Long Duration Corporate

Actively managed long duration strategy targeting an excess return over the Bloomberg Barclays U.S. Long Corporate Bond Index or similar benchmark. Strategy has historically generated the majority of its excess return from individual security selection and subsector/industry rotation.

Investment Approach

Fundamental research-driven subsector/security selection
Emphasis on high quality and close duration match

Why PGIM Fixed Income?

Decades of experience managing long duration portfolios

Managing LDI-oriented portfolios for third-party clients since 1980s
[an error occurred while processing this directive]-year track record in Long Duration Government/Credit Strategy
[an error occurred while processing this directive]-year track record in Long Duration Corporate Strategy

Expected Sustainable Alpha Generation

Emphasize research-driven security selection
De-emphasize interest rate timing

Comprehensive Credit and Quantitative Research Expertise

[an error occurred while processing this directive] career analysts, with senior analysts averaging [an error occurred while processing this directive] years experience
[an error occurred while processing this directive]-member Quantitative Research and Risk Management Group

As of [an error occurred while processing this directive]. ¹The European Bank Loan Team members are employees of an indirect subsidiary of PGIM, Inc., who have been seconded to PGIM Limited, a UK subsidiary that is authorized and regulated by the Financial Conduct Authority.

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Senior Portfolio Manager has [an error occurred while processing this directive] years investment experience
[an error occurred while processing this directive]-member U.S./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 U.S./London analyst team with senior analysts averaging [an error occurred while processing this directive] years experience¹
$[an error occurred while processing this directive] billion in long duration assets

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.