PGIM argues advisors should combine private equity, private credit and private real assets within a single flexible multi-asset allocation rather than static single-strategy exposures, citing diversification and historical return patterns. It also contends direct investment structures offer lower fees and greater transparency than fund-of-funds vehicles.
6 NOVEMBER 2026
Jennison's Raj Shant, PGIM's Guillermo Felices and PGIM's Morgan Laughlin argue the tech sell-off reflects a healthier, more selective AI build-out rather than a demand collapse. They see power, permitting and political constraints slowing capex without derailing underlying compute demand or the broader economy.
J.P. Morgan's Stephanie Aliaga argues political backlash against AI data centers, evident in midterm election results, raises costs and delays but is unlikely to derail the buildout given strong economic incentives. Post-2028 projects face the greatest uncertainty, while a shakeout of speculative developments may benefit well-capitalized hyperscalers.
J.P. Morgan's David Lebovitz argues that higher real rates, not inflation itself, are compressing private real asset valuations, with repricing speed and mechanics varying across real estate, infrastructure and transportation. He concludes future returns will depend on income and growth rather than multiple expansion.
Principal Asset Management's Seema Shah argues that a sharp AI-stock sell-off, intensified by midterm election results and local opposition to data centers, reflects growing regulatory friction rather than an end to the AI investment cycle. She expects development to be redistributed and made more conditional, not halted.
5 NOVEMBER 2026
PGIM's Sandro Lazzarini and Theo Pan compare AI-driven capital spending to past infrastructure cycles, finding hyperscaler cash flows currently limit reliance on debt. They argue credit risk varies widely across AI-related bond structures, making structural analysis essential over the next two to three years.
Apollo's research argues that prolonged higher interest rates are eroding debt coverage for weak borrowers, with stress spreading from CCC-rated credit toward single-B issuers via refinancing pressure and CLO-driven technical contagion.
Wellington Management argues cybersecurity has become a material ESG risk for private companies, especially pre-IPO, requiring governance frameworks, disclosure practices, and dedicated expertise to manage rising regulatory scrutiny and attack risk.
Baillie Gifford's Long Term Global Growth team explains its deliberately unstructured, generalist approach to idea generation, favouring curiosity, open-mindedness and tolerance for failure over sector coverage. Access to private companies and on-the-ground research, including in China, helps the team identify rare outlier stocks that drive long-run returns.
