Summary

• The PGIM Jennison Natural Resources Fund generated a solid return but underperformed the 22.2% return of its Lipper Global Natural Resources Index benchmark for the quarter.
• The Fund's absolute gains came mainly from the energy sector, while materials (especially metals & mining) and industrials (construction, engineering, electrical equipment) also contributed.
• Most Mideast Gulf outage scenarios suggest that last year's accumulated oil inventory overhang should be fully erased, if not more so.

Market Review

Strong absolute and relative outperformance early in 2026 reversed with the risk-off reaction to the late February U.S./Israel attack on Iran. Copper, as the perceived barometer for global economic health, led the way down as