Through the Looking Glass: 2025 Capital Market Assumptions
- Capital market assumptions (CMAs) represent forward-looking return and risk estimates for various asset classes.
- Our CMAs are designed to represent our views across a full market cycle, which has historically been 5-10 years.
- Our CMAs are forward-looking projections with fundamental underpinnings in market-based expectations. We apply modest, research-based views when appropriate.
- We believe a higher-for-longer interest rate environment will result in higher bond returns than were experienced from 2010-2022.
- Elevated equity valuations, particularly in US large cap, have resulted in us lowering our public equity estimated return relative to one year ago. We also expect a more normal volatility environment in equities going forward.
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Any views expressed above represent the opinions of Mill Creek Capital Advisers ("MCCA") and are not intended as a forecast or guarantee of future results. This information is for educational purposes only. It is not intended to provide, and should not be relied upon for, particular investment advice. This publication has been prepared by MCCA. The publication is provided for information purposes only. The information contained in this publication has been obtained from sources that
MCCA believes to be reliable, but MCCA does not represent or warrant that it is accurate or complete. The views in this publication are those of MCCA and are subject to change, and MCCA has no obligation to update its opinions or the information in this publication. While MCCA has obtained information believed to be reliable, MCCA, nor any of their respective officers, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this publication or its contents.
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