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PGIM High Yield Z  PHYZX
Please click on the Investment Option Disclosure link above for more information.
Release date as of 2024-04-30. Data on page is subject to change.
Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2024-04-30
Out of 600
High Yield Bond Funds
Morningstar®
Style Box™
What is this?
As of 2024-03-31
Total Fund Assets ($ Mil)
18,230.9
View Historical Morningstar Star Ratings and Definitions
  Investment Objective & Strategy  
The investment seeks to maximize current income; and capital appreciation is a secondary objective.
The fund normally invests at least 80% of its investable assets in a diversified portfolio of high yield fixed-income instruments rated Ba or lower by Moody's Investors Service ("Moody's") or BB or lower by S&P Global Ratings ("S&P"), and instruments either comparably rated by another nationally recognized statistical rating organization ("NRSRO"), or considered to be of comparable quality, that is, junk bonds.
  Morningstar Category: High Yield Bond
High-yield bond portfolios concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These portfolios generally offer higher yields than other types of portfolios, but they are also more vulnerable to economic and credit risk. These portfolios primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below. 
  Performance
Growth of $10,000
(from 2014-01-01 to 2024-04-30)
Investment: PGIM High Yield Z
Benchmark 1: Bloomberg US Agg Bond TR USD
Benchmark 2: ICE BofA US High Yield TR USD
Category: High Yield Bond
This graph presents historical performance for the investment as well as an index and/or peer group. If the investment, index and/or peer group have performed similarly, the line representing the fund will overlay the index and/or peer group. Therefore, the line(s) representing the index and/or peer group history may be hidden.
Total Annualized Returns %
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Investment 0.47 8.09 0.98 3.53 4.41 6.03
Bloomberg US Agg Bond TR USD -3.28 -1.47 -3.54 -0.16 1.20 4.08
ICE BofA US High Yield TR USD 0.49 8.88 1.50 3.53 4.19 6.38
Category 0.86 8.58 1.46 3.33 3.48 5.19
Morningstar Rating --- --- ---
# of compared High Yield Bond funds covered (3 yrs : out of 600 funds) (5 yrs : out of 568 funds) (10 yrs : out of 430 funds)
Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods.
Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown.
Fees and Expenses
Total Annual Operating Expense 0.51%
Prospectus Net Expense Ratio 0.51%
Maximum Sales Charge ---
The total annual operating expense shown is before management fee waivers or expense caps. For more information on waivers/reimbursements, please see the prospectus. The total annual operating expense is also referred to as the prospectus gross expense ratio.
Waiver Data
Type Date %
--- --- --- ---
  Portfolio Profile
Asset Allocation
% of Net Assets
Bullet U.S. Stocks U.S. Stocks 1.4
Bullet Non-U.S. Stocks Non-U.S. Stocks 0.8
Bullet Bonds Bonds 89.9
Bullet Cash Cash 4.2
Bullet Other Other 3.8
Asset Allocation Rescaled Graph
Data through 2024-03-31
Morningstar Fixed-Income Sectors
% Fund
Government 4.07
Corporate 90.42
Securitized 1.17
Municipal 0.00
Cash & Equivalents 3.28
Derivative 1.06
Data through 2024-03-31
Credit Analysis
% Bonds
AAA 7.83
AA 0.04
A 0.29
BBB 5.06
BB 45.87
B 23.79
Below B 12.45
Not Rated 4.66
Data through 2024-03-31
Credit Analysis Graph
Holding Status
Total Number of Stock Holdings 14
Total Number of Bond Holdings 734
% of Net Assets in Top 10 Holdings 12.22
Turnover % (as of 2023-08-31) 22.00
30 Day SEC Yield % 7.94
Top Holdings
Maturity
Date 		Shares
 Value
$000 		% of Net
Assets
Prudential Govt Money Mkt Fd --- 551,629 551,629 2.99
PGIM Core Short-Term Bond --- 41,962 383,111 2.07
United States Treasury Notes 3.875% 2027-11-30 301,400 296,596 1.61
United States Treasury Notes 4.25% 2025-12-31 250,000 247,969 1.34
Calpine Corporation 5.125% 2028-03-15 171,124 164,141 0.89
Ferrellgas Escrow Llc 3/30/31 Preferred 2031-03-30 142,275 142,275 0.77
Medline Borrower LP 3.875% 2029-04-01 151,457 137,863 0.75
DISH DBS Corporation 7.75% 2026-07-01 175,096 117,032 0.63
Tenet Healthcare Corporation 4.375% 2030-01-15 117,467 108,620 0.59
Verscend Escrow Corp 9.75% 2026-08-15 107,424 107,794 0.58
Data through 2024-03-31
  Principal Risks   
Credit and Counterparty, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Active Management, Interest Rate, Market/Market Volatility, High-Yield Securities, Other, Restricted/Illiquid Securities, Derivatives, Fixed-Income Securities, Increase in Expenses, Shareholder Activity
Show Risk Definitions
  Other Information
Inception Date: 1996-03-01
Portfolio Manager(s)
Brian Clapp   (2013-06-01)
Brian Clapp, CFA, is Principal and high yield portfolio manager for PGIM Fixed Income's High Yield Team. Previously, Mr. Clapp was a senior high yield credit analyst on PGIM Fixed Income’s Credit Research team. He joined Prudential Financial in 2006 from Muzinich & Co. While there, Mr. Clapp held several positions, including portfolio manager for a high yield bond based hedge fund, hedge fund credit analyst, and credit analyst covering the chemical, industrial, and transportation sectors. Earlier at Triton Partners, an institutional high yield fund manager, Mr. Clapp was a credit analyst covering the metals and mining, healthcare, homebuilding, building products and transportation sectors. He received a BS in Finance from Bryant College, and an MS in Computational Finance, and an MBA from Carnegie Mellon. Mr. Clapp holds the Chartered Financial Analyst (CFA) designation.
Robert Spano   (2007-10-16)
Robert Spano, CFA, CPA, is a Principal and a high yield portfolio manager for PGIM Fixed Income's High Yield Bond Team. Prior to assuming his current position in 2007, Mr. Spano was a high yield credit analyst for 10 years in PGIM Fixed Income's Credit Research Group, covering the health, lodging, consumer, gaming, restaurants, and chemical industries. Earlier, he worked as an investment analyst in the Project Finance Unit of the firm’s private placement group. Mr. Spano also held positions in the internal audit and risk management units of Prudential Securities. He received a BS in Accounting from the University of Delaware and an MBA from New York University. Mr. Spano holds the Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA) designations.
Ryan Kelly   (2012-02-29)
Ryan Kelly, CFA, is Principal and high yield portfolio manager for Prudential Fixed Income's High Yield Team. Prior to assuming his current position in 2012, Mr. Kelly was a high yield credit analyst for nearly 10 years in Prudential Fixed Income's Credit Research Group, covering the automotive, energy, and finance sectors. Previously, Mr. Kelly was a senior high yield bond analyst at Muzinich & Company. Earlier, he was a senior associate at PNC Capital Markets/PNC Bank where he worked in the high yield bond, mergers and acquisition (M&A) and loan syndication groups. Mr. Kelly began his career as an investment banker at Chase Manhattan Bank, working on project finance transactions and M&A advisory mandates for the electric power sector. He earned a BA in Economics from Michigan State University and holds the Chartered Financial Analyst (CFA) designation.
Michael Gormally   (2022-04-01)
Michael Gormally is a Vice President, and portfolio manager and trader for PGIM Fixed Income’s U.S. High Yield Bond Team. Previously, he was an Analyst in the Portfolio Analysis Group, where he managed a team of portfolio analysts dedicated to High Yield. He was responsible for the monitoring of daily risk and positioning, along with the implementation of portfolio management trading tools and performance attribution models. Before joining the Firm in 2014, Mr. Gormally was a credit analyst at BNY Mellon. Mr. Gormally received a BA in Economics from Johns Hopkins University and an MBA from the University of Notre Dame.
Brian Lalli   (2023-03-16)
Brian Lalli is a Principal and portfolio manager for PGIM Fixed Income's U.S. High Yield Bond Team. Previously, Mr. Lalli was a credit analyst for PGIM Fixed Income's U.S. Leveraged Finance Credit Research team. Prior to joining the Firm in 2020, Mr. Lalli was a Director at Barclays, covering several high-yield and investment grades sectors as a senior credit analyst since 2010. Mr. Lalli received a BS in Business and Technology and a minor in Economics from the Stevens Institute of Technology.
Robert Cignarella   (2014-03-05)
Robert Cignarella, CFA, is a Managing Director and Head of U.S. High Yield for PGIM Fixed Income. Mr. Cignarella is also the co-Head of the Global High Yield Strategy. Prior to joining the Firm in 2014, Mr. Cignarella was a managing director and co-head of high yield and bank loans at Goldman Sachs Asset Management. He also held positions as a high yield portfolio manager and a high yield and investment grade credit analyst. Earlier, he was a financial analyst in the investment banking division of Salomon Brothers. Mr. Cignarella received an MBA from the University of Chicago,
Investment Advisor(s)
PGIM Investments LLC
Issuer
PGIM Investments
Show Data Definitions

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Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.