PGIM Multi-Asset Solutions’ First Quarter 2025 Outlook, Beyond Resilience: Strategic Positioning for an Evolving Landscape, examines a global investment landscape characterized by increasing market divergence and evolving opportunities across asset classes.

Following a year of remarkable resilience, we anticipate continued dispersion in regional economic performance, with the US maintaining its position as the primary engine of growth. Key themes shaping our investment views include:

• Shifting monetary policy dynamics
• An ongoing evolution of private market opportunities
• The growing impact of tech innovation across sectors

While we maintain a constructive view on risk assets, we emphasize the importance of selective positioning and dynamic asset allocation in an environment where traditional relationships between asset classes continue to evolve. Our outlook explores these themes in detail, offering relative value views across major asset classes and strategic perspectives for institutional investors navigating an increasingly complex market environment.