PRUDENTIAL INVESTMENT PORTFOLIOS 3
PGIM Wadhwani Systematic Absolute Return Fund
(the "Fund")
Supplement dated May 9, 2024
to the Fund's Currently Effective Summary Prospectus, Prospectus and Statement of Additional Information
You should read this Supplement in conjunction with the Fund's Summary Prospectus, Prospectus and Statement of
Additional Information (SAI), as applicable, and retain it for future reference.
Mr. Michael Dicks, a portfolio manager of the Fund, is on a medical leave of absence from PGIM Wadhwani LLP and a timetable for his return is not set. During his leave he will not be serving as Portfolio Manager. Effective immediately, Mr. Apostolos Katsaris is added to the Fund's portfolio management team. Mr. Katsaris and Mr. Tom Andrews will assume the roles of acting Co-Chief Investment Officers of PGIM Wadhwani LLP.
To reflect this change, the Fund's Summary Prospectus, Prospectus and SAI are hereby revised as follows effective immediately:
1.All references to Mr. Dicks are removed from the Fund's Summary Prospectus, Prospectus and SAI effective immediately.
2.The tables in the section of the Fund's Summary Prospectus and Prospectus entitled "Management of the Fund" are hereby revised by adding the information set forth below with respect to Mr. Katsaris:
Investment |
Subadviser |
Portfolio |
Title |
Service Date |
Managers |
|
Managers |
|
|
|
|
|
|
|
PGIM Investments |
PGIM Wadhwani |
Apostolos |
Co-Chief Investment |
May 2024 |
LLC |
LLP |
Katsaris |
Officer |
|
3.The section of the Fund's Prospectus entitled "How the Fund is Managed – Portfolio Managers" is hereby revised by adding the following professional biography for Mr. Katsaris:
Apostolos Katsaris, PhD is Acting Co-Chief Investment Officer for PGIM Wadhwani. Previously, he was a Senior Client Portfolio Manager for PGIM Wadhwani. In this capacity, he served as a subject matter expert and performed portfolio research and analysis. Prior to joining PGIM Wadhwani, he worked at CdR Capital Ltd, where he was CIO of CdR Wealth and CdR Asset Management. Previously, he spent seven years at Albourne, where he built and led the Dynamic Beta team. In previous roles, he was Head of Quantitative Research at Caliburn Capital Partners and a risk management consultant for Schroders. Before joining the industry, he was an academic with his research focusing on speculative bubbles and financial crashes. He graduated from the Athens University of Economics and Business with an MSc in International and European Economics. He also has an MSc International Securities, Investment and Banking and a PhD in Finance from the University of Reading.
4.The table in the section of the Fund's SAI entitled "Management & Advisory Arrangements - The Fund's Portfolio Managers: Information About Other Accounts Managed" is hereby revised as follows:
Subadviser |
Portfolio Managers |
Registered |
Other Pooled |
Other |
|
|
Investment |
Investment |
Accounts***/ |
|
|
Companies/Total |
Vehicles**/ Total |
Total Assets |
|
|
Assets* |
Assets |
|
PGIM Wadhwani LLP |
Tom Andrews1 |
None |
5/$1,136,330,000 |
3/$154,630,000 |
|
Crispin Walker-Buckton1 |
None |
5/$1,136,330,000 |
3/$154,630,000 |
|
Apostolos Katsaris1 |
None |
5/$1,136,330,000 |
3/$154,630,000 |
*Accounts are managed on a team basis. If a portfolio manager is a member of a team, the number of accounts and the total assets are presented in the aggregate for the team.
**PGIM Wadhwani "Other Pooled Investment Vehicles" includes all other collective and commingled funds managed by the individual or a team of individuals.
***PGIM Wadhwani "Other Accounts" includes single client accounts and managed accounts (which are counted as one account per managed account platform). The assets in certain accounts have been estimated due to the availability of information only at the end of calendar quarters. 1Information is as of April 30, 2024.
LR1472
