Fund Evaluator:
PGIM Global Total Return Z (PZTRX)
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Best Performing in Global Bond Over the Last Year
| 6.8% | Invesco International Bond Y (OIBYX) |
| 5.5% | Destinations Global Fixed Income Opps Z (DGFZX) |
| 3.7% | Invesco Global Strategic Income Y (OSIYX) |
| 2.7% | Amana Participation Investor (AMAPX) |
| 2.6% | DoubleLine Global Bond N (DLGBX) |
Fund Details
PGIM Global Total Return Z Overview
PGIM Global Total Return Z (PZTRX) is an actively managed Taxable Bond Global Bond fund. PGIM launched the fund in 1997.
The investment seeks total return, made up of current income and capital appreciation. The fund 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 U.S. or foreign mortgage-related securities, asset-backed securities, and U.S. or foreign short-term and long-term bank debt securities or bank deposits. It may invest in debt securities that are denominated in U.S. dollars or foreign currencies.
About PGIM Global Total Return Z (PZTRX)
There are 4 members of the management team with an average tenure of 10.12 years: Gregory Peters (2022), Matthew Angelucci (2018), Brett Bailey (2021), Robert Tipp (2002). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Global Aggregate TR USD index with a weighting of 100%. PGIM Global Total Return Z has 2048 securities in its portfolio. The top 10 holdings constitute 16.8% 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 Global Total Return Z is part of the Fixed Income global asset class and is within the Taxable Bond fund group. PGIM Global Total Return Z has 58.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.2%. There is 0.0% allocated to foreign stock, and 2.5% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 95.1% (36.9% domestic bond, 58.1% foreign bond and 0.0% convertible bond). PGIM Global Total Return Z has 2.3% of the portfolio in cash.
Assets Under Management
The fund has $940 million in total assets, which is above the $422 million average for the Global 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.
PZTRX 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 Z expense ratio is above average compared to funds in the Global Bond category. PGIM Global Total Return Z has an expense ratio of 0.63%, which is 34% 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 Global Total Return Z has a portfolio turnover rate of 26%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 152% for the Global Bond category.
Recently, in the month of July 2026, PGIM Global Total Return Z returned -0.6%, which earned it a grade of C, as the Global 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 Global Total Return Z has a trailing yield of 3.76%, which is below the 4.17% 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 Z Grades
Year to date, the fund has returned -0.6%, 0.3 percentage points worse than the category, which translates into a grade of C. The fund has returned 2.4% over the past year (grade of C), 5.0% over the past three years (grade of A) and -1.7% per year over the past five years (grade of C) and 1.3% per year over the past 10 years (grade of B).
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PZTRX 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 |
|
| PZTRX Return (NAV) | -0.6% | -0.9% | 2.4% | 5.0% | -1.7% | 1.3% |
| PZTRX Grade | C | D | C | A | C | B |
| +/- Category | -0.3% | -0.7% | -0.5% | 1.2% | -1.0% | 0.4% |
| Global Bond Avg | -0.3% | -0.2% | 2.9% | 3.8% | -0.7% | 0.9% |
| PZTRX Tax Cost Ratio | na | na | 1.5% | 1.5% | 1.4% | 1.5% |
PZTRX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PZTRX Return (NAV) | -0.6% | 11.1% | 0.3% | 9.6% | -21.9% | -5.9% | 10.0% | 12.3% | -1.5% | 13.4% | 2.8% |
| PZTRX Grade | C | B | C | A | F | D | B | A | B | A | C |
| +/- Category | -0.3% | 1.6% | 1.2% | 3.1% | -8.0% | -1.4% | 2.2% | 5.1% | 0.7% | 5.6% | -0.8% |
| Global Bond Avg | -0.2% | 9.5% | -1.0% | 6.5% | -13.9% | -4.5% | 7.8% | 7.2% | -2.1% | 7.9% | 3.7% |
| Risk Measures | |
| Standard Deviation: | 7.0% |
| Total Risk Index: | 0.57 - Below Average |
| Category Risk Index: | 1.01 - Average |
| Category Risk Grade: | C (42% Rank) |
| Beta: | 1.12 |
| R-Squared: | 81% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | Medium Quality Extensive Sensitivity |
| Yield: | 3.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $2551 Mil |
| Fund Total Assets: | $ 941 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 26% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 23.9 years | |||
| Average Tenure: 10.1 years | |||
| Managers (Year): Tipp Robert (2002), Angelucci Matthew (2018), Bailey Brett (2021), Peters Gregory (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 2048 |
| % in Top 10 Holdings: | 16.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 58.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.2% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 2.5% |
| Domestic Bond: | 36.9% |
| Foreign Bond: | 58.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.3% |
Purchase Information
| Fund Family: | PGIM |
| Phone Number: | 800-225-1852 |
| Website: | www.prudentialfunds.com |
| Status: | Open |
| Inception Date: | March 17, 1997 |
| 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 (%): | 0.96% |
| Share Class: | PGIM Global Total Return A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
