Long Run Returns Monitor (Jun. 2021)

Given that the moves in most financial markets since the previous editionof our Long Run Returns Monitor have been fairly small–at least for the period as a whole –the returns that we are projecting from most assets between now and the end of 2030 have changed only marginally. That said, the higher starting points that have resulted from their rallies in recent weeks mean that we are projecting somewhat weaker returns from energy commodities, Latin American equities and developed markets (DM) REITs. Meanwhile, the stumble in industrial and precious metals of late means that our projected returns from them are now a little less downbeat.