PGIM Global Total Return Fund
Actively managed global bond fund
As of its 2026 Q2 report, PGIM Global Total Return Fund held 1,064 positions with $2.59B in net assets. Its ten largest holdings made up 18.4% of the fund. The GTRAX share class costs 0.88% a year. Over the 12 months to May 2026, GTRAX returned 4.1%, with dividends reinvested. In 2026 Q3 it added 174 new positions and exited 142.
The Fund's investment objective is to seek total return , made up of current income and capital appreciation .
The fund is managed by a subadviser that combines top-down economic analysis with bottom-up research on individual issuers to select global debt securities across developed and emerging markets, emphasizing country and currency selection to identify relative value. The portfolio normally holds at least 65% in income-producing debt securities including government, corporate, mortgage-related and asset-backed securities, with at least 40% in non-U.S. dollar denominated securities (though this may decline to 30% under unfavorable conditions), and may allocate up to 35% to speculative-grade and unrated bonds. Because the subadviser's security selections depend on its assessments of issuer financial health, governance and expected returns rather than tracking an index, portfolio performance will diverge from any benchmark. The fund uses derivatives to manage duration and currency exposure.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 5.00% · due 2045-05-15 | 4.11% | $106.58M | — |
CHINA GOVERNMENT BOND 4.15% · due 2031-12-12 | 2.57% | $66.67M | — |
HELLENIC REPUBLIC - MINISTRY OF FINANCE GENERAL ACCOUNTING OFFICE PUBLIC DEBT DIVISION 1.88% · due 2035-02-04 | 2.36% | $61.08M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 3.88% · due 2032-09-30 | 1.73% | $44.87M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 2.38% · due 2042-02-15 | 1.58% | $40.88M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 2.25% · due 2049-08-15 | 1.34% | $34.81M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 3.38% · due 2048-11-15 | 1.24% | $32.01M | — |
VIETNAM, SOCIALIST REPUBLIC OF 5.50% floating · due 2028-03-12 | 1.22% | $31.53M | — |
JAPAN, GOVERNMENT OF - MINISTRY OF FINANCE 2.10% · due 2035-12-20 | 1.19% | $30.90M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 2.38% · due 2051-05-15 | 1.08% | $27.88M | — |
The 200 largest of 1,064 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 | 86.06% |
| Securitized | 11.27% |
| Cash & short-term | 2.22% |
| Stocks | 0.20% |
| Loans | 0.07% |
| Derivatives | -0.92% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified. The blend is as of 2025Q4, one or more quarters before the direct holdings (2026Q2).
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
By sector
- Government
- 51.2%
- International
- 21.5%
- Financials
- 7.1%
- Other
- 6.6%
- 12 other sectors
- 13.6%
- Government
- 51.2%
- International
- 21.5%
- Financials
- 7.1%
- Other
- 6.6%
- Securitized
- 5.5%
- Health Care
- 1.5%
- Real Estate
- 1.4%
- Utilities
- 1.2%
- Cash
- 1.1%
- Communication Services
- 1.0%
- Industrials
- 0.7%
- Consumer Discretionary
- 0.4%
- Information Technology
- 0.4%
- Consumer Staples
- 0.2%
- Energy
- 0.2%
- Materials
- 0.1%
How it has done
GTRAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 5.51%. 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 6 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.88% | +4.06% | +19.24% | -6.86% | -5.26% | |
| 1.63% | +3.30% | +16.62% | -10.31% | -5.45% | |
| 0.63% | +4.32% | +20.09% | -5.70% | -5.35% | |
| 0.54% | +4.43% | +20.40% | -5.28% | -5.28% | |
| 1.08% | +4.05% | +18.64% | -7.66% | -5.41% | |
| 0.83% | +4.12% | +19.57% | -6.60% | -5.35% |
These classes hold the same portfolio, so the 5.03pp spread over 5 years is the cost difference between them — roughly 1.01pp a year — not a difference in what they own.
Fees & fund details
PGIM Global Total Return Fund is an actively managed global bond fund.
- Asset class
- Bonds
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.54% – 1.63%· GTRAX 0.88%
- Portfolio turnover
- 26.00% 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.
174 new· the largest 7
142 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 | 87.5% |
| Floating rate | 10.1% |
| Zero-coupon or unclassified | 2.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 5.3% |
| 1-3y | 17.7% |
| 3-5y | 16.7% |
| 5-10y | 30.0% |
| 10y+ | 27.7% |
| Unknown | 2.5% |
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 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half 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 | 61% |
| Credit spreads | 39% |
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 | +4.09 yr |
| High yield | +0.31 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 | 0.01 yr | 0% |
| 1 yr | 0.53 yr | 8% |
| 5 yr | 2.00 yr | 29% |
| 10 yr | 2.91 yr | 42% |
| 30 yr | 1.46 yr | 21% |
| 3 mo | 0.02 yr | 1% |
| 1 yr | 0.51 yr | 12% |
| 5 yr | 1.88 yr | 43% |
| 10 yr | 1.62 yr | 37% |
| 30 yr | 0.36 yr | 8% |
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 | +0.01 | +0.02 | +0.00 | $4.8k | $1.0k |
| 1 yr | +0.53 | +0.43 | +0.08 | $111.0k | $21.0k |
| 5 yr | +2.00 | +1.72 | +0.17 | $445.3k | $42.9k |
| 10 yr | +2.91 | +1.56 | +0.06 | $405.1k | $14.7k |
| 30 yr | +1.46 | +0.36 | +0.00 | $92.8k | $1.1k |
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 6.92 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.
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