PGIM High Yield Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, PGIM High Yield Fund held 896 positions with $22.28B in net assets. Its ten largest holdings made up 15.3% of the fund. The JDYRX share class costs 1.05% a year. Over the 12 months to May 2026, JDYRX returned 7.2%, with dividends reinvested. In 2026 Q2 it added 102 new positions and exited 72.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
PRUDENTIAL INVESTMENT PORTFOLIOS 9 | 5.80% | $1.29B | — | — |
PGIM ETF Trust | 2.26% | $503.56M | 14.4M | $35.03 |
(PIPA070) PGIM Core Government Money Market Fund | 1.41% | $312.99M | — | — |
PGIM ETF Trust | 1.04% | $230.90M | 4.5M | $51.31 |
DIGICEL INTL FIN LTD Common Equity | 0.99% | $219.95M | 7.8M | $28.12 |
Radiate Holdco LLC 8.77% floating · due 2029-09-25 | 0.90% | $199.81M | — | — |
DISH DBS CORP 7.75% · due 2026-07-01 | 0.78% | $174.68M | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 3.38% · due 2028-02-29 | 0.77% | $171.79M | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 3.88% · due 2028-03-31 | 0.68% | $150.99M | — | — |
CARVANA COMPANY 9.00% · due 2031-06-01 | 0.66% | $146.29M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-29 — not a live quote, and not what the fund paid.
The 200 largest of 896 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 | 88.28% |
| Cash & short-term | 9.24% |
| Loans | 5.45% |
| Stocks | 2.55% |
| 2 smaller | 1.82% |
Look-through blends 2 underlying funds; 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).
By sector
- Other
- 45.3%
- International
- 11.1%
- Cash
- 6.8%
- Government
- 5.7%
- 12 other sectors
- 31.1%
- Other
- 45.3%
- International
- 11.1%
- Cash
- 6.8%
- Government
- 5.7%
- Consumer Discretionary
- 5.7%
- Health Care
- 4.5%
- Financials
- 4.2%
- Communication Services
- 3.0%
- Utilities
- 2.9%
- Energy
- 2.2%
- Information Technology
- 1.9%
- Industrials
- 1.9%
- Materials
- 1.8%
- Real Estate
- 1.4%
- Consumer Staples
- 1.2%
- Securitized
- 0.4%
How it has done
JDYRX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.19%. Past returns are a record, not a forecast.
The 7 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.05% | +7.22% | +28.67% | +19.52% | -3.02% | |
| 0.74% | +7.31% | +29.52% | +21.13% | -2.97% | |
| 1.47% | +6.76% | +27.00% | +17.01% | -3.30% | |
| 0.51% | +7.78% | +30.66% | +22.82% | -2.97% | |
| 0.38% | +7.91% | +31.19% | +23.57% | -2.96% | |
| 0.91% | +7.34% | +29.16% | +20.36% | -3.19% | |
| 0.66% | +7.62% | +30.15% | +21.93% | -3.15% |
These classes hold the same portfolio, so the 6.56pp spread over 5 years is the cost difference between them — roughly 1.31pp a year — not a difference in what they own.
Fees & fund details
PGIM High Yield 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
- High yield
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.38% – 1.47%· JDYRX 1.05%
- Portfolio turnover
- 49.00% 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.
102 new· the largest 7
72 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-29
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 | 93.0% |
| Floating rate | 7.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.0% |
| 1-3y | 27.7% |
| 3-5y | 37.6% |
| 5-10y | 27.7% |
| 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 2026Q2
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 | +2.05 yr |
| Investment grade | +0.42 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 | 0.04 yr | 1% |
| 1 yr | 0.77 yr | 27% |
| 5 yr | 1.64 yr | 57% |
| 10 yr | 0.38 yr | 13% |
| 30 yr | 0.05 yr | 2% |
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.91 yr | 37% |
| 5 yr | 1.37 yr | 56% |
| 10 yr | 0.15 yr | 6% |
| 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 | +0.04 | +0.00 | +0.02 | $9.7k | $48.9k |
| 1 yr | +0.77 | +0.11 | +0.80 | $255.2k | $1.78m |
| 5 yr | +1.64 | +0.24 | +1.14 | $526.2k | $2.54m |
| 10 yr | +0.38 | +0.06 | +0.09 | $133.7k | $200.9k |
| 30 yr | +0.05 | +0.00 | +0.00 | $8.6k | $7.5k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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