For Professional Investors only. All investments involve risk, including the possible loss of capital.
In the United Kingdom, this is a financial promotion issued by PGIM Limited with registered office: Grand Buildings, 1- 3 Strand, Trafalgar Square, London, WC2N 5HR. PGIM Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 193418). In the European Economic Area (“EEA”), this is a financial promotion may be issued by PGIM Netherlands B.V., PGIM Limited or PGIM Real Estate Luxembourg S.A. depending on the jurisdiction. PGIM Netherlands B.V., with registered office at Gustav Mahlerlaan 1212, 1081 LA, Amsterdam, The Netherlands, is authorised by the Autoriteit Financiële Markten (“AFM”) in the Netherlands (Registration number 15003620) and operates on the basis of a European passport. PGIM Real Estate Luxembourg S.A., with registered office at 2, boulevard de la Foire, L-1528 Luxembourg, is authorised and regulated by the Commission de Surveillance du Secteur Financier (the “CSSF”) in Luxembourg (registration number A00001218) and operating on the basis of a European passport. In certain EEA countries, this is a financial promotion, where permitted, presented by PGIM Limited in reliance of provisions, exemptions or licenses available to PGIM Limited under temporary permission arrangements following the exit of the United Kingdom from the European Union. These materials are issued by PGIM Limited, PGIM Netherlands B.V. and/or PGIM Real Estate Luxembourg S.A. to persons in the UK who are professional clients as defined under the rules of the FCA and/or to persons in the EEA who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II).
In certain countries in Asia-Pacific, this is a financial promotion issued by PGIM (Singapore) Pte. Ltd. with registered office: 88 Market Street, #43-06 CapitaSpring, Singapore 048948. PGIM (Singapore) Ptd. Ltd. is a Singapore investment manager registered with and licensed by the Monetary Authority of Singapore (License No. CMS1000017) (“MAS”). In Hong Kong, this is a financial promotion issued by PGIM (Hong Kong) Limited with registered office: Units 4202-4203, 42nd Floor Gloucester Tower, The Landmark 15 Queen’s Road Central Hong Kong. PGIM (Hong Kong) Limited is a corporation regulated by the Securities & Futures Commission of Hong Kong (AAH625) (“SFC”) and all information in respect of funds is directed solely at professional investors as defined in Part 1 of Schedule 1 of the Securities and Futures Ordinance of Hong Kong (“SFO”). PGIM Limited, PGIM Netherlands B.V., PGIM Real Estate Luxembourg S.A., PGIM (Singapore) Pte. Ltd. and PGIM (Hong Kong) Limited are indirect, wholly-owned subsidiaries of PGIM, Inc. (“PGIM” and the “Investment Manager”), the principal asset management business of Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States. 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. PGIM, the PGIM logo and the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. PGIM Fixed Income and PGIM Real Estate are trading names of PGIM an SEC registered investment adviser in the United States. Jennison and PGIM Quantitative Solutions are trading names of Jennison Associates LLC, and PGIM Quantitative Solutions LLC, respectively, both of which are SEC registered investment advisers and wholly owned subsidiaries of PGIM. Registration with the SEC does not imply a certain level or skill or training.
The information on this website is for informational or educational purposes. The information is not intended as investment advice and is not a recommendation about managing or investing assets. In providing these materials, PGIM is not acting as your fiduciary.
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.
Real estate poses certain risks related to overall and specific economic conditions as well as risks related to individual property, credit, and interest rate fluctuations. Real estate investment trusts (REITs) may not be suitable for all investors. There is no guarantee a REIT will pay distributions given the inherent risks associated with the market. A REIT may fail to qualify as a REIT as defined in the tax code, which could affect operations and negatively impact the ability to make distributions. There is no guarantee a REIT’s investment objectives will be achieved. Asset allocation and diversification do not assure a profit or protect against loss in declining markets. Non-diversified investments may result in a loss a particular security or sector which will have a greater impact overall investor returns.
ESG methodology may result in an investment forgoing opportunities to make certain investments when it might otherwise be advantageous to do so, or sell investments based on its ESG methodology criteria when it might be otherwise disadvantageous for it to do so. In evaluating an issuer, a subadviser is dependent upon information and data, including from third party data providers, that may be incomplete, inaccurate, or unavailable, or that may present conflicting information and data with respect to an issuer, which in each case could cause a subadviser to incorrectly assess and issuer’s business practices with respect to ESG. Issuers that are assigned a higher ESG Impact Rating by a subadviser may underperform similar issuers that have a lower ESG Impact Rating and/or may underperform the market as a whole. As a result, an investment may underperform investments that do not screen or score companies based on ESG factors or investments that use a different ESG methodology. ESG Impact Ratings are inherently subjective and a subadviser’s assessment of an issuer, based on the issuer’s level of involvement in a particular industry or the issuer’s ESG Impact Rating may differ from that of other investments or investors.
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1056817-00002-00 Expiry: 30/11/2022