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INVESTING THROUGH SHIFTING MACRO PERSPECTIVESINVESTINGTHROUGHSHIFTINGMACROPERSPECTIVES

PGIM asset managers share perspectives on the evolving investment landscape and provide insights on key trends to shape 2023 and beyond.

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2023 Market Outlooks

Extraordinary events presented significant challenges for investors in 2022. Aggressive central bank tightening and soaring inflation drove pronounced selloffs in both stock and bond markets, leaving investors searching to find sources of effective diversification and risk hedging. After a large valuation reset across asset classes, opportunities are beginning to emerge. As early signs of softening inflation come into view, there are renewed glimmers of hope for less restrictive monetary policy actions in 2023. Against this evolving backdrop, PGIM asset managers share their perspectives in assessing the shifting landscape, provide insights on key trends set to shape 2023 and beyond and offer ideas for investors seeking to capitalize on the opportunities ahead.

THE MACRO PICTURE AND MARKET IMPLICATIONS

Daleep Singh, Chief Global Economist at PGIM Fixed Income, looks forward to the Fed reversing course on interest rates as part of his global economic outlook.

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A Constructive View on Growth Stocks
Equities

A Constructive View on Growth Stocks

Dec 2, 2022

Jennison Associates views growth stocks capitalizing on big secular trends as positioned for prominence amid unsettled broader earnings conditions.

Global Macro Offers a Versatile Vantage Point
Equities

Global Macro Offers a Versatile Vantage Point

Dec 2, 2022

PGIM Wadhwani’s Dr. Sushil Wadhwani, CBE, highlights how flexible strategies can provide investors targeted solutions when unfolding events raise new questions.

Macro Stabilization to Benefit Real Estate
Real Assets

Macro Stabilization to Benefit Real Estate

Dec 5, 2022

PGIM Real Estate’s Rick Romano sees optimism for public REITs with rare buying opportunities as macro visibility improves and private asset values decline.

2023 INVESTMENT THEMES

Greater Clarity on Fed Policy Improves Bond Market Outlook
Fixed Income

Greater Clarity on Fed Policy Improves Bond Market Outlook

Dec 8, 2022

PGIM Fixed Income’s co-chief investment officer, Greg Peters, shares his interest rate outlook and resulting implications for bond markets in 2023.

Positive Catalysts Create Relative Value in Fixed Income
Fixed Income

Positive Catalysts Create Relative Value in Fixed Income

Dec 6, 2022

PGIM Fixed Income’s senior portfolio manager, Michael Collins, CFA, explains why bond ballast comes back and how to prepare for evolving conditions.

Secular Growth Stands Out as Earnings Climate Cools
Equity

Secular Growth Stands Out as Earnings Climate Cools

Dec 8, 2022

Jennison Associates’ Mark Baribeau, CFA, shares why the changing growth landscape should benefit growth stocks and which secular trends are shaping the future.

Real Assets Remain Key In Hedging Inflation Risks
Real Assets

Real Assets Remain Key In Hedging Inflation Risks

Dec 8, 2022

PGIM Quantitative Solutions’ Rory Cummings, CFA, shares why inflation may linger for longer and how allocating to real assets can improve investor outcomes.

REITS REVIVE AS VALUATION GAP CONTINUES TO NARROW
Real Assets

REITS REVIVE AS VALUATION GAP CONTINUES TO NARROW

Dec 9, 2022

PGIM Real Estate's Rick Romano shares why REIT fundamentals are resilient through near-term uncertainty and offer upside potential as macro visibility improves.

Macro Uncertainty Calls for Agility and Diversification
Alternatives

Macro Uncertainty Calls for Agility and Diversification

Dec 9, 2022

PGIM Wadhwani’s Dr. Sushil Wadhwani, CBE, discusses why agile global macro strategies are attractive portfolio diversifiers through rising rates and inflation.

Volatility Yields Opportunity to Improve Tax Efficiency
Equities

Volatility Yields Opportunity to Improve Tax Efficiency

Dec 9, 2022

Head of PGIM Custom Harvest, Robert Holderith, shares how tax loss harvesting is a silver lining to market volatility and how to continue to reap tax benefits.

Risks—Investing involves risks. Some investments are riskier than others. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost. Fixed income investments are subject to interest rate risk, and their value will decline as interest rates rise. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, and political and economic uncertainties. Investing in emerging markets is very risky due to the additional political, economic, and currency risks associated with these underdeveloped geographic areas. Investments in growth stocks may be especially volatile. Value investing involves the risk that undervalued securities may not appreciate as anticipated. It may take a substantial period of time to realize a gain on an investment in a small or midsized company, if any gain is realized at all. Real estate investment trusts (REITs) may not be suitable for all investors. There is no guarantee a REIT will pay distributions given the inherent risks associated with the market. A REIT may fail to qualify as a REIT as defined in the Tax Code, which could affect operations and negatively impact the ability to make distributions. There is no guarantee a REIT’s investment objectives will be achieved. Diversification and asset allocation do not guarantee profit or protect against loss. Investments in in Master Limited Partnerships (MLP) and MLP-related investments are subject to complicated and in some cases unsettled accounting, tax, and valuation issues, as well as risks related to limited control and limited rights to vote, potential conflicts of interest, cash flow, dilution, and limited liquidity and risks related to the general partner’s right to force sales at undesirable times or prices. MLPs are also subject to risks relating to their complex tax structure, including losing its tax status as a partnership, resulting in a reduction in the value of the MLP investment. Many MLP investments are in the energy sector and subject to a greater degree to risk of loss as a result of adverse economic, business, regulatory, environmental, or other developments affecting industries within that sector than investments more diversified across different industries. Diversification and asset allocation do not guarantee profit or protect against loss.

The views expressed herein are those of investment professionals at PGIM Fixed Income, Jennison Associates LLC (“Jennison”), PGIM Quantitative Solutions, PGIM Real Estate, PGIM Custom Harvest, 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.

Prudential Investment Management Services LLC is a Prudential Financial company and FINRA member firm. Jennison Associates, PGIM Custom Harvest, and PGIM, Inc. (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. © 2023 Prudential Financial, Inc. and its related entities. 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. 

For compliance use only 1065490-00001-00 Ed. 12/2022

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