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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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A tiny proportion of stocks account for most of the market’s returns.
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Factor investing – going beyond Fama and French
Factor investing – going beyond Fama and French
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5-Year outlook

Expected Returns 2021-2025 digital event

The Executive Summary

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Leave your details and download our Expected Returns 2021-2025

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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