PGIM Jennison Global Opportunities Fund Q4 2025 Commentary

The Consumer Discretionary part of the Fund has struggled for the past six months due to persistent macro issues globally. * During the fourth quarter of 2025, global equity markets continued to advance. Market leadership, while still helped by Technology, broadened more significantly toward value and cyclical sectors, such as Energy and Financials as well as small-caps. PGIM Investments, a subsidiary of PFI, is an investment adviser and the investment manager to all PGIM US open-end investment companies and manager or administrator to closed-end investment companies. Note: This account is not managed or monitored by PGIM Investments, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use PGIM Investments' official channels. Information Technology, accounting for 47% of the portfolio, was responsible for three-fourths of underperformance, led by Oracle's valuation concerns and AppLovin's regulatory pressures. The Fund is overweight in high-conviction names across Generative AI, global consumer brands, and health care, with recent additions like AMD, Cloudflare, and GE Vernova to capture emerging growth cycles. Jennison remains committed to its growth-focused process, viewing compressed valuations and strong fundamentals as a constructive setup, especially in controversial, high-growth GenAI themes.