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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.

This year we explore the trade-offs and complications of late-cycle investing, in particular the challenges to portfolio construction that zero or negative bond yields present. Ultra-low yields may require a rethink of the traditional 60/40 portfolio, demanding flexibility in portfolio strategy and precision in its execution.

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.



In four articles, take a deep dive into issues likely to have a profound and protracted impact on the global investment landscape.

The failure of monetary stimulus >


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Examine our return projections by major asset class, their building blocks and the thinking behind the numbers.






Our expectations for returns, volatilities and correlations, arranged in an easy-to-reference matrix format.

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John Bilton
Head of Global Multi-Asset Strategy
Dr. David Kelly
Chief Global Strategist and Head of Global Market Insights Strategy
Patrik Schöwitz
Global Strategist, Multi-Asset Solutions
Michael Hood
Global Strategist, Multi-Asset Solutions
Thushka Maharaj
Global Strategist, Multi-Asset Solutions
Anthony Werley
CIO Endowments, Foundations & Healthcare and Vice Chairman of the Private Bank
Benjamin Mandel
Global Strategist, Multi-Asset Solutions
Karen Ward
Chief Market Strategist for EMEA
Sorca Kelly-Scholte
Head of EMEA Pensions Solutions & Advisory
Vincent Juvyns
Global Market Strategist
Grace Koo
Quantitative Analyst and Portfolio Manager, Multi-Asset Solutions
Stephen Macklow-Smith
Portfolio Manager, European Equity Group
Michael Feser
Global Strategist, Multi-Asset Solutions
Yoshinori Shigemi
Global Market Strategist
David Lebovitz
Global Market Strategist