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FairHorizon Blue
B22-A

PGIM Funds Plc - PGIM Multi-Sector Credit Fund

Global diversified bonds. Active strategy and highly diversified portfolio.

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About the Fund

Data as of

PGIM is the primary asset management business of US-based Prudential Financial Inc, managing over US$1.5tn of AUM globally across active fixed income, equities, multi-asset and private markets solutions, of which about US$1tn are fixed income focused.

The PGIM Multi-Sector Credit Fund is an actively managed bond strategy seeking to outperform the Bloomberg Multiverse 1-5yrs Ex Treasury A+ to B- Index over a full market cycle on a total return basis. The fund runs a highly flexible investment strategy that can invest across government bonds, government-related bonds, corporate bonds, securitised credits and emerging market debt with no geographic or credit rating constraints, with the belief that consistent outperformance can be achieved through dynamic sector allocation, disciplined security selection, and rigorous risk management. The fund primarily uses a bottom-up fundamental research and security selection approach, focusing on identifying mispriced securities with attractive risk-reward characteristics, and complemented with top-down macroeconomic views. ESG considerations are integrated into the investment process. The fund runs a highly diversified portfolio of ~1000 holdings.

Performance

Price Performance – Maximum Period

The FairHorizon Context

Investment-Time-Horizon in years

0 - 22 - 44 - 7 7 - 1010 - 1515+
Expected long-term return
2 – 4% p.a.
Expected volatility
3 – 5% p.a.

Building Block Returns

PGIM Funds Plc - PGIM Multi-Sector Credit Fund

Ann. return (3-year):
6.34%
Ann. return (5-year):
4.23%
Ann. return (10-year):
—
Ann. Standard Deviation (5-year):
3.65%

This fund provides a highly diversified global bond portfolio across geography, sector, credit rating and issues. This appeals to investors looking for an actively managed but well diversified global bond solution.

Benchmark Returns

SPDR Bloomberg Global Aggregate Bond UCITS ETF

Ann. return (3-year):
4.01%
Ann. return (5-year):
0.18%
Ann. return (10-year):
—
Ann. Standard Deviation (5-year):
4.87%
Link to the Funds FairSheet

FairHorizon Benchmark Returns

Dimensional Funds PLC - World Allocation 20/80 Fund

Ann. return (3-year):
7.09%
Ann. return (5-year):
3.75%
Ann. return (10-year):
—
Ann. Standard Deviation (5-year):
4.13%
Link to the Funds FairSheet

The Dimensional World Allocation 20/80 Fund is our FAIRHORIZON Blue reference benchmark solution that has 20% global developed equities and 80% global investment grade short-to-medium maturity bonds for global high quality bonds-like returns and volatility.

SHARING OUR PASSION FOR INVESTMENTS FAIRSHEET™  PGIM Funds Plc - PGIM Multi-Sector Credit Fund  Page 1/2

Why we prefer this fund

Relevance of strategy

This fund provides a highly diversified global bond portfolio across geography, sector, credit rating and issues. This appeals to investors looking for an actively managed but well diversified global bond solution.

Manager expertise

The fund is managed using a team-based, institutional process as part of the PGIM fixed income business that is one of the largest globally. Aside from the broader shared resources, the Multi-Sector team has 3 co-Heads who are supposed by 9 Portfolio Construction specialists and 28 Security Selection specialists covering different sectors.

Performance

The fund has a proven track record of delivering attractive risk-adjusted returns especially since 2022. Volatility has also been lower than most peers, showing strong risk management capabilities at work.

Historical maximum drawdown & recovery time

Max drawdown (since inception)
-18.62%
Recovery Period
246 Days

Diversification

Credit Rating

  • Aaa0.94%
  • Aa23.70%
  • A8.19%
  • Baa16.99%
  • Ba11.17%
  • B8.26%
  • Caa1.77%
  • Others28.98%

Sectors

  • Corporate42.29%
  • Treasury25.87%
  • Securitized18.16%
  • Government-Related12.72%
  • Others0.97%

Geography

  • U.S.A.63.59%
  • Ireland6.06%
  • Germany3.57%
  • United Kingdom3.04%
  • France2.40%
  • Canada2.39%
  • Argentina1.09%
  • Netherlands0.99%
  • Colombia0.97%
  • Romania0.92%
  • Mexico0.86%
  • Others14.12%