1、 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION29th annual edition2025 Long-Term Capital Market AssumptionsTime-tested projections to build stronger portfoliosJ.P.Morgan Asset Management 3ForewordA new economic era is emerging.As we m

2、ove past a period of low capital investment and low growth rates,we see many reasons for optimism.First,we anticipate stronger economic growth that will support corporate earnings and equity returns.We expect solid investment by governments and businesses,and generally higher interest rates that sho

3、uld strengthen fixed incomes role in portfolios.Despite the often alarming headlines,we forecast that the global economy will be one of the strongest in years,providing a healthy foundation for asset markets.With these factors in mind,we are pleased to launch the 2025 edition of J.P.Morgan Asset Man

4、agements Long-Term Capital Market Assumptions(LTCMAs),now in its 29th year.Weve assembled the expertise of more than 100 industry-leading portfolio managers,research analysts and strategists worldwide to provide return and risk expectations for more than 200 assets and strategies in 19 base currenci

5、es.They also offer strategic perspectives on risks,from geopolitical conflict to rising deficits and economic nationalism.Many investors and advisors have come to rely on these assumptions to set their strategic asset allocation and to establish reasonable risk and return expectations for the coming

6、 10 to 15 years.It is important to note that while our LTCMAs are driven by return expectations for indices or median managers,we believe there are a number of opportunities to outperform,particularly through active management and security selection.At J.P.Morgan Asset Management,we leverage our dee