PGIM Jennison Focused Growth Fund Q1 2025 Commentary

Summary

• Entering 2025, supportive macro conditions shifted to uncertainty as new tariffs and policy risks drove volatility and negative equity returns.
• The PGIM Jennison Focused Growth Fund underperformed its benchmark, with security selection in Information Technology and Health Care detracting most from results.
• Aggressive new U.S. tariffs and potential retaliatory measures are expected to slow economic growth, raise inflation, and pressure corporate margins.
• We remain focused on resilient growth opportunities, actively adjusting portfolio construction to navigate the evolving trade and macroeconomic landscape.

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MARKET REVIEW

• Entering 2025, markets had benefited from a prolonged macroeconomic period that was supportive of equities, and especially for growth stocks.
• Economic data signaled a healthy market climate, the Federal Reserve began a series of rate cuts as