PGIM
The latest research and outlooks in the ProAllocate library
- Private Markets
Private Markets Unlocked: The Case for a Multi-Asset Approach
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.
- Thematics
Tech Hits Turbulence
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.
- Private Markets
Private Credit: Reality Check
PGIM's Dianna Carr-Coletta argues private credit's rapid growth and recent corporate failures have fueled overstated systemic fears, noting direct lending remains fundamentally a conservative, senior-secured, long-established asset class.
- Private Markets
Beyond the Asset: Rethinking Infrastructure Finance
PGIM argues infrastructure debt is fundamentally a credit business, with the opportunity set broadening beyond mature core assets to include development, construction and refinancing stages. It concludes investors need manager selection and disciplined underwriting rather than simply increasing infrastructure allocations.
- Private Markets
The New Frontier in Insurance Asset Management
PGIM's Yi Yang argues that insurers face growing private-markets opportunities but must master jurisdictional capital rules, structuring, reinsurance partnership and risk governance to convert them into usable portfolios. The paper shows identical loan portfolios can incur different capital charges under NAIC, BMA and JFSA regimes depending on structure.
- Private Markets
Real Estate Securities Market Review
PGIM's Q3 2026 review shows global listed real estate fell roughly 6% as surging sovereign bond yields overwhelmed resilient property fundamentals, with Europe weakest (-9.2%) and Asia Pacific most resilient (-3.5%). PGIM remains constructive on listed real estate over 12 months, favoring high-quality, low-leverage companies in healthcare, data centers and industrial/logistics.
- Fixed Income
AI-Buildout Scenarios as Exposure Expands
PGIM outlines three 12-month AI-buildout scenarios—Steady Buildout (50%), Constrained Build (30%) and AI Unwind (20%)—mapping capex, Fed policy and credit-market implications, while reviewing this week's rates, credit, EM and securitized market moves.
- ETFs
Buffer ETFs: Strategies for Equity-Market Uncertainty
PGIM outlines how buffer ETFs, now holding $84.2bn in assets, use options to cap equity gains in exchange for downside protection, helping risk-averse investors stay invested amid macro uncertainty.
- Fixed Income
Elevated Yields Boost Bond Return Potential
PGIM argues current bond yields, near two-decade highs, historically correlate strongly with future returns, suggesting now is a favourable time to raise fixed income allocations given the Fed's elevated-rate stance.