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ACTIVELY INVESTING THROUGH PARADIGM SHIFTS​

ACTIVELY INVESTING THROUGH PARADIGM SHIFTS​

Insights into emerging opportunities in a rapidly changing world

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MODERATION MODE

Markets advanced in 2024 as the Federal Reserve joined global peers in shifting monetary policy toward easing. With election-related uncertainty now behind us, investors can more decisively focus on the opportunities ahead. Paradigm shifts with implications for all facets of the global economy continue to reshape the macro landscape, recasting risks and potential rewards alike.

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MODERATING GLOBAL ECONOMY

The global economy remains resilient but is moderating with below-average GDP growth expectations in the U.S., euro area, and China.

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STEADY TO LOWER RATES AHEAD

Major central banks eased short-term rates during the year and further rate cuts may materialize in 2025.

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STRONG CASE FOR ACTIVE MANAGEMENT

Rising inflation or geopolitical risks could catch investors leaning the wrong way by surprise, making active management critical.

2025 INVESTMENT THEMES

Against this evolving backdrop, PGIM asset managers highlight key trends and related opportunities that they believe warrant the most investor attention as​ 2025 gets underway.

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BOND BULL MARKET FUELS ACTIVE OPPORTUNITIES
Paradigm shifts typically observed over entire market cycles are playing out in market swings across a matter of quarters. As growth and inflation dynamics widen and prompt uneven central bank policy responses, we maintain a positive fixed income outlook and think current conditions offer a compelling entry point for investors.
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SECULAR GROWTH TRENDS WEATHER CYCLICAL CHANGES
AI enthusiasm led notably strong returns in global equities in 2024, with market breadth expanding late in the year. While we view this as a healthy development for investors going into 2025, we believe active managers focusing on resilient secular growth trends will be especially well-positioned to reap the benefits of the new market regime.
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Volatility Lifts Demand for Defined Outcome Solutions
Equities

Volatility Lifts Demand for Defined Outcome Solutions

Dec 12, 2024

Amid rising market uncertainty, investors are increasingly turning to defined outcome solutions to balance between access to growth and exposure to risk.

Supportive Trends Accelerate Reit Rebound
Real Assets

Supportive Trends Accelerate Reit Rebound

Dec 12, 2024

The real estate market is gaining tailwinds for a sustained rebound as improving macro conditions and fundamentals create a good entry point for investors.

Demand For Direct Indexing Rises with Asset Values
Equities

Demand For Direct Indexing Rises with Asset Values

Dec 12, 2024

After a second consecutive year of outsized equity returns, investors eager to lock-in profits and/or rebalance portfolios may benefit from direct indexing.

Middle Market Remains Private Credit Sweet Spot
Alternatives

Middle Market Remains Private Credit Sweet Spot

Dec 12, 2024

Macro stability and monetary easing should accelerate the M&A cycle in 2025, benefiting middle market companies with attractive risk-adjusted return profiles.

Private Real Estate Cycle Takes a Positive Turn
Alternatives

Private Real Estate Cycle Takes a Positive Turn

Dec 12, 2024

As markets heal from sharp dislocations and bottoming values, lower rate potential boosts the dealmaking environment, fueling a brighter real estate outlook.

Retirement Investors Seek Spending Flexibility
Retirement

Retirement Investors Seek Spending Flexibility

Dec 12, 2024

Investors seeking to improve retirement outcomes may benefit from strategies geared towards optimizing equity allocations to meet spending needs.

EXPLORE ACTIONABLE​ IDEAS
Learn where PGIM managers are seeking to capitalize on opportunities from paradigm shifts in the global economy.
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Alternative investments are not subject to the same regulatory requirements or governmental oversight as mutual funds. The sponsor or manager of any Alternative Investment may not be registered with any governmental agency. Alternative investments often engage in leverage and other investment practices that are extremely speculative and involve a high degree of risk. Such practices may increase the volatility of performance and the risk of investment loss, including the loss of the entire amount that is invested. Alternative investments may purchase instruments that are traded on exchanges located outside the United States that are “principal markets” and are subject to the risk that the counterparty will not perform with respect to contracts. Furthermore, since there is generally less government supervision and regulation of foreign exchanges, Alternative investments are also subject to the risk of the failure of the exchanges and there may be a higher risk of financial irregularities and/or lack of appropriate risk monitoring and controls. Past performance is not a guide to future performance and the value of Alternative investments and the income derived from them can go down as well as up. Future returns are not guaranteed, and a loss of principal may occur. Alternative investments may impose significant fees, including incentive fees that are based upon a percentage of the realized and unrealized gains, and such fees may offset all or a significant portion of such alternative investment’s trading profits. Alternative investments are offered in reliance upon an exemption from registration under the Securities Act of 1933, as amended, for offers and sales of securities that do not involve a public offering. No public or other market is available or will develop. Similarly, interests in an alternative investment are highly illiquid and generally are not transferable without the consent of the sponsor, and applicable securities and tax laws will limit transfers. Alternative investments may themselves invest in instruments that may be highly illiquid and extremely difficult to value. This also may limit your ability to redeem or transfer your investment or delay receipt of redemption proceeds. Alternative investments are not required to provide their investors with periodic pricing or valuation information. There may be conflicts of interest between the alternative investment and other service providers, including the investment manager and sponsor of the alternative investment. Investors in alternative investments may have limited rights with respect to their investment interest, including limited voting rights and participation in the management of the alternative investment. Alternative Investments may involve complex tax and legal structures. Investment in any particular alternative investment, or alternative investments generally, is only suitable for sophisticated investors for whom such an investment does not constitute a complete investment program and who fully understand and are willing to assume the risks involved in such alternative investment. Investors are urged to consult with your own tax, accounting and legal advisers regarding any investment in any alternative investment. Investors are also urged to take appropriate advice regarding any applicable legal requirements and any applicable taxation and exchange control regulations in the country of their citizenship, residence or domicile which may be relevant to the subscription, purchase, holding, exchange, redemption, or disposal of any Alternative Investment.​

The views expressed herein are those of investment professionals at PGIM Fixed Income, PGIM Private Capital, Jennison Associates LLC (“Jennison”), PGIM Real Estate, PGIM Custom Harvest, PGIM DC Solutions, and PGIM Investments at the time the comments were made and may not be reflective of their current opinions and are subject to change without notice. This commentary is 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. This commentary does not constitute investment advice and should not be used as the basis for any investment decision. This commentary does not purport to provide any legal, tax, or accounting advice. PGIM Investments LLC is a registered investment advisor with the U.S. Securities and Exchange Commission. PGIM Custom Harvest does not provide tax, legal, or accounting advice. This material is for information purposes only, and is not intended to provide, and should not be relied on for tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.​

Certain information in this commentary has been obtained from sources believed to be reliable as of the date presented; however, we 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. The manager has no obligation to update any or all such information, nor do we make any express or implied warranties or representations as to the completeness or accuracy. Any projections or forecasts presented herein 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, subject to significant revision, and may change materially as economic and market conditions change.​

This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact their financial professional. Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to all PGIM investment companies. PGIM Quantitative Solutions, Jennison Associates, PGIM Custom Harvest, and PGIM are registered investment advisors and Prudential Financial companies. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC, a wholly owned subsidiary of PGIM. PGIM Fixed Income and PGIM Real Estate are units of PGIM.​

© 2025 Prudential Financial, Inc. and its related entities. PGIM Custom Harvest, Jennison Associates, Jennison, PGIM Real Estate, PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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© 2025 Prudential Financial, Inc. and its related entities. Jennison Associates, PGIM Real Estate, PGIM Custom Harvest, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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