Capital market assumptions and forward-looking insights

Explore insights from KKR, PGIM, AQR and more

This selection of insights offers investors some of the latest capital market assumptions from industry leaders, as well as forward-looking takes on specific asset classes, such as infrastructure and real estate, an interactive toolkit for comparing expected returns, and a discussion on incorporating currency risk and currency hedging into capital market assumptions.

2026 Capital Market Assumptions (Bell Bank)

Capital market assumptions for equities, amid an environment with a heavy AI focus, and for fixed income, at a time when compensation for taking on credit risk is near historical lows.

Capital Market Assumptions: Five‑Year Perspective 2026 (T. Rowe Price)

Five-year expected returns, as well as volatilities and correlations, for equities, fixed income, and alternative assets.

2026 Capital Market Assumptions (PGIM)

Ten-year expectations for the most widely held equity, fixed income, and nontraditional asset classes, measuring both return and risk.

2026 Capital Market Assumptions for Major Asset Classes (AQR)

Estimates of medium-term expected returns for major asset classes, plus a discussion on incorporating currency risk and currency hedging into capital market assumptions.

Long-Term Asset Class Forecasts: Q1 2026 (State Street Investment Management)

Expanded long-term return forecasts include long-horizon risk estimates alongside ordinary, short-horizon ones for equities, bonds, REITs, alternatives, and cash.

Infrastructure Quarterly: Q1 2026 (CBRE Investment Management)

A look at how infrastructure can unlock growth opportunities as governments seek private capital to enhance sovereignty in energy, technology, and supply chains.

An Expanded Toolkit for the Next Investing Regime (KKR)

An interactive digital experience helps investors compare expected returns with history, see how they change across horizons, and use volatility and correlation estimates to gauge risk and diversification.

Long-Term CMAs Public and Private Real Estate (Russell Investments)

A comprehensive framework for forecasting real estate performance across both public and private investment vehicles.

Finding Opportunities amid Uncertainty (Merrill)

A capital markets outlook highlighting AI and creative destruction, China’s five-year plan, and AI’s “in between” period.