Our long-term outlook for fixed income assets shifted significantly higher from last quarter, coincident with the increase in sovereign
interest rates in Q4 2024. Adjustments to our 10-year annualized return forecasts include:
Our 10-year forecasts for equity markets outside the US continue to exceed those of large-capitalization US equities, primarily attributable to more favorable valuations:
This quarter's portfolio rebalancing recommendations include:
Note: Forecasts may not be achieved and are not a guarantee or reliable indicator of future results