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5-year Expected Returns
2021-2025

5-year Expected Returns

Brave real world

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Peter van der Welle

With ultra-low nominal interest rates and significantly negative real interest rates for longer, the brave real world is a paradoxical one, with risky safe havens.

Peter van der Welle, Multi-Asset Strategist

5-year return forecast

EUR
USD
Base
Growth
Covid


Our 5-year Expected Returns includes:

  • The expected returns for all major asset classes for the 2021-2025 period
  • Analysis of market valuations and macro scenarios
  • Five special topics
  • Watch the full recording of our digital Expected Returns 2021 – 2025 event

For the outlook on long-term steady-state returns, read our Long-Term Expected Returns.

Special topics

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

Special topics

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

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Carbon pricing, asset allocation and climate goals
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Trends investing: finding the winners among skewed equity returns
Trends investing: finding the winners among skewed equity returns
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Interest rates – don’t be so negative
How fashionable will negative interest rates be in five years’ time?
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Factor investing – going beyond Fama and French
Factor investing – going beyond Fama and French
There is more to factor investing than the standard academic factors, says Head of Quant Research David Blitz.
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Expected Returns 2021-2025 digital event

The Executive Summary

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Download our new 5-year outlook (109 pages)

‘Brave real world’

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


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