Global Core/Global Aggregate Plus

Actively managed strategy that seeks an excess return over the Barclays Capital Global Aggregate Bond Index or similar benchmark. Global Core Strategy actively emphasises U.S. and European corporate bonds, seeking to generate a majority of excess return from sector allocation as well as individual security selection and industry rotation within the global corporate sector. Allocates to both benchmark and non-benchmark sectors. Global Aggregate Plus Strategy seeks to maximise excess return opportunities from a diversified set of sustainable sources—sector allocation, subsector and security selection, duration/curve and country selection, and currency management. Strategy seeks to generate approximately half of its excess return from sector allocation and one-third from subsector/security selection.

Objective and Approach

Diversified portfolio of U.S. and non-U.S. issuers

Investment grade issuers denominated in U.S. dollar and non-U.S. currencies
Below investment grade high yield and emerging markets issuers

Seeks to maximise excess return opportunities from diversified sources

Duration/curve and country selection
Currency management
Sector allocation
Subsector and security selection

Why PGIM Fixed Income?

Resources and Presence to Source Best Ideas Globally

Deep and broad global teams combine top-down and bottom-up alpha generation
Teams aligned globally to allow for appropriate evaluation and implementation of new ideas
[an error occurred while processing this directive] career fundamental analysts covering three time zones with senior analysts averaging [an error occurred while processing this directive] years investment experience

Broadly Diversified Portfolios With Multiple Sources of Return

Global top-down interest rate and currency processes can enhance opportunity set
Seek to extract multiple sources of alpha through active spread sector allocation and bottom-up security selection

Emphasis on Quantitative Research and Active Risk Management

A quantitative modeling and risk management infrastructure and proprietary tools aim to aid in alpha generation
Feedback and monitoring of active risk positions daily
[an error occurred while processing this directive] member team focused on proprietary quantitative analytics, risk management, and performance attribution

As of [an error occurred while processing this directive]. ¹The European Bank Loan Team members are employees of an indirect subsidiary of PGIM, Inc., who have been seconded to PGIM Limited, a UK subsidiary that is authorised and regulated by the Financial Conduct Authority.

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Senior Portfolio Managers average [an error occurred while processing this directive] years experience
Experienced team averages [an error occurred while processing this directive] years with Firm and [an error occurred while processing this directive] years investment experience¹

FOR INSTITUTIONAL / WHOLESALE OR PROFESSIONAL CLIENT USE ONLY - NOT FOR RETAIL DISTRIBUTION

Past performance is not a guarantee or a reliable indicator of future results. Any discussion of risk management is intended to describe PGIM Fixed Income's efforts to monitor and manage risk but does not imply low risk. All investing involves risk, including the risk of loss. Fixed income securities are subject to certain risks, including credit, interest rate, issuer, market and inflation risk. Foreign and emerging market securities are subject to currency, political, economic, and market risks, which may be enhanced in emerging market countries. High yield securities are lower rated securities that may have a higher degree of credit and liquidity risk. Mortgage and asset-backed securities are sensitive to early prepayment risk, a higher risk of default and may be hard to value and difficult to sell. U.S. Government securities may not be backed by the full faith and credit of the U.S., thus, these issuers may not be able to meet their future payment obligations. With sovereign debt securities, the issuer or governmental authority that controls the repayment of the debt may not be willing or able to repay the principal and/or pay the interest when it becomes due, in accordance with the terms of such obligations. Collateralised mortgage obligations may have unpredictable cash flows that can increase the risk of loss. Public bank loans are subject to liquidity risk and the credit risks of lower rated securities. The use of derivative instruments may disproportionately increase losses and have a significant impact on performance. They also may be subject to counterparty, liquidity, valuation, correlation and market risks.

There is no guarantee that any investment strategy will achieve its objective under all market conditions or be suitable for all investors. Each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market.

The views and opinions expressed herein are those of PGIM Fixed Income and are subject to change without notice. This material has been provided for informational purposes only and should not be construed as investment advice or as a recommendation to buy or sell any security or participate in any strategy.