Fund Evaluator:
PGIM Global Total Return (USD Hedged) Z (PHEZX)
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Best Performing in Global Bond-USD Hedged Over the Last Year
| 5.4% | T. Rowe Price Global Multi-Sector Bd Inv (PRSNX) |
| 4.2% | PGIM Global Total Return (USD Hedged) Z (PHEZX) |
| 4.1% | Janus Henderson Developed World Bond D (HFADX) |
| 3.6% | American Century Global Bond Y (AGBWX) |
| 3.6% | Goldman Sachs Global Core Fxd Inc Inv (GBIRX) |
Fund Details
PGIM Global Total Return (USD Hedged) Z Overview
PGIM Global Total Return (USD Hedged) Z (PHEZX) is an actively managed Taxable Bond Global Bond-USD Hedged fund. PGIM launched the fund in 2017.
The investment seeks total return, through a combination of current income and capital appreciation. The fund may invest in countries anywhere in the world, and normally invests at least 65% of its total assets in income-producing debt securities of U.S. and foreign corporations and governments, supranational organizations, semi-governmental entities or government agencies, authorities or instrumentalities, investment-grade-rated U.S. or foreign mortgages and mortgage-related securities, asset backed securities, and U.S. or foreign short-term and long-term bank debt securities or bank deposits.
About PGIM Global Total Return (USD Hedged) Z (PHEZX)
There are 4 members of the management team with an average tenure of 6.23 years: Gregory Peters (2022), Matthew Angelucci (2018), Brett Bailey (2021), Robert Tipp (2017). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Global Aggregate TR Hdg USD index with a weighting of 100%. PGIM Global Total Return (USD Hedged) Z has 857 securities in its portfolio. The top 10 holdings constitute 23.7% 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 Global Total Return (USD Hedged) Z is part of the Fixed Income global asset class and is within the Taxable Bond fund group. PGIM Global Total Return (USD Hedged) Z has 51.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.5%. There is 0.0% allocated to foreign stock, and 1.8% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 89.3% (37.4% domestic bond, 51.9% foreign bond and 0.0% convertible bond). PGIM Global Total Return (USD Hedged) Z has 8.4% of the portfolio in cash.
Assets Under Management
The fund has $18 million in total assets, which is below the $2 billion average for the Global Bond-USD Hedged 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.
PHEZX 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 Global Total Return (USD Hedged) Z expense ratio is above average compared to funds in the Global Bond-USD Hedged category. PGIM Global Total Return (USD Hedged) Z has an expense ratio of 0.63%, which is 14% lower than its category average, making the fund expense ratio grade a C. 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 Global Total Return (USD Hedged) Z has a portfolio turnover rate of 45%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 197% for the Global Bond-USD Hedged category.
Recently, in the month of June 2026, PGIM Global Total Return (USD Hedged) Z returned 0.5%, which earned it a grade of B, as the Global Bond-USD Hedged category had an average return of 0.5%. 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 Global Total Return (USD Hedged) Z has a trailing yield of 4.07%, which is above the 3.99% category average. The fund normally distributes its income monthly and its capital gains annually.
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 Global Total Return (USD Hedged) Z Grades
Year to date, the fund has returned 1.4%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 4.2% over the past year (grade of A), 6.3% over the past three years (grade of A) and 1.0% per year over the past five years (grade of B).
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PHEZX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PHEZX Return (NAV) | 0.5% | 2.1% | 4.2% | 6.3% | 1.0% | na |
| PHEZX Grade | B | B | A | A | B | na |
| +/- Category | 0.1% | 0.1% | 0.8% | 1.4% | 0.2% | na |
| Global Bond-USD Hedged Avg | 0.5% | 1.9% | 3.4% | 4.9% | 0.8% | 2.0% |
| PHEZX Tax Cost Ratio | na | na | 1.6% | 1.5% | 1.5% | na |
PHEZX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PHEZX Return (NAV) | 1.4% | 7.3% | 4.5% | 11.5% | -16.8% | -3.4% | 8.4% | 14.4% | 0.1% | na | na |
| PHEZX Grade | B | A | B | A | F | F | B | A | C | na | na |
| +/- Category | 0.2% | 2.1% | 1.1% | 3.6% | -4.8% | -1.7% | 1.7% | 5.8% | -0.0% | na | na |
| Global Bond-USD Hedged Avg | 1.2% | 5.2% | 3.4% | 7.9% | -12.0% | -1.7% | 6.7% | 8.6% | 0.1% | 4.3% | 4.5% |
| Risk Measures | |
| Standard Deviation: | 4.6% |
| Total Risk Index: | 0.38 - Low |
| Category Risk Index: | 1.05 - Above Average |
| Category Risk Grade: | D (68% Rank) |
| Beta: | 0.78 |
| R-Squared: | 89% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 4.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $31 Mil |
| Fund Total Assets: | $ 19 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 45% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 8.6 years | |||
| Average Tenure: 6.2 years | |||
| Managers (Year): Tipp Robert (2017), Angelucci Matthew (2018), Bailey Brett (2021), Peters Gregory (2022) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 857 |
| % in Top 10 Holdings: | 23.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 51.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.5% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 1.8% |
| Domestic Bond: | 37.4% |
| Foreign Bond: | 51.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 8.4% |
Purchase Information
| Fund Family: | PGIM |
| Phone Number: | 800-225-1852 |
| Website: | www.prudentialfunds.com |
| Status: | Open |
| Inception Date: | December 12, 2017 |
| 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 (%): | 0.63% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.73% |
| Share Class: | PGIM Global Total Return (USD Hedged) R6 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
