Our expectations for returns, volatilities and correlations. Use our interactive matrices in your chosen currency to download the excel file or download the PDF version below.
Our assumptions can be used to:
- Develop or review a strategic asset allocation
- Understand the risk and return trade-offs across and within asset classes and regions
- Assess the risk characteristics of a strategic asset allocation
- Review relative value allocation decisions
The assumptions are not designed to inform short term tactical allocation decisions. Our assumptions process is carefully calibrated and constructed to aid investors with strategic asset allocation or policy-level decisions over a 10- to 15-year investment horizon.
Download matrix by currency
The 26th annual edition explores how the legacy of the pandemic – limited economic scarring but enduring policy choices – will affect the next cycle. Despite low return expectations in public markets, we think investors can find ample risk premia to harvest if they are prepared to look beyond traditional asset classes.