Fund Evaluator:
PGIM Floating Rate Income R6 (PFRIX)
Follow This Fund
Best Performing in Bank Loan Over the Last Year
| 5.4% | Fidelity Advisor Floating Rate Hi Inc Z (FIQSX) |
| 5.3% | Fidelity Floating Rate High Income (FFRHX) |
| 4.9% | American Beacon DoubleLine Fltng Rt Inv (ADLPX) |
| 4.9% | Aristotle Floating Rate Income I-2 (PLFDX) |
| 4.7% | American Beacon DoubleLine Fltng Rt C (ADLCX) |
Fund Details
PGIM Floating Rate Income R6 Overview
PGIM Floating Rate Income R6 (PFRIX) is an actively managed Taxable Bond Bank Loan fund. PGIM launched the fund in 2015.
The investment seeks to maximize current income; capital appreciation is a secondary consideration. The fund will invest at least 80% of its investable assets (net assets plus borrowings for investment purposes, if any) in floating rate loans and other floating rate debt securities. It may invest up to 20% of its total assets in senior loans that are not secured by any specific collateral. The fund may invest up to 25% of its total assets in senior loans made to foreign-domiciled borrowers and other foreign securities, including securities of issuers located in emerging market countries, which may be denominated in U.S. dollars or non-U.S. currencies.
About PGIM Floating Rate Income R6 (PFRIX)
There are 5 members of the management team with an average tenure of 8.63 years: Brian Juliano (2011), Parag Pandya (2018), Robert Meyer (2021), Michael Haigh (2024), Robert Cignarella (2014). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and S&P UBS Leveraged Loan USD index with a weighting of 100%. PGIM Floating Rate Income R6 has 485 securities in its portfolio. The top 10 holdings constitute 13.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
PGIM Floating Rate Income R6 is part of the Fixed Income global asset class and is within the Taxable Bond fund group. PGIM Floating Rate Income R6 has 42.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.2%. There is 0.7% allocated to foreign stock, and 5.8% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 87.8% (45.7% domestic bond, 42.0% foreign bond and 0.0% convertible bond). PGIM Floating Rate Income R6 has 5.5% of the portfolio in cash.
Assets Under Management
The fund has $203 million in total assets, which is below the $344 million average for the Bank Loan category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PFRIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The PGIM Floating Rate Income R6 expense ratio is above average compared to funds in the Bank Loan category. PGIM Floating Rate Income R6 has an expense ratio of 0.71%, which is 33% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. PGIM Floating Rate Income R6 has a portfolio turnover rate of 53%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Bank Loan category.
Recently, in the month of July 2026, PGIM Floating Rate Income R6 returned 0.6%, which earned it a grade of C, as the Bank Loan category had an average return of 0.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
PGIM Floating Rate Income R6 has a trailing yield of 7.26%, which is above the 6.73% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
PGIM Floating Rate Income R6 Grades
Year to date, the fund has returned 3.4%, 1.4 percentage points better than the category, which translates into a grade of A. The fund has returned 5.4% over the past year (grade of A), 8.0% over the past three years (grade of A) and 6.0% per year over the past five years (grade of A) and 5.4% per year over the past 10 years (grade of A).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about PGIM Floating Rate Income R6, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
PFRIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PFRIX Return (NAV) | 0.6% | 1.7% | 5.4% | 8.0% | 6.0% | 5.4% |
| PFRIX Grade | C | A | A | A | A | A |
| +/- Category | 0.1% | 0.5% | 1.5% | 1.3% | 0.8% | 1.0% |
| Bank Loan Avg | 0.6% | 1.2% | 3.8% | 6.6% | 5.2% | 4.4% |
| PFRIX Tax Cost Ratio | na | na | 2.8% | 3.1% | 2.9% | 2.5% |
PFRIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PFRIX Return (NAV) | 3.4% | 5.7% | 9.4% | 14.1% | -3.4% | 5.9% | 4.7% | 8.0% | -0.0% | 4.5% | 8.8% |
| PFRIX Grade | A | B | A | A | D | A | A | C | B | A | C |
| +/- Category | 1.4% | 0.6% | 1.2% | 2.0% | -1.1% | 1.2% | 3.4% | 0.5% | 0.4% | 0.8% | -0.5% |
| Bank Loan Avg | 1.9% | 5.1% | 8.2% | 12.1% | -2.3% | 4.7% | 1.3% | 7.6% | -0.4% | 3.7% | 9.2% |
| Risk Measures | |
| Standard Deviation: | 2.4% |
| Total Risk Index: | 0.19 - Low |
| Category Risk Index: | 1.18 - High |
| Category Risk Grade: | F (94% Rank) |
| Beta: | 0.12 |
| R-Squared: | 8% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 7.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $2076 Mil |
| Fund Total Assets: | $ 203 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 53% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 15.4 years | |||
| Average Tenure: 8.6 years | |||
| Managers (Year): Juliano Brian (2011), Cignarella Robert (2014), Pandya Parag (2018), Meyer Robert (2021), Haigh Michael (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 485 |
| % in Top 10 Holdings: | 13.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 42.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.2% |
| Foreign Stock: | 0.7% |
| Preferred Stock: | 5.8% |
| Domestic Bond: | 45.7% |
| Foreign Bond: | 42.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 5.5% |
Purchase Information
| Fund Family: | PGIM |
| Phone Number: | 800-225-1852 |
| Website: | www.prudentialfunds.com |
| Status: | Open |
| Inception Date: | April 27, 2015 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.71% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | PGIM Floating Rate Income Z |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
