PGIM QMA Small-Cap Value Fund-Class C (TRACX) is an open-end mutual fund managed by PGIM Quant Management Advisors, LLC (QMA), a subsidiary of PGIM, Inc., the global investment management business of Prudential Financial, Inc. The fund seeks total return through a combination of capital appreciation and income by investing primarily in equity securities of small-cap U.S. companies, defined as those with market capitalizations similar to the constituents of the Russell 2000 Value Index; it employs a quantitative, multi-factor investment approach focusing on value, momentum, quality, and low-volatility factors to construct a diversified portfolio of approximately 400-600 stocks, with sector weights constrained relative to the benchmark; the fund may also invest in other securities including derivatives for risk management and efficient portfolio management. Headquartered in Newark, New Jersey, QMA was established as part of Prudential's investment arms dating back to 1988, operating within the broader PGIM organization founded in 1875. The fund targets institutional and retail investors seeking exposure to small-cap value strategies, with geographic operations focused on U.S. domestic equities and no significant international allocations. In recent developments, PGIM announced strategic enhancements to its quantitative capabilities in 2024, including the integration of advanced machine learning models into small-cap strategies like TRACX to improve factor timing and alpha generation amid volatile markets; additionally, Prudential Financial completed the acquisition of a majority stake in a fintech analytics firm in early 2025 to bolster PGIM's data infrastructure supporting funds such as TRACX.