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Prudential Investments launches short duration muni high income fund

Fri, 06/06/2014 - 06:03

Prudential Investments has launched the Prudential Short Duration Muni High Income Fund, which is aimed at providing investors protection in a rising interest rate environment, while seeking higher yield and tax-exempt income.

The fund will seek high current income that is exempt from federal income taxes by investing in a diversified blend of shorter duration municipal bonds, while maintaining a weighted average portfolio duration of 4.5 years or less.
 
The fund will use a customised benchmark which is a 50/50 blend of the Barclays Municipal Bond Index 1-8 Year and the Barclays Municipal High Yield Index 1-8 Year.
 
“This fund will address the growing investor demand for fixed income strategies that may perform well in a rising rate environment,” says Stuart Parker, president of Prudential Investments. “It may also provide an advantage for investors seeking relief from rising taxes.”
 
The fund will be managed by Prudential Fixed Income’s municipal bond team using collaborative fundamental, bottom-up, research-based subsector and security selection. The team, which includes Susan Courtney, Robert Tipp, Lee Friedman, and John Dittemer, averages 20 years of investment experience, and also manages the Prudential Muni High Income Fund, Prudential National Muni Fund, and Prudential California Muni Income Fund.


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