PGIM Jennison Global Opportunities Fund

Investor Summary

The PGIM Jennison Global Opportunities Fund is managed by Jennison Associates, an autonomous unit within PGIM specializing in fundamental equity management with $194 billion in assets under management as of April 2024. The fund was launched on March 14, 2012, and operates multiple share classes including Class A (PRJAX), Class C (PRJCX), Class R6 (PRJQX), and Class Z (PRJZX) with varying fee structures. PGIM, Inc. serves as the investment adviser, headquartered at 655 Broad Street, Newark, NJ 07102, and manages approximately $1.5 trillion in assets globally as of September 30, 2025. The fund has received industry recognition including Barron's #4 ranking among fund families for 2024 and a Morningstar Bronze Medal rating. Assets under management vary across sources and share classes, with figures ranging from $1.28 billion to $6.57 billion depending on the specific share class and jurisdiction. The fund demonstrates strong performance with a 10-year annualized return of 13.7% and 23.6% return for 2024. Portfolio characteristics include 42 securities with top 10 holdings comprising 54.6% of assets, significant technology sector concentration at 45%, and high portfolio turnover of 122%.

Fund Strategy

The fund employs an unconstrained global investment approach, seeking long-term growth of capital by investing globally without regional or benchmark restraints. The strategy emphasizes broad global diversification and targets future market leaders worldwide with sustainable competitive advantages and strong alpha potential. The investment process features a deliberate high-growth, high-conviction secular growth-focused approach that identifies companies in the early stages of acceleration in their growth with durable growth franchises. The fund invests primarily in equity and equity-related securities of companies located around the world without limitations on foreign securities exposure. The approach allows managers to seek the best equity opportunities worldwide without being constrained by regional allocations or benchmark requirements. Risk management focuses on currency fluctuations, emerging market volatility, and growth style investing considerations. The fund maintains sector concentration in technology and growth companies while pursuing geographic diversification across developed and emerging markets. ESG factors are incorporated into the investment process, with the UCITS version maintaining carbon intensity at least 50% lower than the MSCI ACWI benchmark.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
12.11%	-11.7%	-11.71%

Executive Summary

The PGIM Jennison Global Opportunities Fund returned -11.7% in Q1 2026, underperforming the MSCI ACWI Index amid a challenging environment for growth equities. Geopolitical uncertainty and escalating conflict with Iran drove oil price spikes, while markets rotated toward lower-valuation, defensive areas. The team used the drawdown as an opportunity to refine positioning toward areas with physical capacity constraints rather than end-market uncertainty. Technology remains the largest exposure, but the fund increased AI infrastructure and semiconductor exposure through new positions in ASML, Lam Research, Broadcom, and Palantir, while reducing software exposure due to AI disruption concerns. Capital was reallocated toward Industrials, adding Siemens Energy, Bloom Energy, and GE Vernova to capture power demand tailwinds. The team also initiated aerospace positions in GE Aerospace and Carpenter Technology. Despite near-term headwinds, Jennison believes fundamentals remain strong and the fund is trading at a significant discount to long-term growth, positioning well for when earnings-driven leadership returns.

Forward Outlook

Despite a difficult backdrop, fundamentals remain strong, with solid revenue and earnings growth, margin expansion, and durable competitive advantages. Recent share price declines reflect short-term sentiment rather than structural issues, leaving the Fund trading at a significant discount to its long-term growth. Near-term performance may remain influenced by macro conditions, but over time, Jennison expects earnings and fundamentals to reassert themselves, particularly in AI-driven and other structurally advantaged areas.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Mar 31 2026	2026 Q1	ASML, AVGO, COST, GEV, GOOGL, HOOD, LRCX, MSFT, PLTR, SHOP.TO, TSM	aerospace, AI, energy, global, growth, semiconductors, technology	-	Jennison used Q1 2026's -11.7% drawdown to rotate from software into AI infrastructure, semiconductors, and power demand themes. The fund now focuses on areas with physical capacity constraints rather than end-market uncertainty, adding ASML, Broadcom, Palantir, and industrial names like Siemens Energy. Management sees compelling valuations after the rotation away from growth.
Jan 30 2026	2025 Q4	AAPL, AMD, AMZN, APP, CRWD, GEV, GOOGL, ITX.MC, MSFT, NET, NFLX, NTDOY, NVDA, ORCL, RMS.PA, SE, SHOP, TSM	AI, consumer, Data centers, global, growth, semiconductors, technology	GEV	Jennison's Global Opportunities Fund underperformed in Q4 due to Technology sector weakness, particularly Oracle and AppLovin, though Alphabet benefited from GenAI momentum. The team added AMD and Cloudflare while maintaining conviction in the massive AI paradigm shift. Despite volatile performance, compressed valuations and focus on quality businesses with strong fundamentals position the fund favorably for growth opportunities ahead.
Nov 5 2025	2025 Q3	1810.HK, AAPL, APPL, FICO, GALDF, GOOGL, HOOD, IOT, LLY, MELI, META, MSFT, NFLX, NOW, NTDOY, NVDA, ORCL, SHOP, SPOT, TSM, VRTX	AI, Cloud, E-Commerce, gaming, global, growth, large cap, technology	-	PGIM Jennison Global Opportunities Fund focuses on high-quality companies benefiting from AI momentum. Strong Technology performance led by AppLovin, NVIDIA, and Shopify, with strategic additions of Oracle and Nintendo. Despite Q3 underperformance versus benchmark, the fund remains positioned for above-average growth by capitalizing on GenAI opportunities and maintaining focus on companies with durable competitive advantages.
Jul 31 2025	2025 Q2	1211.HK, 1810.HK, AAPL, CEG, CRWD, GALDA.SW, LLY, MELI, META, MSFT, NFLX, NVDA, NVO, OR.PA, ORLY, PWR, RMS.PA, SPOT, TOST, VRTX	AI, consumer, global, growth, technology	-	PGIM Jennison Global Opportunities Fund returned 17.2% in Q2 2025, driven by AI-related technology rebounds and streaming strength. The team increased tech exposure meaningfully, transitioning from AI infrastructure to GenAI deployment companies. Strong performance from Netflix, NVIDIA, and CrowdStrike offset Consumer Discretionary weakness from China and tariff concerns.
Mar 31 2025	2025 Q1	1211.HK, 1810.HK, AAPL, AMZN, APP, IOT, ISRG, MELI, META, MSFT, NFLX, NOW, NVDA, RDDT, SE, SHOP, SPOT, VRTX	AI, consumer discretionary, E-Commerce, global, growth, healthcare, Luxury, technology	-	PGIM Jennison Global Opportunities Fund suffered an -11.1% decline in Q1 2025, underperforming by nearly 10% due to AI datacenter spending concerns and trade tariff escalation. The team reduced technology exposure while adding healthcare positions, maintaining conviction in global consumer brands, transformational technology, and healthcare innovation as long-term outperformers despite current volatility.
Sep 30 2024	2024 Q3	AAPL, AMAT, AMZN, ASML, CDNS, CRWD, DIS, FICO, HUBSF, KYCCF, LLY, MELI, META, MSFT, NFLX, NVDA, NVO, PANW, RACE, RMS.PA	AI, consumer, global, growth, healthcare, technology	-	PGIM Jennison's global growth strategy delivered mixed Q3 results, with AI beneficiaries like Apple offsetting headwinds in semiconductors and healthcare. The fund added consumer discretionary exposure while pruning technology holdings after CrowdStrike's outage. Managers remain optimistic on above-average growth companies as economic activity moderates, focusing on fundamentals over geopolitical noise.
Jul 31 2024	2024 Q2	AAPL, AMD, AMZN, ATCO-A.ST, AVGO, DIS, ETN, FIS, HD, LILLY, MC.PA, MDB, META, MONC.MI, MSFT, NVDA, NVO, PANW, RACE, RMS.PA	AI, global, growth, healthcare, Luxury, technology	-	PGIM Jennison Global Opportunities Fund outperformed with 6.4% returns in Q2 2024, driven by AI momentum in technology holdings like NVIDIA and Apple, plus strong GLP-1 drug performance from Eli Lilly and Novo Nordisk. Luxury names faced headwinds. The fund made selective changes, adding Fair Isaac and industrial names while trimming technology positions. Management remains optimistic despite macro challenges.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Mar 31 2026

2026 Q1

ASML, AVGO, COST, GEV, GOOGL, HOOD, LRCX, MSFT, PLTR, SHOP.TO, TSM

aerospace, AI, energy, global, growth, semiconductors, technology

Jennison used Q1 2026's -11.7% drawdown to rotate from software into AI infrastructure, semiconductors, and power demand themes. The fund now focuses on areas with physical capacity constraints rather than end-market uncertainty, adding ASML, Broadcom, Palantir, and industrial names like Siemens Energy. Management sees compelling valuations after the rotation away from growth.

Jan 30 2026

2025 Q4

AAPL, AMD, AMZN, APP, CRWD, GEV, GOOGL, ITX.MC, MSFT, NET, NFLX, NTDOY, NVDA, ORCL, RMS.PA, SE, SHOP, TSM

AI, consumer, Data centers, global, growth, semiconductors, technology

GEV

Jennison's Global Opportunities Fund underperformed in Q4 due to Technology sector weakness, particularly Oracle and AppLovin, though Alphabet benefited from GenAI momentum. The team added AMD and Cloudflare while maintaining conviction in the massive AI paradigm shift. Despite volatile performance, compressed valuations and focus on quality businesses with strong fundamentals position the fund favorably for growth opportunities ahead.

Nov 5 2025

2025 Q3

1810.HK, AAPL, APPL, FICO, GALDF, GOOGL, HOOD, IOT, LLY, MELI, META, MSFT, NFLX, NOW, NTDOY, NVDA, ORCL, SHOP, SPOT, TSM, VRTX

AI, Cloud, E-Commerce, gaming, global, growth, large cap, technology

PGIM Jennison Global Opportunities Fund focuses on high-quality companies benefiting from AI momentum. Strong Technology performance led by AppLovin, NVIDIA, and Shopify, with strategic additions of Oracle and Nintendo. Despite Q3 underperformance versus benchmark, the fund remains positioned for above-average growth by capitalizing on GenAI opportunities and maintaining focus on companies with durable competitive advantages.

Jul 31 2025

2025 Q2

1211.HK, 1810.HK, AAPL, CEG, CRWD, GALDA.SW, LLY, MELI, META, MSFT, NFLX, NVDA, NVO, OR.PA, ORLY, PWR, RMS.PA, SPOT, TOST, VRTX

AI, consumer, global, growth, technology

PGIM Jennison Global Opportunities Fund returned 17.2% in Q2 2025, driven by AI-related technology rebounds and streaming strength. The team increased tech exposure meaningfully, transitioning from AI infrastructure to GenAI deployment companies. Strong performance from Netflix, NVIDIA, and CrowdStrike offset Consumer Discretionary weakness from China and tariff concerns.

Mar 31 2025

2025 Q1

1211.HK, 1810.HK, AAPL, AMZN, APP, IOT, ISRG, MELI, META, MSFT, NFLX, NOW, NVDA, RDDT, SE, SHOP, SPOT, VRTX

AI, consumer discretionary, E-Commerce, global, growth, healthcare, Luxury, technology

PGIM Jennison Global Opportunities Fund suffered an -11.1% decline in Q1 2025, underperforming by nearly 10% due to AI datacenter spending concerns and trade tariff escalation. The team reduced technology exposure while adding healthcare positions, maintaining conviction in global consumer brands, transformational technology, and healthcare innovation as long-term outperformers despite current volatility.

Sep 30 2024

2024 Q3

AAPL, AMAT, AMZN, ASML, CDNS, CRWD, DIS, FICO, HUBSF, KYCCF, LLY, MELI, META, MSFT, NFLX, NVDA, NVO, PANW, RACE, RMS.PA

AI, consumer, global, growth, healthcare, technology

PGIM Jennison's global growth strategy delivered mixed Q3 results, with AI beneficiaries like Apple offsetting headwinds in semiconductors and healthcare. The fund added consumer discretionary exposure while pruning technology holdings after CrowdStrike's outage. Managers remain optimistic on above-average growth companies as economic activity moderates, focusing on fundamentals over geopolitical noise.

Jul 31 2024

2024 Q2

AAPL, AMD, AMZN, ATCO-A.ST, AVGO, DIS, ETN, FIS, HD, LILLY, MC.PA, MDB, META, MONC.MI, MSFT, NVDA, NVO, PANW, RACE, RMS.PA

AI, global, growth, healthcare, Luxury, technology

PGIM Jennison Global Opportunities Fund outperformed with 6.4% returns in Q2 2024, driven by AI momentum in technology holdings like NVIDIA and Apple, plus strong GLP-1 drug performance from Eli Lilly and Novo Nordisk. Luxury names faced headwinds. The fund made selective changes, adding Fair Isaac and industrial names while trimming technology positions. Management remains optimistic despite macro challenges.

QUARTER	THEMES	TAGS
2026 Q1	AI AI infrastructure demand remains robust with Taiwan Semiconductor reporting strong margins and demand exceeding supply. The team expanded AI infrastructure exposure through new positions in CoreWeave and Nebius, providing access to rapidly expanding demand for AI compute where utilization remains high and supply constrained. However, new product launches from Anthropic heightened fears of software industry disruption.	Infrastructure Compute Software Disruption Demand
	Semiconductors The team increased exposure to the AI infrastructure and semiconductor ecosystem, seeing the most attractive mix of strong demand visibility, tight supply, and sustained pricing power. Added ASML as the leader in EUV lithography and a critical bottleneck in advanced semiconductor manufacturing, and Lam Research positioned to benefit from memory-related capital expenditure driven by ongoing supply shortages.	Equipment Memory Manufacturing Supply Pricing
	Energy Transition Power demand is an underappreciated constraint in the AI ecosystem and as data center buildout accelerates, power demand is increasing. The team added new positions in Siemens Energy, Bloom Energy, and increased weight in GE Vernova to express conviction in strong structural tailwinds from power demand.	Power Infrastructure Demand Structural Tailwinds
	Aerospace The team sees structural tailwinds in aerospace and initiated positions in GE Aerospace and Carpenter Technology. Carpenter Technology should benefit from rising demand for high-performance materials in the aerospace sector.	Commercial Materials Demand Structural Performance
2025 Q4	Dividends The fund follows a Dogs of the Dow strategy, investing approximately 50% of assets in the 10 highest dividend-yielding Dow Jones Industrial Average stocks. The strategy systematically targets dividend yield as the primary selection criterion for equity investments.	Dividend Yield DJIA Income Dogs of Dow
2025 Q3	AI The fund continues to benefit from AI momentum, with NVIDIA posting strong gains from surging global demand for AI chips and major spending announcements from cloud and tech giants. Oracle was added as a new position to benefit from its accelerating cloud service business targeted at AI workloads, with a recently announced deal with OpenAI expected to drive meaningful revenue growth.	AI Cloud Data Centers Semiconductors Enterprise Software
	E-commerce Shopify benefited from increased merchant adoption of its payment and AI-powered solutions, ongoing global expansion, and sustained demand for e-commerce value-added services. The company is partnering with ChatGPT to enable e-commerce on this fast-growing platform. MercadoLibre shares declined due to growing concerns over margin pressure from stepped-up investment spending to fuel growth initiatives.	E-commerce Payments Marketplaces Digital Commerce
	Gaming AppLovin posted robust advertising revenues and strength in gaming, while AI momentum and its e-commerce initiative look increasingly attractive. Nintendo was added as a new position, with the successful launch of Switch 2 expected to lead to accelerating growth while its unique hardware-software synergy should amplify its intellectual property value.	Gaming Advertising Entertainment Hardware
	Semiconductors Taiwan Semiconductor delivered impressive profitability and raised full-year revenue growth guidance, as AI demand remains very strong and Taiwan Semiconductor is the primary manufacturer of leading semiconductors used in data centers. The semiconductor sector continues to benefit from AI infrastructure buildout.	Semiconductors Foundries AI Data Centers
2025 Q2	AI The team transitioned technology exposure from AI infrastructure focus to companies benefiting from GenAI, including software, cloud services, and Edge AI applications in smartphones, autonomous driving, and electric vehicles. Strong demand for generative AI-related products and services drove returns, with companies like NVIDIA benefiting from surging demand for AI chips and new infrastructure partnerships.	GenAI Infrastructure Software Cloud Edge
	Streaming Netflix continued to distance itself from competitors in owned and licensed content, driving subscription growth both domestically and underpenetrated international markets. The company reported strong quarterly results with margins reaching record levels even before high-margin advertising revenue ramps up, demonstrating business model strength.	Content Subscriptions Advertising International Margins
	Cloud Microsoft enjoyed strong momentum in artificial intelligence and robust growth in its cloud computing business, reinforcing the company's leadership position in the sector. Cloud services represent a key beneficiary of the GenAI transition alongside software applications.	Computing Leadership Growth Services Infrastructure
	Cybersecurity CrowdStrike led sector gains driven by robust demand for its cloud-native security platform and accelerating adoption of its Flex licensing model. Strong execution and clear evidence of sustained market share gains were well received by investors.	Platform Licensing Market Share Security Cloud
	E-commerce MercadoLibre helped offset Consumer Discretionary weakness as results exceeded expectations with strong growth across commerce and fintech, particularly in Argentina. The stock has been a leader for Jennison throughout the year, demonstrating resilience in Latin American markets.	Commerce FinTech Argentina Growth Latin America
2025 Q1	AI AI accelerated computing segment underperformed, particularly semiconductor-related holdings led by Astera Labs. Concerns over potential excess capital spending on AI datacenters due to development of efficient reasoning models like DeepSeek led to major shift in investor sentiment away from companies correlated to AI computing infrastructure. AI Hypercalers were neutral to performance during the quarter.	Data Centers Semiconductors Cloud Computing
	Electric Vehicles BYD was added back to the Fund as the team believes it is well-positioned to capture the largest NEV mass-market demand while building up premium brands. Not owning Tesla combined with strength of BYD contributed to relative performance. Xiaomi's automotive segment (EV) should continue to grow at an impressive rate.	Autos Battery Supply Chain China
	Luxury Luxury being a net positive, driven by Hermes performance. Richemont was re-entered for its strong brand desirability (Cartier and Van Cleef), which are accelerating in growth. Consumer discretionary as a sector added value with luxury being a net positive contributor.	Consumer Discretionary Europe Brands
	E-commerce Nice bounce-back in the e-commerce and fintech giant in Latin America, MercadoLibre. Sea Limited's e-commerce business Shopee is solidifying its market position across regions and gaining share. Shopify was added for its product breadth, ease of use and scale that should drive industry-leading growth.	Consumer Discretionary FinTech Latin America Asia-Pacific
	Biotechnology Health Care's weight increased significantly. Vertex Pharmaceuticals was initiated for the strength of its cystic fibrosis franchise and new non-opioid pain management offerings. UCB develops products for neurology and immunology diseases with strong launch of Bimzelx in psoriasis. Intuitive Surgical was added for durable growth potential as its robotic surgery portfolio expands.	Pharmaceuticals Medical Devices Rare Diseases
2024 Q3	AI Apple's pace of execution in the Artificial Intelligence field and optimism about what they may introduce are major factors supporting the company's share price gains. The fund continues to focus on companies positioned to benefit from AI developments.	Artificial Intelligence Technology Innovation Growth Execution
	E-commerce MercadoLibre benefited from margin expansion and strong execution in Latin American e-commerce markets. Zomato operates in one of India's fastest growing food delivery markets with strong growth potential in an underpenetrated market.	Digital Commerce Marketplaces Latin America India Growth
	GLP1 Novo Nordisk drove underperformance in Health Care despite prescriptions for Wegovy hitting new highs in the quarter. Supply issues and concerns around potential competition in the weight loss drug market weighed on shares.	Weight Loss Pharmaceuticals Supply Chain Competition Healthcare
2024 Q2	AI The fund benefits from artificial intelligence momentum across multiple holdings. NVIDIA continues to surpass expectations with strong results fueled by data center growth. Apple's share price increased significantly as the company's pace of execution in the AI field and optimism about what they may introduce are additional factors supporting the company's share price gains.	Data Centers Semiconductors Technology Growth Innovation
	GLP1 Strong performance driven by GLP-1 medications for diabetes and obesity. Eli Lilly's momentum remains strong driven by prescriptions for Mounjaro and the recent launch of Zepbound for obesity. Novo Nordisk continued to outperform as prescriptions for Wegovy hit new highs, with growth being driven by production optimization and reprioritization.	Diabetes Obesity Pharmaceuticals Healthcare Innovation
	Luxury Several of the largest laggards were in Consumer Discretionary luxury names. LVMH declined on some concerns of a weaker spending environment, though the manager believes momentum can improve driven by stable Chinese spending, a recovery in the U.S., and easing comparisons. Hermes shares were down without a specific catalyst but performance has been strong year to date.	Consumer Discretionary China Spending Premium Brands

QUARTER

THEMES

AI

AI infrastructure demand remains robust with Taiwan Semiconductor reporting strong margins and demand exceeding supply. The team expanded AI infrastructure exposure through new positions in CoreWeave and Nebius, providing access to rapidly expanding demand for AI compute where utilization remains high and supply constrained. However, new product launches from Anthropic heightened fears of software industry disruption.

Infrastructure Compute Software Disruption Demand

Semiconductors

The team increased exposure to the AI infrastructure and semiconductor ecosystem, seeing the most attractive mix of strong demand visibility, tight supply, and sustained pricing power. Added ASML as the leader in EUV lithography and a critical bottleneck in advanced semiconductor manufacturing, and Lam Research positioned to benefit from memory-related capital expenditure driven by ongoing supply shortages.

Equipment Memory Manufacturing Supply Pricing

Energy Transition

Power demand is an underappreciated constraint in the AI ecosystem and as data center buildout accelerates, power demand is increasing. The team added new positions in Siemens Energy, Bloom Energy, and increased weight in GE Vernova to express conviction in strong structural tailwinds from power demand.

Power Infrastructure Demand Structural Tailwinds

Aerospace

The team sees structural tailwinds in aerospace and initiated positions in GE Aerospace and Carpenter Technology. Carpenter Technology should benefit from rising demand for high-performance materials in the aerospace sector.

Commercial Materials Demand Structural Performance

2025 Q4

Dividends

The fund follows a Dogs of the Dow strategy, investing approximately 50% of assets in the 10 highest dividend-yielding Dow Jones Industrial Average stocks. The strategy systematically targets dividend yield as the primary selection criterion for equity investments.

Dividend Yield DJIA Income Dogs of Dow

2025 Q3

AI

The fund continues to benefit from AI momentum, with NVIDIA posting strong gains from surging global demand for AI chips and major spending announcements from cloud and tech giants. Oracle was added as a new position to benefit from its accelerating cloud service business targeted at AI workloads, with a recently announced deal with OpenAI expected to drive meaningful revenue growth.

AI Cloud Data Centers Semiconductors Enterprise Software

E-commerce

Shopify benefited from increased merchant adoption of its payment and AI-powered solutions, ongoing global expansion, and sustained demand for e-commerce value-added services. The company is partnering with ChatGPT to enable e-commerce on this fast-growing platform. MercadoLibre shares declined due to growing concerns over margin pressure from stepped-up investment spending to fuel growth initiatives.

E-commerce Payments Marketplaces Digital Commerce

Gaming

AppLovin posted robust advertising revenues and strength in gaming, while AI momentum and its e-commerce initiative look increasingly attractive. Nintendo was added as a new position, with the successful launch of Switch 2 expected to lead to accelerating growth while its unique hardware-software synergy should amplify its intellectual property value.

Gaming Advertising Entertainment Hardware

Semiconductors

Taiwan Semiconductor delivered impressive profitability and raised full-year revenue growth guidance, as AI demand remains very strong and Taiwan Semiconductor is the primary manufacturer of leading semiconductors used in data centers. The semiconductor sector continues to benefit from AI infrastructure buildout.

Semiconductors Foundries AI Data Centers

2025 Q2

AI

The team transitioned technology exposure from AI infrastructure focus to companies benefiting from GenAI, including software, cloud services, and Edge AI applications in smartphones, autonomous driving, and electric vehicles. Strong demand for generative AI-related products and services drove returns, with companies like NVIDIA benefiting from surging demand for AI chips and new infrastructure partnerships.

GenAI Infrastructure Software Cloud Edge

Streaming

Netflix continued to distance itself from competitors in owned and licensed content, driving subscription growth both domestically and underpenetrated international markets. The company reported strong quarterly results with margins reaching record levels even before high-margin advertising revenue ramps up, demonstrating business model strength.

Content Subscriptions Advertising International Margins

Cloud

Microsoft enjoyed strong momentum in artificial intelligence and robust growth in its cloud computing business, reinforcing the company's leadership position in the sector. Cloud services represent a key beneficiary of the GenAI transition alongside software applications.

Computing Leadership Growth Services Infrastructure

Cybersecurity

CrowdStrike led sector gains driven by robust demand for its cloud-native security platform and accelerating adoption of its Flex licensing model. Strong execution and clear evidence of sustained market share gains were well received by investors.

Platform Licensing Market Share Security Cloud

E-commerce

MercadoLibre helped offset Consumer Discretionary weakness as results exceeded expectations with strong growth across commerce and fintech, particularly in Argentina. The stock has been a leader for Jennison throughout the year, demonstrating resilience in Latin American markets.

Commerce FinTech Argentina Growth Latin America

2025 Q1

AI

AI accelerated computing segment underperformed, particularly semiconductor-related holdings led by Astera Labs. Concerns over potential excess capital spending on AI datacenters due to development of efficient reasoning models like DeepSeek led to major shift in investor sentiment away from companies correlated to AI computing infrastructure. AI Hypercalers were neutral to performance during the quarter.

Data Centers Semiconductors Cloud Computing

Electric Vehicles

BYD was added back to the Fund as the team believes it is well-positioned to capture the largest NEV mass-market demand while building up premium brands. Not owning Tesla combined with strength of BYD contributed to relative performance. Xiaomi's automotive segment (EV) should continue to grow at an impressive rate.

Autos Battery Supply Chain China

Luxury

Luxury being a net positive, driven by Hermes performance. Richemont was re-entered for its strong brand desirability (Cartier and Van Cleef), which are accelerating in growth. Consumer discretionary as a sector added value with luxury being a net positive contributor.

Consumer Discretionary Europe Brands

E-commerce

Nice bounce-back in the e-commerce and fintech giant in Latin America, MercadoLibre. Sea Limited's e-commerce business Shopee is solidifying its market position across regions and gaining share. Shopify was added for its product breadth, ease of use and scale that should drive industry-leading growth.

Consumer Discretionary FinTech Latin America Asia-Pacific

Biotechnology

Health Care's weight increased significantly. Vertex Pharmaceuticals was initiated for the strength of its cystic fibrosis franchise and new non-opioid pain management offerings. UCB develops products for neurology and immunology diseases with strong launch of Bimzelx in psoriasis. Intuitive Surgical was added for durable growth potential as its robotic surgery portfolio expands.

Pharmaceuticals Medical Devices Rare Diseases

2024 Q3

AI

Apple's pace of execution in the Artificial Intelligence field and optimism about what they may introduce are major factors supporting the company's share price gains. The fund continues to focus on companies positioned to benefit from AI developments.

Artificial Intelligence Technology Innovation Growth Execution

E-commerce

MercadoLibre benefited from margin expansion and strong execution in Latin American e-commerce markets. Zomato operates in one of India's fastest growing food delivery markets with strong growth potential in an underpenetrated market.

Digital Commerce Marketplaces Latin America India Growth

GLP1

Novo Nordisk drove underperformance in Health Care despite prescriptions for Wegovy hitting new highs in the quarter. Supply issues and concerns around potential competition in the weight loss drug market weighed on shares.

Weight Loss Pharmaceuticals Supply Chain Competition Healthcare

2024 Q2

AI

The fund benefits from artificial intelligence momentum across multiple holdings. NVIDIA continues to surpass expectations with strong results fueled by data center growth. Apple's share price increased significantly as the company's pace of execution in the AI field and optimism about what they may introduce are additional factors supporting the company's share price gains.

Data Centers Semiconductors Technology Growth Innovation

GLP1

Strong performance driven by GLP-1 medications for diabetes and obesity. Eli Lilly's momentum remains strong driven by prescriptions for Mounjaro and the recent launch of Zepbound for obesity. Novo Nordisk continued to outperform as prescriptions for Wegovy hit new highs, with growth being driven by production optimization and reprioritization.

Diabetes Obesity Pharmaceuticals Healthcare Innovation

Luxury

Several of the largest laggards were in Consumer Discretionary luxury names. LVMH declined on some concerns of a weaker spending environment, though the manager believes momentum can improve driven by stable Chinese spending, a recovery in the U.S., and easing comparisons. Hermes shares were down without a specific catalyst but performance has been strong year to date.

Consumer Discretionary China Spending Premium Brands

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jan 30, 2026	Fund Letters	Mark Baribeau	GEV	GE Vernova Inc.	Industrials	Electrical Equipment	Bull	New York Stock Exchange	backlog, data centers, Electrification, energy, Power generation	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jan 30, 2026

Fund Letters

Mark Baribeau

GEV

GE Vernova Inc.

Industrials

Electrical Equipment

Bull

New York Stock Exchange

backlog, data centers, Electrification, energy, Power generation

TICKER	COMMENTARY
SHOP.TO	Several Fund leaders from last year, that were carefully selected to avoid this disruption, were hit hard including Shopify.
TSM	Taiwan Semiconductor continues to report strong margins and demand exceeding supply.
LRCX	Lam Research (a new position) benefited from memory-driven capital expenditure (capex) strength.
GEV	GE Vernova was another top performer, benefiting from rising global power demand and constrained capacity; the team added to the position.
COST	Costco rounded out the Fund's top contributors, boosted by solid results that included an acceleration in membership fee income, better trends in renewal rates, and continued increases in executive penetration.
HOOD	Robinhood underperformed as crypto key performance indicator's (KPIs) (both volumes & take rate) have weakened this year alongside a pullback in options & equity activity.
GOOGL	Alphabet's shares lost value amid concerns that elevated AI-related capital spending could pressure future profitability and free cash flow.
MSFT	Microsoft's shares declined amid concerns around Azure growth and elevated AI-related infrastructure spending. The team exited Microsoft.
ASML	This included adding ASML, the leader in EUV lithography and a critical bottleneck in advanced semiconductor manufacturing.
AVGO	Jennison also established new positions in Broadcom, reflecting its strong positioning in custom silicon and ASIC development for AI infrastructure.
PLTR	and in Palantir, which the team views as relatively agnostic to underlying AI models and well positioned to benefit from broader AI adoption.

TICKER

COMMENTARY

SHOP.TO

Several Fund leaders from last year, that were carefully selected to avoid this disruption, were hit hard including Shopify.

TSM

Taiwan Semiconductor continues to report strong margins and demand exceeding supply.

LRCX

Lam Research (a new position) benefited from memory-driven capital expenditure (capex) strength.

GEV

GE Vernova was another top performer, benefiting from rising global power demand and constrained capacity; the team added to the position.

COST

Costco rounded out the Fund's top contributors, boosted by solid results that included an acceleration in membership fee income, better trends in renewal rates, and continued increases in executive penetration.

HOOD

Robinhood underperformed as crypto key performance indicator's (KPIs) (both volumes & take rate) have weakened this year alongside a pullback in options & equity activity.

GOOGL

Alphabet's shares lost value amid concerns that elevated AI-related capital spending could pressure future profitability and free cash flow.

MSFT

Microsoft's shares declined amid concerns around Azure growth and elevated AI-related infrastructure spending. The team exited Microsoft.

ASML

This included adding ASML, the leader in EUV lithography and a critical bottleneck in advanced semiconductor manufacturing.

AVGO

Jennison also established new positions in Broadcom, reflecting its strong positioning in custom silicon and ASIC development for AI infrastructure.

PLTR

and in Palantir, which the team views as relatively agnostic to underlying AI models and well positioned to benefit from broader AI adoption.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Semiconductors

Energy Transition

Aerospace

Dividends

AI

E-commerce

Gaming

Semiconductors

AI

Streaming

Cloud

Cybersecurity

E-commerce

AI

Electric Vehicles

Luxury

E-commerce

Biotechnology

AI

E-commerce

GLP1

AI

GLP1

Luxury

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Mark Baribeau Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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PGIM Jennison Global Opportunities Fund