Marking down our estimates for equities and bonds
Our 2025 Capital Market Assumptions are lower across stocks
and bonds relative to last year.
Equities
The outsized returns of equities over the past two years, increasing market concentration and high stock valuations make us more cautious
Fixed income
Return expectations decreased, as starting yields are lower and spreads have experienced meaningful compression
Currencies
We expect the US dollar to depreciate against a broad basket of currencies over the 20-year horizon
Still a bright outlook for long-term investors
With uncertainty around tariffs and lowered global growth expectations, it is important to adopt a long-term perspective. In this video, solutions portfolio manager Michelle Black looks at our capital market assumptions and how these are impacted by current volatility.
Full report
Dive deep into our detailed estimates for each asset class and region, along with our economic outlook.
Asset Class Forecasts
Here an overview of our key asset class forecasts to help inform your allocation decisions.
All are projected over a 20-year horizon and in USD terms.
Explore our investment capabilities
Designed to meet a range of investment needs, whatever the market backdrop.
Equity
A range of equity strategies following a long-term approach to help investors achieve their goals.
Fixed Income
Our distinctive approach has made us one of the world’s largest active Fixed Income managers.
Multi-asset
Dedicated to providing a smooth investment journey and robust risk-adjusted returns over the long term.
Emerging Markets
Seeking investment opportunities by taking a global view and through extensive on-the-ground research.
A 90-year focus on client success
Learn about our distinctive portfolio construction approach and dedication to meeting clients’ expectations.
Get the full report on our capital market assumptions
Receive our latest insights direct in your inbox
Let’s talk about how we can help support your objectives