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Trending ETFs

Name

As of 03/26/2024

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

$8.77

$2.92 B

4.02%

$0.35

0.68%

Vitals

YTD Return

1.1%

1 yr return

6.8%

3 Yr Avg Return

0.9%

5 Yr Avg Return

1.8%

Net Assets

$2.92 B

Holdings in Top 10

20.8%

52 WEEK LOW AND HIGH

$8.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.68%

SALES FEES

Front Load 2.25%

Deferred Load N/A

TRADING FEES

Turnover 49.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

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

$8.77

$2.92 B

4.02%

$0.35

0.68%

SDMAX - Profile

Distributions

  • YTD Total Return 1.1%
  • 3 Yr Annualized Total Return 0.9%
  • 5 Yr Annualized Total Return 1.8%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.76%
DIVIDENDS
  • Dividend Yield 4.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    PGIM Short Duration Multi-Sector Bond Fund
  • Fund Family Name
    Prudential
  • Inception Date
    Dec 23, 2013
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Robert Tipp

Fund Description

The Fund seeks to achieve its objective by investing in fixed income instruments, whereby issuers borrow money from investors in return for either a fixed or variable rate of interest and eventual repayment of the amount borrowed. The Fund invests, under normal circumstances, at least 80% of its investable assets in fixed income instruments with varying maturities. 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 has the flexibility to allocate its investments across different sectors of the fixed income securities markets, including (but not limited to) U.S. Government securities, mortgage-related and asset-backed securities, corporate debt securities, foreign debt securities and loan participations and assignments. The Fund is not obligated to invest in all of these sectors at a given time and, at times, may invest all of its assets in only one sector.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 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.Although the Fund may invest in instruments of any duration or maturity, the Fund normally seeks to maintain a weighted average portfolio duration of three years or less and a weighted average maturity of five years or less. The Fund's weighted average portfolio duration and weighted average maturity, however, may be longer at any time or from time to time depending on market conditions. The Fund may use derivatives as part of its duration management strategies.Although the Fund may invest up to 50% of its investable assets in high yield fixed income instruments (commonly referred to as “junk” bonds), the Fund generally expects to invest up to approximately 30% of its investable assets in high yield fixed income instruments. However, from time to time the Fund’s investments in high yield fixed income instruments may be higher. High yield fixed income instruments are either rated Ba1 or lower by Moody’s Investors Service, Inc. (“Moody’s”), BB+ or lower by S&P Global Ratings (“S&P”) or comparably rated by another nationally recognized statistical rating organization (“NRSRO”), or, if unrated, are considered by the subadviser to be of comparable quality. In the event that a security receives different ratings from different NRSROs, the Fund will treat the security as being rated in the highest rating category received from an NRSRO.The Fund invests in mortgage-related securities issued or guaranteed by U.S. governmental entities or private issuers. Mortgage pass-through securities include collateralized mortgage obligations, multi-class pass-through securities and stripped mortgage-backed securities. A collateralized mortgage obligation (“CMO”) is a security backed by an underlying portfolio of mortgages or mortgage-backed securities that may be issued or guaranteed by a bank or by U.S. governmental entities. A multi-class pass-through security is an equity interest in a trust composed of underlying mortgage assets. Payments of principal of and interest on the mortgage assets and any reinvestment income thereon provide funds to pay debt service on the CMO or to make scheduled distributions on the multi-class pass-through security. A stripped mortgage-backed security (“MBS strip”) may be issued by U.S. governmental entities or by private institutions. MBS strips take the pieces of a debt security (principal and interest) and break them apart. The resulting securities may be sold separately and may perform differently.The Fund may invest up to 50% of its investable assets in asset-backed securities. An asset-backed security is another type of pass-through instrument that pays interest based upon the cash flow of an underlying pool of assets, such as automobile loans or credit card receivables. Asset-backed securities can also be collateralized by a portfolio of corporate bonds, including junk bonds or other securities.The Fund may invest up to 40% of its investable assets in foreign debt securities, which include securities that are issued by foreign governments and corporations, including those of emerging markets. Foreign government debt securities include securities issued by quasi-governmental entities, governmental agencies, supranational entities and other governmental entities denominated in foreign currencies or U.S. dollars.The Fund may invest up to 30% of its net assets in fixed and floating rate loans (secured or unsecured) arranged through private negotiations between a company as the borrower and one or more financial institutions as lenders. These types of investments can be in the form of loan participations or assignments.Loan participations and assignments are high-yield, nonconvertible corporate debt instruments of varying maturities. With participations, the Fund has the right to receive payments of principal, interest and fees from the lender conditioned upon the lender’s receipt of payment from the borrower. In participations, the Fund generally does not have direct rights against the borrower on the loan, which means that if the borrower does not pay back the loan or otherwise comply with the loan agreement, the Fund will not have the right to make it do so. With assignments, the Fund has direct rights against the borrower on the loan, but its rights may be more limited than the original lender’s.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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SDMAX - Performance

Return Ranking - Trailing

Period SDMAX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.1% -1.8% 9.2% 14.65%
1 Yr 6.8% -0.2% 24.4% 8.70%
3 Yr 0.9%* -5.9% 4.1% 21.19%
5 Yr 1.8%* -3.8% 4.4% 28.57%
10 Yr 2.0%* -19.2% 169.7% 14.16%

* Annualized

Return Ranking - Calendar

Period SDMAX Return Category Return Low Category Return High Rank in Category (%)
2023 2.7% -5.4% 7.6% 22.50%
2022 -9.2% -17.7% -2.6% 83.36%
2021 -2.9% -4.0% 4.4% 94.85%
2020 0.7% -8.3% 7.6% 84.77%
2019 1.5% -2.3% 9.3% 77.82%

Total Return Ranking - Trailing

Period SDMAX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.1% -1.8% 9.2% 14.65%
1 Yr 6.8% -0.2% 24.4% 8.70%
3 Yr 0.9%* -5.9% 4.1% 21.19%
5 Yr 1.8%* -3.8% 4.4% 28.57%
10 Yr 2.0%* -19.2% 169.7% 14.16%

* Annualized

Total Return Ranking - Calendar

Period SDMAX Return Category Return Low Category Return High Rank in Category (%)
2023 7.4% -1.1% 15.2% 8.35%
2022 -5.4% -17.3% -1.3% 61.74%
2021 0.0% -2.7% 7.7% 49.24%
2020 4.0% -4.4% 14.5% 55.08%
2019 6.3% 0.6% 12.6% 12.70%

NAV & Total Return History


SDMAX - Holdings

Concentration Analysis

SDMAX Category Low Category High SDMAX % Rank
Net Assets 2.92 B 14.1 K 58.8 B 25.67%
Number of Holdings 1425 2 9721 9.69%
Net Assets in Top 10 636 M 1.16 M 6.6 B 31.42%
Weighting of Top 10 20.84% 1.8% 108.7% 61.94%

Top 10 Holdings

  1. United States Treasury Note/Bond - When Issued 4.70%
  2. (PIPA070) PGIM Core Government Money Market Fund 3.71%
  3. PGIM Institutional Money Market Fund - D 2.22%
  4. Fannie Mae Pool 2.04%
  5. United States Treasury Note/Bond 1.72%
  6. Fannie Mae Pool 1.46%
  7. United States Treasury Note/Bond 1.37%
  8. Freddie Mac Pool 1.32%
  9. United States Treasury Note/Bond 1.31%
  10. Fannie Mae or Freddie Mac 0.98%

Asset Allocation

Weighting Return Low Return High SDMAX % Rank
Bonds
94.86% 0.00% 130.68% 31.42%
Cash
5.93% -20.59% 62.18% 21.18%
Other
4.10% -0.97% 72.36% 58.17%
Convertible Bonds
0.96% 0.00% 27.71% 86.15%
Stocks
0.04% 0.00% 103.64% 20.11%
Preferred Stocks
0.00% 0.00% 21.82% 15.08%

Stock Sector Breakdown

Weighting Return Low Return High SDMAX % Rank
Utilities
0.00% 0.00% 81.48% 59.63%
Technology
0.00% 0.00% 24.45% 55.05%
Real Estate
0.00% 0.00% 8.31% 62.39%
Industrials
0.00% 0.00% 100.00% 60.55%
Healthcare
0.00% 0.00% 23.11% 63.30%
Financial Services
0.00% 0.00% 100.00% 68.81%
Energy
0.00% 0.00% 100.00% 51.38%
Communication Services
0.00% 0.00% 65.64% 2.75%
Consumer Defense
0.00% 0.00% 21.37% 58.72%
Consumer Cyclical
0.00% 0.00% 10.75% 64.22%
Basic Materials
0.00% 0.00% 22.71% 63.30%

Stock Geographic Breakdown

Weighting Return Low Return High SDMAX % Rank
US
0.04% 0.00% 103.64% 20.11%
Non US
0.00% 0.00% 0.02% 44.17%

Bond Sector Breakdown

Weighting Return Low Return High SDMAX % Rank
Securitized
31.28% 0.00% 97.27% 33.27%
Corporate
27.19% 0.00% 100.00% 71.58%
Government
15.20% 0.00% 73.63% 56.29%
Cash & Equivalents
5.93% 0.00% 62.18% 19.57%
Municipal
0.66% 0.00% 17.46% 14.75%
Derivative
0.28% -0.55% 24.84% 9.52%

Bond Geographic Breakdown

Weighting Return Low Return High SDMAX % Rank
US
85.96% 0.00% 130.68% 48.47%
Non US
8.90% 0.00% 83.16% 6.46%

SDMAX - Expenses

Operational Fees

SDMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.68% 0.01% 3.24% 51.45%
Management Fee 0.32% 0.00% 1.19% 49.91%
12b-1 Fee 0.25% 0.00% 1.00% 40.83%
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

SDMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 2.25% 0.50% 5.75% 52.50%
Deferred Load N/A 0.50% 4.00% N/A

Trading Fees

SDMAX 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.

SDMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 49.00% 2.00% 500.00% 27.93%

SDMAX - Distributions

Dividend Yield Analysis

SDMAX Category Low Category High SDMAX % Rank
Dividend Yield 4.02% 0.00% 10.34% 26.75%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

SDMAX Category Low Category High SDMAX % Rank
Net Income Ratio 1.76% -1.27% 4.98% 17.98%

Capital Gain Distribution Analysis

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

Distributions History

View More +

SDMAX - Fund Manager Analysis

Managers

Robert Tipp


Start Date

Tenure

Tenure Rank

Dec 23, 2013

8.44

8.4%

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.

Richard Piccirillo


Start Date

Tenure

Tenure Rank

Dec 23, 2013

8.44

8.4%

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.

Michael Collins


Start Date

Tenure

Tenure Rank

Dec 23, 2013

8.44

8.4%

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

Mar 05, 2014

8.24

8.2%

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.

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 28.77 6.13 2.41