PGIM Global Total Return Fund Q3 2025 Commentary
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PGIM Investments37 FollowersFollow5ShareSavePlay(26min)CommentsSummaryThe bull market for fixed income continued through Q3 2025.U.S. Treasury yields declined and the curve steepened as the Fed cut interest rates by 25 basis points at its September meeting.The Fund outperformed its benchmark, the Bloomberg Global Aggregate Bond Index, on a gross basis.While "muddle through" remains our base case, the key risk lies in an overheating U.S. economy fueled by a more dovish Fed.We remain overweight an array of credit sectors including both investment-grade and high yield corporates, high-quality structured products, and emerging markets. Sandwish/iStock via Getty Images Market Review The bull market for fixed income continued through Q3 2025. U.S. Treasury yields declined and the curve steepened over the quarter as the U.S. Federal Reserve (Fed) cut interest rates by 25 basis points ( This article was written byPGIM Investments37 FollowersFollowPGIM Investments, a subsidiary of PFI, is an investment adviser and the investment manager to all PGIM US open-end investment companies and manager or administrator to closed-end investment companies. Note: This account is not managed or monitored by PGIM Investments, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use PGIM Investments' official channels.