Fund Evaluator:
PGIM Short-Term Corporate Bond Z (PIFZX)
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Fund Details
PGIM Short-Term Corporate Bond Z Overview
PGIM Short-Term Corporate Bond Z (PIFZX) is an actively managed Taxable Bond Short-Term Bond fund. PGIM launched the fund in 1996.
The investment seeks high current income consistent with the preservation of principal. The fund invests, under normal circumstances, at least 80% of its investable assets in bonds of corporations with varying maturities. For purposes of this policy, bonds include all fixed income securities, other than preferred stock, and corporations include all private issuers. The effective duration of the fund's portfolio is generally less than three years.
About PGIM Short-Term Corporate Bond Z (PIFZX)
There are 4 members of the management team with an average tenure of 6.84 years: Rajat Shah (2024), David Del Vecchio (2012), Matthew Csontos (2019), Danielle Navarro (2021). 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 Bloomberg Credit 1-5 Yr TR USD index with a weighting of 100%. PGIM Short-Term Corporate Bond Z has 662 securities in its portfolio. The top 10 holdings constitute 9.0% 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 Short-Term Corporate Bond Z is part of the Fixed Income global asset class and is within the Taxable Bond fund group. PGIM Short-Term Corporate Bond Z has 23.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 3.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 94.2% (71.0% domestic bond, 23.1% foreign bond and 0.0% convertible bond). PGIM Short-Term Corporate Bond Z has 2.7% of the portfolio in cash.
Assets Under Management
The fund has $5 billion in total assets, which is above the $904 million average for the Short-Term Bond 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.
PIFZX 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 Short-Term Corporate Bond Z expense ratio is average compared to funds in the Short-Term Bond category. PGIM Short-Term Corporate Bond Z has an expense ratio of 0.47%, which is 29% lower than its category average, making the fund expense ratio grade a B. 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 Short-Term Corporate Bond Z has a portfolio turnover rate of 50%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 135% for the Short-Term Bond category.
Recently, in the month of July 2026, PGIM Short-Term Corporate Bond Z returned -0.1%, which earned it a grade of D, as the Short-Term Bond category had an average return of -0.0%. 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 Short-Term Corporate Bond Z has a trailing yield of 4.13%, which is below the 4.16% 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 Short-Term Corporate Bond Z Grades
Year to date, the fund has returned 0.8%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 3.5% over the past year (grade of C), 5.5% over the past three years (grade of A) and 2.3% per year over the past five years (grade of C) and 2.6% per year over the past 10 years (grade of B).
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PIFZX 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 |
|
| PIFZX Return (NAV) | -0.1% | 0.3% | 3.5% | 5.5% | 2.3% | 2.6% |
| PIFZX Grade | D | D | C | A | C | B |
| +/- Category | -0.1% | -0.0% | 0.1% | 0.5% | 0.0% | 0.3% |
| Short-Term Bond Avg | -0.0% | 0.3% | 3.4% | 5.0% | 2.2% | 2.3% |
| PIFZX Tax Cost Ratio | na | na | 1.6% | 1.6% | 1.4% | 1.2% |
PIFZX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PIFZX Return (NAV) | 0.8% | 6.6% | 5.1% | 6.9% | -6.5% | -0.4% | 5.4% | 6.7% | 0.6% | 2.2% | 2.8% |
| PIFZX Grade | D | A | B | A | F | C | A | A | D | B | B |
| +/- Category | -0.1% | 0.8% | 0.2% | 1.3% | -1.4% | -0.4% | 1.2% | 2.0% | -0.1% | 0.3% | 0.2% |
| Short-Term Bond Avg | 0.9% | 5.9% | 4.9% | 5.6% | -5.0% | -0.0% | 4.2% | 4.8% | 0.7% | 1.9% | 2.5% |
| Risk Measures | |
| Standard Deviation: | 2.5% |
| Total Risk Index: | 0.20 - Low |
| Category Risk Index: | 1.25 - High |
| Category Risk Grade: | F (86% Rank) |
| Beta: | 0.42 |
| R-Squared: | 93% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 4.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $8059 Mil |
| Fund Total Assets: | $5,147 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 50% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 13.6 years | |||
| Average Tenure: 6.8 years | |||
| Managers (Year): Del Vecchio David (2012), Csontos Matthew (2019), Navarro Danielle (2021), Shah Rajat (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 662 |
| % in Top 10 Holdings: | 9.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 23.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 3.1% |
| Domestic Bond: | 71.0% |
| Foreign Bond: | 23.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.7% |
Purchase Information
| Fund Family: | PGIM |
| Phone Number: | 800-225-1852 |
| Website: | www.prudentialfunds.com |
| Status: | Open |
| Inception Date: | December 16, 1996 |
| 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 (%): | 0.47% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.66% |
| Share Class: | PGIM Short-Term Corporate Bond A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
