PGIM National Muni Fund Q4 2025 Commentary

PGIM Investments46 FollowersFollow5ShareSavePlay(8min)CommentsSummaryFor the quarter, the PGIM National Muni Fund Class Z returned 1.61% net of fees and outperformed the Bloomberg 1-15 Year Municipal Bond Index gross of fees.In Q4, total return performance for tax-exempt municipal bonds was positive, as issuance remained heavy and the Fed resumed its rate cutting policy with a 25-bp cut in both October and December.The Fund's curve flattener positioning contributed to performance as the 5s20s portion of the muni curve flattened.

Mohamad Faizal Bin Ramli/iStock via Getty Images Performance Recap For the quarter, the PGIM National Muni Fund Class Z returned 1.61% net of fees and outperformed the Bloomberg 1-15 Year Municipal Bond Index gross of fees.

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