U.S. Investment Grade Corporate

Actively managed, research-driven U.S. corporate credit strategy targeting an excess return over the Barclays Capital US Corporate Index or similar benchmark. Strategy seeks to generate the majority of its excess return from individual security selection, with remaining excess return generated through industry allocation. Strategy actively overweights/underweights industries and issuers primarily based on bottom-up fundamentals. Active relative value trading seeks to add further value.

Objective and Approach

Fundamental, bottom-up credit research-based security selection
Actively managed investment grade corporate bond portfolios
De-emphasise active duration management

Why PGIM Fixed Income?

A Strong, Stable, Well Resourced Investment Management Team

One of PGIM Fixed Income's largest and most experienced investment teams
Investment Grade Corporate team averages [an error occurred while processing this directive] years with PFI

Rigorous Fundamental Research Heritage

[an error occurred while processing this directive] career analysts with senior analysts averaging [an error occurred while processing this directive] years investment experience
A collaborative research process where portfolios managers and analysts specialise by sector and industry and make joint investment decisions

Comprehensive Firm-wide Approach to Risk Management

Disciplined risk budgeting
Daily portfolio risk monitoring and reporting

As of [an error occurred while processing this directive]. ¹European team members are employees of an indirect subsidiary of PGIM, Inc., who have been seconded to PGIM Limited, a UK subsidiary that is authorised and regulated by the Financial Conduct Authority. ²Investment Grade Corporate Strategy Assets also include Long Duration Corporate Strategy Assets and Short Term Corporate Strategy Assets.

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Decades of experience managing corporate bonds
Senior portfolio manager has [an error occurred while processing this directive] years investment experience
[an error occurred while processing this directive]-member US/London portfolio management team with senior members averaging [an error occurred while processing this directive] years experience¹
[an error occurred while processing this directive]-member US/London research analyst team with senior analysts averaging [an error occurred while processing this directive] years experience¹
$[an error occurred while processing this directive] billion in strategy assets²

FOR INSTITUTIONAL / WHOLESALE OR PROFESSIONAL CLIENT USE ONLY - NOT FOR RETAIL DISTRIBUTION

Past performance is not a guarantee or a reliable indicator of future results. Any discussion of risk management is intended to describe PGIM Fixed Income's efforts to monitor and manage risk but does not imply low risk. All investing involves risk, including the risk of loss. Fixed income securities are subject to certain risks, including credit, interest rate, issuer, market and inflation risk. Foreign and emerging market securities are subject to currency, political, economic, and market risks, which may be enhanced in emerging market countries. High yield securities are lower rated securities that may have a higher degree of credit and liquidity risk. Mortgage and asset-backed securities are sensitive to early prepayment risk, a higher risk of default and may be hard to value and difficult to sell. U.S. Government securities may not be backed by the full faith and credit of the U.S., thus, these issuers may not be able to meet their future payment obligations. With sovereign debt securities, the issuer or governmental authority that controls the repayment of the debt may not be willing or able to repay the principal and/or pay the interest when it becomes due, in accordance with the terms of such obligations. Collateralised mortgage obligations may have unpredictable cash flows that can increase the risk of loss. Public bank loans are subject to liquidity risk and the credit risks of lower rated securities. The use of derivative instruments may disproportionately increase losses and have a significant impact on performance. They also may be subject to counterparty, liquidity, valuation, correlation and market risks.

There is no guarantee that any investment strategy will achieve its objective under all market conditions or be suitable for all investors. Each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market.

The views and opinions expressed herein are those of PGIM Fixed Income and are subject to change without notice. This material has been provided for informational purposes only and should not be construed as investment advice or as a recommendation to buy or sell any security or participate in any strategy.