With rising interest rates, an uneven stock market, and broader variability in financial markets, liquidity is at a premium for asset managers and asset owners. Some investors are facing over-allocation challenges resulting in the denominator effect and need to rebalance portfolios. How have liquidity needs changed for asset owners and how are asset managers navigating the markets? How are investors evaluating the macroeconomic environment and which asset classes and investment strategies are best positioned for the moment? What financial innovations and new trends are emerging that might help ensure that investors are able to meet their return targets in the long term while maintaining near-term flexibility?