Previous Expected Returns editions

Every year, we present our forecasts for the 5-year Expected Returns for all major asset classes. Find an overview of our previous editions.

5-year Expected Returns: The Age of Confusion


5-year Expected Returns: The Age of Confusion

Welcome to terra incognita, a new era in which the certainties that a generation of investors have grown so used to have started to crumble before our very eyes. Confusion has taken center stage on financial markets.


5-year Expected Returns: the Roasting Twenties

Things are heating up and our tech optimism is intertwined with that sinking feeling that climate catastrophe is closing in. Climate change will impact society, politics and business. It will shake up the corporate landscape.

2021 - 2025

5-year Expected Returns: Brave real world

Few would doubt that the Covid-19 pandemic has completely changed the world. The kind of world we are now entering will be very different from the one we have left, making it much harder for investors to navigate the likely conditions for the major asset classes.

2020 - 2024

5-year Expected Returns: Escaping the hall of mirrors

This year’s theme of our 5-year outlook, ‘Escaping the hall of mirrors’, is inspired by the peculiar conditions investors face in today’s financial markets. Central banks have been very central indeed and dictated market outcomes for a long time. Has their role changed recently – to merely reacting to what markets seem to demand?