PGIM：2023年最佳创意：超越不确定性（英文版）（22页）.pdf

1、LOOKING BEYOND THE UNCERTAINTYFor professional investors only.All investments involve risk,including possible loss of capital.2023 BEST IDEAS1 2023 BEST IDEAS|PGIMINTRODUCTIONPage 2 Jennison AssociatesTWO SHADES OF GROWTH FOR AN UNCERTAIN MARKETPage 3PGIM Fixed IncomeOPPORTUNITIES IN EUROPEAN INVEST

2、MENT-GRADE DEBTPage 6PGIM Private CapitalDIRECT LENDING AND THE SHIFT TO NON-SPONSORED DEAL FLOWPage 8PGIM Real EstateDATA CENTER DEMAND GROWTH LIKELY A LONG-TERM STORYPage 10PGIM Quantitative SolutionsMACRO UNCERTAINTY CALLS FOR AGILITY&DIVERSIFICATIONPage 13Montana Capital PartnersPROVIDING LIQUID

3、ITY IN AN ILLIQUID MARKETPage 15PGIM DC SolutionsFLEXIBLE SPENDING AND OPTIMAL RETIREMENT PORTFOLIOSPage 17CONTENTSPGIM|2023 BEST IDEAS 2 INTRODUCTIONAfter not one,not two,but three consecutive tumultuous years for financial markets,investors might be ready for a break from volatility in 2023.Theyre

4、 not likely to get it.Over the past three years,markets have essentially plowed through three different cycles:in 2020 it was the COVID-driven selloff,in 2021 the markets recovery supported by dramatic fiscal and monetary stimulus,and last year brought on the aftermath of all of that,ushering in hig

5、her inflation and escalating interest rates.And just beneath those macro surfaces lies a host of other hurdles:the war in Ukraine,the crypto implosion,Chinas ongoing battle to contain COVID-19,unresolved supply chain issues,and,of course,whether the US and other major economies enter a recession thi

6、s year.For investors who have seen pretty much everything over this three-year span,its hard to imagine yet another major,unforeseen shock to the system.Whats more likely this year is simply old-fashioned uncertainty brought on by the economic environment and the Federal Reserves decision-making pro