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PGIM Quant Solutions Commodity Strategies Fund
mutual fund
PQCMX
Payout Change
Pending
Price as of:
$7.23
+0.02
+0.28%
primary theme
Commodity
share class
PQCMX (Mutual Fund)
PGIM Quant Solutions Commodity Strategies Fund
Payout Change
Pending
Price as of:
$7.23
+0.02
+0.28%
primary theme
Commodity
share class
PQCMX (Mutual Fund)
PGIM Quant Solutions Commodity Strategies Fund
Payout Change
Pending
Price as of:
$7.23
+0.02
+0.28%
primary theme
Commodity
share class
Name
As of 09/22/2023Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
-3.0%
1 yr return
-1.8%
3 Yr Avg Return
17.8%
5 Yr Avg Return
7.4%
Net Assets
$61.5 M
Holdings in Top 10
103.6%
52 WEEK LOW AND HIGH
$7.2
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.68%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 0.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 09/22/2023Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
PQCMX - Profile
Distributions
- YTD Total Return -3.0%
- 3 Yr Annualized Total Return 17.8%
- 5 Yr Annualized Total Return 7.4%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -0.53%
- Dividend Yield 32.4%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NamePGIM Quant Solutions Commodity Strategies Fund
-
Fund Family NamePRUDENTIAL
-
Inception DateNov 15, 2016
-
Shares OutstandingN/A
-
Share ClassRetirement
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMarco Aiolfi
Fund Description
The Bloomberg Commodity Index (the “Index”) is a broadly diversified futures index currently composed of futures contracts on 23 physical commodities. The Index is weighted among commodity sectors using dollar-adjusted liquidity and production data. As of the date of this Prospectus, six energy commodities, two precious metals commodities, four industrial metals commodities, two livestock commodities, and nine agricultural commodities are represented in the Index. The Index is rebalanced as of the beginning of each calendar year so that as of that time no single commodity constitutes less than 2%, as liquidity allows, or more than 15% of the Index, and each related group of commodities (e.g., energy, precious metals, industrial metals, livestock or agriculture) represented in the Index is limited to 33%. However, following this rebalancing and for the remainder of the calendar year these percentages may change so that a single commodity may constitute a lesser or greater percentage of the Index at the beginning of the year and different sectors may represent different proportions of the Index. To the extent the Index is concentrated in a particular industry (or one or more commodities that comprise an industry) the Fund may be concentrated in that industry.The Fund, which is actively managed, gains exposure to the commodity markets through investment of the Fund’s assets directly and/or in the PGIM QMA Commodity Strategies Subsidiary Ltd., the Fund’s wholly-owned Cayman Islands subsidiary (the “Cayman Subsidiary”). The subadviser’s strategy seeks to generate returns over a market cycle in excess of the Index using a systematic, factor-based investment process. The Fund is not sponsored by or affiliated with Bloomberg.Most of the Fund’s commodity investments are through exchange-traded futures contracts, and exchange-traded forward contracts, on commodities, in each case held by its Cayman Subsidiary. The Fund may also invest, directly or through the Cayman Subsidiary, in options on futures contracts linked to commodities, commodity-linked structured notes (“CLNs”) linked to commodity indices, and exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”) whose returns are linked to commodities or commodity indices within the limits of applicable tax law. The Fund also invests directly, or through the Cayman Subsidiary, in securities issued by the U.S. Government.The Fund may hold a significant portion of its assets directly or indirectly in cash and/or invest in money market instruments, including commercial paper of a company, government securities, sovereign debt, certificates of deposit, bankers' acceptances, time deposits of banks, and obligations issued or guaranteed by a government or its agencies or instrumentalities. These obligations may be U.S. dollar-denominated or denominated in a foreign currency. A portion of the cash or cash equivalent investments in the Fund and in the Cayman Subsidiary will serve as margin or collateral. The Fund may invest up to 10% of its total assets in ETFs. The Fund is “non-diversified” for purposes of the Investment Company Act of 1940, as amended (the “1940 Act”), which means it may invest in a smaller number of issuers than a diversified fund.The Fund invests in commodity-linked derivative instruments, such as structured notes, swap agreements, commodity options, futures and options on futures, which are designed to provide exposure to the investment returns of assets such as oil, gas, industrial and precious metals, livestock, and agricultural or meat products, or other items that have tangible properties, as compared to stocks or bonds, which are financial instruments. The value of commodity-linked derivative instruments may be affected by a variety of factors, including, but not limited to, overall market movements and other factors affecting the value of particular industries or commodities, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments. As noted above, the Fund gains exposure to commodity markets by investing up to 25% of its total assets in the Cayman Subsidiary. The Cayman Subsidiary invests primarily in exchange-traded futures contracts, and exchange-traded forward contracts, on commodities in order to seek returns over time in excess of the performance of the Index, as determined by the subadviser, from investments that would generate non-qualifying income under Subchapter M of the Internal Revenue Code (the “Code”) if owned directly by the Fund. The Cayman Subsidiary may also invest in high quality, short-term instruments, which may include positions in U.S. Treasury securities, government agency debt and money market funds, which are intended to serve as margin or collateral for the Cayman Subsidiary’s futures positions. The Cayman Subsidiary may invest in commodity investments without limit. The Fund invests in the Cayman Subsidiary in order to gain exposure to commodities within the limitations of the U.S. federal tax law requirements applicable to regulated investment companies (“RICs”) such as the Fund. The Fund may also gain direct exposure to commodities through direct investments in certain ETFs and as otherwise may be permitted by the 1940 Act and exemptive orders, releases, no-action letters or similar relief or interpretations issued by the Securities and Exchange Commission (the “SEC”).
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PQCMX - Performance
Return Ranking - Trailing
| Period | PQCMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -3.0% | -50.8% | 40.3% | 81.63% |
| 1 Yr | -1.8% | -78.3% | 1880.5% | 84.25% |
| 3 Yr | 17.8%* | -20.5% | 186.2% | 45.52% |
| 5 Yr | 7.4%* | -30.9% | 80.4% | 44.29% |
| 10 Yr | N/A* | -21.0% | 28.4% | N/A |
* Annualized
Return Ranking - Calendar
| Period | PQCMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | -9.6% | -45.7% | 2475.6% | 69.86% |
| 2021 | -14.1% | -87.8% | 106.7% | 88.28% |
| 2020 | -1.1% | -71.9% | 295.5% | 54.93% |
| 2019 | 7.7% | -88.2% | 53.9% | 36.17% |
| 2018 | -14.5% | -42.9% | 32.6% | 55.28% |
Total Return Ranking - Trailing
| Period | PQCMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -3.0% | -50.8% | 119.0% | 78.91% |
| 1 Yr | -1.8% | -78.3% | 4320.6% | 84.25% |
| 3 Yr | 17.8%* | -20.5% | 321.7% | 45.52% |
| 5 Yr | 7.4%* | -30.9% | 131.7% | 44.29% |
| 10 Yr | N/A* | -21.0% | 45.5% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | PQCMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | 18.3% | -22.1% | 5648.8% | 32.88% |
| 2021 | 28.1% | -87.8% | 188.1% | 52.41% |
| 2020 | -1.1% | -67.8% | 296.1% | 60.56% |
| 2019 | 8.8% | -88.2% | 53.9% | 48.23% |
| 2018 | -12.0% | -28.1% | 32.6% | 52.85% |
NAV & Total Return History
PQCMX - Holdings
Concentration Analysis
| PQCMX | Category Low | Category High | PQCMX % Rank | |
|---|---|---|---|---|
| Net Assets | 61.5 M | 554 K | 57.8 B | 72.47% |
| Number of Holdings | 39 | 1 | 846 | 64.29% |
| Net Assets in Top 10 | 69.5 M | 2.66 M | 63.2 B | 82.86% |
| Weighting of Top 10 | 103.56% | 20.7% | 100.0% | 2.96% |
Top 10 Holdings
- United States Treasury Bill 47.23%
- United States Treasury Bill 42.18%
- Dreyfus Government Cash Management 12.16%
- GOLD 0.92%
- LME ZINC 0.33%
- NYBOT CSC Number 11 World Sugar 0.29%
- NYMEX Henry Hub Natural Gas 0.26%
- NYBOT CSC C Coffee 0.12%
- LME NICKEL 0.04%
- CME LIVE CATTLE 0.03%
Asset Allocation
| Weighting | Return Low | Return High | PQCMX % Rank | |
|---|---|---|---|---|
| Bonds | 89.41% | 0.00% | 96.71% | 15.00% |
| Cash | 14.22% | -81.87% | 100.00% | 65.22% |
| Stocks | 0.00% | 0.00% | 53.33% | 50.00% |
| Preferred Stocks | 0.00% | 0.00% | 0.00% | 26.81% |
| Convertible Bonds | 0.00% | 0.00% | 3.89% | 46.72% |
| Other | -3.63% | -47.59% | 165.73% | 88.41% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | PQCMX % Rank | |
|---|---|---|---|---|
| Government | 84.35% | 0.00% | 100.00% | 2.42% |
| Cash & Equivalents | 12.16% | 0.00% | 100.00% | 72.00% |
| Securitized | 0.00% | 0.00% | 36.61% | 44.35% |
| Corporate | 0.00% | 0.00% | 42.72% | 54.03% |
| Municipal | 0.00% | 0.00% | 1.45% | 32.26% |
| Derivative | -3.63% | 0.00% | 100.00% | 86.40% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | PQCMX % Rank | |
|---|---|---|---|---|
| US | 89.41% | 0.00% | 97.72% | 10.14% |
| Non US | 0.00% | -1.01% | 21.42% | 30.43% |
PQCMX - Expenses
Operational Fees
| PQCMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.68% | 0.20% | 16.76% | 88.33% |
| Management Fee | 0.40% | 0.00% | 1.75% | 12.92% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.02% | 0.45% | N/A |
Sales Fees
| PQCMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 4.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| PQCMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | N/A | N/A | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| PQCMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 0.00% | 0.00% | 244.00% | 17.59% |
PQCMX - Distributions
Dividend Yield Analysis
| PQCMX | Category Low | Category High | PQCMX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 32.41% | 0.00% | 34.98% | 1.20% |
Dividend Distribution Analysis
| PQCMX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Quarterly | Annually | Quarterly | Annually |
Net Income Ratio Analysis
| PQCMX | Category Low | Category High | PQCMX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.53% | -55.71% | 52.26% | 48.91% |
Capital Gain Distribution Analysis
| PQCMX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 13, 2022 | $2.336 | OrdinaryDividend |
| Dec 13, 2021 | $3.923 | OrdinaryDividend |
| Dec 16, 2019 | $0.099 | OrdinaryDividend |
| Dec 17, 2018 | $0.273 | OrdinaryDividend |
| Dec 11, 2017 | $0.150 | OrdinaryDividend |
PQCMX - Fund Manager Analysis
Managers
Marco Aiolfi
Start Date
Tenure
Tenure Rank
Apr 02, 2018
4.16
4.2%
Marco Aiolfi, PhD, is a Portfolio Manager for QMA and a member of the Global Portfolio Solutions team. His responsibilities include research and portfolio management with a focus on Global Tactical Asset Allocation. Prior to joining QMA, Marco was a portfolio manager and researcher at Goldman Sachs Asset Management where he was a member of the Quantitative Investment Strategies team. His experience included serving as lead portfolio manager for Global Tactical Asset Allocation implementation in select portfolios and co-head of volatility strategies for a multi-strategy fund. Previously, Marco was a Principal at Platinum Grove Asset Management, where he designed, implemented and co-managed a systematic G10 currency trading strategy. Marco was a Research Scholar at the University of California, San Diego, specializing in macro asset pricing and econometrics, and he was a Visiting Scholar for the Research Department at the International Monetary Fund. Marco has published papers in several academic journals including the Journal of Econometrics, the Journal of Forecasting, the Journal of Financial Econometrics, the Journal of Development Economics and the Oxford Handbook of Economic Forecasting. He earned a BA in Economics Summa Cum Laude and a PhD in Economics from Bocconi University, Milan, Italy.
Yesim Tokat-Acikel
Start Date
Tenure
Tenure Rank
Apr 02, 2018
4.16
4.2%
Yesim Tokat-Acikel, PhD, is a Portfolio Manager for QMA and a member of the Global Portfolio Solutions team. Her responsibilities include research and portfolio management with a focus on Global Tactical Asset Allocation. Prior to joining QMA, Yesim was a senior quantitative analyst at AllianceBernstein, where she developed Global Tactical Asset Allocation strategies. She developed global equity, REIT, and credit models, as well as dynamic risk models. Previously, she was a senior investment analyst for The Vanguard Group where she built tactical and strategic asset allocation models for the retirement and private client markets. Yesim has published papers on strategic and tactical portfolio allocation issues in the Journal of Investing, Journal of Wealth Management, Journal of Financial Planning, Journal of Economic Dynamics and Control, and Strategic Management Journal. She earned a BS in Industrial Engineering from Bilkent University in Turkey; an MS in Industrial Engineering from the University of Arizona, Tucson, and a PhD in Economics from the University of California, Santa Barbara.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.33 | 17.03 | 5.78 | 11.51 |
