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PGRQX PGIM Global Real Estate R6

  • Fund
  • PGRQX
  • Price as of: Oct 16, 2018
  • $23.25
  • + $0.40
  • + 1.75%
  • Category
  • Global Real Estate

PGRQX - Profile

Vitals

  • YTD Return -4.0%
  • 3 Yr Annualized Return 5.7%
  • 5 Yr Annualized Return 5.5%
  • Net Assets $2.2 B
  • Holdings in Top 10 28.2%

52 WEEK LOW AND HIGH

$23.25
$22.11
$25.29

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.80%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 66.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$5,000,000

IRA

N/A

Investment Themes

CATEGORY

Global Real Estate
  • Fund Type Open End Mutual Fund
  • Investment Style Global Real Estate

Distributions

  • YTD Total Return -4.0%
  • 3 Yr Annualized Total Return 5.7%
  • 5 Yr Annualized Total Return 5.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.81%
DIVIDENDS
  • Dividend Yield 0.8%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name PGIM Global Real Estate Fund
  • Fund Family Name PGIM Funds (Prudential)
  • Inception Date Aug 23, 2013
  • Shares Outstanding N/A
  • Share Class Other
  • Currency USD
  • Domiciled Country United States
  • Manager Rick J. Romano

Fund Description

The fund normally invests at least 80% of its investable assets (net assets plus any borrowings made for investment purposes) in the equity-related securities of real estate companies, principally real estate investment trusts (REITs), and other real estate securities. Equity-related securities may also include common stock, convertible securities, nonconvertible preferred stock, American Depositary Receipts (ADRs), warrants and other rights that can be exercised to obtain stock, investments in various types of business ventures and similar securities. It is non-diversified.

PGRQX - Performance

Return Ranking - Trailing

Period PGRQX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -4.0% -34.4% 25.7% 29.51% 2
1 Yr 5.0% -38.5% 15.7% 28.42% 2
3 Yr 5.7% * -1.6% 10.4% 42.61% 3
5 Yr 5.5% * 0.4% 9.7% 36.57% 2
10 Yr 6.6% * -1.2% 8.5% 16.67% 1

* Annualized


Return Ranking - Calendar

Period PGRQX Return Category Return Low Category Return High Rank in Category (%) Quintile
2017 6.2% -19.8% 30.7% 57.38% 4
2016 -3.6% -51.8% 42.6% 48.54% 3
2015 -3.2% -44.3% 12.6% 32.75% 2
2014 11.1% -17.6% 19.4% 30.18% 2
2013 N/A -9.5% 43.2% N/A N/A

Total Return Ranking - Trailing

Period PGRQX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -4.0% -34.4% 25.7% 29.67% 2
1 Yr 5.0% -37.1% 19.3% 21.86% 2
3 Yr 5.7% * -2.0% 10.4% 36.36% 2
5 Yr 5.5% * -0.8% 9.7% 31.43% 2
10 Yr 6.6% * -1.2% 8.5% 15.83% 1

* Annualized


Total Return Ranking - Calendar

Period PGRQX Return Category Return Low Category Return High Rank in Category (%) Quintile
2017 6.2% -19.8% 30.7% 57.69% 4
2016 -1.8% -29.6% 46.1% 57.65% 4
2015 0.4% -6.7% 61.9% 28.82% 2
2014 16.1% -16.6% 24.6% 30.36% 2
2013 N/A -5.1% 84.5% N/A N/A

NAV & Total Return History

PGRQX - Holdings

Filings data as of: Sep 30, 2018

Concentration Analysis

PGRQX Category Low Category High PGRQX % Rank Quintile
Net Assets 2.2 B 1.21 M 7.65 B 3.26% 1
Number of Holdings 102 25 645 11.41% 2
Net Assets in Top 10 619 M 443 K 5.4 B 3.80% 1
Weighting of Top 10 28.2% 17.1% 69.4% 22.83% 4

Top 10 Holdings

  1. Simon Property Group Inc 2.45%
  2. Sun Hung Kai Properties Ltd 2.50%
  3. Unibail-Rodamco-Westfield 2.35%
  4. AvalonBay Communities Inc 3.81%
  5. Vonovia SE 2.35%
  6. Welltower Inc 3.68%
  7. UDR Inc 2.23%
  8. Prologis Inc 4.36%
  9. Equity Lifestyle Properties Inc 2.23%
  10. Mitsui Fudosan Co Ltd 2.29%

Asset Allocation

Weighting Category Low Category High PGRQX % Rank Quintile
Stocks
98.04% 56.87% 103.67% 13.59% 3
Other
1.95% 0.00% 8.70% 8.70% 2
Preferred Stocks
0.00% 0.00% 11.32% 2.72% 2
Convertible Bonds
0.00% 0.00% 0.68% 1.09% 2
Cash
0.00% -4.49% 18.89% 29.35% 5
Bonds
0.00% 0.00% 19.38% 3.80% 2

Stock Sector Breakdown

Weighting Category Low Category High PGRQX % Rank Quintile
Real Estate
97.61% 51.63% 103.51% 4.89% 1
Consumer Cyclical
0.44% 0.00% 20.73% 22.28% 4
Utilities
0.00% 0.00% 1.23% 2.17% 2
Technology
0.00% 0.00% 9.21% 8.15% 3
Industrials
0.00% 0.00% 3.84% 9.78% 3
Healthcare
0.00% 0.00% 5.17% 9.24% 3
Financial Services
0.00% 0.00% 6.92% 6.52% 3
Energy
0.00% 0.00% 0.95% 1.63% 2
Communication Services
0.00% 0.00% 5.34% 13.04% 3
Consumer Defense
0.00% 0.00% 0.00% 0.54% 2
Basic Materials
0.00% 0.00% 2.58% 8.15% 3

Stock Geographic Breakdown

Weighting Category Low Category High PGRQX % Rank Quintile
US
52.74% 0.00% 98.73% 9.78% 2
Non US
45.30% 0.00% 98.01% 25.00% 4

PGRQX - Expenses

Operational Fees

PGRQX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.80% 0.12% 14.81% 61.96% 1
Management Fee 0.75% 0.09% 1.11% 10.33% 2
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee N/A 0.01% 0.26% N/A N/A

Sales Fees

PGRQX Fees (% of AUM) Category Low Category High PGRQX Rank Quintile
Front Load N/A 0.00% 5.75% N/A N/A
Deferred Load N/A 1.00% 5.00% N/A N/A

Trading Fees

PGRQX Fees (% of AUM) Category Low Category High PGRQX Rank Quintile
Max Redemption Fee N/A 0.25% 2.00% N/A N/A

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PGRQX Fees (% of AUM) Category Low Category High PGRQX Rank Quintile
Turnover 66.00% 1.00% 289.00% 16.30% 3

PGRQX - Distributions

Dividend Yield Analysis

PGRQX Category Low Category High PGRQX % Rank Quintile
Dividend Yield 0.8% 0.02% 2.00% 9.88% 1

Dividend Distribution Analysis

PGRQX Category Low Category High Category Mode
Dividend Distribution Frequency Quarterly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

PGRQX Category Low Category High PGRQX % Rank Quintile
Net Income Ratio 1.81% -0.05% 5.25% 32.61% 3

Capital Gain Distribution Analysis

PGRQX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Daily Annually

PGRQX - Managers

Rick J. Romano

Manager

Start Date

Jan 31, 2007

Tenure

11.67

Tenure Rank

4.7%

Rick J. Romano, CFA, is a Managing Director and Portfolio Manager for PGIM Real Estate. He is responsible for management of the group's North American public securities investments. Mr. Romano joined Prudential in 1998 from Rockefeller & Co., an investment management firm for the Rockefeller family and other high net worth clients. At Rockefeller & Co., Mr. Romano was an Equity Analyst for three investment partnerships. He was responsible for covering real estate and leisure stocks globally and served as a generalist covering domestic equity securities. Prior to joining Rockefeller & Co., Mr. Romano was a Senior Investment Analyst at the Prudential Realty Group where he worked on the valuation, asset management and portfolio management. Mr. Romano has served on the board of several private real estate companies. He is also a member of the CFA Institute (CFA), the New York Society of Security Analysts (NYSSA) and NAREIT. Mr. Romano received a BA from Rutgers College and a MBA in Finance from New York University's Stern School of Business. In addition, he is a CFA charter holder.


Michael Gallagher

Manager

Start Date

Jun 10, 2013

Tenure

5.31

Tenure Rank

15.6%

Michael Gallagher is a Executive Director for Prudential Real Estate Investors based in London. He is the Portfolio Manager for the European real estate securities. Prior to joining Prudential, Mr. Gallagher was the Assistant Fund Manager for Global Real Estate Securities at Aviva Investors (London) where he was responsible for portfolio construction and stock selection of European real estate securities. Prior to Aviva, Mr. Gallagher was a Vice President of Citigroup (London) where he covered diversified financials and the real estate sector. At Citigroup, Mr. Gallagher was responsible for modeling and research for companies under his coverage. Mr. Gallagher came to Citigroup from Deutsche Bank (London /Frankfurt) where he was a pan European equity analyst covering bank stocks and diversified German companies. Mr. Gallagher holds a BA in Economics from Harvard University, magna cum laude and was the recipient of the Harvard College Scholarship. Mr. Gallagher also holds a MA in International Political Economy from Cornell University where he was awarded the Mellon Foundation Scholarship. Mr. Gallagher speaks several languages including English (native), German, French, Italian and Portuguese.


Kwok Wing Cheong

Manager

Start Date

May 29, 2015

Tenure

3.34

Tenure Rank

17.6%

Kwok Wing Cheong, CFA, is an Executive Director and Portfolio Manager for PGIM Real Estate and is responsible for the management of the group's public securities investments in Asia. Prior to joining Prudential, Mr. Cheong was with HSBC Global Asset Management where he was responsible for their Singapore and Thailand dedicated country fund and was part of the team overseeing the HSBC Asia Ex-Japan mandate. Between 1991 and 2005, Mr. Cheong was an equity analyst at UBS Securities, Merrill Lynch and OUB Securities. He holds a Bachelor of Business (Accounting) from Curtin University (Australia), is a CFA charterholder and a Certified Practicing Accountant (CPA).


Daniel Cooney

Manager

Start Date

Jun 11, 2018

Tenure

0.3

Tenure Rank

22.1%

Daniel Cooney, CFA, is a Vice President and Portfolio Manager assisting in the investment management and operations of PGIM’s Global REIT securities portfolios focusing on US and Canadian public securities. His responsibilities include fundamental investment research, securities analysis and assisting in portfolio management. Mr. Cooney joined Prudential in 2013 from RREEF, where he worked as a securities analyst in the global securities team. Prior to RREEF, Mr. Cooney worked as a Senior Equity REIT analyst at Keefe, Bruyette & Woods (KBW) in New York. Mr. Cooney is a member of the CFA Institute (CFA) and the New York Society of Security Analysts (NYSSA). Mr. Cooney earned a bachelor's degree in economics from Trinity College and is a CFA charter holder.


Tenure Analysis

Category Low

0.0

Category High

22.1

Category Average

7.88

Category Mode

3.8