Following a year in which nothing felt normal, the outcome for financial markets has, at times, felt particularly uncertain for investors, Despite this, both equity and bonds delivered strong returns at the asset class level in 2020. But can these positive returns continue? In this document, Janus Henderson’s UK-based Multi Asset Team set out their expectations for longer-term returns across 31 major assets classes across equity, fixed income, currencies and commodities.

  Key takeaways

  • What role can forecasts for long-term expected returns play in supporting investment decisions?
  • Philosophy, methodology and an overview of some of the expected challenges investors may face over the next decade.
  • What does the past tell us about how equities have performed in similar environments characterised by high valuations and periods of low levels of inflation?