Long-Term Return of Forecasts of Global Institutions

• We collected average annual return forecasts for 5, 7, or 10 years from 12 large institutions: Amundi*, AQR, BNY Mellon, Callan, Franklin Templeton, GMO*, Morgan Stanley, Schroders, State Street, T Rowe Price, UBS*, Vanguard*
• The average of these forecasts shows a 6% p.a. expectation for equity
• Looking at the average of these forecasts, we should expect about 0.5% p.a. for bonds
• These institutions expect about 2% p.a. for commodities
• And about 2% p.a. for gold (though, only T Rowe Price had a forecast for gold)

Q3 2020 hedge fund letters, conferences and more

Notes: *No return forecast for commodities. **Only T Rowe Price had a long-term return forecast for gold.

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