“The next five years, then, will require investors to take a long hard look at their portfolios. What proved successful in the past is unlikely to bear fruit in the future. It’s time to adapt to a different investment landscape.”

It’s been an incredible run. Over the past 10 years, exceptionally loose monetary policy and a reduction in corporate taxes have resulted in the longest equity bull market ever. Another plus for investors has been that asset prices have been unusually well behaved – the volatility of bond and stocks has been below average for much of the last decade. But we believe this is about to change, and for several reasons.

So where does this leave investors? 

Our latest Secular Outlook provides our asset class return forecasts for the next five years and discuss the structural trends that will transform the investment landscape.

Secular outlook — Overview and download


Five-year global outlook 
Five-year US equities outlook 
Five-year emerging markets outlook