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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
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As of Aug 11, 2026
The PGIM Jennison Global Opportunities Fund returned 26.9% in Q2 2026, significantly outperforming the MSCI ACWI Index's 14.9% return and erasing first quarter underperformance. The core thesis centers on capitalizing on the multi-year AI infrastructure buildout, with hyperscalers lifting 2026 capex guidance from $100 billion to over $700 billion. Return drivers included technology holdings across the AI value chain, particularly semiconductor equipment, memory, and AI infrastructure platforms, as well as industrials benefiting from power generation and aerospace demand. Lam Research, Bloom Energy, Taiwan Semiconductor, AMD, and Nebius were top contributors. The team increased exposure to memory, networking, semiconductor equipment, and power infrastructure while reducing consumer discretionary positions. Industrials exposure reached an all-time high. Key risks were not explicitly discussed. Positioning reflects growing conviction that structural growth will extend across a broader set of AI beneficiaries beyond advanced semiconductors. The Fund trades at a meaningful discount to long-term earnings growth expectations despite strong fundamental acceleration.
The Fund is positioned to capitalize on the multi-year AI infrastructure buildout and earnings acceleration across technology, industrials, and power infrastructure, with fundamentals improving faster than investors expected and the opportunity set expanding beyond semiconductors to memory, networking, power, and industrial applications.
Fundamentals remain exceptionally strong with revenue growth, earnings growth, and earnings revisions continuing to exceed expectations across many of the highest conviction holdings. The team continues to find attractive opportunities where long-duration growth, improving earnings expectations, and supportive industry dynamics create the potential for sustained earnings compounding. While AI remains an important driver of future growth, the opportunity set has expanded well beyond advanced semiconductors to include memory, networking, semiconductor equipment, power infrastructure, and AI-enabled industrial applications. The Fund continues trading at a meaningful discount to its long-term earnings growth expectations, and the combination of accelerating fundamentals, improving earnings expectations, supportive valuations, and an expanding opportunity set positions the Fund well for long-term returns.
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