Fund Evaluator:
PGIM Real Assets Z (PUDZX)
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Best Performing in Moderate Allocation Over the Last Year
| 20.5% | PGIM Real Assets Z (PUDZX) |
| 19.0% | State Farm Balanced (STFBX) |
| 18.5% | Archer Balanced (ARCHX) |
| 17.9% | Fidelity Advisor® Balanced Z (FBAVX) |
| 17.8% | Fidelity Balanced (FBALX) |
Fund Details
PGIM Real Assets Z Overview
PGIM Real Assets Z (PUDZX) is an actively managed Allocation Moderate Allocation fund. PGIM launched the fund in 2010.
The investment seeks long-term real return. The fund invests primarily in real assets that may perform well in periods of high inflation. Real return is the rate of return after adjusting for inflation. It invests at least 80% of its investable assets in investments offering exposure to real assets. Real assets include interests in: commodities, real estate, utilities and infrastructure stocks, natural resource stocks, fixed income instruments; master limited partnerships (“MLPs”); gold-related securities and other defensive assets; derivatives on each of these interests; and other assets that have intrinsic value due to their physical properties.
About PGIM Real Assets Z (PUDZX)
There are 3 members of the management team with an average tenure of 10.24 years: Joel Kallman (2010), Rory Cummings (2015), Marco Aiolfi (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Bloomberg US Agg Bond TR USD index with a weighting of 100%. PGIM Real Assets Z has 10 securities in its portfolio. The top 10 holdings constitute 100.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
PGIM Real Assets Z is part of the Allocation global asset class and is within the Allocation fund group. PGIM Real Assets Z has 18.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 33.5%. There is 18.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 28.6% (28.6% domestic bond, 0.0% foreign bond and 0.0% convertible bond). PGIM Real Assets Z has 11.7% of the portfolio in cash.
Assets Under Management
The fund has $23 million in total assets, which is below the $2 billion average for the Moderate Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PUDZX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The PGIM Real Assets Z expense ratio is high compared to funds in the Moderate Allocation category. PGIM Real Assets Z has an expense ratio of 1.00%, which is 1% higher than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. PGIM Real Assets Z has a portfolio turnover rate of 41%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 52% for the Moderate Allocation category.
Recently, in the month of July 2026, PGIM Real Assets Z returned 2.1%, which earned it a grade of A, as the Moderate Allocation category had an average return of -0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
PGIM Real Assets Z has a trailing yield of 8.33%, which is above the 1.97% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
PGIM Real Assets Z Grades
Year to date, the fund has returned 12.5%, 6.1 percentage points better than the category, which translates into a grade of A. The fund has returned 20.5% over the past year (grade of A), 11.7% over the past three years (grade of C) and 7.7% per year over the past five years (grade of B) and 6.5% per year over the past 10 years (grade of F).
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PUDZX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PUDZX Return (NAV) | 2.1% | -2.3% | 20.5% | 11.7% | 7.7% | 6.5% |
| PUDZX Grade | A | F | A | C | B | F |
| +/- Category | 2.4% | -4.4% | 7.5% | -0.3% | 1.1% | -2.0% |
| Moderate Allocation Avg | -0.3% | 2.1% | 13.1% | 12.0% | 6.6% | 8.5% |
| PUDZX Tax Cost Ratio | na | na | 2.9% | 2.2% | 3.0% | 2.0% |
PUDZX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PUDZX Return (NAV) | 12.5% | 13.4% | 8.6% | 3.2% | -2.8% | 18.3% | 4.8% | 16.3% | -9.2% | 6.2% | 6.0% |
| PUDZX Grade | A | C | F | F | A | A | F | F | F | F | D |
| +/- Category | 6.1% | -0.0% | -3.6% | -11.1% | 11.1% | 4.0% | -8.1% | -3.5% | -4.1% | -7.6% | -1.7% |
| Moderate Allocation Avg | 6.4% | 13.4% | 12.2% | 14.3% | -14.0% | 14.4% | 12.9% | 19.8% | -5.1% | 13.8% | 7.7% |
| Risk Measures | |
| Standard Deviation: | 8.4% |
| Total Risk Index: | 0.69 - Below Average |
| Category Risk Index: | 0.91 - Low |
| Category Risk Grade: | A (17% Rank) |
| Beta: | 0.64 |
| R-Squared: | 51% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 8.3% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $40 Mil |
| Fund Total Assets: | $ 23 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 41% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 15.6 years | |||
| Average Tenure: 10.2 years | |||
| Managers (Year): Kallman Joel (2010), Cummings Rory (2015), Aiolfi Marco (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 10 |
| % in Top 10 Holdings: | 100.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 18.6% |
Portfolio Allocation |
|
| Domestic Stock: | 33.5% |
| Foreign Stock: | 18.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 28.6% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 7.6% |
| Cash: | 11.7% |
Purchase Information
| Fund Family: | PGIM |
| Phone Number: | 800-225-1852 |
| Website: | www.prudentialfunds.com |
| Status: | Open |
| Inception Date: | December 30, 2010 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.00% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | PGIM Real Assets Z |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
