1、 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION2026 Long-Term Capital Market Assumptions30th Annual EditionTime-tested projections to build stronger portfoliosJ.P.Morgan Asset Management 3ForewordIm excited to share the 30th edition o

2、f J.P.Morgan Asset Managements Long-Term Capital Market Assumptions.For three decades,this publication has been a cornerstone of our commitment to providing clear,objective global forecasting,leveraging our experts perspectives to help our clients achieve their financial goals.This years launch find

3、s us in a world evolving in significant ways.Shifting economic landscapes,including the rise of economic nationalism and renewed fiscal engagement,are testing investors but also offering silver linings.In our 30th edition,weve assembled the expertise of more than 100 industry-leading portfolio manag

4、ers,research analysts and strategists worldwide to provide return and risk expectations for more than 200 assets and strategies in 20 base currencies.Many investors and advisors have come to rely on these assumptions to set their strategic asset allocation and to establish reasonable risk and return

5、 expectations for the coming 10 to 15 years.In our view,the increasing deployment of technology will drive near-term profitability and long-term productivity.Public and private investment will support growth,but over the coming decade investors will need to account for inflation and rate shocks as w

6、ell as economic(growth)shocks.Notably,our projections indicate that a balanced global portfolio stands to benefit from these evolving trends,with ample opportunities to strengthen portfolio resilience.We also see a broader set of possibilities for skilled active managers than perhaps ever before,in