PAJZX — PGIM Global Absolute Return Bond Fund

PAJZX Fund Overview

PAJZX — PGIM Global Absolute Return Bond Fund is a US mutual fund managed by Prudential Investment Portfolios 3, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Prudential Investment Portfolios 3
• Category: Money Market
• Assets under management: $39.56M
• 1-year return: 12.5%
• Ticker: PAJZX
• SEC CIK: 0001104631
• SEC series ID: S000051243
• Share class ID: C000161582

PAJZX Investment Objective and Strategy

PGIM Global Absolute Return Bond Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Prudential Investment Portfolios 3.

Investment objective

The investment objective of the Fund is to seek positive returns over the long term, regardless of market conditions .

Principal investment strategy

The Fund has a flexible investment strategy and will invest in a variety of securities and instruments. The Fund will also use a variety of investment techniques in pursuing its investment objective, which may include managing duration, credit quality, yield curve positioning and currency exposure, as well as sector and security selection. In managing the Funds assets, the subadviser uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, the subadviser develops views on economic, policy and market trends. In its bottom-up research, the subadviser develops an internal rating and outlook on issuers. The rating and outlook is determined based on a complete review of the financial health and trends of the issuer.

The subadviser may also consider investment factors such as expected total return, yield, spread and potential for price appreciation as well as credit quality, maturity and risk. The Fund may invest in a security based upon the expected total return rather than the yield of such security. Under normal market conditions, the Fund will invest at least 80% of its investable assets in fixed income instruments with varying maturities. The term investable assets refers to the Funds net assets plus any borrowings for investment purposes. The Funds investments in fixed income instruments may include bonds, debentures, notes, commercial paper and other similar types of debt instruments, mortgage-related securities, asset-backed securities, currencies, municipal securities, loan assignments and participations, money market instruments, and derivatives related to or referencing these types of securities and instruments.

The Fund may invest in fixed and floating rate fixed income instruments of companies or governments. Under normal circumstances, the Fund invests at least 40% of its investable assets in foreign securities, including emerging market securities. The Funds investments in foreign securities may be lower if conditions are not favorable, but such investments will not be lower than 30% of the Funds investable assets. The Funds investments may be US or non-US dollar denominated. The Fund will invest without limit in high yield fixed income instruments (commonly referred to as junk bonds). Lower-rated securities tend to offer higher yields, but also offer greater risks, than higher-rated securities. Although the Fund may invest in instruments of any duration or maturity, under normal market conditions the dollar-weighted average effective duration of the Fund, including futures positions, is expected to range within -5 to +5 years.

The Fund may invest without limit in derivative instruments, including futures, options, options on futures, foreign currency forward contracts, and swaps, to try to enhance return or to reduce (hedge) investment risks. The Fund may enter into certain derivative instruments and transactions that create leverage, such as engaging in futures, forwards, swaps, options and short sales (collectively, effective leverage). The Fund may employ effective leverage in addition to any borrowings permitted by the Funds policies and restrictions with respect to borrowing. The Fund may engage in short sales or obtain short exposure to the securities or instruments in which it primarily invests. The Fund may use certain interest rate derivatives, such as futures and swaps, to help to capture perceived aberrations in global yield curves and position the Fund in accordance with management's views regarding anticipated shifts in interest rate curves.

The Fund may invest in mortgage-related securities issued or guaranteed by US governmental entities or private issuers, including subprime mortgage-related securities. These securities are usually pass-through instruments that pay investors a share of all interest and principal payments from an underlying pool of fixed or adjustable rate mortgages. Mortgage-related securities issued by the US Government include GNMAs, and mortgage-related securities issued by agencies of the US Government as well as FNMAs and debt securities issued by FHLMC. The US Government or the issuing agency directly or indirectly guarantees the payment of interest and principal on these securities. Privately issued mortgage-related securities that are not guaranteed by US governmental entities generally have one or more types of credit enhancement to ensure timely receipt of payments and to protect against default.

Private issuer mortgage-backed securities may include loans on commercial or residential properties. Asset-backed securities in which the Fund may invest are issued in the form of debt instruments that may include collateralized debt obligations (CDOs), which may include collateralized bond obligations (CBOs) and collateralized loan obligations (CLOs). The Fund may invest in floating or fixed rate loans (secured or unsecured) arranged through private negotiations between a corporation or other institution that is the borrower and one or more financial institutions that are the lenders. Loans are often structured and administered by a financial institution that acts as agent for the holders of the loan. Loans can be acquired directly through the agent, by assignment from another holder of the loan, or as a participation interest in another holder's portion of the loan.

Most floating rate loans are senior in rank (senior loans) in the event of bankruptcy to most other securities of the issuer, such as common stock or publicly-issued bonds. Floating rate loans are often secured by specific collateral of the issuer so that holders of the loans will have a priority claim on those assets in the event of default or bankruptcy of the issuer.

PAJZX Performance

Total returns for PAJZX (as of 2026-10-01), from SEC filings.

PAJZX Risk Information

Risk metrics for PAJZX, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 5.6%

PAJZX Costs and Fees

PAJZX costs about $85 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.85%
• Gross expense ratio: 1.32%
• Portfolio turnover: 11%
• Brokerage commissions: 1.85 bps of average net assets (SEC N-CEN)

PAJZX Cashflows

Over the 12 months to 2023-07, PGIM Global Absolute Return Bond Fund had net inflows of $36.48M, from monthly SEC N-PORT filings.

PAJZX Debt Constituents

No individual debt constituents are reported in PGIM Global Absolute Return Bond Fund's latest SEC N-PORT filing.

PAJZX Prospectus and SEC Filings

Official PGIM Global Absolute Return Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2023-02-23
• Prospectus (485BPOS) — filed 2022-02-15
• Prospectus supplement (497) — filed 2022-03-11
• Portfolio holdings (N-PORT) — filed 2023-09-25
• Portfolio holdings (N-PORT) — filed 2023-06-23
• Portfolio holdings (N-PORT) — filed 2023-03-27
• Annual census (N-CEN) — filed 2023-01-17
• Annual census (N-CEN) — filed 2022-01-12

Related Funds

Other Money Market funds tracked on ABC INVEST:

• Emerald Growth Fund (HSPCX)
• Barings Active Short Duration Bond Fund (BXDIX)
• IVA Worldwide Fund (IVWAX)
• Stadion Tactical Growth Fund (ETFDX)
• BBH Partner Fund - Select Short Term Assets (BBSTX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.