GAA Return Assumptions 2024: Key Themes In Strategic Asset Allocation

This companion piece to our updated return assumptions offers our analysis on themes related to strategic asset allocation. This year, we discuss: The long-term outlook for US stock market outperformance, the role of dilution and economic growth in long-term equity returns, how investors can use equity factors over the strategic horizon; the role of the term premium when making a strategic allocation to government bonds, and the benefits of including commodities in a strategic portfolio coupled with the dynamics of commodities supercycles.