Skip to main content
PGIM Fixed Income LogoPGIM Fixed Income Logo
  • About

    • Our Firm
    • Leadership
    • Awards and Accolades
    • Careers
  • ESG

    • ESG at PGIM Fixed Income
    • ESG Engagement
    • ESG Impact Ratings
    • ESG Investment Process and Strategies
    • SDFR Information
  • Investment Capabilities

    • Investment Approach
    • Investment Strategies
    • Fundamental Credit Research
    • Macroeconomic Research
    • Quantitative Analysis and Risk Management
  • Insights and Media

    • Featured Insights
    • Quarterly Outlook
    • Weekly View
    • Webcasts
    • Podcasts
    • White Papers
    • Videos
  • Bond Blog
  • Contact Us
Navy blue box.
Bond Blog Post Page Logo - White

Macroeconomics

G20SummitPutsGreatPowerCompetitioninFullView

By Mehill Marku — Sep 14, 2023

4 mins

Share

The rise in global geopolitical tensions continues to accelerate the division of the world into competing geopolitical, economic, and ideological blocs. The BRICS summit in late August saw China double down on its ambition to become a de facto leader of the global south by brokering a deal to invite six new members to join the group.1 Meanwhile, the past weekend’s G20 summit showcased the United States’ attempts to draw “swing states” into its geopolitical orbit and highlighted India’s rising importance as a strategic actor on the global stage and a critical partner to the United States. The intensifying competition between the great powers is one of the global macroeconomic anchors that is weakening and, as it does, we expect it will narrow the diplomatic space for constructive compromises and complicate responses to shared global problems.

The G20 summit took place against a backdrop of deteriorating relations—not just between the U.S. and China—but also between China and India, which was the summit’s host country. Coming on the heels of the BRICS summit in South Africa, expectations for the G20 summit were low. Pre-summit deliberations at working group levels also created a gloomy mood among diplomats given the slim prospects for substantive outcomes. Indeed, the fact that the summit produced a joint communique emerged as a surprise and a diplomatic victory for India’s Prime Minister Narendra Modi (see Figure 1 for country alignment across the G20, G7, and BRICS+).

More than the communique itself, the absence of China’s President Xi from the G20 meeting—his first no-show since becoming President in 2013—stands out as the key headline from the event. While Beijing did not provide an official explanation for Xi’s absence, speculation as to why he skipped the summit ranges from health and age concerns to domestic political troubles emanating from a weak economy and high youth unemployment. Our view is that the deciding factor behind Xi’s absence is China’s increasingly tense relations with India, including its desire to undermine India’s ambition to become the de facto leader of the global south agenda.

In addition, President Xi likely wanted to signal that his strategic priorities lie with organizations where China can play the leading role, such as BRICS+, and not with a Western-dominated G20 in which Beijing is often cast as an antagonist towards global cooperation. Another likely reason for Xi’s absence could have been his desire to avoid uncomfortable and embarrassing questions about his sputtering economy and ongoing support for a war that most of the G20 members have condemned.

Figure 1

Source:

PGIM Fixed Income and Bloomberg 

Overshadowed by Competing Interests

Aside from the theatrics, the summit’s communique was largely a recycling of previously made commitments under the G20 framework: provide more climate financing, revitalize multilateralism, reform international financial institutions, increase the capacity of Multilateral Development Banks (MDBs) to maximize their development impact, and address debt vulnerabilities in low and middle-income countries, amongst other initiatives.

However, under a veto threat from Russia, the communique removed language that appeared in the previous G20 statement that denounced Russia’s aggression against Ukraine. In the latest G20 statement, the Russia-Ukraine conflict was simply referred to as “the war in Ukraine,” which, on the face of it, appears to draw an equivalence between Russia and Ukraine. This framing helps to explain Kyiv’s disappointed reaction to the statement, which “was nothing to be proud of,” according to the Ukrainian foreign minister. 

Ukraine’s key allies within the G20 faced a dilemma: agree to the watered-down language on Ukraine and salvage the summit’s final communique or stand by the previous G20 language and run the risk of perceived failure at a signature event for Prime Minister Modi. Western diplomats likely concluded that the climbdown on Ukraine was preferrable to a failed summit. To be clear, the climbdown—while lacking moral clarity—will have no bearing on the Western military and financial support for Ukraine’s war effort. However, the perception of a failed summit would have validated Russia’s and China’s strategy of undermining yet another Western-backed forum and weakened Modi’s effort to challenge China’s leadership of the global south.

A few key takeaways are noteworthy and warrant further monitoring as Brazil prepares to take over the G20 presidency in 2024.

  1. India, keenly aware of its weight as a strategic actor, continues to cement its status as a regional and global power broker and has shown it is capable of challenging China’s presumed leadership of the global south;
  2. The U.S. is slowly, but surely, bringing geopolitical “swing states” into its strategic orbit. Washington’s strategic drive to counter China for influence in the global south was evident in President Biden’s meeting with the leaders of India, Brazil, and South Africa—BRICS countries—on the sidelines of the summit, the announcement of the U.S.-brokered infrastructure deal that connects the Middle East with India, and Biden’s subsequent visit to Vietnam, a frontline country facing China’s regional ambitions;
  3. Xi’s absence facilitated U.S. engagements with G20 member states, creating much needed diplomatic space from the distractions that Xi’s presence would have created at the summit;
  4. The G20 remains deeply fractured and will continue to face difficulties in reaching consensus given China’s and Russia’s obstructionist approach during G20 deliberations.

A fractured G20 would suggest that smaller, issue-specific, or like-minded partnerships (i.e., G7, AUKUS, QUAD, etc.) will be more effective in taking decisive actions in the years ahead.

1 The BRICS refers to Brazil, Russia, India, China, and South Africa. In August 2023, Saudi Arabia, Egypt, Iran, Ethiopia, Argentina, and the UAE were invited to joint the group. They will join the group on January 1, 2024 if they choose to do so.

Latest Blogs

Cybersecurity: How it Affects ESG Impact and Credit Quality

Sep 26, 2023 — 8 mins

The BoE’s “Table Mountain” Approach Sees Rates Highest for Longest

Sep 21, 2023 — 5 mins

The Fed’s Higher-for-Longer Mantra is OK for Bonds

Sep 20, 2023 — 3 mins

Africa’s Investment Outlook Depends on Macroeconomic Adjustments

Sep 19, 2023 — 8 mins

The ECB Delivers a (Final?) Dovish Hike

Sep 14, 2023 — 4 mins

More Insights

  • Credit Research

    All the Credit, Ep. 43

    Sep 28, 2023

  • ESG

    Fixed on ESG, Ep. 17

    Sep 26, 2023

  • ESG

    Fixed on ESG, Ep. 16

    Aug 31, 2023

  • Macroeconomics

    Italy’s Bank Tax: It’s Hard to Please Everyone All of the Time

    Aug 31, 2023 – 4 minutes

  • Interest Rates

    From Low Ranger to High Plains Drifter

    Aug 22, 2023 – 19 minutes

Close Icon
  • By Mehill MarkuLead Geopolitical Analyst, PGIM Fixed Income
Important Information

The comments, opinions, and estimates contained herein are based on and/or derived from publicly available information from sources that PGIM Fixed Income believes to be reliable. We do not guarantee the accuracy of such sources or information. This outlook, which is for informational purposes only, sets forth our views as of this date. The underlying assumptions and our views are subject to change. Past performance is not a guarantee or a reliable indicator of future results.

Source(s) of data (unless otherwise noted): PGIM Fixed Income, as of 09/12/2023.

For Professional Investors only. Past performance is not a guarantee or a reliable indicator of future results and an investment could lose value. All investments involve risk, including the possible loss of capital.

PGIM Fixed Income operates primarily through PGIM, Inc., a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended, and a Prudential Financial, Inc. (“PFI”) company. Registration as a registered investment adviser does not imply a certain level or skill or training. PGIM Fixed Income is headquartered in Newark, New Jersey and also includes the following businesses globally: (i) the public fixed income unit within PGIM Limited, located in London; (ii) PGIM Netherlands B.V., located in Amsterdam; (iii) PGIM Japan Co., Ltd. (“PGIM Japan”), located in Tokyo; (iv) the public fixed income unit within PGIM (Hong Kong) Ltd. located in Hong Kong; and (v) the public fixed income unit within PGIM (Singapore) Pte. Ltd., located in Singapore (“PGIM Singapore”). PFI of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. Prudential, PGIM, their respective logos, and the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide.

These materials are for informational or educational purposes only. The information is not intended as investment advice and is not a recommendation about managing or investing assets. In providing these materials, PGIM is not acting as your fiduciary. PGIM Fixed Income as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Investors seeking information regarding their particular investment needs should contact their own financial professional.

These materials represent the views and opinions of the author(s) regarding the economic conditions, asset classes, securities, issuers or financial instruments referenced herein. Distribution of this information to any person other than the person to whom it was originally delivered and to such person’s advisers is unauthorized, and any reproduction of these materials, in whole or in part, or the divulgence of any of the contents hereof, without prior consent of PGIM Fixed Income is prohibited. Certain information contained herein has been obtained from sources that PGIM Fixed Income believes to be reliable as of the date presented; however, PGIM Fixed Income cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed. The information contained herein is current as of the date of issuance (or such earlier date as referenced herein) and is subject to change without notice. PGIM Fixed Income has no obligation to update any or all of such information; nor do we make any express or implied warranties or representations as to the completeness or accuracy.

Any forecasts, estimates and certain information contained herein are based upon proprietary research and should not be interpreted as investment advice, as an offer or solicitation, nor as the purchase or sale of any financial instrument. Forecasts and estimates have certain inherent limitations, and unlike an actual performance record, do not reflect actual trading, liquidity constraints, fee. These materials are not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services and should not be used as the basis for any investment decision. PGIM Fixed Income and its affiliates may make investment decisions that are inconsistent with the recommendations or views expressed herein, including for proprietary accounts of PGIM Fixed Income or its affiliates.

Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and low interest rate environments increase this risk. Reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. Mortgage- and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and while generally supported by a government, government agency or private guarantor, there is no assurance that the guarantor will meet its obligations. High yield, lower-rated securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Investing in foreign-denominated and/or -domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Currency rates may fluctuate significantly over short periods of time and may reduce the returns of a portfolio. Commodities contain heightened risk, including market, political, regulatory and natural conditions, and may not be suitable for all investors. Diversification does not ensure against loss.

In the United Kingdom, information is issued by PGIM Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR.PGIM Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 193418). In the European Economic Area (“EEA”), information is issued by PGIM Netherlands B.V., an entity authorised by the Autoriteit Financiële Markten (“AFM”) in the Netherlands and operating on the basis of a European passport. In certain EEA countries, information is, where permitted, presented by PGIM Limited in reliance of provisions, exemptions or licenses available to PGIM Limited including those available under temporary permission arrangements following the exit of the United Kingdom from the European Union. These materials are issued by PGIM Limited and/or PGIM Netherlands B.V. to persons who are professional clients as defined under the rules of the FCA and/or to persons who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II).   In Switzerland, information is issued by PGIM Limited, London, through its Representative Office in Zurich with registered office: Kappelergasse 14, CH-8001 Zurich, Switzerland. PGIM Limited, London, Representative Office in Zurich is authorised and regulated by the Swiss Financial Market Supervisory Authority FINMA and these materials are issued to persons who are professional or institutional clients within the meaning of Art.4 para 3 and 4 FinSA in Switzerland.  In certain countries in Asia-Pacific, information is presented by PGIM (Singapore) Pte. Ltd., a regulated entity with the Monetary Authority of Singapore under a Capital Markets Services License to conduct fund management and an exempt financial adviser.  In Japan, information is presented by PGIM Japan Co. Ltd., registered investment adviser with the Japanese Financial Services Agency. In South Korea, information is presented by PGIM, Inc., which is licensed to provide discretionary investment management services directly to South Korean investors. In Hong Kong, information is provided by PGIM (Hong Kong) Limited, a regulated entity with the Securities & Futures Commission in Hong Kong to professional investors as defined in Section 1 of Part 1 of Schedule 1 of the Securities and Futures Ordinance (Cap.571). In Australia, this information is presented by PGIM (Australia) Pty Ltd (“PGIM Australia”) for the general information of its “wholesale” customers (as defined in the Corporations Act 2001). PGIM Australia is a representative of PGIM Limited, which is exempt from the requirement to hold an Australian Financial Services License under the Australian Corporations Act 2001 in respect of financial services. PGIM Limited is exempt by virtue of its regulation by the FCA (Reg: 193418) under the laws of the United Kingdom and the application of ASIC Class Order 03/1099. The laws of the United Kingdom differ from Australian laws. In Canada, pursuant to the international adviser registration exemption in National Instrument 31-103, PGIM, Inc. is informing you that: (1) PGIM, Inc. is not registered in Canada and is advising you in reliance upon an exemption from the adviser registration requirement under National Instrument 31-103; (2) PGIM, Inc.’s jurisdiction of residence is New Jersey, U.S.A.; (3) there may be difficulty enforcing legal rights against PGIM, Inc. because it is resident outside of Canada and all or substantially all of its assets may be situated outside of Canada; and (4) the name and address of the agent for service of process of PGIM, Inc. in the applicable Provinces of Canada are as follows: in Québec: Borden Ladner Gervais LLP, 1000 de La Gauchetière Street West, Suite 900 Montréal, QC H3B 5H4; in British Columbia: Borden Ladner Gervais LLP, 1200 Waterfront Centre, 200 Burrard Street, Vancouver, BC V7X 1T2; in Ontario: Borden Ladner Gervais LLP, 22 Adelaide Street West, Suite 3400, Toronto, ON M5H 4E3; in Nova Scotia: Cox & Palmer, Q.C., 1100 Purdy’s Wharf Tower One, 1959 Upper Water Street, P.O. Box 2380 -Stn Central RPO, Halifax, NS B3J 3E5; in Alberta: Borden Ladner Gervais LLP, 530 Third Avenue S.W., Calgary, AB T2P R3.

© 2023 PFI and its related entities.

2023-6713

Collapse section

Thank you for your interest in PGIM Fixed Income.

Let us help you navigate today's complex market environment.

Contact Us
  • About

    • Awards and Accolades
    • ESG
    • Leadership
    • Our Firm
    • Contact Us
  • Investment Capabilities

    • Investment Strategies
    • Investment Approach
    • Fundamental Credit Research
    • Macroeconomic Research
    • Risk Management
  • Insights and Media

    • The Bond Blog
    • Podcasts
    • Quarterly Outlook
    • Weekly View
    • White Papers
  • Other Resources

    • Collective Trust Login
    • Collective Trust Annual Report
    • UCITS Funds
    • Careers
    • SFDR Information
    • Form CRS - PGIM, Inc.
    • Form CRS - PGIM Limited
PGIM Fixed Income Logo
  • Terms & Conditions
  • Privacy Center
  • Accessibility Help
  • Cookie Preference Center

PGIM Fixed Income operates primarily through PGIM, Inc., a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended, and a Prudential Financial, Inc. (“PFI”) company. Registration as a registered investment adviser does not imply a certain level or skill or training. PGIM Fixed Income is headquartered in Newark, New Jersey and also includes the following businesses globally: (i) the public fixed income unit within PGIM Limited, located in London; (ii) PGIM Japan Co., Ltd. (“PGIM Japan”), located in Tokyo; (iii) the public fixed income unit within PGIM (Singapore) Pte. Ltd., located in Singapore (“PGIM Singapore”); (iv) the public fixed income unit within PGIM (Hong Kong) Ltd. located in Hong Kong; and (v) PGIM Netherlands B.V., located in Amsterdam (“PGIM Netherlands”). PFI of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. Prudential, PGIM, their respective logos and the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide.

In the United Kingdom, information is issued by PGIM Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR. PGIM Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 193418). In the European Economic Area (“EEA”), information is issued by PGIM Netherlands B.V., an entity authorised by the Autoriteit Financiële Markten (“AFM”) in the Netherlands and operating on the basis of a European passport. In certain EEA countries, information is, where permitted, presented by PGIM Limited in reliance of provisions, exemptions or licenses available to PGIM Limited under temporary permission arrangements following the exit of the United Kingdom from the European Union. These materials are issued by PGIM Limited and/or PGIM Netherlands B.V. to persons who are professional clients as defined under the rules of the FCA and/or to persons who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II). In certain countries in Asia-Pacific, information is presented by PGIM (Singapore) Pte. Ltd., a Singapore investment manager registered with and licensed by the Monetary Authority of Singapore. In Japan, information is presented by PGIM Japan Co. Ltd., registered investment adviser with the Japanese Financial Services Agency. In South Korea, information is presented by PGIM, Inc., which is licensed to provide discretionary investment management services directly to South Korean investors. In Hong Kong, information is provided by PGIM (Hong Kong) Limited, a regulated entity with the Securities & Futures Commission in Hong Kong to professional investors as defined in Section 1 of Part 1 of Schedule 1 (paragraph (a) to (i) of the Securities and Futures Ordinance (Cap.571). In Australia, this information is presented by PGIM (Australia) Pty Ltd (“PGIM Australia”) for the general information of its “wholesale” customers (as defined in the Corporations Act 2001). PGIM Australia is a representative of PGIM Limited, which is exempt from the requirement to hold an Australian Financial Services License under the Australian Corporations Act 2001 in respect of financial services. PGIM Limited is exempt by virtue of its regulation by the FCA (Reg: 193418) under the laws of the United Kingdom and the application of ASIC Class Order 03/1099. The laws of the United Kingdom differ from Australian laws. In Canada, pursuant to the international adviser registration exemption in National Instrument 31-103, PGIM, Inc. is informing you that: (1) PGIM, Inc. is not registered in Canada and is advising you in reliance upon an exemption from the adviser registration requirement under National Instrument 31-103; (2) PGIM, Inc.’s jurisdiction of residence is New Jersey, U.S.A.; (3) there may be difficulty enforcing legal rights against PGIM, Inc. because it is resident outside of Canada and all or substantially all of its assets may be situated outside of Canada; and (4) the name and address of the agent for service of process of PGIM, Inc. in the applicable Provinces of Canada are as follows: in Québec: Borden Ladner Gervais LLP, 1000 de La Gauchetière Street West, Suite 900 Montréal, QC H3B 5H4; in British Columbia: Borden Ladner Gervais LLP, 1200 Waterfront Centre, 200 Burrard Street, Vancouver, BC V7X 1T2; in Ontario: Borden Ladner Gervais LLP, 22 Adelaide Street West, Suite 3400, Toronto, ON M5H 4E3; in Nova Scotia: Cox & Palmer, Q.C., 1100 Purdy’s Wharf Tower One, 1959 Upper Water Street, P.O. Box 2380 - Stn Central RPO, Halifax, NS B3J 3E5; in Alberta: Borden Ladner Gervais LLP, 530 Third Avenue S.W., Calgary, AB T2P R3.

All investments involve risk, including the possible loss of capital.

These materials are for informational or educational purposes. The information is not intended as investment advice and is not a recommendation about managing or investing assets. In providing these materials, PGIM is not acting as your fiduciary. Clients seeking information regarding their particular investment needs should contact their financial professional.

This document may contain confidential information and the recipient hereof agrees to maintain the confidentiality of such information. Distribution of this information to any person other than the person to whom it was originally delivered and to such person’s advisers is unauthorized, and any reproduction of this document, in whole or in part, or the divulgence of any of its contents, without PGIM Fixed Income’s prior written consent, is prohibited. This document contains the current opinions of the manager and such opinions are subject to change. Certain information in this document has been obtained from sources that PGIM Fixed Income believes to be reliable as of the date presented; however, PGIM Fixed Income cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed. The information contained herein is current as of the date of issuance (or such earlier date as referenced herein) and is subject to change without notice. PGIM Fixed Income has no obligation to update any or all such information; nor do we make any express or implied warranties or representations as to its completeness or accuracy. Any information presented regarding the affiliates of PGIM Fixed Income is presented purely to facilitate an organizational overview and is not a solicitation on behalf of any affiliate. These materials are not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services. These materials do not constitute investment advice and should not be used as the basis for any investment decision.

This material may contain examples of the firm’s internal ESG research program and is not intended to represent any particular product’s or strategy’s performance or how any particular product or strategy will be invested or allocated at any particular time. PGIM’s ESG processes, rankings and factors may change over time. ESG investing is qualitative and subjective by nature; there is no guarantee that the criteria used or judgment exercised by PGIM Fixed Income will reflect the beliefs or values of any investor. Information regarding ESG practices is obtained through third-party reporting, which may not be accurate or complete, and PGIM Fixed Income depends on this information to evaluate a company’s commitment to, or implementation of, ESG practices. ESG norms differ by region. There is no assurance that PGIM Fixed Income’s ESG investing techniques will be successful.

These materials do not take into account individual client circumstances, objectives or needs. No determination has been made regarding the suitability of any securities, financial instruments or strategies for particular clients or prospects. The information contained herein is provided on the basis and subject to the explanations, caveats and warnings set out in this notice and elsewhere herein. Any discussion of risk management is intended to describe PGIM Fixed Income’s efforts to monitor and manage risk but does not imply low risk. No risk management technique can guarantee the mitigation or elimination of risk in any market environment. These materials do not purport to provide any legal, tax or accounting advice. These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation.

Any references to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities. Any securities referenced may or may not be held in portfolios managed by PGIM Fixed Income and, if such securities are held, no representation is being made that such securities will continue to be held.

Any financial indices referenced herein as benchmarks are provided for informational purposes only. The use of benchmarks has limitations because portfolio holdings and characteristics will differ from those of the benchmark(s), and such differences may be material. You cannot make a direct investment in an index. Factors affecting portfolio performance that do not affect benchmark performance may include portfolio rebalancing, the timing of cash flows, credit quality, diversification, and differences in volatility. In addition, financial indices do not reflect the impact of fees, applicable taxes or trading costs which reduce returns. Unless otherwise noted, financial indices assume reinvestment of dividends.

Any projections or forecasts presented herein are as of the date of this presentation and are subject to change without notice. Actual data will vary and may not be reflected here. Projections and forecasts are subject to high levels of uncertainty. Accordingly, any projections or forecasts should be viewed as merely representative of a broad range of possible outcomes. Projections or forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. PGIM Fixed Income has no obligation to provide updates or changes to any projections or forecasts.

Any performance targets contained herein are subject to revision by PGIM Fixed Income and are provided solely as a guide to current expectations. There can be no assurance that any product or strategy described herein will achieve any targets or that there will be any return of capital. Past performance is not a guarantee or a reliable indicator of future results and an investment could lose value.

© 2023 PFI and its related entities.

You are viewing this page in preview mode.

Edit Page