PXBAX — PGIM International Bond Fund
Data updated: 2023-09-25
PXBAX — PGIM International Bond Fund. Money Market · $28.71M AUM · 0.99% expense ratio · 2.9% 1-yr return. Holdings, fees, performance and SEC filings.
PXBAX Fund Overview
PXBAX — PGIM International Bond Fund is a US mutual fund managed by Prudential Investment Portfolios 9, 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 9
- Category: Money Market
- Assets under management: $28.71M
- 1-year return: 2.9%
- Ticker: PXBAX
- SEC CIK: 0001070287
- SEC series ID: S000055822
- Share class ID: C000175781
PXBAX Investment Objective and Strategy
PGIM International Bond Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Prudential Investment Portfolios 9.
Investment objective
The Fund's investment objective is to seek total return , made up of current income and capital appreciation .
Principal investment strategy
The Fund seeks investments that will increase over time in value, as well as pay the Fund interest and other income. Under normal market conditions, the Fund will invest at least 80% of its investable assets in bonds with varying maturities. For the purposes of this policy, bonds include all fixed income instruments, including debentures, notes, commercial paper and other similar types of debt instruments, mortgage-related securities, asset-backed securities, currencies, loan assignments and participations, money market instruments, and derivatives related to or referencing these types of securities and instruments. The term investable assets refers to the Funds net assets plus any borrowings for investment purposes. The Funds investable assets will be less than its total assets to the extent that the Fund has borrowed money for non-investment purposes, such as to meet redemptions.
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.
The Fund will primarily invest in fixed or floating rate fixed income instruments of foreign corporations and governments that are denominated in US dollars or foreign currencies. Under normal market conditions the Fund will invest in at least three foreign countries. Foreign government fixed income instruments include securities issued by quasi-governmental entities, government agencies, supranational entities and other governmental entities denominated in foreign currencies or US dollars. The Fund invests in securities of emerging market countries. The Fund may invest up to 35% of its total assets 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. The subadviser currently expects to hedge all or a portion of the Funds foreign currency exposure, although the subadviser has no obligation to do so.
The Funds currency exposure will include investments in derivatives, subject to the Funds derivatives investment restrictions noted below. The Fund may invest up to 25% of its net assets 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. 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). Privately issued mortgage-related securities that are not guaranteed by 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. The Fund is non-diversified. Segregation of Assets. As an open-end investment company registered with the SEC, the Fund is subject to the federal securities laws, including the Investment Company Act of 1940, the rules thereunder, and various interpretive positions of the Securities and Exchange Commission (SEC) and the staff of the SEC. In accordance with these laws, rules and positions, the Fund must set aside unencumbered cash or liquid securities, or engage in other measures, to cover open positions with respect to certain kinds of derivative instruments. This practice is often referred to as asset segregation. In the case of futures contracts that are not contractually required to cash settle, for example, the Fund must set aside liquid assets equal to such contracts full notional value while the positions are open, except as described below.
With respect to futures contracts that are contractually required to cash settle, however, the Fund is permitted to set aside liquid assets in an amount equal to the Funds daily mark-to-market net obligations (i.e., the Funds daily net liability) under the contracts, if any, rather than such contracts full notional value. Futures contracts and forward contracts that settle physically will be treated as cash settled for asset segregation purposes when the Fund has entered into contractual arrangements with third party futures commission merchants or other counterparties or brokers that provide for cash settlement of these obligations. The Fund reserves the right to modify its asset segregation policies in the future to comply with any changes in the positions from time to time articulated by the SEC or its staff regarding asset segregation.
The Fund generally will use its unencumbered cash and cash equivalents to cover its obligations as required by the 1940 Act, the rules thereunder, and applicable SEC and SEC staff interpretive positions. The manager and the subadviser will monitor the Funds use of derivatives or other investments that require asset segregation and will take action as necessary for the purpose of complying with the asset segregation policy stated above. Such actions may include the sale of the Funds portfolio investments.
PXBAX Performance
Total returns for PXBAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 2.9% |
| 3 years (annualised) | -5.3% |
PXBAX Risk Information
Risk metrics for PXBAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 6.9%
PXBAX Costs and Fees
PXBAX costs about $99 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.99%
- Gross expense ratio: 4.29%
- Portfolio turnover: 17%
- Brokerage commissions: 1.52 bps of average net assets (SEC N-CEN)
PXBAX Cashflows
Over the 12 months to 2023-07, PGIM International Bond Fund had net inflows of $4.79M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-07 | $560.35K |
| 2023-06 | $146.03K |
| 2023-05 | $108.86K |
| 2023-04 | $129.12K |
| 2023-03 | $212.17K |
| 2023-02 | $144.04K |
PXBAX Debt Constituents
No individual debt constituents are reported in PGIM International Bond Fund's latest SEC N-PORT filing.
PXBAX Prospectus and SEC Filings
Official PGIM International Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-02-14
- Prospectus (485BPOS) — filed 2022-02-16
- Prospectus supplement (497) — filed 2021-03-02
- Portfolio holdings (N-PORT) — filed 2023-09-25
- Portfolio holdings (N-PORT) — filed 2023-06-22
- 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:
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.