PGIM Global Total Return Fund Q1 2026 Commentary (PZTRX)
PGIM Investments·2026-06-20·via All Articles on Seeking Alpha
Summary
PGIM Global Total Return Fund underperformed its benchmark, the Bloomberg Global Aggregate Bond Index, on a gross basis.
From a market perspective, having more risk, on average, over the period than the relevant benchmark detracted from results.
Within credit, positioning in banking, midstream energy, cable & satellite, and building materials & home construction contributed to performance. Positioning in REITS detracted from results.
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Market Review
Coming into 2026, investors spun a comfortable narrative that a gradually slowing global economy caused by a weakening labor market would elicit moderate policy accommodation. Since the start of the conflict in Iran, the main focus