Our five-year outlook on market opportunities and risks.
2025-2029
Our five-year outlook on market opportunities and risks.
The expected returns for all major asset classes for 2026-2030
New asset class on emerging market debt in hard currency
Three macro scenarios for our base, bull and bear cases
Detailed chapter on the impact of climate change
Download this year’s Executive Summary. For an outlook on the long-term steady-state returns, read our Long-Term Expected Returns.
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