PGIM Fixed Income manages the fund with a team of experienced portfolio managers led by Robert Cignarella, who serves as Managing Director and Head of U.S. High Yield. Cignarella brings over 20 years of leveraged finance experience, including previous leadership roles at Goldman Sachs Asset Management, and holds an MBA from University of Chicago and CFA designation. The management team demonstrates significant tenure, with Robert Spano managing portfolios since 2007 and Ryan Kelly since 2012. PGIM Fixed Income operates as a division of PGIM Inc., managing approximately $881-906 billion in assets globally with over 350 investment professionals.

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The fund seeks to maximize current income by investing primarily in high-yield bonds rated Ba or lower by Moody's or BB or lower by Standard & Poor's, with capital growth as a secondary goal. PGIM Fixed Income employs a research-driven investment philosophy that emphasizes fundamental bottom-up security selection through a relative value framework, with particular attention to risk management and risk budgeting. The high-yield strategy specifically focuses on the 'higher quality' segment of the high yield market, emphasizing BB and B rated corporate bonds with heavy emphasis on default avoidance. The approach seeks to generate approximately two-thirds of excess returns from individual security selection and one-third from industry allocation decisions.

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