MVS System Commands discusses this:

PVTMOD/PVTEP without JOBNAME/ASID and MODE=HOME:
This consideration pertains to the PVTMOD and PVTEP parameters when specified 
in an IF or
SBT PER trap for a module that was not loaded with GLOBAL=YES. PVTMOD and PVTEP 
are
used for monitoring execution in modules that reside in private storage. 
Whenever possible,
specify JOBNAME or ASID, and MODE=HOME, when you use PVTMOD or PVTEP in order 
to avoid
performance impact due to PER interrupts occurring within the range of the 
specified private
load module but in another address space. Using this parameter combination 
communicates the
following information:
- JOBNAME or ASID tells SLIP to match only when the PER interrupt occurs under 
the indicated
job.
- MODE=HOME tells SLIP to match only when the PER interrupt occurs while 
executing in the home
(dispatched) address space.
- JOBNAME or ASID in combination with MODE=HOME tells SLIP to set the PER range 
only when
the private module is loaded into storage in the specified address space. If 
this parameter
combination is not specified, SLIP sets the PER range the first time the 
private module is loaded
into storage, regardless of which address space performs the load.

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