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PGIM Muni High Income C PHICX

Morningstar Analyst Rating
Analyst rating as of
NAV / 1-Day Return
10.93  /  0.01 %
Total Assets
1.1 Bil
Adj. Expense Ratio
1.570%
Expense Ratio
1.570%
Fee Level
Average
Longest Manager Tenure
16.65 years
Category
High Yield Muni
Credit Quality / Interest Rate Sensitivity
Low / Extensive
Min. Initial Investment
1,000
Status
Open
TTM Yield
2.39%
Effective Duration
7.63 years

USD | NAV as of Jul 23, 2021 | 1-Day Return as of Jul 23, 2021, 9:39 PM GMT+00:00

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Morningstar’s Analysis

Will PHICX outperform in future?

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

Process Pillar

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

People Pillar

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The People Pillar is our evaluation of the PHICX 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

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

Pending lead manager departure requires a wait-and-see approach.

Analyst

Summary

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Head of municipals and lead manager Susan Courtney plans to retire at the end of 2021. This is a material loss for the strategy, supporting a downgrade of PGIM Muni High Income’s People and Process Pillars to Average from Above Average. This results in a Morningstar Analyst Rating downgrade to Neutral and Negative from Silver and Bronze across share classes.

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