Summary

• In the first quarter, the PGIM Real Assets Fund outperformed both its blended benchmark and the Bloomberg Barclays U.S. TIPS benchmark.
• The first two months of 2026 were a continuation of last year, with macroeconomic discussions centered around Artificial Intelligence and interest rate cuts.
• International equities generally saw negative returns in developed markets during Q1 of 2026, with emerging markets posting a total return of -0.2% in US dollar terms.

Market Review

The first two months of 2026 were a continuation of last year, with macroeconomic discussions centered around Artificial Intelligence and interest rate cuts. Amid this backdrop, most major asset classes—U.S. and International equities, U.S. and International bonds, and commodities—experienced