PGIM High Yield Fund
Prudential Investment Portfolios, Inc. 15 · Series S000004516 · 7 share classes
data updated 2026-08-10
Fund profile
As filed in the prospectus · 2025 Q4
The primary investment objective of the Fund is to maximize current income . As a secondary investment objective, the Fund will seek capital appreciation , but only when consistent with the Fund's primary investment objective of current income.
The fund invests at least 80% of its assets in high-yield fixed income instruments rated Ba1 or lower by Moody's or BB+ or lower by S&P, or comparable instruments, with day-to-day management delegated to a subadviser. The subadviser employs top-down economic analysis and bottom-up fundamental research to select securities, considering factors including credit quality, yield, spread, and total return potential. The fund may also hold up to 20% in foreign government and corporate fixed income securities and preferred stock, and up to 10% in foreign currency-denominated debt. Because security selection depends on the subadviser's internal ratings and outlook assessments, fund performance will diverge from any benchmark.
| Share class | Gross | Net |
|---|---|---|
| JDYRX | 1.30% | 1.05% |
| PBHAX | 0.74% | 0.74% |
| PRHCX | 1.47% | 1.47% |
| PHYZX | 0.51% | 0.51% |
| PHYQX | 0.38% | 0.38% |
| PHYEX | 0.95% | 0.91% |
| PHYGX | 0.67% | 0.66% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 49.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q1
| Bonds | 86.28% |
| Stocks | 12.71% |
| Loans | 5.09% |
| Cash & short-term | 2.40% |
| 2 smaller | 0.94% |
These positions come to 107.42% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: PRUDENTIAL INVESTMENT PORTFOLIOS 9, QXO INC, Level 3 Financing, Inc., Constellation Energy Generation LLC, Connect Holding II LLC, ASURION LLC, SV RNO Property Owner 1 LLC, Freedom Mortgage Holdings LLC
Largest exited: PGIM Institutional Money Market Fund - D, MEDLINE BORROWER LP, US TREASURY N/B ×2, Lumen Technologies, Inc., CALPINE CORP, UNITED AIRLINES INC, MAUSER PACKAGING SOLUT
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Feb 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — |
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-02-27
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 93.4% |
| Floating rate | 6.4% |
| Zero-coupon or unclassified | 0.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.0% |
| 1-3y | 23.9% |
| 3-5y | 40.4% |
| 5-10y | 28.8% |
| 10y+ | 2.1% |
| Unknown | 1.9% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q1
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 54% |
| Credit spreads | 46% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +2.03 yr |
| Investment grade | +0.24 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.05 yr | 2% |
| 1 yr | 0.73 yr | 27% |
| 5 yr | 1.54 yr | 57% |
| 10 yr | 0.35 yr | 13% |
| 30 yr | 0.03 yr | 1% |
| 3 mo | 0.04 yr | 2% |
| 1 yr | 0.83 yr | 37% |
| 5 yr | 1.26 yr | 55% |
| 10 yr | 0.13 yr | 6% |
| 30 yr | 0.00 yr | 0% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.05 | +0.01 | +0.03 | $14.7k | $66.8k |
| 1 yr | +0.73 | +0.07 | +0.77 | $141.9k | $1.64m |
| 5 yr | +1.54 | +0.13 | +1.12 | $282.0k | $2.40m |
| 10 yr | +0.35 | +0.03 | +0.10 | $64.1k | $220.5k |
| 30 yr | +0.03 | +0.00 | +0.00 | $1.7k | $5.2k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | PRUDENTIAL INVESTMENT PORTFOLIOS 9 | 6.70% | $1.43B | 1.4B |
| — | (PIPA070) PGIM Core Government Money Market Fund | 2.40% | $512.11M | — |
| — | PGIM ETF Trust | 2.39% | $511.22M | 14.4M |
| — | PGIM ETF Trust | 1.08% | $231.62M | 4.5M |
| — | Radiate Holdco LLC7.28% floating · due 2029-09-25 | 0.85% | $182.16M | — |
| — | DISH DBS Corporation7.75% · due 2026-07-01 | 0.81% | $173.21M | — |
| — | FERRELLGAS ESCROW LLC 3/30/31 Equity Preferred | 0.68% | $145.36M | 133.7M |
| — | DIGICEL INTL FIN LTD Common Equity | 0.65% | $139.47M | 7.8M |
| — | United States Treasury Notes4.00% · due 2030-03-31 | 0.64% | $137.18M | — |
| — | Carvana Co9.00% · due 2031-06-01 | 0.63% | $134.19M | — |
Top 10 positions are 16.83% of net assets, top 25 25.10%, across 454 issuers.
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