Please note that our 2020 Long-Term Capital Market Assumptions were originally calculated as of September 30, 2019 and published in November 2019, and thus did not reflect recent extreme price moves in many asset markets resulting from the ongoing COVID-19 disruption. Please refer to the Executive Summary page to discover our updated assumptions as of March 31, 2020. Please reach out to ltcma.inquiries@jpmorgan.com with any questions.
The 2020 edition of J.P. Morgan Asset Management's Long-Term Capital Market Assumptions draws on the best thinking of our experienced investment professionals worldwide. Refined and expanded over 24 years, our in-depth, proprietary process provides 10- to 15-year risk and return projections for more than 50 strategy and asset classes.
For the very first time we are providing an off-cycle mark-to-market of our Long-Term Capital Market Assumptions return projections, prompted by the profound shock to the economy and markets of COVID-19. Our senior investors also share personal recollections and insights from prior financial crises. While no two bear markets are the same, the lessons of history can offer a helpful perspective.
Investors and advisors depend on our projections to inform their strategic asset allocations. The assumptions are at the core of our own approach to building strong portfolio solutions aligned with clients’ investment needs.
LTCMA Insights
Assumption matrices
Arranged in an easy-to-reference format, each LTCMA matrix provides our expectations for returns, volatilities and correlations.
Full report and exec summary
Choose between a comprehensive analysis of our forecasts and critical investment themes, or a simpler overview of our macro and asset class assumptions.
Download the original report >
Access the executive summary >
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