The Q3 2025 Scorecard: Unpacking the PGIM Jennison Blend Fund's Tumultuous — and Rather Revealing — Quarter

Ah, the third quarter of 2025. What a ride it was, wasn't it? For investors, and certainly for those of us watching the PGIM Jennison Blend Fund, Q3 felt like a particularly spirited game of 'two steps forward, one step back' across the broader market. And, honestly, you could almost sense the collective sigh of both relief and a touch of exasperation as September finally gave way to October. But, for once, let’s dig a little deeper than just the headlines, shall we?

The backdrop, of course, was anything but serene. We saw persistent, almost stubborn, inflation data refusing to neatly align with forecasts, which, naturally, kept the Federal Reserve’s rate hike chatter buzzing louder than many had anticipated. Geopolitical jitters, as ever, added their own layer of uncertainty, causing sectors to swing rather dramatically from week to week. Yet, amid this sometimes-frantic dance, certain themes emerged, shaping the performance of diversified portfolios like the Jennison Blend Fund in rather interesting ways.

So, how did our fund fare? Well, in truth, it was a quarter of nuanced victories and, yes, a few noticeable headwinds. The blend strategy, by its very design, aims to capture growth opportunities while maintaining a defensive posture through value-oriented holdings. And during Q3, this balancing act was truly put to the test. Growth sectors, particularly in advanced technology and innovative healthcare, continued their impressive, albeit sometimes dizzying, ascent. One might even say they carried the lion's share of the positive momentum, proving once again that disruption, when harnessed correctly, can be incredibly potent.

However, and this is where the 'blend' really earns its stripes, the value component wasn’t just sitting on the sidelines. We observed a surprising, if somewhat fleeting, resurgence in certain industrials and even some consumer staples as investors, perhaps wary of lofty tech valuations, sought refuge in more traditionally robust earnings. This push-and-pull created an intriguing dynamic, forcing a continuous reassessment of portfolio weights. Our team, it must be said, was meticulously active in adjusting exposures, leaning into proven winners while prudently trimming where valuations began to stretch a little thin. It's never about chasing; it’s about conviction, isn’t it?

Now, what about the specific drivers, you ask? On the upside, select positions in artificial intelligence infrastructure and renewable energy storage proved particularly resilient, delivering robust returns that significantly bolstered overall performance. These weren’t merely short-term bumps; rather, they reflected deeply held convictions in long-term structural trends. On the flip side, a few positions in legacy retail, still grappling with shifting consumer behaviors and an increasingly competitive e-commerce landscape, faced some pressure. And, frankly, the bond market’s continued volatility, driven by those ever-present inflation worries, did create a bit of a drag on fixed-income components within the broader multi-asset view.

Looking ahead, the road doesn’t exactly promise a smooth, flat stretch of highway. But then, when does it ever? The fourth quarter brings its own set of challenges and opportunities. We anticipate ongoing debates around monetary policy, continued innovation in technology, and — let's be real — more than a few geopolitical surprises. The PGIM Jennison Blend Fund remains committed to its core philosophy: a diligent, research-driven approach to identifying high-quality companies, regardless of whether they wear a 'growth' or 'value' label on any given day. Because, ultimately, it's about building a portfolio that can weather the storms, capture the sunshine, and, most importantly, deliver for our investors over the long haul. That, you could say, is the real blend.