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A Roadmap for Resilience

A Roadmap for Resilience

Insights on adapting and thriving in challenging times

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UNCERTAINTY DRIVERS

Market volatility surged to multi-year highs in early 2025, as investors reevaluated assumptions around AI-driven investments and U.S. policies disrupted global trade dynamics. The Federal Reserve adopted a cautious “wait-and-see” stance, balancing the risk of resurgent inflation from new tariffs against signs of slowing economic growth. As the year unfolds, investors should brace for sustained volatility.

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GLOBAL ECONOMIC SLOWDOWN

The global economy has shown resilience but faces slower growth, with GDP expectations falling below average.

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INTEREST RATE POLICY UNCERTAINTY

While most central banks have started to ease short-term rates, the Fed remains cautious at this juncture.

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ELEVATED RISKS

Geopolitical tensions, recession risks, inflation concerns, and high equity valuations highlight the need for resilient portfolios to navigate persistent market uncertainty.

2H 2025 INVESTMENT THEMES

PGIM asset managers delve into key trends, offering valuable insights on navigating risks and unlocking potential in this challenging environment.

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FIXED INCOME OFFERS STABILITY FOR UNCERTAIN CONDITIONS
With slower growth and mounting risks, the global economic landscape is growing more complex. In this challenging environment, fixed income stands out as an appealing option for investors, offering attractive long-term yields, strong return potential, and enhanced portfolio stability–but careful selection is key.
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SECULAR TRENDS DRIVE GROWTH IN SLOWING ECONOMY
After a challenging start to 2025, equity markets have rebounded. While uncertainties and geopolitical risks remain, we’re optimistic about companies rooted in durable trends. Businesses with strong pricing power, tariff resilience, and competitive advantages are well-positioned to thrive, even as economic growth slows.
Decarbonisation Efforts Progress With Practical Solutions
Equities

Decarbonisation Efforts Progress With Practical Solutions

Jun 18, 2025

Jennison Associates’ Jay Saunders highlights key practical trends that will play a vital role in advancing the decarbonisation journey.

REITs Poised to Benefit From Goldilocks Conditions
Real Assets

REITs Poised to Benefit From Goldilocks Conditions

Jun 18, 2025

PGIM Real Estate’s Rick Romano discusses fundamental and structural tailwinds supporting mean reversion in REITs.

Conservatism Wins in Private Credit
Alternatives

Conservatism Wins in Private Credit

Jun 18, 2025

PGIM Private Capital’s Matthew Harvey highlights how competition in larger markets is driving better opportunities and return potential in the middle market.

Private Real Estate Enhances Diversification
Real Assets

Private Real Estate Enhances Diversification

Jun 18, 2025

PGIM Real Estate’s Darin Bright explains how valuations, limited supply, and diversification support the ongoing private real estate recovery.

EXPLORE ACTIONABLE IDEAS
Learn where PGIM managers are finding resilient opportunities amidst ongoing global uncertainty.
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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. The securities referenced may or may not be held in the portfolio at the time of publication and, if such securities are held, no representation is being made that such securities will continue to be held.

The views expressed herein are those of PGIM investment professionals at the time the comments were made, may not be reflective of their current opinions, and are subject to change without notice. Neither the information contained herein nor any opinion expressed shall be construed to constitute investment advice or an offer to sell or a solicitation to buy any securities mentioned herein. Neither PFI, its affiliates, nor their licensed sales professionals render tax or legal advice. Clients should consult with their attorney, accountant, and/or tax professional for advice concerning their particular situation. 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.

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UCITS HAVE NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE PERFORMANCE.

For Professional Investors only. All investments involve risk, including the possible loss of capital.

Past performance is not a guarantee or a reliable indicator of future results. 

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), and with respect to its Italian operations by the Consob and Bank of Italy. In the European Economic Area (“EEA”), information may be issued by PGIM Netherlands B.V., PGIM Limited or PGIM Luxembourg S.A. depending on the jurisdiction.  PGIM Netherlands B.V., with registered office at Eduard van Beinumstraat 6, 1077CZ, Amsterdam, The Netherlands, is authorised by the Autoriteit Financiële Markten (“AFM”) in the Netherlands (Registration number 15003620) and operates on the basis of a European passport. PGIM Luxembourg S.A., with registered office at 2, boulevard de la Foire, L-1528 Luxembourg, is authorised and regulated by the Commission de Surveillance du Secteur Financier (the “CSSF”) in Luxembourg (registration number A00001218) and operating on the basis of a European passport. In certain EEA countries, information is, where permitted, presented by PGIM Limited in reliance on provisions, exemptions or licenses available to PGIM Limited under temporary permission arrangements following the exit of the United Kingdom from the European Union. This information is issued by PGIM Limited, PGIM Netherlands B.V. and/or PGIM Luxembourg S.A. to persons in the UK who are professional clients as defined under the rules of the FCA and/or to persons in the EEA 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, through its Representative Office in Zurich with registered office: Kappelergasse 14, CH-8001 Zurich, Switzerland. PGIM Limited, 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 issued by PGIM (Singapore) Pte. Ltd. with registered office: 88 Market Street, #43-06 CapitaSpring, Singapore 048948. PGIM (Singapore) Pte. Ltd. is a regulated entity with the Monetary Authority of Singapore (“MAS”) under a Capital Markets Services License (License No. CMS100017) to conduct fund management and an exempt financial adviser. In Hong Kong, information is issued by PGIM (Hong Kong) Limited with registered office: Units 4202-4203, 42nd Floor Gloucester Tower, The Landmark 15 Queen’s Road Central Hong Kong. PGIM (Hong Kong) Limited is a regulated entity with the Securities & Futures Commission in Hong Kong (BVJ981) (“SFC”) to professional investors as defined in Section 1 of Part 1 of Schedule 1 of the Securities and Futures Ordinance (“SFO”) (Cap.571). PGIM Limited, PGIM Netherlands B.V. and PGIM Luxembourg S.A., PGIM (Singapore) Pte. Ltd. and PGIM (Hong Kong) Limited are indirect, wholly-owned subsidiaries of PGIM, Inc. (“PGIM” and the “Investment Manager”), the principal asset management business of Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States. 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. PGIM, the PGIM logo and the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. PGIM Fixed Income and PGIM Real Estate are trading names of PGIM, a SEC registered investment adviser in the United States. Jennison and PGIM Quantitative Solutions are trading names of Jennison Associates LLC, and PGIM Quantitative Solutions LLC, respectively, both of which are SEC registered investment advisers and wholly owned subsidiaries of PGIM. Registration with the SEC does not imply a certain level or skill or training.

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