Overview              Executive Summary              Matrices


The 2019 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 23 years, our in-depth, proprietary process provides 10- to 15-year risk and return projections for more than 50 strategy and asset classes.

We also explore compelling themes, delving into the changing nature of recessions and recoveries, the rise of government indebtedness, a widening spectrum of investor risks and the implications for managing portfolios in late cycle and beyond.   

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.



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





Take a deep dive into issues likely to have a profound and protracted impact on the global investment landscape. Preview a theme from our 2020 LTCMA white paper.

The failure of monetary stimulus >


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Our expectations for returns, volatilities and correlations, arranged in an easy-to-reference matrix format. Matrices are available in 15 base currencies.

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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