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Prudential Short Duration High Yield Fund, Inc. (NYSE:ISD)
and Prudential Global Short Duration High Yield Fund, Inc. (NYSE:GHY) today announced an update to their portfolio management team.
Effective March 5, 2014, Robert Cignarella, co-head of Prudential Fixed Income’s global leveraged finance team, will join the high yield team as a portfolio manager. Cignarella’s more than 20 years of experience in leveraged finance will be an invaluable addition to the team’s investment management efforts.
The Funds’ investment strategies will remain the same, and will continue to benefit from Prudential Fixed Income’s extensive portfolio management and research capabilities. Rob joined Paul Appleby as co-head of global leveraged finance, which includes the U.S. and European high yield bond and bank loan sector teams, in January 2014. The global leveraged finance team is comprised of 13 portfolio managers, eight of which are high yield and eight credit analysts.
The Funds are diversified, closed-end investment management companies managed by Prudential Investments LLC. Prudential Investments LLC, and its affiliates do not engage in selling shares of the Funds. The Funds are sub-advised by Prudential Fixed Income, a business unit of Prudential Investment Management Inc. and an affiliate of the investment manager.
The Funds invest in
high yield (“junk”) bonds, which are subject to greater credit and market risks;
derivative securities, which may carry market, credit, and liquidity risks;
foreign securities, which are subject to currency fluctuation and political uncertainty; and emerging markets securities, which are subject to greater volatility and price declines.
Fixed income investments are subject to interest rate risk, where their value will decline as interest rates rise. There are fees and expenses involved with investing in the Funds. Diversification does not assure a profit or protect against a loss in declining markets. There is no guarantee that dividends or distributions will be paid.
Prudential Investments is the mutual fund business of Prudential Financial, Inc., offering a range of open- and closed-end funds. Please visit
http://www.prudentialfunds.com for more information.
Prudential Fixed Income is a unit of Prudential Investment Management, Inc., which is a registered investment advisor and Prudential Financial company. Prudential Investments, Prudential, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.