PGIM Absolute Return Bond Fund
Prudential Investment Portfolios 9 · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2025 Q4
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.
| Share class | Gross | Net |
|---|---|---|
| PADAX | 0.96% | 0.95% |
| PADCX | 1.73% | 1.72% |
| PADQX | 0.64% | 0.63% |
| PADZX | 0.74% | 0.73% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 102.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Latest quarter
What changed since the fund's previous filing
Largest new: UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT ×4, (PIPA070) PGIM Core Government Money Market Fund, PRUDENTIAL INVESTMENT PORTFOLIOS 9, BX TRUST 2018-BILT, ONEMAIN DIRECT AUTO RECEIVABLES TRUST 2017-1
Largest exited: US TREASURY N/B, (PIPA070) PGIM Core Government Money Market Fund, PGIM Institutional Money Market Fund - D, Fannie Mae or Freddie Mac ×2, Grosvenor Place CLO BV, Fannie Mae, Palmer Square European CLO
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.72% | +21.87% | +22.98% | 0.89% | -0.28% | |
| +4.89% | +19.15% | +18.28% | 0.80% | -0.23% | |
| +6.02% | +23.12% | +24.92% | 0.88% | -0.14% | |
| +5.90% | +22.79% | +24.43% | 0.92% | -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.
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; a filer that never reported a flag also reads as none.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | PGIM ETF Trust | 4.65% | $51.29 | $161.56M | 3.1M |
| — | PGIM ETF Trust | 3.35% | $49.56 | $116.47M | 2.4M |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT4.38% · due 2026-12-15 | 3.27% | — | $113.52M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT3.88% · 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 DEBT4.13% · due 2044-08-15 | 2.18% | — | $75.67M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT4.00% · due 2027-01-15 | 1.99% | — | $69.02M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT3.88% · due 2027-12-31 | 1.61% | — | $55.85M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT3.38% · due 2048-11-15 | 1.54% | — | $53.43M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT4.13% · 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.
Top 10 positions are 25.15% of net assets, top 25 36.98%, across 546 issuers.
See more of this fund's book
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