For institutional investors in Norway

UK Multi Asset Team – long-term expected returns & market assumptions

Nick Harper, CFA

Nick Harper, CFA

Portfolio Manager  

9 Feb 2021

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?

These are the views of the author at the time of publication and may differ from the views of other individuals/teams at Janus Henderson Investors. Any securities, funds, sectors and indices mentioned within this article do not constitute or form part of any offer or solicitation to buy or sell them.


Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested.


The information in this article does not qualify as an investment recommendation.


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