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Source: PGIM. As of September 30, 2026. Expected returns are forecasts, are gross of fees and expenses (which would reduce returns), and are not reflective of PGIM portfolio returns. Shown for illustrative purposes only. Forecasts are based on PGIM's assumptions, may not be achieved, are subject to change and are not a guarantee or reliable indicator of future results. Expected returns are annualized geometric returns over a 10-year horizon in U.S. dollars. Changes are shown in percentage points. Global 60/40 portfolio reflects a hypothetical allocation of 60% global equities unhedged and 40% global aggregate bonds hedged, rebalanced quarterly. This information is not intended as a recommendation to invest in any particular asset class or strategy. See the Methodology section and report for assumptions and calculation methodology.
Source: PGIM. As of September 30, 2026. Expected returns are forecasts, are gross of fees, expenses and, where applicable, carried interest (which would reduce returns), and are not reflective of PGIM portfolio returns. Shown for illustrative purposes only. Forecasts are based on PGIM's assumptions, may not be achieved, are subject to change and are not a guarantee or reliable indicator of future results. Expected returns are annualized geometric returns over a 10-year horizon in U.S. dollars; expected volatility is the annualized standard deviation of returns. Private market investments involve additional risks, including illiquidity, valuation uncertainty and, in some cases, leverage, and may not be available to all investors. Private market return and volatility assumptions are tied to those of comparable public market assets and assigns a premium consistent with historical empirical outcomes. Global 60/40 portfolio reflects a hypothetical allocation of 60% equities and 40% fixed income, rebalanced quarterly. This information is not intended as a recommendation to invest in any particular asset class or strategy. See the Methodology section and report for assumptions and calculation methodology.
PGIM’s Capital Market Assumptions are long-term forecasts for returns, risk, and other characteristics across a range of asset classes. They are designed to help investors evaluate potential portfolio outcomes over a 10-year investment horizon. The assumptions are updated regularly and are subject to change. Forecasts may not be achieved and are not guarantees of future results.
Collapse SectionThe 12-month Global Market Outlook focuses on shorter-term market and economic expectations, while the Capital Market Assumptions provide long-term expectations over a 10-year horizon. Investors may use each resource for different purposes. The macroeconomic views underpinning the shorter-term outlooks may differ from those used in the Capital Market Assumptions.
Collapse SectionExpected returns are based on a range of factors that may include current valuations, yields, economic growth expectations, inflation forecasts, interest rates, and market fundamentals. Different asset classes are influenced by different combinations of these factors. Expected returns are gross of fees, which would reduce returns, and are not reflective of PGIM portfolio returns. Forecasts may not be achieved and are subject to change. Please see the footnotes above for important disclosures.
Collapse SectionThe report includes analysis designed to illustrate how outcomes may differ under varying economic environments. This helps demonstrate that a range of outcomes is possible and that actual results may differ from expectations.
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