Purpose Built for Partnering Today​PurposeBuiltforPartneringToday​

Data as of 31/12/2024 unless otherwise noted. Assets under management (AUM) and assets under administration (AUA) are based on company estimates and are subject to change.

1. PFI of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. 

*Past performance is not a guarantee or reliable indicator of future results. All investments involve risk, including the possible loss of capital. Public businesses’ (PGIM Quantitative Solutions, Jennison Associates, PGIM Fixed Income and PGIM Real Estate publicly traded REITS) benchmarked AUM as of 31/12/24 represented at the composite level. Composite assets assumed to represent full strategy AUM. 74% of total AUM excluding the General Account, are benchmarked. Including the General Account, 56% of PGIM’s total AUM as 31/12/24 are benchmarked. Percentage of assets at/excluding benchmark based on benchmarked asset base only. Represents PGIM’s benchmarked AUM managed within an investment composite. The calculation does not include non-benchmarked public assets, including general account assets and assets not managed by PGIM, as well as assets that are not managed within an investment composite. Net performance reflects the deduction of investment advisory fees and other expenses incurred in the management of advisory accounts. Performance fees vary across the PGIM businesses and reduce an investor’s net return. Excess performance is based on all activity managed Fixed Income and Equity AUM from Jennison Associates, PGIM Fixed Income, and PGIM Quantitative Solutions that are managed within an investment composite.

References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities. The securities referenced may or may not be held in the portfolio at the time of publication and, if such securities are held, no representation is being made that such securities will continue to be held.

The views expressed herein are those of PGIM investment professionals at the time the comments were made, may not be reflective of their current opinions, and are subject to change without notice. Neither the information contained herein nor any opinion expressed shall be construed to constitute investment advice or an offer to sell or a solicitation to buy any securities mentioned herein. Neither PFI, its affiliates, nor their licensed sales professionals render tax or legal advice. Clients should consult with their attorney, accountant, and/or tax professional for advice concerning their particular situation. Certain information in this commentary has been obtained from sources believed to be reliable as of the date presented; however, we cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed. The information contained herein is current as of the date of issuance (or such earlier date as referenced herein) and is subject to change without notice. The manager has no obligation to update any or all such information; nor do we make any express or implied warranties or representations as to the completeness or accuracy.

Any projections or forecasts presented herein are subject to change without notice. Actual data will vary and may not be reflected here. Projections and forecasts are subject to high levels of uncertainty. Accordingly, any projections or forecasts should be viewed as merely representative of a broad range of possible outcomes. Projections or forecasts are estimated based on assumptions, subject to significant revision, and may change materially as economic and market conditions change.