PGIM Global Real Estate Fund Class Z
PURZX
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- PGIM Global Real Estate Fund Class Z (PURZX) is an open-end mutual fund that seeks capital appreciation and income through investments primarily in equity-related securities of real estate companies worldwide, including principally real estate investment trusts (REITs), common stocks, convertible securities, nonconvertible preferred stocks, American Depositary Receipts (ADRs), warrants, and other rights exercisable for stock; the fund normally allocates at least 80% of its investable assets (net assets plus borrowings for investment purposes) to such securities, with current portfolio diversification across U.S. stocks (approximately 62%), non-U.S. stocks (approximately 36%), and minimal cash or other assets, emphasizing sectors like real estate (over 97%), diversified by property types such as healthcare, industrial/logistics, office, retail, and data centers through top holdings including Welltower Inc., Prologis Inc., Equinix Inc., Digital Realty Trust Inc., and Simon Property Group Inc.. Launched on May 5, 1998, and domiciled in the United States with total net assets exceeding $830 million for the Class Z shares (part of broader fund assets around $1.9 billion), the fund is managed by PGIM Investments, part of PGIM—a global asset manager headquartered in Newark, New Jersey, tracing roots to Prudential Financial founded in 1875—with a team led by Rick J. Romano (since 2007), Michael Gallagher (since 2013), Daniel Cooney (since 2018), and Alvin Chan (since 2020); it features a net expense ratio of 0.97%, daily pricing, no minimum initial investment, and quarterly dividends yielding around 2.6%.. The fund targets institutional and individual investors seeking global real estate exposure for portfolio diversification, benchmarking against the FTSE EPRA/NAREIT Developed NR USD index, with geographic focus on the United States, Japan, Australasia, developed Asia, and the Eurozone.. In recent developments, PGIM Real Estate—the affiliated arm overseeing the fund's strategy—closed $346.9 million in property acquisitions across Minnesota, New Jersey, and Washington in June 2025, reached a $2 billion final close for its Global Data Center Fund in April 2025 targeting hyperscale data centers in North America, Asia Pacific, and Europe, and launched a strategic partnership with Lincoln Property Company in December 2025 to scale medical office investments with initial acquisitions totaling 193,000 square feet; additionally, Barron’s ranked PGIM Investments #4 among best fund families for the one-year period ended December 31, 2024, based on asset-weighted returns..