5-year Expected Returns


Escaping the hall of mirrors

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5-year Expected Returns 2022 - 2026: The Roasting Twenties

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Best Asset Allocation Paper

Savvy Investor Awards 2019

In our 116-page outlook, we present our forecasts for the 5-year Expected Returns for all major asset classes.

Return on developed market equities


Return on emerging market equities


Return on Euro Government Bonds


Annual returns denominated in euros

The Executive Summary

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By reacting to market expectations for further easing, monetary policy becomes a distorted image of its former self. Can central banks escape the ‘hall of mirrors’?

Our 5-year Expected Returns includes:

  • The expected returns for all major asset classes for the 2020-2024 period
  • Analysis of market valuations and macro scenarios
  • Four special topics
For the outlook on long-term steady-state returns, read our Long-Term Expected Returns.

A notable shift in this year’s report is our downward revision of expected returns, owing to our view that a recession is inevitable between now and 2024.

Peter van der Welle, Multi-Asset Strategist

Special topics

In this section we address four questions faced by professional investors.

Special topics

In this section we address four questions faced by professional investors.

Giving China its rightful share in your portfolio
Giving China its rightful share in your portfolio
Chinese stocks are a major new investment opportunity, yet they are under-represented in most portfolios, say Laurens Swinkels and Jaap Hoek.
23-10-2019 | Fünfjahresausblick

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‘Escaping the hall of mirrors’

Find out what our expected returns for all major asset classes are.

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