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Trending ETFs

Name

As of 11/29/2024

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

$9.67

$840 M

3.86%

$0.37

0.84%

Vitals

YTD Return

6.7%

1 yr return

9.0%

3 Yr Avg Return

-0.1%

5 Yr Avg Return

1.4%

Net Assets

$840 M

Holdings in Top 10

14.2%

52 WEEK LOW AND HIGH

$9.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.84%

SALES FEES

Front Load 3.25%

Deferred Load N/A

TRADING FEES

Turnover 7.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 11/29/2024

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

$9.67

$840 M

3.86%

$0.37

0.84%

PRHAX - Profile

Distributions

  • YTD Total Return 6.7%
  • 3 Yr Annualized Total Return -0.1%
  • 5 Yr Annualized Total Return 1.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.91%
DIVIDENDS
  • Dividend Yield 3.9%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    PGIM Muni High Income Fund
  • Fund Family Name
    Prudential
  • Inception Date
    Jan 03, 1994
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Robert Tipp

Fund Description

The Fund invests, under normal circumstances, at least 80% of its investable assets (net assets plus any borrowing for investment purposes) in municipal bonds, which are fixed income securities issued by states and municipalities whose income is free from regular federal income tax. 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 subadviser normally invests the Fund's investable assets in municipal bonds that it believes may provide above-average yields. While the Fund may purchase municipal bonds of any credit quality, the portfolio consists primarily of municipal bonds which are rated B or better by Moody's Investors Service, Inc. (“Moody's”) or S&P Global Ratings (“S&P”) or bonds with a comparable rating by another major rating service or unrated bonds judged by the subadviser to be of comparable quality. Bonds rated Ba1 or lower by Moody's or BB+ or lower by S&P are considered to be speculative with respect to their capacity to make interest and principal payments and are commonly referred to as junk bonds. Bonds rated Baa3 and higher by Moody's or BBB- and higher by S&P are considered investment grade, with a range of adequate to very strong capacity for meeting their financial obligations, although municipal bonds rated in the Baa rating category by Moody's or BBB rating category by S&P have certain speculative characteristics and are riskier than higher-rated municipal bonds. The municipal bonds in which the Fund invests generally have maturities in excess of 10 years at the time of purchase, although the Fund also invests in municipal bonds having maturities ranging from one year to 10 years. As of August 31, 2024, the Fund's weighted average maturity was 16.23 years. The Fund's investments may include certain municipal bonds, the interest on which is subject to the federal alternative minimum tax (“AMT”).In determining which securities to buy and sell, the subadviser considers, among other things, fundamental research, yield, maturity, issue, quality characteristics and expectations regarding economic and political developments, including movements in interest rates and demand for municipal bonds. The subadviser may trade securities based on its outlook on interest rates. The subadviser also seeks to take advantage of differentials in yields with respect to securities with similar credit ratings and maturities, but which vary according to the purpose for which they were issued, as well as securities issued for similar purposes with similar maturities, but which vary according to ratings.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.
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PRHAX - Performance

Return Ranking - Trailing

Period PRHAX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.7% -1.1% 13.4% 51.49%
1 Yr 9.0% 0.1% 18.4% 58.42%
3 Yr -0.1%* -8.2% 3.3% 28.43%
5 Yr 1.4%* -4.8% 3.9% 52.82%
10 Yr 2.9%* -0.4% 155.8% 52.76%

* Annualized

Return Ranking - Calendar

Period PRHAX Return Category Return Low Category Return High Rank in Category (%)
2023 4.8% -6.2% 7.5% 8.37%
2022 -16.7% -26.9% -3.5% 44.50%
2021 1.3% -1.9% 5.6% 72.59%
2020 1.0% -4.0% 4.2% 33.16%
2019 5.0% -0.7% 9.1% 60.53%

Total Return Ranking - Trailing

Period PRHAX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.7% -1.1% 13.4% 51.49%
1 Yr 9.0% 0.1% 18.4% 58.42%
3 Yr -0.1%* -8.2% 3.3% 28.43%
5 Yr 1.4%* -4.8% 3.9% 52.82%
10 Yr 2.9%* -0.4% 155.8% 52.76%

* Annualized

Total Return Ranking - Calendar

Period PRHAX Return Category Return Low Category Return High Rank in Category (%)
2023 9.1% -4.1% 10.9% 11.82%
2022 -13.7% -26.9% 4.3% 48.50%
2021 4.6% -1.9% 10.0% 69.04%
2020 3.3% -2.6% 8.2% 57.65%
2019 8.7% -0.7% 1028633.9% 49.47%

NAV & Total Return History


PRHAX - Holdings

Concentration Analysis

PRHAX Category Low Category High PRHAX % Rank
Net Assets 840 M 9.79 K 15.6 B 52.24%
Number of Holdings 414 1 3325 50.50%
Net Assets in Top 10 114 M -102 M 1.96 B 55.50%
Weighting of Top 10 14.15% 4.6% 98.9% 39.70%

Top 10 Holdings

  1. Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 2.98%
  2. Tennessee Energy Acquisition Corp 1.94%
  3. VanEck High Yield Muni ETF 1.37%
  4. Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 1.32%
  5. Buckeye Tobacco Settlement Financing Authority 1.30%
  6. Commonwealth of Puerto Rico 1.21%
  7. iShares National Muni Bond ETF 1.09%
  8. Commonwealth of Puerto Rico 1.05%
  9. PGIM Core Ultra Short Bond Fund 0.97%
  10. Public Authority for Colorado Energy 0.92%

Asset Allocation

Weighting Return Low Return High PRHAX % Rank
Bonds
96.69% 0.00% 146.69% 74.38%
Stocks
2.46% 0.00% 99.72% 5.42%
Cash
0.97% -0.64% 100.00% 38.00%
Other
0.02% -5.67% 5.07% 15.50%
Preferred Stocks
0.00% -47.61% 0.00% 77.50%
Convertible Bonds
0.00% 0.00% 0.00% 76.00%

Stock Sector Breakdown

Weighting Return Low Return High PRHAX % Rank
Utilities
0.00% 0.00% 0.00% N/A
Technology
0.00% 0.00% 0.00% N/A
Real Estate
0.00% 0.00% 0.00% N/A
Industrials
0.00% 0.00% 4.78% N/A
Healthcare
0.00% 0.00% 0.00% N/A
Financial Services
0.00% 0.00% 0.00% N/A
Energy
0.00% 0.00% 0.00% N/A
Communication Services
0.00% 0.00% 0.00% N/A
Consumer Defense
0.00% 0.00% 0.00% N/A
Consumer Cyclical
0.00% 0.00% 77.65% N/A
Basic Materials
0.00% 17.58% 100.00% N/A

Stock Geographic Breakdown

Weighting Return Low Return High PRHAX % Rank
US
2.46% 0.00% 99.72% 5.50%
Non US
0.00% 0.00% 0.00% 76.00%

Bond Sector Breakdown

Weighting Return Low Return High PRHAX % Rank
Municipal
99.47% 0.00% 100.00% 26.50%
Cash & Equivalents
0.97% 0.00% 100.00% 25.00%
Derivative
0.02% -7.70% 2.16% 10.00%
Government
0.01% 0.00% 0.09% 4.00%
Securitized
0.00% 0.00% 22.44% 76.00%
Corporate
0.00% 0.00% 2.83% 88.50%

Bond Geographic Breakdown

Weighting Return Low Return High PRHAX % Rank
US
96.69% 0.00% 139.84% 71.50%
Non US
0.00% 0.00% 13.35% 77.50%

PRHAX - Expenses

Operational Fees

PRHAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.84% 0.22% 3.44% 58.42%
Management Fee 0.49% 0.00% 1.41% 49.26%
12b-1 Fee 0.25% 0.00% 1.00% 54.63%
Administrative Fee N/A 0.02% 0.35% N/A

Sales Fees

PRHAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.25% 1.00% 4.50% 65.12%
Deferred Load N/A 1.00% 4.00% 92.86%

Trading Fees

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

PRHAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 7.00% 2.00% 121.00% 3.19%

PRHAX - Distributions

Dividend Yield Analysis

PRHAX Category Low Category High PRHAX % Rank
Dividend Yield 3.86% 0.00% 5.94% 67.00%

Dividend Distribution Analysis

PRHAX Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

PRHAX Category Low Category High PRHAX % Rank
Net Income Ratio 2.91% 1.11% 5.44% 65.52%

Capital Gain Distribution Analysis

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

Distributions History

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PRHAX - Fund Manager Analysis

Managers

Robert Tipp


Start Date

Tenure

Tenure Rank

Nov 30, 2004

17.51

17.5%

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.

Lee Friedman


Start Date

Tenure

Tenure Rank

Mar 05, 2014

8.24

8.2%

Lee Friedman, CFA, is a Principal and a Portfolio Manager for PGIM Fixed Income’s Municipal Bond Team. Mr. Friedman assists in managing tax-exempt and taxable municipal assets for retail funds, institutional clients, and affiliated accounts. Previously, he was an Associate for PGIM Fixed Income’s Credit Research Group where he covered higher education, not-for-profits (501c3), state and local government obligations, and transportation bonds, and also supported the senior municipal credit analysts. Previously, Mr. Friedman held positions in both Prudential’s Asset Liability and Risk Management Group and PGIM Fixed Income, where he supported the attribution and forecasting processes. Prior to joining the Firm in 2003, Mr. Friedman was an auditor at The Vanguard Group. He received a BS in Finance with High Distinction from Pennsylvania State University. Mr. Friedman holds the Chartered Financial Analyst (CFA) designation.

John Dittemer


Start Date

Tenure

Tenure Rank

Mar 05, 2014

8.24

8.2%

John Dittemer is Vice President and Portfolio Manager for PGIM Fixed Income’s Municipal Bond Team. Mr. Dittemer assists in managing tax-exempt and taxable municipal assets for retail funds, institutional clients, and affiliated accounts. Previously, as a member of the Portfolio Analysis Group, Mr. Dittemer provided analytical support to Prudential Fixed Income's municipal bond, money market, and affiliated account teams. Earlier, he was a team supervisor in money market operations, and a performance reporting specialist for the affiliated accounts team. Mr. Dittemer received a BS in Management with a concentration in Finance from Kean University, and an MS in Management with concentration in Finance from the New Jersey Institute of Technology.

Jason Appleson


Start Date

Tenure

Tenure Rank

Nov 18, 2021

0.53

0.5%

Mr. Appleson serves as a member of the PT Asset Management, LLC's portfolio management team, and is co-portfolio manager of select separately managed accounts. Mr. Appleson is responsible for the portfolio construction, management, trading, research, and risk management of these municipal bond accounts. Prior to joiningPT Asset Management, LLC in July 2013, Mr. Appleson worked for the New York Federal Reserve Bank. At the Federal Reserve, Mr. Appleson built and evaluated macroeconomic models to stress test banks’ investment portfolios and advised policy and supervision groups on various regulatory issues. From 2008 to 2012, Mr. Appleson worked for Alliance Bernstein, where he held a number of positions in fixed income, including a High Yield Research Analyst for its $30B municipal bond platform. Mr. Appleson earned his Bachelor of Science degree in Finance from Touro College and received his MBA from University of Chicago’s Booth School of Business with high honors. Mr. Appleson is also a CFA® charter holder and a certified FRM®.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.25 21.43 7.56 2.52