.2 M 3.63 B 2.91% 1
Weighting of Top 10 10.7% 0.0% 100.0% 18.71% 3

Top 10 Holdings

  1. 2 Year US Treasury Note Future Dec16 2.60%
  2. US 5 Year Note (CBT) Dec16 1.53%
  3. US 10 Year Note (CBT) Dec16 1.39%
  4. First Data 144A 7% 1.12%
  5. Western Digital 144A 10.5% 0.75%
  6. Altice Financing S.A. 144A 7.75% 0.75%
  7. Bmc Software Fin 144A 8.125% 0.71%
  8. Dish Dbs 7.75% 0.68%
  9. Numericable Grp Sa 144A 7.375% 0.62%
  10. Teck Resources 4.75% 0.56%

Asset Allocation

Weighting Category Low Category High PBHAX % Rank Quintile
Bonds
81.49% -9.44% 107.80% 28.68% 5
Cash
17.65% -11.47% 109.44% 2.30% 1
Other
0.42% -11.89% 38.60% 16.87% 4
Preferred Stocks
0.23% 0.00% 18.78% 12.73% 3
Convertible Bonds
0.16% 0.00% 18.92% 12.73% 3
Stocks
0.05% 0.00% 99.40% 15.34% 3

Stock Sector Breakdown

Weighting Category Low Category High PBHAX % Rank Quintile
Financial Services
0.04% 0.00% 16.65% 8.76% 2
Utilities
0.00% -0.07% 6.44% 5.30% 3
Real Estate
0.00% 0.00% 8.20% 5.50% 3
Industrials
0.00% 0.00% 15.72% 7.13% 3
Healthcare
0.00% 0.00% 21.24% 6.31% 3
Technology
0.00% 0.00% 26.11% 5.91% 3
Energy
0.00% 0.00% 12.30% 9.78% 4
Communication Services
0.00% -0.06% 9.11% 6.92% 3
Consumer Defense
0.00% -0.12% 5.56% 5.50% 3
Consumer Cyclical
0.00% 0.00% 16.04% 10.18% 3
Basic Materials
0.00% 0.00% 1.80% 7.54% 3

Stock Geographic Breakdown

Weighting Category Low Category High PBHAX % Rank Quintile
US
0.05% 0.00% 83.03% 13.80% 3
Non US
0.00% -0.01% 53.05% 7.98% 3

Bond Sector Breakdown

Weighting Category Low Category High PBHAX % Rank Quintile
Corporate
77.76% 0.00% 101.98% 27.30% 5
Cash & Equivalents
17.65% -7.60% 100.00% 2.30% 1
Government
4.02% -9.04% 51.73% 3.68% 1
Securitized
0.13% 0.00% 68.94% 16.26% 3
Municipal
0.00% 0.00% 100.00% 4.45% 2
Derivative
-0.05% -19.62% 9.44% 4.75% 5

Bond Geographic Breakdown

Weighting Category Low Category High PBHAX % Rank Quintile
US
69.14% -9.44% 100.00% 22.70% 4
Non US
12.35% 0.00% 47.90% 24.54% 4

PBHAX - Expenses

Operational Fees

PBHAX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.82% 0.00% 3.69% 22.89% 2
Management Fee 0.42% 0.12% 1.00% 5.83% 1
12b-1 Fee 0.25% 0.00% 1.00% 3.77% 2
Administrative Fee N/A 0.00% 0.45% N/A N/A

Sales Fees

PBHAX Fees (% of AUM) Category Low Category High PBHAX Rank Quintile
Front Load 4.50% 2.00% 5.75% 3.20% 4
Deferred Load N/A 0.75% 5.50% N/A N/A

Trading Fees

PBHAX Fees (% of AUM) Category Low Category High PBHAX Rank Quintile
Max Redemption Fee N/A 1.00% 2.00% N/A N/A

Turnover 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.

PBHAX Fees (% of AUM) Category Low Category High PBHAX Rank Quintile
Turnover 28.00% 6.00% 2247.00% 15.36% 1

PBHAX - Distributions

Dividend Yield Analysis

PBHAX Category Low Category High PBHAX % Rank Quintile
Dividend Yield 0.4% 0.00% 6.16% 37.58% 4

Dividend Distribution Analysis

PBHAX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

PBHAX Category Low Category High PBHAX % Rank Quintile
Net Income Ratio 6.18% -2.75% 9.92% 10.45% 1

Capital Gain Distribution Analysis

PBHAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Quarterly Annually

PBHAX - Managers

Terence Wheat

Manager

Start Date

Dec 31, 2005

Tenure

10.92

Tenure Rank

4.6%

Terence Wheat, CFA, is Principal, global high yield portfolio manager and emerging markets corporate portfolio manager at Prudential Fixed Income. Previously, he was a high yield portfolio manager for Prudential Fixed Income's High Yield Team for six years. Mr. Wheat also spent 12 years as a credit analyst in Prudential Fixed Income's Credit Research Group, where he was responsible for the consumer products, gaming and leisure, retail, supermarkets, and textile/apparel industries. Mr. Wheat covered high yield bonds from 1998 to 2003, and investment grade issues from 1993 to 1998. Earlier, he worked for Prudential's Financial Management Group. Mr. Wheat joined Prudential in 1988. He received a BS in Accounting and an MBA from Rider University. Mr. Wheat holds the Chartered Financial Analyst (CFA) designation.


Brian Clapp

Manager

Start Date

Jun 01, 2013

Tenure

3.5

Tenure Rank

14.3%

Brian Clapp, CFA, is Principal and high yield portfolio manager for Prudential Fixed Income's High Yield Team. Previously, Mr. Clapp was a senior high yield credit analyst on Prudential Fixed Income’s Credit Research team. He joined Prudential Financial in 2006 from Muzinich & Co. While there, Mr. Clapp held several positions, including portfolio manager for a high yield bond based hedge fund, hedge fund credit analyst, and credit analyst covering the chemical, industrial, and transportation sectors. Earlier at Triton Partners, an institutional high yield fund manager, Mr. Clapp was a credit analyst covering the metals and mining, healthcare, homebuilding, building products and transportation sectors. He received a BS in Finance from Bryant College, and an MS in Computational Finance, and an MBA from Carnegie Mellon. Mr. Clapp holds the Chartered Financial Analyst (CFA) designation.


Robert Spano

Manager

Start Date

Oct 16, 2007

Tenure

9.13

Tenure Rank

6.5%

Robert Spano, CFA, CPA, is Principal and high yield portfolio manager for Prudential Fixed Income's High Yield Team. Prior to assuming his current position in 2007, Mr. Spano was a high yield credit analyst for 10 years in Prudential Fixed Income's Credit Research Group, covering the health, lodging, consumer, gaming, restaurants, and chemical industries. Earlier, he worked as an investment analyst in the Project Finance Unit of Prudential Financial’s private placement group. Mr. Spano also held positions in the internal audit and risk management units of Prudential Securities. He received a BS in Accounting from the University of Delaware and an MBA from New York University. Mr. Spano holds the Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA) designations.


Ryan Kelly

Manager

Start Date

Feb 29, 2012

Tenure

4.76

Tenure Rank

12.2%

Ryan Kelly, CFA, is Principal and high yield portfolio manager for Prudential Fixed Income's High Yield Team. Prior to assuming his current position in 2012, Mr. Kelly was a high yield credit analyst for nearly 10 years in Prudential Fixed Income's Credit Research Group, covering the automotive, energy, and finance sectors. Previously, Mr. Kelly was a senior high yield bond analyst at Muzinich & Company. Earlier, he was a senior associate at PNC Capital Markets/PNC Bank where he worked in the high yield bond, mergers and acquisition (M&A) and loan syndication groups. Mr. Kelly began his career as an investment banker at Chase Manhattan Bank, working on project finance transactions and M&A advisory mandates for the electric power sector. He earned a BA in Economics from Michigan State University and holds the Chartered Financial Analyst (CFA) designation.


Daniel Thorogood

Manager

Start Date

Mar 05, 2014

Tenure

2.74

Tenure Rank

15.7%

Daniel Thorogood is Vice President for Prudential Fixed Income’s High Yield Team, responsible for portfolio strategy. Prior to joining the High Yield Team, Mr. Thorogood was a member of Prudential Fixed Income’s Quantitative Research and Risk Management Group. Mr. Thorogood was the head of a team of portfolio analysts who support the firm’s credit-related strategies, including investment grade corporate, high yield corporate, and emerging market debt sectors. The team was primarily responsible for performing detailed portfolio analysis relative to benchmarks, monitoring portfolio risk exposures, and analyzing performance through proprietary return attribution models. Prior to joining the Quantitative Research and Risk Management Group in 1996, Mr. Thorogood was Associate Manager in Prudential Fixed Income’s Trade Support and Operations Unit. He received a BS in Finance from Florida State University and an MBA in Finance from Rutgers University.


Robert Cignarella

Manager

Start Date

Mar 05, 2014

Tenure

2.74

Tenure Rank

15.7%

Robert Cignarella, CFA, is a Managing Director and Head of Prudential Fixed Income's Leveraged Finance Team, which includes the US and European High Yield Bond and Bank Loan sector teams. Previously, Mr. Cignarella was a managing director and co-head of high yield and bank loans at Goldman Sachs Asset Management. He also held positions as a high yield portfolio manager and a high yield and investment grade credit analyst. Earlier, he was a financial analyst in the investment banking division of Salomon Brothers. Mr. Cignarella received an MBA from the University of Chicago, and a bachelor’s degree in operations research and industrial engineering from Cornell University. He holds the Chartered Financial Analyst (CFA) designation.


Michael J. Collins

Manager

Start Date

Dec 31, 2001

Tenure

14.93

Tenure Rank

2.2%

Michael J. Collins, CFA, is a Managing Director and Senior Investment Officer for Prudential Fixed Income. He is also senior portfolio manager for 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. He continues to work closely with the high yield team and other credit teams on portfolio strategy and construction. 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 Prudential Financial 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).


Tenure Analysis

Category Low

0.0

Category High

56.5

Category Average

6.46

Category Mode

1.9