Portfolio Research

PGIM Multi-Asset Solutions' (PMA) Portfolio Research Team seeks to translate market uncertainty into investment opportunities through proprietary research, thought leadership, and timely market perspectives.

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Asset Allocation Portfolio Construction
Asset Allocation Portfolio Construction

       Portfolio Research at a Glance

By delivering multi-asset research across public and private markets, rigorous asset level analysis, and holistic portfolio construction guidance, the Portfolio Research Team serves as the key source of idea and strategy generation behind PMA's investment process as well as a thought partner to institutional investors navigating ever-changing market environments.

10+ YRS

Average Research Experience

15+ YRS

Average Industry Experience

8+

PhDs & Advanced Degrees

Portfolio Construction

Rethinking Diversification

Are TPA investors gaining an edge through more dynamic asset allocation? This paper explores the outcomes, the governance challenges Boards face, and intermediate models that balance SAA stability with increased flexibility, offering an attractive alternative for certain investors.

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A scatter plot comparing the trade-off between risk and return for sovereign investors using two approaches: SAA (Strategic Asset Allocation) and TPA (Total Portfolio Approach).The X-axis: Variation in 10-year return (0.0% to 3.0%). The Y-axis: Average 10-year return (4% to 16%). The data points are represented as Dark blue circles for SAA investors and Light blue triangles for TPA investors. The two trend lines included are: the SAA trend line (dotted purple, indicating a flatter or less favorable risk-return trade-off) and the TPA trend line (dashed orange, indicating a steeper and more favorable trade-off). The chart suggests that TPA investors tend to achieve higher returns for a given level of return variability compared to SAA investors.
Source: SWF Global data, PGIM Portfolio Research calculations 2025. For illustrative purposes only.

ASSET ALLOCATION WITH PUBLIC & PRIVATE ASSETS

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PORTFOLIO CONSTRUCTION

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Given the complexities of multi-asset investing, remaining at the forefront of cross-asset class research and portfolio construction innovation is essential. Our dedicated Portfolio Research Team, specializing in asset class and portfolio level research, empowers us to achieve this objective.

Mao Dong

Co-Head of Portfolio Management and Head of Portfolio Research

PGIM Multi-Asset Solutions

<p>Given the complexities of multi-asset investing, remaining at the forefront of cross-asset class research and portfolio construction innovation is essential. Our dedicated Portfolio Research Team, specializing in asset class and portfolio level research, empowers us to achieve this objective.</p>

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