Reports and Surveys | February 10, 2020

2020 Investment Outlook: The Nice House in the Forest

For most investors, the last decade was like a nice walk along a wooded and scenic trail that ended with double-digit equity returns for 2019.

Those results, which were unexpectedly robust for holders of U.S. equity, were supported by four strong pillars: continued global economic growth, accommodative monetary policy, substantial share buyback activity and a booming technology sector.

Now, as we enter the new decade, most of those features appear to still be in place. However, numerous challenges still exist in the investment landscape, and investors would do well to stay vigilant. 

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Over the next 12 to 18 months, here's what we expect.

Learn more about our global macroeconomic views and near-term performance expectations for specific asset classes.

Over the next 12 to 18 months, we expect*:

  • U.S. and developed non-U.S. equity to perform in-line with our long-term assumptions.
  • Emerging market equity to deliver returns that are slightly above normal. Normal returns for U.S. core fixed income and other areas of the U.S. bond market.
  • Below normal results for non-U.S. core bonds. Opportunities for emerging market debt to perform slightly better than normal.
  • Above-normal returns for energy, but below-normal for timber and private equity.

*The views represented for each of the asset classes are relative to our 10-year capital market assumptions.

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