About FRFAX
PGIM Floating Rate Income Fund Class A is a mutual fund that seeks to maximize current income, with capital appreciation as a secondary objective. It invests primarily in senior floating rate loans, alongside bank loans, asset-backed securities, corporate bonds, and other fixed income instruments from U.S. issuers. This strategy emphasizes capital preservation and appreciation through a diversified portfolio that includes exposures to sectors such as banking, technology, consumer non-cyclical, health care, and gaming. The fund's allocations feature significant weightings in lower-rated credits like B and BB, alongside investment-grade holdings, providing potential diversification benefits relative to traditional fixed income assets. Dividends accrue daily and are paid monthly, with capital gains distributed annually. Managed by PGIM Fixed Income, a global asset manager specializing in research-driven security selection, active sector rotation, duration management, and risk budgeting across public and private fixed income markets, the fund is positioned within the bank loan category to generate income in varying interest rate environments.
Fund Family PGIM
Category Bank Loan
Performance Rating Above Average
Risk Rating High
Stock Exchange NASDAQ
Ticker Symbol FRFAX
Share Class Class A
Index Index is not available on Lipper Database
FRFAX had a total return of 5.25% in the past year, including dividends.
Since the fund's inception, the average annual return has been 4.37%.
