PGIM Absolute Return Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, PGIM Absolute Return Bond Fund held 986 positions with $3.47B in net assets. Its ten largest holdings made up 25.2% of the fund. The PADAX share class costs 0.95% a year. Over the 12 months to May 2026, PADAX returned 5.7%, with dividends reinvested. In 2026 Q3 it added 127 new positions and exited 165.
The investment objective of the Fund is to seek positive returns over the long term, regardless of market conditions .
The fund is managed by a subadviser using top-down economic analysis and bottom-up research combined with proprietary quantitative models to select from a broad range of debt securities—including government and corporate bonds, mortgage-backed securities, asset-backed securities, and floating rate loans—as well as derivatives for return enhancement or hedging. The fund invests at least 80% of assets in bonds or bond-equivalent exposures and may allocate up to 50% of total assets to below-investment-grade debt. Because security selection depends on the subadviser's credit analysis, economic views, and quantitative assessments, fund returns will diverge from any broad bond benchmark.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
PGIM ETF Trust | 4.65% | $161.56M | 3.1M | $51.29 |
PGIM ETF Trust | 3.35% | $116.47M | 2.4M | $49.56 |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 4.38% · due 2026-12-15 | 3.27% | $113.52M | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 3.88% · due 2028-03-31 | 2.99% | $103.83M | — | — |
(PIPA070) PGIM Core Government Money Market Fund | 2.21% | $76.84M | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 4.13% · due 2044-08-15 | 2.18% | $75.67M | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 4.00% · due 2027-01-15 | 1.99% | $69.02M | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 3.88% · due 2027-12-31 | 1.61% | $55.85M | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 3.38% · due 2048-11-15 | 1.54% | $53.43M | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 4.13% · due 2027-02-28 | 1.36% | $47.42M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
The 200 largest of 986 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 53.90% |
| Securitized | 39.10% |
| Stocks | 3.65% |
| Cash & short-term | 3.14% |
| 2 smaller | 2.04% |
Look-through blends 4 underlying funds; 3.424% of NAV was not looked through and stays direct-classified.
How it has done
PADAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.89%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.95% | +5.68% | +21.89% | +22.91% | -0.28% | |
| 1.72% | +4.86% | +19.04% | +18.34% | -0.23% | |
| 0.63% | +5.98% | +23.00% | +24.99% | -0.14% | |
| 0.73% | +5.75% | +22.67% | +24.35% | -0.26% |
These classes hold the same portfolio, so the 6.64pp spread over 5 years is the cost difference between them — roughly 1.33pp a year — not a difference in what they own.
Fees & fund details
PGIM Absolute Return Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.63% – 1.72%· PADAX 0.95%
- Portfolio turnover
- 102.00% a year · as of 2025 Q4
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
127 new· the largest 5
165 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
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 | 65.9% |
| Floating rate | 33.1% |
| Zero-coupon or unclassified | 1.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 9.8% |
| 1-3y | 15.6% |
| 3-5y | 15.9% |
| 5-10y | 15.7% |
| 10y+ | 42.0% |
| Unknown | 1.1% |
Based on what filers reported. One figure above was flagged for a possible filing data-quality anomaly, marked accordingly.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Interest-rate moves barely touch this fund — but its credit exposure is real: a 100bp widening in credit spreads costs roughly 2.5%. Duration alone would have told you none of that.
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.
| Credit spreads | 71% |
| Interest rates | 29% |
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.
| Investment grade | +1.73 yr |
| High yield | +0.53 yr |
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 0.08 yr | 8% |
| 1 yr | 0.18 yr | 20% |
| 5 yr | 0.15 yr | 17% |
| 10 yr | 0.46 yr | 50% |
| 30 yr | 0.04 yr | 5% |
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.41 yr | 18% |
| 5 yr | 1.41 yr | 63% |
| 10 yr | 0.39 yr | 17% |
| 30 yr | 0.01 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 | +0.08 | +0.02 | +0.01 | $8.6k | $2.2k |
| 1 yr | +0.18 | +0.25 | +0.16 | $87.4k | $56.3k |
| 5 yr | +0.15 | +1.12 | +0.30 | $388.2k | $102.5k |
| 10 yr | +0.46 | +0.33 | +0.06 | $114.2k | $21.8k |
| 30 yr | +0.04 | +0.01 | +0.00 | $2.4k | $443 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 0.92 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — PADAX, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”