PGIM Total Return Bond Fund Q3 2025 Commentary (Mutual Fund:PDBAX)

PGIM Investments 39 Follower s Follow 5 Share Save Play ( 27min ) Comments Summary PGIM Total Return Bond Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, on a gross basis. Within credit, positioning in cable & satellite, banking, and technology contributed to performance. The Fund’s duration positioning contributed to performance as yields on the front end of the U.S. Treasury curve declined. The Fund’s yield curve positioning detracted. laddawan punna/iStock via Getty Images Market Review The bull market for fixed income continued through Q3 2025. U.S. Treasury yields declined and the curve steepened over the quarter as the U.S. Federal Reserve (Fed) cut interest rates by 25 basis points (bps) at its September meeting. Meanwhile, credit This article was written by PGIM Investments 39 Follower s Follow PGIM Investments, a subsidiary of PFI, is an investment adviser and the investment manager to all PGIM US open-end investment companies and manager or administrator to closed-end investment companies. Note: This account is not managed or monitored by PGIM Investments, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use PGIM Investments' official channels.

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