29-09-2020 · 5-jaars vooruitblik

Long-term Expected Returns

The purpose of this report is to show our long-term return expectations for a wide set of asset classes. We take an unconditional long-term view, which means that neither valuation or current economic environment is relevant. These long-term expected returns can be used as the equilibrium returns for asset and liability management (ALM) studies for long-term investors such as pension or endowment funds.


  • Laurens Swinkels

    Head of Quant Strategy

  • Peter van der Welle

    Strategist Sustainable Multi Asset Solutions

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