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.
Will PRHAX outperform in future?
Get our overall rating based on a fundamental assessment of the pillars below.
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable PRHAX’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the PRHAX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
The Parent Pillar is our rating of PRHAX’s parent organization’s priorities and whether they’re in line with investors’ interests.