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Trending ETFs

PGIM Securitized Credit Fund

mutual fund
SCFOX
Payout Change
Pending
Price as of:
$9.7 +0.0 +0.0%
primary theme
Bond Sector Diversified
SCFOX (Mutual Fund)

PGIM Securitized Credit Fund

Payout Change
Pending
Price as of:
$9.7 +0.0 +0.0%
primary theme
Bond Sector Diversified
SCFOX (Mutual Fund)

PGIM Securitized Credit Fund

Payout Change
Pending
Price as of:
$9.7 +0.0 +0.0%
primary theme
Bond Sector Diversified

Name

As of 06/21/2024

Price

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

$9.70

$152 M

6.30%

$0.61

1.90%

Vitals

YTD Return

5.1%

1 yr return

10.4%

3 Yr Avg Return

4.6%

5 Yr Avg Return

N/A

Net Assets

$152 M

Holdings in Top 10

20.3%

52 WEEK LOW AND HIGH

$9.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.90%

SALES FEES

Front Load 3.25%

Deferred Load N/A

TRADING FEES

Turnover 58.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/21/2024

Price

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

$9.70

$152 M

6.30%

$0.61

1.90%

SCFOX - Profile

Distributions

  • YTD Total Return 5.1%
  • 3 Yr Annualized Total Return 4.6%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.70%
DIVIDENDS
  • Dividend Yield 6.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    PGIM Securitized Credit Fund
  • Fund Family Name
    Prudential
  • Inception Date
    Nov 16, 2015
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Edwin Wilches

Fund Description

Under normal market conditions, the Fund invests at least 80% of its investable assets in securitized credit investments and other similar credit instruments, including derivative instruments that provide exposure to securitized credit investments and other similar credit instruments. Securitized credit investments are also referred to as “structured product securities” or “structured products.” For purposes of the Fund’s 80% policy, securitized credit investments include secured loans backed by commercial real estate, residential real estate, commercial or consumer loans, and securitizations such as agency and non-agency mortgage-backed securities (“MBS”) (including commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), and collateralized mortgage obligations (“CMOs”)), asset-backed securities (“ABS”) (including collateralized debt obligations (“CDOs”) such as collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”)), and other similar securities and related instruments.Agency MBS are issued or guaranteed by the U.S. Government, its agencies or instrumentalities, which include mortgage pass-through securities representing interests in pools of mortgage loans issued or guaranteed by the Government National Mortgage Association (“GNMA” or “Ginnie Mae”), the Federal National Mortgage Association (“FNMA or “Fannie Mae”), the Student Loan Marketing Association (“SLMA” or “Sallie Mae”) or the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). The Fund may also invest in other fixed income instruments, which include bonds, debt or credit securities and other similar instruments issued by various U.S. and non-U.S. public or private sector entities.The term “investable assets” refers to the Fund's net assets plus any borrowings for investment purposes. The Fund's investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions.In managing the Fund’s 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 are determined based on a thorough 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 subadviser may also utilize proprietary quantitative tools (i.e., databases, data visualizations, data reporting, stochastic models, portfolio asset allocation and risk models) to support relative value trading and asset allocation for portfolio management as well as various risk models to support risk management. These proprietary quantitative tools are not used as a substitute for the discretion of portfolio managers, risk managers or researchers.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 -2 to +2 years.The Fund may invest in investment-grade and non-investment grade debt securities. Investment-grade debt securities are debt securities rated BBB or higher or Baa or higher or the equivalent by a nationally recognized statistical rating organization (“NRSRO”), such as S&P Global Ratings (“S&P”) or Moody's Investors Service, Inc. (“Moody's”). A rating is an assessment of the likelihood of the timely payment of interest and repayment of principal and can be useful when comparing different debt obligations. These ratings are not a guarantee of quality. The opinions of the rating agencies do not reflect market risk and they may, at times, lag behind the current financial condition of a company. In addition to investing in rated securities, the Fund may invest in unrated securities that the subadviser determines are of comparable quality to the rated securities that are permissible investments. In the event that a security receives different ratings from different NRSROs, the Fund will treat the security as being rated in the highest rating category received from a NRSRO.Debt obligations rated BBB or Baa are considered to have speculative characteristics and are riskier than higher-rated securities. Obligations rated BB by S&P or Ba by Moody's or lower are considered to be speculative with respect to their capacity to pay interest and principal and are commonly referred to as high-yield debt securities or junk bonds. These securities tend to offer higher yields, but also offer greater credit risks than higher-rated securities. Securities rated Caa by Moody's or CCC by S&P are speculative and of poor standing and may either be in default or risk of default on principal or interest payments. An investor can evaluate the expected likelihood of default by an issuer by looking at its ratings as compared to another similar issuer. If the rating of a debt security is downgraded after the Fund purchases it (or if the debt security is no longer rated), the Fund will not have to sell the security, but the subadviser will take this into consideration in deciding whether the Fund should continue to hold the security.The Fund may invest in the aggregate up to 35% of its investable assets in non-U.S. fixed income instruments (including emerging markets) and in fixed income instruments that are denominated in non-U.S. dollar currencies (including those of emerging markets). The Fund may invest in foreign debt securities, which include securities that are issued by foreign governments and corporations. Foreign government debt securities include securities issued by quasi-governmental entities, governmental agencies, supranational entities and other governmental entities denominated in foreign currencies or U.S. dollars. CLOs and other structured products that are issued in the United States or sponsored by U.S. companies but organized as Cayman or Bermuda companies are not considered non-U.S. fixed income instruments for purposes of this 35% limitation.The Fund may invest in debt obligations issued or guaranteed by the U.S. Government and U.S. Government-related entities. Some (but not all) of the U.S. Government securities and mortgage-related securities in which the Fund will invest are backed by the full faith and credit of the U.S. Government, which means that payment of interest and principal is guaranteed, but yield and market value are not.The Fund may invest in mortgage-related securities issued or guaranteed by U.S. governmental entities or private issuers. 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.The Fund may invest 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 that may provide leverage, such as engaging in futures, forwards, swaps, options and short sales (collectively, “effective leverage”).
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SCFOX - Performance

Return Ranking - Trailing

Period SCFOX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.1% -8.3% 12.4% 6.83%
1 Yr 10.4% -11.0% 27.6% 10.17%
3 Yr 4.6%* -18.2% 15.9% 4.76%
5 Yr N/A* -14.5% 14.4% N/A
10 Yr N/A* -13.8% 6.4% N/A

* Annualized

Return Ranking - Calendar

Period SCFOX Return Category Return Low Category Return High Rank in Category (%)
2023 2.7% -12.0% 15.7% 53.63%
2022 -5.6% -31.8% 18.4% 9.75%
2021 2.6% -26.6% 25.7% 4.80%
2020 -3.4% -49.2% 18.7% 85.07%
2019 N/A -35.1% 15.3% N/A

Total Return Ranking - Trailing

Period SCFOX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.1% -8.3% 12.4% 6.83%
1 Yr 10.4% -11.0% 27.6% 10.17%
3 Yr 4.6%* -18.2% 15.9% 4.76%
5 Yr N/A* -14.5% 14.4% N/A
10 Yr N/A* -13.8% 6.4% N/A

* Annualized

Total Return Ranking - Calendar

Period SCFOX Return Category Return Low Category Return High Rank in Category (%)
2023 10.1% -7.0% 22.2% 19.64%
2022 -1.1% -31.8% 21.1% 7.74%
2021 5.5% -13.5% 49.9% 11.20%
2020 -0.2% -28.6% 24.1% 87.15%
2019 N/A -4.8% 19.1% N/A

NAV & Total Return History


SCFOX - Holdings

Concentration Analysis

SCFOX Category Low Category High SCFOX % Rank
Net Assets 152 M 2.53 M 143 B 77.26%
Number of Holdings 262 2 9868 67.84%
Net Assets in Top 10 53.1 M -204 M 70.2 B 77.44%
Weighting of Top 10 20.31% 5.1% 271.9% 70.20%

Top 10 Holdings

  1. (PIPA070) PGIM Core Government Money Market Fund 5.46%
  2. Carlyle Euro CLO 2017-1 DAC 2.07%
  3. ONE 2021-PARK Mortgage Trust 1.86%
  4. Madison Park Euro Funding XIII DAC 1.82%
  5. CVC Cordatus Loan Fund XIV DAC 1.64%
  6. JPMBB Commercial Mortgage Securities Trust 2014-C26 1.63%
  7. PMT Credit Risk Transfer Trust 2024-1R 1.53%
  8. BlueMountain CLO XXXII Ltd 1.52%
  9. CSAIL 2015-C3 Commercial Mortgage Trust 1.39%
  10. Signal Peak CLO 5 Ltd 1.38%

Asset Allocation

Weighting Return Low Return High SCFOX % Rank
Bonds
90.75% 0.00% 215.76% 47.87%
Other
7.26% -66.66% 153.75% 35.06%
Cash
5.46% -94.66% 100.00% 37.65%
Stocks
0.01% -4.18% 99.84% 70.27%
Preferred Stocks
0.00% 0.00% 28.28% 70.58%
Convertible Bonds
0.00% 0.00% 33.50% 91.55%

Stock Sector Breakdown

Weighting Return Low Return High SCFOX % Rank
Utilities
0.00% 0.00% 100.00% 69.06%
Technology
0.00% 0.00% 28.30% 63.62%
Real Estate
0.00% 0.00% 100.00% 67.97%
Industrials
0.00% 0.00% 100.00% 74.07%
Healthcare
0.00% 0.00% 18.60% 65.80%
Financial Services
0.00% 0.00% 100.00% 76.69%
Energy
0.00% 0.00% 100.00% 83.88%
Communication Services
0.00% 0.00% 100.00% 0.87%
Consumer Defense
0.00% 0.00% 99.97% 66.01%
Consumer Cyclical
0.00% 0.00% 89.95% 71.68%
Basic Materials
0.00% 0.00% 100.00% 66.23%

Stock Geographic Breakdown

Weighting Return Low Return High SCFOX % Rank
US
0.01% -4.11% 99.84% 67.84%
Non US
0.00% -0.07% 17.73% 58.69%

Bond Sector Breakdown

Weighting Return Low Return High SCFOX % Rank
Securitized
65.81% 0.00% 99.65% 8.81%
Corporate
8.49% 0.00% 96.66% 83.49%
Cash & Equivalents
5.46% 0.00% 99.66% 36.09%
Derivative
0.13% -66.66% 153.75% 33.94%
Government
0.01% 0.00% 99.43% 85.53%
Municipal
0.00% 0.00% 54.26% 66.35%

Bond Geographic Breakdown

Weighting Return Low Return High SCFOX % Rank
US
68.00% 0.00% 215.76% 64.18%
Non US
22.75% 0.00% 69.85% 18.45%

SCFOX - Expenses

Operational Fees

SCFOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.90% 0.03% 20.67% 20.21%
Management Fee 0.60% 0.00% 2.29% 51.89%
12b-1 Fee 0.25% 0.00% 1.00% 37.29%
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

SCFOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.25% 0.00% 5.75% 79.17%
Deferred Load N/A 1.00% 5.00% 66.17%

Trading Fees

SCFOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% 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.

SCFOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 58.00% 0.00% 632.00% 33.15%

SCFOX - Distributions

Dividend Yield Analysis

SCFOX Category Low Category High SCFOX % Rank
Dividend Yield 6.30% 0.00% 23.30% 16.16%

Dividend Distribution Analysis

SCFOX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly SemiAnnual Monthly Monthly

Net Income Ratio Analysis

SCFOX Category Low Category High SCFOX % Rank
Net Income Ratio 2.70% -1.55% 11.51% 58.82%

Capital Gain Distribution Analysis

SCFOX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Annually Annually

Distributions History

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SCFOX - Fund Manager Analysis

Managers

Edwin Wilches


Start Date

Tenure

Tenure Rank

Jul 01, 2019

2.92

2.9%

Edwin Wilches, CFA, is a Principal and portfolio manager for PGIM Fixed Income's Structured Products Team. Mr. Wilches is responsible for managing and trading PGIM Fixed Income’s investments in CLO tranches, supporting the Dryden CLO platform's business development and investor relations efforts, and analysing off-the-run alternative fixed income opportunities. Prior to assuming his current responsibilities, Mr. Wilches was a member of PGIM Fixed Income’s CDO analyst team. Earlier, he was a member of PGIM Fixed Income's Business and Product Support Team, where he led the launch process for new institutional client accounts and the creation of investment products, including fund of funds. Mr. Wilches joined PGIM Fixed Income in 2003. He received a BA in Economics from Rutgers University and an MBA from New York University. He holds the Chartered Financial Analyst (CFA) designation.

Brian Juliano


Start Date

Tenure

Tenure Rank

Jul 01, 2019

2.92

2.9%

Brian Juliano is a Managing Director and co-Head of the U.S. Bank Loan Team for PGIM Fixed Income. He is also the co-Head of PGIM Fixed Income’s US CLO business and is a portfolio manager for the Firm's investments in CLO tranches. Before joining the Bank Loan Team in 2003, Mr. Juliano was a CDO analyst and member of the CDO Business Team for PGIM Fixed Income, as well as a manager in financial analysis in PGIM Fixed Income’s Finance Group, where he was responsible for the finance function of various investment subsidiaries. Mr. Juliano joined the Firm in 2000. Previously, he was a consultant at Deloitte & Touche, where he worked on investment strategy and tax compliance of high net worth individuals. Mr. Juliano received a BS in Finance and an MBA in Finance and Accounting from New York University.

Peter Freitag


Start Date

Tenure

Tenure Rank

Jul 01, 2019

2.92

2.9%

Peter Freitag, CFA, is a Principal and Structured Product Portfolio Manager on PGIM Fixed Income’s Structured Product Team. Since 2001, he has been responsible for non-agency mortgage and Asset Backed Securities (ABS) portfolio management and trading. Mr. Freitag joined the team in 1995. Prior to joining PGIM Fixed Income in 1994, he was a management consultant at Oliver, Wyman & Company. Mr. Freitag received a BS in Engineering with honors from Rensselaer Polytechnic Institute and an MS in Engineering from Princeton University. He holds the Chartered Financial Analyst (CFA) designation.

Jung-Chiang Chang


Start Date

Tenure

Tenure Rank

Jul 01, 2019

2.92

2.9%

Jung-Chiang Thomas Chang, CFA, FRM, is a Principal and Structured Product Portfolio Manager on PGIM Fixed Income’s Structured Product Team. Since 2006, he has been responsible for Commercial Mortgaged-Backed Securities (CMBS) portfolios across all mandates including Core Conservative, Core, Core Plus, Mutual Funds and the Firm’s proprietary accounts. Mr. Chang joined the team in 2004 following four years in PGIM Fixed Income’s Actuarial Leadership Development Program. Prior to joining PGIM Fixed Income in 2000, he was in the actuarial program of Guardian Life. Mr. Chang earned a BS in Management Science from National Chiao Tung University in Taiwan and a MS from Purdue University with concentration in Finance and Statistics. He holds the Chartered Financial Analyst (CFA) designation, the Financial Risk Manager (FRM) designation and is a former Fellow of the Society of Actuaries (FSA).

Gabriel Rivera


Start Date

Tenure

Tenure Rank

Sep 30, 2021

0.67

0.7%

Gabe Rivera is a Managing Director and Co-Head of PGIM Fixed Income’s Securitized Products Team. Mr. Rivera is a portfolio manager of dedicated securitized products portfolios and is also responsible for overseeing securitized product security selection across all of the firm's strategies. Additionally, Mr. Rivera is an active member of the Latinx Executive Leadership team at PGIM. Prior to joining the Firm in 2016, Mr. Rivera headed the Commercial Mortgage-Backed Securities (CMBS) trading desk at Barclays Capital where he oversaw trading in all conduit, single asset single borrower (SASB), and synthetics. Mr. Rivera began his career as an analyst within Blackrock's Mortgage Research Group focusing on the development and implementation of non-agency mortgage models and analytics. Later at Blackrock, he transitioned into the portfolio management group where he focused on non-agency RMBS investing. Mr. Rivera earned a BS in Electrical and Computer Engineering from Cornell University and a MS from Columbia University in Operations Research and Industrial Engineering.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.72 3.19