PGIM Securitized Credit Fund
Actively managed global bond fund
As of its 2026 Q2 report, PGIM Securitized Credit Fund held 660 positions with $3.14B in net assets. Its ten largest holdings made up 8.7% of the fund. The SCFZX share class costs 0.65% a year. Over the 12 months to May 2026, SCFZX returned 6.1%, with dividends reinvested. In 2026 Q2 it added 137 new positions and exited 63.
The investment objective of the Fund is to seek to maximize total return, through a combination of current income and capital appreciation .
The fund is managed by a subadviser that combines top-down economic analysis and bottom-up research with proprietary quantitative models to invest at least 80% of assets in securitized credit investments—including mortgage-backed securities, asset-backed securities, collateralized loan obligations, and similar structured products—alongside other fixed-income instruments. The subadviser evaluates securities based on underlying collateral quality, origination and servicing practices, structure, expected total return, credit quality, and maturity, and may hold unrated securities deemed comparable to rated ones. The fund may invest up to 35% in non-U.S. fixed-income instruments and emerging markets debt, maintains a dollar-weighted average effective duration between -2 and +2 years under normal conditions, and may use derivatives and leverage to enhance returns or hedge risks. Because security selection depends on the subadviser's analysis and ratings of individual credits, fund performance will diverge from any benchmark.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
(PIPA070) PGIM Core Government Money Market Fund | 2.59% | $81.35M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 0.00% · due 2026-09-03 | 1.42% | $44.71M | — |
SLG OFFICE TRUST COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES 2021-OVA 7.19% floating · due 2041-04-17 | 0.64% | $20.25M | — |
LINCT 2024-1 A1X 2.75% floating · due 2027-06-27 | 0.64% | $20.00M | — |
ROCK TRUST 2024-CNTR 8.82% · due 2041-11-15 | 0.61% | $19.29M | — |
BEIGNET INVESTOR LLC 6.58% · due 2049-05-30 | 0.60% | $18.91M | — |
LEGACY MORTGAGE ASSET TRUST 2025-PR1 6.00% floating · due 2061-01-25 | 0.58% | $18.32M | — |
AURIUM CLO VIII DAC 4.09% floating · due 2038-10-16 | 0.55% | $17.24M | — |
PALMER SQUARE EUROPEAN CLO 2025-1 DAC 4.05% floating · due 2039-10-15 | 0.55% | $17.21M | — |
TIKEHAU CLO XI DAC 4.20% floating · due 2038-01-15 | 0.55% | $17.23M | — |
The 200 largest of 660 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%.
| Securitized | 101.69% |
| Cash & short-term | 1.96% |
| Bonds | 0.15% |
| Loans | 0.02% |
| Stocks | 0.01% |
| Derivatives | -0.23% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified. The blend is as of 2025Q3, 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.
How it has done
SCFZX share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.58%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is 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 |
|---|---|---|---|---|---|
| 0.65% | +6.08% | +25.50% | +30.45% | -0.06% | |
| 0.90% | +5.82% | +24.55% | +28.75% | -0.08% | |
| 1.65% | +5.04% | +21.68% | +24.05% | -0.20% | |
| 0.60% | +6.12% | +25.62% | +30.66% | -0.09% |
These classes hold the same portfolio, so the 6.61pp spread over 5 years is the cost difference between them — roughly 1.32pp a year — not a difference in what they own.
Fees & fund details
PGIM Securitized Credit 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
- Short duration
- Expense ratio, by class
- 0.60% – 1.65%· SCFZX 0.65%
- Portfolio turnover
- 36.00% 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.
137 new· the largest 8
63 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 84.4% |
| Fixed rate | 13.4% |
| Zero-coupon or unclassified | 2.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.4% |
| 1-3y | 0.8% |
| 3-5y | 2.1% |
| 5-10y | 12.5% |
| 10y+ | 82.3% |
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 4.0%. 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 | 83% |
| Interest rates | 17% |
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 | +3.39 yr |
| High yield | +0.57 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 | 0.06 yr | 7% |
| 1 yr | 0.04 yr | 5% |
| 5 yr | 0.12 yr | 15% |
| 10 yr | 0.49 yr | 60% |
| 30 yr | 0.10 yr | 12% |
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.60 yr | 15% |
| 5 yr | 2.64 yr | 67% |
| 10 yr | 0.67 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 | +0.06 | +0.02 | +0.01 | $7.0k | $1.9k |
| 1 yr | +0.04 | +0.46 | +0.14 | $144.0k | $44.0k |
| 5 yr | +0.12 | +2.40 | +0.25 | $752.7k | $77.7k |
| 10 yr | +0.49 | +0.51 | +0.17 | $159.2k | $52.8k |
| 30 yr | +0.10 | +0.00 | +0.01 | $1.3k | $2.7k |
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 0.82 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.
Understand how this fund fits with the rest.
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