21-09-2022 · 5-Year outlook

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.


  • Peter van der Welle

    Strategist Sustainable Multi Asset Solutions

  • Laurens Swinkels

    Head of Quant Strategy

This year the world has faced soaring energy prices further fueling inflation, Russian’s war in Ukraine, and a growing risk of recession. And that’s while still dealing with the aftermath of Covid. Finally, the era of Great Moderation may be coming to an end.

That’s why we’ve entitled our latest Expected Returns 2023-2027 ‘The Age of Confusion’, in which our experts unravel the likely outcomes from the ongoing shocks and their impact on all the major asset classes.


Download the publication (134 pages)

Read the full Expected Returns 2023-2027 here