The Long-term Expected Returns (Chapters 3 and 4 in previous editions of our 5-year Expected Returns) have now been made into a stand-alone publication. In this publication we build on the methodology from previous editions to derive the expected long-term returns on a wide set of asset classes. These long-term expected returns can be used as the equilibrium returns for asset-liability management (ALM) studies for long-term investors such as pension or endowment funds.
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