Summary

• The PGIM Jennison Global Infrastructure Fund outperformed the S&P Global Infrastructure Index for the quarter.
• The S&P Global Infrastructure Index advanced 8.1% in the first quarter. Benchmark performance was led higher by solid performance in the energy and utility sectors.
• Listed infrastructure stocks delivered solid gains through the first quarter of 2026, with the asset class again demonstrating its capacity to generate positive real returns against a volatile and uncertain macro backdrop.

Market Review

The S&P Global Infrastructure Index advanced 8.1% in the first quarter. Benchmark performance was led higher by solid performance in the energy and utility sectors. Transportation infrastructure also contributed positively to index performance.