Fund Evaluator:
PGIM High Yield C (PRHCX)
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Best Performing in High Yield Bond Over the Last Year
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Fund Details
PGIM High Yield C Overview
PGIM High Yield C (PRHCX) is an actively managed Taxable Bond High Yield Bond fund. PGIM launched the fund in 1994.
The investment seeks to maximize current income; and capital appreciation is a secondary objective. The fund normally invests at least 80% of its investable assets in a diversified portfolio of high yield fixed-income instruments rated Ba or lower by Moody's Investors Service ("Moody's") or BB or lower by S&P Global Ratings ("S&P"), and instruments either comparably rated by another nationally recognized statistical rating organization ("NRSRO"), or considered to be of comparable quality, that is, junk bonds.
About PGIM High Yield C (PRHCX)
There are 5 members of the management team with an average tenure of 10.42 years: Brian Clapp (2013), Robert Spano (2007), Michael Gormally (2022), Brian Lalli (2023), 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 Bloomberg US HY 1% Issuer Cap TR USD index with a weighting of 100%. PGIM High Yield C has 934 securities in its portfolio. The top 10 holdings constitute 9.8% 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 High Yield C is part of the Fixed Income global asset class and is within the Taxable Bond fund group. PGIM High Yield C has 9.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.1%. There is 0.0% allocated to foreign stock, and 2.4% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 93.9% (84.2% domestic bond, 9.8% foreign bond and 0.0% convertible bond). PGIM High Yield C has 1.6% of the portfolio in cash.
Assets Under Management
The fund has $169 million in total assets, which is below the $545 million average for the High Yield 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.
PRHCX 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 High Yield C expense ratio is high compared to funds in the High Yield Bond category. PGIM High Yield C has an expense ratio of 1.47%, which is 60% higher than its category average, making the fund expense ratio grade a F. 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 High Yield C has a portfolio turnover rate of 49%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 72% for the High Yield Bond category.
Recently, in the month of July 2026, PGIM High Yield C returned -0.6%, which earned it a grade of F, as the High Yield Bond category had an average return of -0.3%. 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 High Yield C has a trailing yield of 6.04%, which is below the 6.28% 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 High Yield C Grades
Year to date, the fund has returned 1.1%, 0.6 percentage points worse than the category, which translates into a grade of D. The fund has returned 3.7% over the past year (grade of F), 7.1% over the past three years (grade of D) and 2.8% per year over the past five years (grade of F) and 4.5% per year over the past 10 years (grade of D).
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PRHCX 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 |
|
| PRHCX Return (NAV) | -0.6% | -0.2% | 3.7% | 7.1% | 2.8% | 4.5% |
| PRHCX Grade | F | F | F | D | F | D |
| +/- Category | -0.3% | -0.6% | -1.2% | -0.4% | -0.9% | -0.3% |
| High Yield Bond Avg | -0.3% | 0.4% | 4.9% | 7.5% | 3.7% | 4.8% |
| PRHCX Tax Cost Ratio | na | na | 2.4% | 2.5% | 2.4% | 2.3% |
PRHCX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PRHCX Return (NAV) | 1.1% | 8.0% | 7.3% | 10.9% | -12.4% | 5.3% | 4.6% | 15.0% | -2.3% | 6.7% | 14.2% |
| PRHCX Grade | D | C | C | D | F | B | D | A | B | C | C |
| +/- Category | -0.6% | 0.1% | -0.3% | -1.0% | -2.3% | 0.2% | -0.7% | 2.0% | 0.4% | -0.0% | 0.7% |
| High Yield Bond Avg | 1.6% | 7.9% | 7.6% | 11.9% | -10.0% | 5.1% | 5.2% | 13.0% | -2.7% | 6.7% | 13.4% |
| Risk Measures | |
| Standard Deviation: | 4.6% |
| Total Risk Index: | 0.38 - Low |
| Category Risk Index: | 1.15 - High |
| Category Risk Grade: | F (90% Rank) |
| Beta: | 0.69 |
| R-Squared: | 72% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 6.0% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $22390 Mil |
| Fund Total Assets: | $ 170 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 49% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 18.8 years | |||
| Average Tenure: 10.4 years | |||
| Managers (Year): Spano Robert (2007), Clapp Brian (2013), Cignarella Robert (2014), Gormally Michael (2022), Lalli Brian (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 934 |
| % in Top 10 Holdings: | 9.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 9.8% |
Portfolio Allocation |
|
| Domestic Stock: | 2.1% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 2.4% |
| Domestic Bond: | 84.2% |
| Foreign Bond: | 9.8% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.6% |
Purchase Information
| Fund Family: | PGIM |
| Phone Number: | 800-225-1852 |
| Website: | www.prudentialfunds.com |
| Status: | Open |
| Inception Date: | August 1, 1994 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.47% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | PGIM High Yield A |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
