PGIM Short Duration High Yield Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, PGIM Short Duration High Yield Income Fund held 627 positions with $5.21B in net assets. Its ten largest holdings made up 14.0% of the fund. The HYSAX share class costs 1% a year. Over the 12 months to May 2026, HYSAX returned 5.9%, with dividends reinvested. In 2026 Q2 it added 87 new positions and exited 74.
The investment objective of the Fund is to provide a high level of current income .
The fund invests in a diversified portfolio of high yield fixed income instruments rated below investment grade, with day-to-day management delegated to a subadviser that combines top-down economic analysis and bottom-up fundamental research to select securities. The subadviser targets a weighted average portfolio duration of three years or less and maturity of five years or less, and may allocate up to 20% of assets to U.S. currency-denominated securities from foreign issuers and up to 10% to non-U.S. currency-denominated securities. Because the fund's returns depend on the subadviser's security selection and credit assessments, performance will diverge from any benchmark based on those choices.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
PRUDENTIAL INVESTMENT PORTFOLIOS 9 | 4.71% | $245.13M | — | — |
(PIPA070) PGIM Core Government Money Market Fund | 1.57% | $81.95M | — | — |
DAVITA INC 4.63% · due 2030-06-01 | 1.12% | $58.53M | — | — |
VISTRA OPERATIONS COMPANY LLC 5.00% · due 2027-07-31 | 1.12% | $58.08M | — | — |
Radiate Holdco LLC 8.77% floating · due 2029-09-25 | 1.10% | $57.26M | — | — |
SBA COMMUNICATIONS CORP 3.88% · due 2027-02-15 | 0.96% | $50.12M | — | — |
TENET HEALTHCARE CORP 4.38% · due 2030-01-15 | 0.95% | $49.55M | — | — |
PGIM ETF Trust | 0.91% | $47.46M | 925.0K | $51.31 |
ILIAD HOLDING SAS 7.00% · due 2028-10-15 | 0.83% | $43.32M | — | — |
DISH DBS CORP 7.75% · due 2026-07-01 | 0.74% | $38.71M | — | — |
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 627 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 | 86.44% |
| Loans | 8.88% |
| Cash & short-term | 7.33% |
| Securitized | 1.34% |
| 2 smaller | 1.31% |
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
- 46.3%
- International
- 12.7%
- Consumer Discretionary
- 7.1%
- Cash
- 6.0%
- 12 other sectors
- 27.9%
- Other
- 46.3%
- International
- 12.7%
- Consumer Discretionary
- 7.1%
- Cash
- 6.0%
- Financials
- 5.5%
- Health Care
- 4.7%
- Information Technology
- 3.8%
- Industrials
- 3.0%
- Energy
- 2.5%
- Real Estate
- 2.0%
- Materials
- 1.8%
- Communication Services
- 1.6%
- Utilities
- 1.5%
- Consumer Staples
- 0.9%
- Government
- 0.4%
- Securitized
- 0.2%
How it has done
HYSAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.16%. Past returns are a record, not a forecast.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.00% | +5.86% | +25.49% | +24.19% | -1.96% | |
| 1.75% | +5.05% | +22.72% | +19.62% | -2.08% | |
| 0.75% | +6.12% | +26.46% | +25.74% | -1.91% | |
| 0.70% | +6.04% | +26.63% | +26.06% | -2.02% |
These classes hold the same portfolio, so the 6.44pp spread over 5 years is the cost difference between them — roughly 1.29pp a year — not a difference in what they own.
Fees & fund details
PGIM Short Duration High Yield Income 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
- 0.70% – 1.75%· HYSAX 1.00%
- Portfolio turnover
- 61.00% 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.
87 new· the largest 8
74 exited· the largest 6
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 | 90.0% |
| Floating rate | 10.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 7.6% |
| 1-3y | 38.9% |
| 3-5y | 43.8% |
| 5-10y | 9.4% |
| 10y+ | 0.2% |
| Unknown | 0.2% |
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 | +1.66 yr |
| Investment grade | +0.23 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 | 0.06 yr | 3% |
| 1 yr | 0.91 yr | 41% |
| 5 yr | 1.24 yr | 56% |
| 10 yr | 0.00 yr | 0% |
30 yr is NEGATIVE (-0.00 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.05 yr | 3% |
| 1 yr | 1.02 yr | 54% |
| 5 yr | 0.81 yr | 43% |
| 10 yr | 0.00 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 | +0.01 | +0.04 | $5.9k | $21.7k |
| 1 yr | +0.91 | +0.11 | +0.91 | $56.3k | $473.8k |
| 5 yr | +1.24 | +0.11 | +0.70 | $54.9k | $365.9k |
| 10 yr | +0.00 | +0.00 | +0.00 | $67 | $61 |
| 30 yr | -0.00 | +0.00 | +0.00 | $0 | $0 |
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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