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Trending ETFs

Name

As of 06/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.49

$39.4 M

2.08%

$0.20

3.61%

Vitals

YTD Return

1.0%

1 yr return

-1.2%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$39.4 M

Holdings in Top 10

78.2%

52 WEEK LOW AND HIGH

$9.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 3.61%

SALES FEES

Front Load 5.50%

Deferred Load N/A

TRADING FEES

Turnover 0.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.49

$39.4 M

2.08%

$0.20

3.61%

PGAEX - Profile

Distributions

  • YTD Total Return 1.0%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -1.32%
DIVIDENDS
  • Dividend Yield 2.1%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    PGIM Wadhwani Systematic Absolute Return Fund
  • Fund Family Name
    PRUDENTIAL
  • Inception Date
    Sep 28, 2021
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Sushil Wadhwani

Fund Description

The Fund will seek to achieve its investment objective by investing globally in instruments that provide exposure to three broad asset classes: equities, fixed income and currencies. The Fund may gain exposure to equities through derivative instruments such as equity index futures and equity index swaps or by direct investment in equities. The Fund may gain exposure to fixed income through derivative instruments such as bond futures and index futures or swaps, interest rate futures or swaps, and inflation swaps, or by direct investment (including sovereign debt). The Fund will gain exposure to currencies through derivative instruments such as foreign exchange contracts.Under normal market conditions, the Fund expects its investments in fixed income securities will be predominantly in debt securities that are rated “investment grade”. Investment grade securities are those rated BBB or higher by S&P Global Ratings (“S&P”), or Baa2 or higher by Moody’s Investors Service, Inc. (“Moody’s”), or the equivalent by another nationally recognized statistical rating organization (“NRSRO”), or if unrated, are considered by the Fund’s subadviser to be of comparable quality. Up to 30% of the Fund’s total assets may be invested in non-investment grade securities (commonly referred to as “junk” bonds). In the event that a security receives different ratings from different NRSROs, the Fund will treat the security as being rated in the highest rating category received from an NRSRO.The Fund will enter into certain derivative instruments and transactions, such as futures, swaps (including index swaps and total return swaps), forward foreign exchange contracts, foreign exchange spot transactions and short sales, that create leverage (“effective leverage”). The Fund may employ effective leverage in addition to any borrowings permitted by the Fund’s policies and restrictions with respect to borrowing. In addition to using these instruments to pursue its investment objective, the Fund may also use derivative instruments and transactions to seek to enhance return or seek to reduce (“hedge”) investment risks.Because the Fund’s investments in derivatives and other financial instruments often involve leverage, the Fund expects to hold substantial amounts of cash and/or money market instruments (including cash deposits, certificates of deposits, U.S. treasuries and money market funds). Cash and money market instruments may be held and used for various purposes, such as to make margin payments on the derivatives held by the Fund. The use of leverage, however, may make the Fund’s portfolio more volatile compared to a fund that otherwise invests significantly in cash and cash equivalents.The Fund’s investments may have exposure to both developed and emerging market countries. Under normal circumstances, the Fund intends to invest a majority of its assets in securities (or financial instruments linked to those securities) of issuers located, or conducting a significant portion of their business, in developed market countries (defined as those countries in the FTSE Developed Index or any other country with similar characteristics as determined by the subadviser from time to time). Under normal market conditions, the Fund may invest up to 30% of its total assets in securities (or financial instruments linked to those securities) of issuers located, or conducting a significant portion of their business, in emerging market countries. “Emerging market” countries are defined as those countries included in the FTSE Emerging Index or any other country with similar characteristics as determined by the subadviser from time to time.The Fund may invest up to 10% of its total assets in affiliated and non-affiliated exchange-traded funds (“ETFs”).The Fund’s subadviser will employ a proprietary quantitative and systematic global macro investment strategy that attempts to exploit perceived short-term mispricings in various issuers and assets. In this context, systematic refers to the automated implementation of portfolio position changes derived from quantitative models known as algorithms which have been developed by the subadviser and are frequently refined as part of the investment research process. The subadviser uses the algorithms to allocate exposure on a tactical basis between the various asset classes in which the Fund may invest. The subadviser’s global macro investment strategy is a long/short, liquid and systematic multi-asset strategy using a global portfolio that is diversified across asset classes, investment styles and time frames. The strategy focuses on general movements in the market rather than on performance of individual securities within each market. The Fund seeks risk adjusted returns focusing on both directional and relative value strategies. In pursuing these strategies, the subadviser uses proprietary models to determine long and short exposures on a tactical basis among the asset classes in which the Fund may invest. The models focus on various inputs, including asset prices, economic variables and technical indicators which are measured across different regions and geographical markets. The subadviser considers macroeconomic, value, carry, sentiment and intermarket factors to determine asset allocation while employing advanced risk management techniques (including stop loss rules applied to individual positions and the portfolio as a whole) to seek to limit drawdowns. The subadviser shall be entitled in its absolute discretion to intervene as it deems appropriate in the quantitative strategies applied in the management of the Fund. This might not only affect the actual position held in an individual instrument, but is also likely to affect the allocation of capital to certain models or asset classes and could also lead to changes in overall exposure. Examples where such intervention might occur include, but are not limited to, where an event or market movement has occurred that the quantitative models were not designed to deal with, where ongoing research suggests that a change in the model parameters or weighting might be warranted, or for risk management reasons.The Fund is “non-diversified” for purposes of the Investment Company Act of 1940 (the “1940 Act”), which means it may invest in a smaller number of issuers than a diversified fund.
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PGAEX - Performance

Return Ranking - Trailing

Period PGAEX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -24.4% 26.5% N/A
1 Yr -1.2% -12.5% 45.8% N/A
3 Yr N/A* -1.9% 15.9% N/A
5 Yr N/A* 1.3% 15.3% N/A
10 Yr N/A* 0.6% 14.4% N/A

* Annualized

Return Ranking - Calendar

Period PGAEX Return Category Return Low Category Return High Rank in Category (%)
2023 -7.8% -21.0% 24.5% N/A
2022 3.7% -1.3% 27.8% N/A
2021 N/A -25.7% 1.5% N/A
2020 N/A -100.0% 20.6% N/A
2019 N/A -17.0% 209.2% N/A

Total Return Ranking - Trailing

Period PGAEX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -24.4% 26.5% N/A
1 Yr -1.2% -16.9% 45.8% N/A
3 Yr N/A* -3.0% 15.9% N/A
5 Yr N/A* 0.9% 15.3% N/A
10 Yr N/A* 0.6% 14.4% N/A

* Annualized

Total Return Ranking - Calendar

Period PGAEX Return Category Return Low Category Return High Rank in Category (%)
2023 -5.8% -21.0% 24.5% N/A
2022 10.6% -1.3% 27.8% N/A
2021 N/A -25.7% 1.5% N/A
2020 N/A -100.0% 23.1% N/A
2019 N/A -9.5% 216.9% N/A

NAV & Total Return History


PGAEX - Holdings

Concentration Analysis

PGAEX Category Low Category High PGAEX % Rank
Net Assets 39.4 M 3.53 M 107 B 88.57%
Number of Holdings 180 2 2709 46.05%
Net Assets in Top 10 30.6 M -15.2 M 21.5 B 81.42%
Weighting of Top 10 78.16% 10.0% 100.0% 17.83%

Top 10 Holdings

  1. (PIPA070) PGIM Core Government Money Market Fund 77.22%
  2. USD/AUD FORWARD 0.22%
  3. USD/JPY FORWARD 0.19%
  4. SPI 200 0.11%
  5. TOPIX INDX 0.08%
  6. EURO STOXX 50 0.08%
  7. US 5 YEAR TREASURY NOTE 0.08%
  8. EURO-SCHATZ 0.07%
  9. CAC40 10 EURO 0.06%
  10. AUD/USD FORWARD 0.05%

Asset Allocation

Weighting Return Low Return High PGAEX % Rank
Cash
99.44% -160.17% 127.83% 9.29%
Other
0.56% -1.08% 213.06% 0.99%
Stocks
0.00% -12.12% 97.61% 99.60%
Preferred Stocks
0.00% 0.00% 13.85% 84.78%
Convertible Bonds
0.00% 0.00% 18.91% 89.92%
Bonds
0.00% -15.70% 175.29% 95.85%

PGAEX - Expenses

Operational Fees

PGAEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 3.61% 0.15% 3.14% 29.68%
Management Fee 1.05% 0.00% 1.90% 95.12%
12b-1 Fee 0.25% 0.00% 1.00% 42.60%
Administrative Fee N/A 0.01% 0.70% N/A

Sales Fees

PGAEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 5.50% 0.00% 5.75% 51.61%
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

PGAEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PGAEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 0.00% 0.00% 427.00% N/A

PGAEX - Distributions

Dividend Yield Analysis

PGAEX Category Low Category High PGAEX % Rank
Dividend Yield 2.08% 0.00% 6.13% 62.99%

Dividend Distribution Analysis

PGAEX Category Low Category High Category Mod
Dividend Distribution Frequency None Quarterly Monthly Monthly

Net Income Ratio Analysis

PGAEX Category Low Category High PGAEX % Rank
Net Income Ratio -1.32% -2.24% 7.33% N/A

Capital Gain Distribution Analysis

PGAEX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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PGAEX - Fund Manager Analysis

Managers

Sushil Wadhwani


Start Date

Tenure

Tenure Rank

Sep 28, 2021

0.67

0.7%

Dr. Sushil Wadhwani, CBE, is the Chief Investment Officer for QMAW, originally founded as Wadhwani Asset Management in October 2002. Prior to joining QMA, Sushil served as the Founder and Chief Executive Officer of Wadhwani Asset Management. He was formerly a full-time member of the Monetary Policy Committee at the Bank of England from 1999 to 2002. Prior to this, his roles included director of research, head of systems trading and partner at the Tudor Group, and director of equity strategy at Goldman Sachs International Ltd, and as an academic economist at the London School of Economics. He has over 25 years of quantitative modelling experience and runs a high calibre team of quantitative and qualitative research analysts, whose investment experience is drawn from a variety of different backgrounds across finance, industry, the government and academia. He has an outstanding track record of producing returns uncorrelated to traditional markets. Sushil is an emeritus governor at the London School of Economics and a Commander of the Order of the British Empire. Sushil earned a BSc, MSc and PhD from the London School of Economics and Political Science.

Crispin Walker-Buckton


Start Date

Tenure

Tenure Rank

Sep 28, 2021

0.67

0.7%

Crispin Walker-Buckton is an Implementation Researcher at PGIM Wadhwani. Prior to joining PGIM Wadhwani, Crispin worked at G-Research and the Bank of England. Crispin has a BA in Mathematics and Computation from Trinity College, Oxford.

Tom Andrews


Start Date

Tenure

Tenure Rank

Sep 28, 2021

0.67

0.7%

Tom Andrews is a Quantitative Researcher at PGIM Wadhwani. In this capacity, he works on developing and enhancing strategies deployed across PGIM Wadhwani’s products. Prior to joining PGIM Wadhwani, he worked for Lehman Brothers, Barclays Wealth and Nomura, where he began work on style-based investing. Tom earned an MA and an MMath in mathematics at Trinity College, Cambridge.

Michael Dicks


Start Date

Tenure

Tenure Rank

Sep 28, 2021

0.67

0.7%

Michael Dicks is the Chief Economist and Deputy Head of Research for PGIM Wadhwani. Prior to joining PGIM Wadhwani, he worked as the Chief Economist at Barclays Wealth, where he ran the Asset Allocation Committee. Previously, he worked two secondments at the Organization for Economic Co-operation and Development and the International Monetary Fund for the Bank of England. He also served as an economist at JPMorgan Chase & Co. and as the Chief European Economist at Lehman Brothers. Michael earned both his BSc and MSc in Mathematical Economics and Econometrics from the London School of Economics.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.01 29.77 6.5 8.75