2021 Long-Term Capital Market Assumptions
November 19, 2020

2021 Long-Term Capital Market Assumptions

Invesco Investment Solutions

Invesco Investment Solutions is pleased to present the 2021 Long-Term Capital Market Assumptions that provide long-term estimates for the behavior of 170+ major asset classes, including global and Asian assets, and coverage across equities, fixed income, real estate, private equity, and private debt.

As the pandemic and recovery unfold, we remain in our Base case scenario, and are leaning towards a faster recovery mid ’21. We will continue to update our CMAs using this framework, which is now documented in the paper in section 14.

To guide Strategic Asset Allocation, our 10-year assumptions explain that the period ahead will not necessarily look like the past decade. For investors with shorter time horizons, 5-year returns are also produced, as well as Tactical Asset Allocation views to highlight the CMAs that may over or undershoot in the near-term.

Here we summarize our 2021 long-term CMAs.

  • The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may not get back the full amount invested

  • All data is as at November 2020 and sourced from Invesco unless otherwise stated.

    Where individuals or the business have expressed opinions, they are based on current market conditions, they may differ from those of other investment professionals and are subject to change without notice.

    This document is marketing material and is not intended as a recommendation to invest in any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication. The information provided is for illustrative purposes only, it should not be relied upon as recommendations to buy or sell securities.

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  • may contain references to amounts which are not in local currencies;
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