Market Narratives Podcast: Institutional Portfolio Construction
Michelle Teng joins Investment Magazine’s Market Narratives podcast for a discussion on allocating to private assets while also managing liquidity risk.
The Institutional Advisory & Solutions (IAS) team conducts bespoke, quantitative client research that focuses on asset allocation with public and private assets, strategic portfolio construction, real assets, and manager allocation & selection.
Source: PGIM IAS. Provided for illustrative purposes only.
Multi-employer retirement plans such as Australian super funds and UK master trusts today face novel liquidity challenges arising from government actions such as “early access programs” that unexpectedly allow participants to withdraw retirement assets without penalty. By examining the potential tradeoff between the liberality of the early access programs and portfolio performance, we try to help CIOs become more confident in making portfolio allocation decisions and help regulators identify possible portfolio allocation consequences and costs of contemplated rule changes.
Michelle Teng joins Investment Magazine’s Market Narratives podcast for a discussion on allocating to private assets while also managing liquidity risk.
Stock-bond correlation is not immutable. A shift to positive stock-bond correlation affects the tradeoff between portfolio expected return and risk.
This paper describes and simulates a simple commitment pacing plan that is generic, flexible and can be tailored to meet many situations.
Do high active risk equity portfolio managers realize a higher (or lower) IR compared to low active risk managers?
Using the IAS fair comparison framework, this publication explores the impact of choices an investor in private markets must make.
Introducing the Manager Allocation Programming (MAP) tool to help CIOs efficiently combine managers of different strategies.
We show how portfolio rebalancing hinges on the PE valuation approach. CIOs need to understand this connection and how it affects their portfolio’s liquidity.
CIOs managing a multi-asset portfolio may wonder how the specific cash flow dynamics of private core+ RE debt affect the portfolio’s liquidity and performance.
As allocations increase, a portfolio’s liquidity structure changes. How can a CIO increase their confidence with private assets and unlock their potential?
An investment tool to better tailor real asset allocations and real asset portfolio construction based on investment objectives and views.
The RASA® framework identifies commodities sensitive to high inflation or low growth and provides commodity weights to construct customized benchmarks.
There is a wide mix of real asset funds, which complicates fund selection, using RASA® investors can identify funds aligned with their investment objectives.
Michell Teng discusses how climate change and early release schemes can affect super funds and the global economy.
Michelle Teng joins Investment Magazine’s Market Narratives podcast for a discussion on allocating to private assets while also managing liquidity risk.
Harsh Parikh joins an episode of Investment Magazine’s “Market Narratives” podcast to discuss how real assets can be used as a hedge against inflation.
IAS’ original MBA-style case studies designed to address challenges from the perspective of an institutional CIO, such as liquidity risk with allocations to illiquid private assets, performance and liquidity tradeoffs in the portfolio and overall asset allocation decisions.
By Dr. Michelle (Yu) Teng
Real assets can play a vital role in institutional portfolios, and PGIM’s Institutional Advisory & Solutions (IAS) group has done extensive research estimating real asset sensitivities to both macroeconomic variables and traditional financial market performance.
Be sure to explore RASA® Interactive, a new tool that helps institutional investors successfully invest in real assets.
Many real assets besides gold have positive inflation exposures. This article explores four elements for successful investing in real assets.
How water scarcity and price variability impact real asset investors and insights on adding water hedges in portfolios to manage risk.
PGIM IAS provides insights on evaluating the role and composition of energy equities in transition.
Senior Associate
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Principal and
Head of Real Assets Research Program
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Vice President
Co-Head of Private Assets Research Program
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Vice President
Co-Head of Private Assets Research Program
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Managing Director
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Senior Associate
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Managing Director,
Head of IAS
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PGIM does not establish or operate pension plans.