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Name

As of 04/18/2024

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

PGIM GOVERNMENT INCOME FUND

JDRVX | Fund

$7.65

$333 M

0.00%

1.66%

Vitals

YTD Return

-3.2%

1 yr return

-1.5%

3 Yr Avg Return

-5.3%

5 Yr Avg Return

-1.9%

Net Assets

$333 M

Holdings in Top 10

21.8%

52 WEEK LOW AND HIGH

$7.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.66%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 143.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/18/2024

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

PGIM GOVERNMENT INCOME FUND

JDRVX | Fund

$7.65

$333 M

0.00%

1.66%

JDRVX - Profile

Distributions

  • YTD Total Return -3.2%
  • 3 Yr Annualized Total Return -5.3%
  • 5 Yr Annualized Total Return -1.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.44%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    PGIM GOVERNMENT INCOME FUND
  • Fund Family Name
    PRUDENTIAL
  • Inception Date
    Dec 06, 2005
  • Shares Outstanding
    N/A
  • Share Class
    R
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Robert Tipp

Fund Description

Consistent with its objective, the Fund seeks investments that provide investors with a current return in excess of the Fund's benchmark. The Fund invests, under normal circumstances, at least 80% of its investable assets in U.S. Government securities, including U.S. Treasury bills, notes, bonds, strips and other debt securities issued by the U.S. Treasury, and obligations, including mortgage-related securities, issued or guaranteed by U.S. Government agencies or instrumentalities. 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 may also invest in derivatives, including futures, swaps, and options, for purposes of hedging and/or improving the Fund'sreturns.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 subadviser has a team of fixed income professionals, including credit analysts and traders, with experience in many sectors of the U.S. and foreign fixed income securities markets. In deciding which portfolio securities to buy and sell, the subadviser will consider economic conditions and interest rate fundamentals. The subadviser will also evaluate individual issues within each bond sector based upon their relative investment merit. The Fund may actively and frequently trade its portfolio securities.Some (but not all) of the U.S. Government securities and mortgage-related securities in which the Fund will invest are backed by the full faith and credit of the U.S. Government, which means that payment of interest and principal is guaranteed, but yield and market value are not. These securities include, but are not limited to, direct obligations issued by the U.S. Treasury, and obligations of certain entities that may be chartered or sponsored by Acts of Congress, such as the Government National Mortgage Association (“GNMA” or “Ginnie Mae”), the Farmers Home Administration and the Export-Import Bank. Securities issued by other government entities that may be chartered or sponsored by Acts of Congress, in which the Fund may invest, are not backed by the full faith and credit of the United States and must rely on their own resources to repay the debt. These securities include, but are not limited to, obligations of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”), the Federal Home Loan Bank, the Tennessee Valley Authority and the United States Postal Service, each of which has the right to borrow from the United States Treasury to meet its obligations, and obligations of the Farm Credit System, which depends entirely upon its own resources to repay its debt obligations.High current return means the return received from interest income from U.S. Government and other debt securities and from net gains realized from sales of portfolio securities. The Fund may also realize income from premiums from covered put and call options written by the Fund on U.S. Government securities as well as options on futures contracts on U.S. Government securities, options on securities indexes and net gains from closing purchase and sales transactions with respect to these options. The writing of options on U.S. Government securities, options on futures contracts on U.S. Government securities and options on securities indexes may limit the Fund's potential for capital gains on its portfolio.Most, if not all, of the Fund's debt securities are “investment-grade.” This means major rating services, like S&P Global Ratings (“S&P”) or Moody's Investors Service, Inc. (“Moody's”), have rated the securities within one of their four highest quality grades. Debt obligations in the fourth highest grade are regarded as investment-grade, but have speculative characteristics and are riskier than higher rated securities. A rating is an assessment of the likelihood of timely repayment of interest and principal and can be useful when comparing different debt obligations. These ratings are not a guarantee of quality. The opinions of the rating agencies do not reflect market risk and they may at times lag behind the current financial conditions of a company. In the event that a security receives different ratings from different rating services, the Fund will treat the security as being rated in the highest rating category received from a rating service. The Fund may also invest in obligations that are not rated, but that the subadviser believes are of comparable quality to the obligations described above.
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JDRVX - Performance

Return Ranking - Trailing

Period JDRVX Return Category Return Low Category Return High Rank in Category (%)
YTD -3.2% -4.6% 6.6% 26.55%
1 Yr -1.5% -4.4% 27.1% 41.15%
3 Yr -5.3%* -8.5% 9.3% 96.00%
5 Yr -1.9%* -5.9% 3.6% 95.77%
10 Yr -0.2%* -2.2% 3.4% 84.85%

* Annualized

Return Ranking - Calendar

Period JDRVX Return Category Return Low Category Return High Rank in Category (%)
2023 1.3% -1.0% 22.1% 41.15%
2022 -15.9% -20.4% -5.8% 95.11%
2021 -7.0% -7.1% 16.6% 98.64%
2020 4.1% -1.3% 8.8% 45.79%
2019 3.7% 0.3% 7.1% 28.91%

Total Return Ranking - Trailing

Period JDRVX Return Category Return Low Category Return High Rank in Category (%)
YTD -3.2% -4.6% 6.6% 26.55%
1 Yr -1.5% -4.4% 27.1% 41.15%
3 Yr -5.3%* -8.5% 9.3% 96.00%
5 Yr -1.9%* -5.9% 3.6% 95.77%
10 Yr -0.2%* -2.2% 3.4% 84.85%

* Annualized

Total Return Ranking - Calendar

Period JDRVX Return Category Return Low Category Return High Rank in Category (%)
2023 4.3% -0.5% 28.8% 47.79%
2022 -14.2% -18.5% -3.3% 98.67%
2021 -4.0% -4.5% 25.3% 99.09%
2020 5.7% -1.3% 13.0% 57.94%
2019 5.6% 1.8% 11.3% 62.56%

NAV & Total Return History

JDRVX - Holdings

Concentration Analysis

JDRVX Category Low Category High JDRVX % Rank
Net Assets 333 M 9.43 M 134 B 73.45%
Number of Holdings 434 18 12663 47.79%
Net Assets in Top 10 78.7 M 5.49 M 43.7 B 81.86%
Weighting of Top 10 21.82% 6.3% 115.2% 86.73%

Top 10 Holdings

  1. United States Treasury Note/Bond 2.82%
  2. United States Treasury Strip Coupon 2.72%
  3. Fannie Mae Pool 2.56%
  4. United States Treasury Note/Bond 2.41%
  5. United States Treasury Strip Coupon 2.26%
  6. Resolution Funding Corp Principal Strip 2.12%
  7. United States Treasury Strip Coupon 2.10%
  8. Fannie Mae-Aces 1.86%
  9. Venture 43 CLO Ltd 1.51%
  10. Barclays Commercial Mortgage Trust 2019-C4 1.47%

Asset Allocation

Weighting Return Low Return High JDRVX % Rank
Bonds 		97.61% 0.08% 167.02% 80.97%
Cash 		2.48% -29.69% 22.63% 44.25%
Stocks 		0.00% 0.00% 96.75% 69.03%
Preferred Stocks 		0.00% 0.00% 0.10% 67.26%
Convertible Bonds 		0.00% 0.00% 3.29% 67.70%
Other 		-0.09% -26.81% 18.17% 91.15%

Bond Sector Breakdown

Weighting Return Low Return High JDRVX % Rank
Securitized 		52.70% 0.00% 99.79% 45.13%
Government 		44.25% 0.00% 100.00% 38.05%
Corporate 		0.71% 0.00% 9.48% 9.29%
Cash & Equivalents 		0.12% -29.63% 33.75% 80.09%
Municipal 		0.00% 0.00% 5.24% 74.34%
Derivative 		-0.09% -20.68% 1.69% 87.61%

Bond Geographic Breakdown

Weighting Return Low Return High JDRVX % Rank
US 		97.61% 0.08% 167.02% 80.97%
Non US 		0.00% 0.00% 12.01% 68.14%

JDRVX - Expenses

Operational Fees

JDRVX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.66% 0.03% 3.55% 5.33%
Management Fee 0.47% 0.00% 0.85% 79.65%
12b-1 Fee 0.75% 0.00% 1.00% 74.53%
Administrative Fee N/A 0.01% 0.45% N/A

Sales Fees

JDRVX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 4.50% N/A
Deferred Load N/A 1.00% 4.50% N/A

Trading Fees

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

JDRVX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 143.00% 3.35% 948.00% 45.07%

JDRVX - Distributions

Dividend Yield Analysis

JDRVX Category Low Category High JDRVX % Rank
Dividend Yield 0.00% 0.00% 4.91% 65.04%

Dividend Distribution Analysis

JDRVX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

JDRVX Category Low Category High JDRVX % Rank
Net Income Ratio 0.44% -0.80% 2.96% 71.11%

Capital Gain Distribution Analysis

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

Distributions History

View More +

JDRVX - Fund Manager Analysis

Managers

Robert Tipp

Start Date

Tenure

Tenure Rank

Nov 30, 2003

18.51

18.5%

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.

Craig Dewling

Start Date

Tenure

Tenure Rank

Apr 30, 2007

15.1

15.1%

Craig Dewling is a Managing Director and Head of the Multi-Sector and Liquidity Team at PGIM Fixed Income. In this role, Mr. Dewling has portfolio management and trading oversight for US Treasuries and government agency securities, mortgage-backed securities, structured product securities, and interest rate derivative transactions for all strategies, products, and distribution channels. He is also a senior portfolio manager for US Government, mortgage-backed securities, insurance strategies, and multi-sector fixed income portfolios. He has specialized in mortgage-backed securities since 1991. Earlier, he was a taxable bond generalist for Prudential's proprietary accounts, specializing in US Treasuries and agencies. Mr. Dewling joined the Firm in 1987 in the Securities Systems Group. Mr. Dewling received a BS in Quantitative Business Analysis from The Pennsylvania State University and an MBA in Finance from Rutgers University.

Mick Meyler

Start Date

Tenure

Tenure Rank

Apr 14, 2021

1.13

1.1%

Mick Meyler is a Principal for PGIM Fixed Income's Developed Market Rates team, specializing in government securities, futures and interest rate swaps/derivatives. He joined PGIM Fixed Income in 2017 and assists with managing overall portfolio strategy, performs quantitative analysis, and designs and implements risk positions. Most recently, Mr. Meyler was with Nomura Securities where he was a Director in Interest Rate Sales focused on relative value and macro sales. Prior to that he was a portfolio manager at Citigroup's Proprietary Trading business and then at Nomura Securities' Proprietary Trading business where he implemented and managed relative value trading strategies in government securities and interest rate swaps/options. Mr. Meyler began his career in Capital Markets in 2001 in an Interest Rates Sales role at Lehman Brothers. Mr. Meyler received an BA in Economics from Rutgers University and an MBA with a concentration in Quantitative Finance from the University of Chicago.

Gary Wu

Start Date

Tenure

Tenure Rank

Apr 14, 2021

1.13

1.1%

Gary Wu, CFA, is a Principal and a US government portfolio manager for PGIM Fixed Income's Multi-Sector and Liquidity Team. He has been responsible for managing US Treasury products since joining the Team in 2000. Previously, Mr. Wu was a portfolio manager on PGIM Fixed Income’s Money Markets Desk. From 1997 to 1999, Mr. Wu was a risk analyst in PGIM Fixed Income’s quantitative research group. Mr. Wu joined the Firm in 1994 in the Guaranteed Products Unit, where he was responsible for annuity pricing. Mr. Wu received a BS in Business Administration and Mathematics from The State University of New York, at Albany. He holds the Chartered Financial Analyst (CFA) designation.

Scott Donnelly

Start Date

Tenure

Tenure Rank

Apr 14, 2021

1.13

1.1%

Scott Donnelly, CFA, is a Vice President and a U.S. government portfolio manager for PGIM Fixed Income's Multi-Sector and Liquidity Team. Prior to his current role, Mr. Donnelly was a Sr. Investment Vice President for the Firm's Global Portfolio Management unit, overseeing the portfolio management activities within its Asia ex-Japan and European insurance operations. Mr. Donnelly started his career with the Firm in 2007 in the Institutional Investment Products group. Previously, he held portfolio management and actuarial roles at MetLife. Scott received a BS in Finance from St. Joseph's University and MBA from New York University. He holds the Chartered Financial Analyst (CFA) designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.11 31.64 8.38 7.35

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