As the third quarter begins, institutional investors face a transformed investment landscape. Market volatility seems to have become a mainstay, with slowing global growth, diverging central bank policies, and tumult over tariffs all playing a key role in shaping the investment backdrop. The current market uncertainty brings with it unprecedented risks, and selective opportunities, while liquidity, flexibility, and true diversification beyond traditional assets are now strategic imperatives, not tactical options.

To help investors look through this complexity, PGIM brings together the following perspectives to unpack the opportunities and risks that are emerging across asset classes.