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Morningstar

PGIM Total Return Bond A PDBAX

Morningstar Medalist Rating
Medalist Rating as of | See PGIM Investment Hub
  • NAV / 1-Day Return 11.42  /  0.10 %
  • Total Assets 41.1 Bil
  • Adj. Expense Ratio
    0.750%
  • Expense Ratio 0.750%
  • Distribution Fee Level Below Average
  • Share Class Type Front Load
  • Category Intermediate Core-Plus Bond
  • Credit Quality / Interest Rate Sensitivity Medium / Moderate
  • Min. Initial Investment 1,000
  • Status Open
  • TTM Yield 5.53%
  • Effective Duration 6.10 years

USD | NAV as of Sep 28, 2023 | 1-Day Return as of Sep 28, 2023, 11:56 PM GMT+0

Morningstar’s Analysis PDBAX

Will PDBAX outperform in future?

Get our overall rating based on a fundamental assessment of the pillars below.

Process Pillar

The Process Pillar is our assessment of how sensible, clearly defined, and repeatable PDBAX’s performance objective and investment process is for both security selection and portfolio construction.

People Pillar

The People Pillar is our evaluation of the PDBAX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

Parent Pillar

The Parent Pillar is our rating of PDBAX’s parent organization’s priorities and whether they’re in line with investors’ interests.

PGIM Total Return Bond Manager Abruptly Departs; Ratings Unchanged

null R.J. D'Ancona

R.J. D'Ancona

Analyst Note

PGIM Fixed Income's Lindsay Rosner shed her recently acquired portfolio management duties on June 8, 2023, and departed the firm one day later to pursue other opportunities. The firm promoted Rosner in September 2021 as part of its succession planning efforts. This abrupt management change is not typical at PGIM, as the firm has often made such transitions methodically in the past. For example, the firm announced longtime manager Michael Collins' April 2024 retirement in January 2023, and Collins will manage PGIM Short Duration Multi-Sector Bond SDMAX and PGIM Total Return Bond until his retirement. Rosner's departure weakens PGIM's succession plan for the funds just mentioned, but ample portfolio management depth and an army of supporting personnel instill confidence. Seasoned leaders Robert Tipp (39 years of investment experience), Richard Piccirillo (32 years), and Gregory Peters (29 years) remain in the fold. They draw support from a group that is broad and deep, counting more than 125 members each across its portfolio manager and analyst teams. As a result, the funds' current Morningstar Medalist Ratings remain intact.

by R.J. D'Ancona
Published on

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Portfolio Holdings PDBAX

More PDBAX Holdings
  • Current Portfolio Date
  • Equity Holdings 6
  • Bond Holdings 3294
  • Other Holdings 344
  • % Assets in Top 10 Holdings 10.4
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

Prudential Govt Money Mkt Fd

6.91
3,159,455,240
Cash and Equivalents

Usd/Eur Fwd 20231019 0997

4.24
1,937,705,278
Derivative

Usd/Eur Fwd 20231019 Mslngb2x

3.80
1,737,953,996
Derivative

Usd/Eur Fwd 20231019 Barcus33

2.64
1,208,080,609
Derivative

Federal National Mortgage Association 3%

2.24
1,023,741,136
Securitized

United States Treasury Bonds 2.25%

1.79
819,606,239
Government

Federal National Mortgage Association 2.5%

1.71
780,552,141
Securitized

Usd/Gbp Fwd 20231019 Deutgb22

1.13
514,849,290
Derivative

United States Treasury Bonds 1.375%

0.91
418,230,316
Government

Usd/Krw Fwd 20230920 00187

0.81
370,864,872
Derivative