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2021 Long-Term Capital Market Assumptions

The 25th annual edition explores how the policies adopted to tackle the COVID-19 crisis will affect the next cycle – and how investors can craft a new portfolio for a new decade. Returns are constrained in many markets. But investors can draw on expanded opportunity sets to harvest the returns they need.

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Executive Summary
NEW: Client survey takeaways

Transcript to come...

THEMATIC INSIGHTS

These articles look into issues likely to have a profound and protracted impact on the global investment landscape.
Web

Weighing the investment implications of climate change policy

With global temperatures on track to increase, learn how shifts in public climate policy could accelerate and lead to significant investment implications.

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Climate-Portfolios_Banner_850x240px

The fiscal decade: The promises, problems and potential of fiscal stimulus

With an expected surge in fiscal stimulus in the decade ahead, discover what it means for economies and markets.

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Debt, debt everywhere: The implications of a high debt world

Our assumptions forecast a persistent, new high debt reality that should affect most asset classes. Discover the implications of the new high debt world.

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Alternatives Card

Alternatives: From optional to essential

With traditional markets alone unlikely to deliver the alpha investors need, discover how we see the role of alternatives evolving.

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LTCMA Matrix

Assumption matrices

Our expectations for returns, volatilities and correlations.

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Executive summary

Our executive summary provides a broad overview of our Long Term Capital Market Assumptions and provides context for important structural themes.

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LTCMA archive

View previous years of LTCMA.

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This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be taken as advice or a recommendation for any specific investment product, strategy, plan feature or other purpose in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any examples used are generic, hypothetical and for illustration purposes only. This material does not contain sufficient information to support an investment decision and it should not be relied upon by you in evaluating the merits of investing in any securities or products. In addition, users should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine, together with their own professional advisers, if any investment mentioned herein is believed to be suitable to their personal goals. Investors should ensure that they obtain all available relevant information before making any investment. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not a reliable indicator of current and future results.
 

J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our EMEA Privacy Policy www.jpmorgan.com/emea-privacy-policy.
 

This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) S.à r.l., 6 route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg, R.C.S. Luxembourg B27900, corporate capital EUR 10.000.000.

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