PGIM Short Duration High Yield Opportunities Fund Reports Unaudited Earnings and Financial Position for Period Ended January 31, 2021
PGIM Short Duration High Yield Opportunities Fund (NYSE: SDHY) reported its first unaudited investment results covering Nov. 25, 2020, to Jan. 31, 2021. As of January 31, 2021, the Fund's net assets totaled $494 million, with a market price per share of $19.75, representing a 1.4% discount to its net asset value (NAV) per share of $20.03. The Fund's net investment income for the period amounted to approximately $3.56 million, with an increase in net assets from operations of about $3.29 million. The Fund had 24,673,056 shares outstanding.
- Net assets of $494 million indicate a solid asset base.
- Net investment income of $3.56 million for the period demonstrates operational efficiency.
- Increase in net assets from operations of $3.29 million reflects positive operational performance.
- Market price per share at $19.75 shows a 1.4% discount to NAV, which may concern investors.
PGIM Short Duration High Yield Opportunities Fund (NYSE: SDHY) (the “Fund”), a diversified, closed-end management investment company, announced today its first unaudited investment results for the period Nov. 25, 2020 through Jan. 31, 2021.
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This financial data is unaudited. Amounts do not reflect adjustments for Generally Accepted Accounting Principles, including those relating to amortization of premiums on securities held, and may be updated periodically.
Notes:
- Net Asset Value (“NAV”) Per Share is total assets less total liabilities divided by the number of shares outstanding.
- Market Price Per Share is the closing price on the New York Stock Exchange.
- Premium / (Discount) to NAV is the % difference between the market price and the NAV price.
- Overdistributed amounts may be funded by capital gains on portfolio securities or through return of stockholders’ capital. Undistributed / (Overdistributed) Net Investment Income (“UNII”) (“ONII”) represents the balance to date of a fund’s net investment income less its distributions.
The Fund files its annual and semiannual stockholder reports on Form N-CSR with the Securities and Exchange Commission (the “Commission”), which includes its complete schedule of investments. The Fund also files Form N-PORT with the Commission within 60 days of the end of each fiscal quarter, including the Fund’s complete schedule of investments as of its first and third fiscal quarters. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month. The Fund’s filings on Form N-PORT and stockholder reports on Form N-CSR are available on the Commission’s website at sec.gov. To obtain additional information or to make other inquiries pertaining to the Fund, stockholders can call (800) 451-6788 (toll-free).
About PGIM and Prudential Financial, Inc.
PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world* with
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
*Prudential Financial, Inc. (PFI) is the 10th largest investment manager (out of 527 firms surveyed) in terms of global assets under management based on Pensions & Investments’ Top Money Managers list published on June 1, 2020. This ranking represents global assets under management by PFI as of March 31, 2020.
Data and commentary provided in this press release are for informational purposes only. PGIM Investments LLC, the Investment Manager of the Fund, and its affiliates do not engage in selling shares of the Fund. The Fund is subadvised by PGIM Fixed Income, a business unit of PGIM, Inc. and an affiliate of the investment manager.
The Fund is a diversified, closed-end management investment company managed by PGIM Investments LLC and subadvised by PGIM Fixed Income, a business unit of PGIM, Inc., and an affiliate of the investment manager.
Investing in the Fund involves certain risks and the Fund may not be able to achieve its intended results for a variety of reasons, including, among others, the possibility that the Fund may not be able to successfully implement its investment strategy because of market, economic, regulatory, geopolitical and other conditions. The Fund invests in high yield (“junk”) bonds, which are subject to greater credit and market risks, including greater risk of default; derivative securities, which may carry increased risk of principal loss due to imperfect correlation between the values of the derivatives and the underlying securities or unexpected price or interest rate movements and be subject to other risks such as market, credit, counterparty, leverage and liquidity risks; foreign securities, which are subject to currency fluctuation, political uncertainty and different regulatory standards than those of U.S. companies; emerging markets securities, which are subject to greater volatility and price declines; structured products, which are subject to issuer repayment, counterparty risk and are also subject to credit risk in that the assets backing the structured product may be insufficient to pay interest or principal; smaller capitalization companies, which are subject to special risks because those companies may have narrower product lines, more limited financial resources, fewer experienced managers, dependence on a few key employees, and a more limited trading market for their securities, as compared with larger companies; bank loans, which are subject the financial condition of the borrower and the Fund’s ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise). The Fund is a newly organized, diversified, closed-end management investment company with no history of operations or public trading and is subject to all of the business risks and uncertainties associated with any new business. Fixed income investments are subject to interest rate risk, where their value will decline as interest rates rise; issuer risk, where the value of fixed income instruments may decline for a number of reasons that directly relate to the issuer; duration risk, which can determine the security’s sensitivity to changes in the general level of interest rates; floating-rate and fixed-to-floating rate securities risks; prepayment risk, where the issuer of an instrument may exercise its option to prepay principal earlier than scheduled, forcing the Fund to reinvest the proceeds from such prepayment in lower yielding instruments, which may result in a decline in the Fund’s income and distributions to shareholders; extension risk, where an issuer could exercise its right to pay principal on an obligation held by the Fund later than expected; reinvestment risk or the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called fixed income instruments at market interest rates that are below the portfolio’s current earnings rate; spread risk; and refinancing risk where one or more issuers of fixed income instruments in the Fund’s portfolio may not be able to pay off their debt upon maturity. There are fees and expenses involved with investing in these Funds. Diversification does not assure a profit or protect against a loss in declining markets. There is no guarantee that the Fund’s objective will be achieved or that dividends or distributions will be paid.
An investment in a closed-end fund’s common stock may be speculative in that it involves a high degree of risk, should not constitute a complete investment program, and may result in loss of principal. Each closed-end fund will have its own unique investment strategy, risks, charges and expenses that need to be considered before investing.
This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact a financial professional. Please consult with a qualified investment professional if you wish to obtain investment advice.
PGIM Fixed Income is a unit of PGIM, Inc., which is a registered investment advisor and Prudential Financial company. © 2021 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.
Investment products are not insured by the FDIC or any federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate.
1043957-00002-00 Expiration: 09/30/2022
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FAQ
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