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The fund will be invested primarily in fixed income securities rated below investment grade by a Nationally Recognized Statistical Ratings Organization (NRSRO) or, if not rated, determined by the Trustee to be of comparable quality to securities so rated. The objective of this Fund is to outperform the Bloomberg U.S. High-Yield Ba/B 1% Issuer Capped Index (“Benchmark”) over a full market cycle. There is no assurance the objectives will be met. Benchmark: The Bloomberg US High Yield Ba/B 1% Issuer Capped Index measures the High Yield, fixed-rate, US dollar-denominated securities issued by industrial and utility corporate issuers. The index includes publicly issued securities with at least USD 150mn amount outstanding. Securities must carry a high yield rating between Ba and B or equivalent using the middle rating of Moody’s, S&P and Fitch.
Name | Title | Since | Until |
---|---|---|---|
Robert Cignarella | Managing Director. Head of U.S. High Yield | 2014 | Now |
Biography | Robert Cignarella, CFA, is a Managing Director and Head of U.S. High Yield for PGIM Fixed Income. Mr. Cignarella is also the co-Head of the Global High Yield Strategy. Prior to joining the Firm in 2014, Mr. Cignarella was a managing director and co-head of high yield and bank loans at Goldman Sachs Asset Management. He also held positions as a high yield portfolio manager and a high yield and investment grade credit analyst. Earlier, he was a financial analyst in the investment banking division of Salomon Brothers. Mr. Cignarella received an MBA from the University of Chicago, | ||
Ryan Kelly | Principal | 2016 | 2024 |
Biography | Ryan Kelly, CFA, is the Head of Special Situations for PGIM Fixed Income and senior portfolio manager for PGIM Fixed Income’s Special Opportunities Fund and Credit Opportunities strategy. Mr. Kelly is also a member of the Special Opportunities Fund Investment Committee. Prior to his current roles, Mr. Kelly was a senior portfolio manager for PGIM Fixed Income’s U.S. High Yield Team and a senior credit analyst in the Credit Research Group covering a range of leveraged finance industries. Mr. Kelly began his career in investment banking at Chase Manhattan Bank, where he specialized in project finance and mergers & acquisitions. He received a BA in Economics from Michigan State University and holds the Chartered Financial Analyst (CFA) designation. | ||
Paul Appleby | Vice President | 1998 | 2015 |
Biography | Paul Appleby, CFA, is Managing Director and Head of Prudential Fixed Income's Leveraged Finance Team, which includes the US and European High Yield Bond and Bank Loan sector teams. Previously, he was Director of Credit Research and Chief Equity Strategist for Prudential Financial's proprietary portfolios. Mr. Appleby was also a high yield bond credit analyst and worked in Prudential Financial's private placement group. Before joining Prudential Financial in 1987, he was a strategic planner for Amerada Hess. Mr. Appleby received a BS in Economics from The Wharton School of the University of Pennsylvania and an MBA from the Sloan School at the Massachusetts Institute of Technology (MIT). He holds the Chartered Financial Analyst (CFA) designation. |
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