Capital Market Assumptions 2020


As institutional investors periodically review their asset allocations, they typically begin with capital market assumptions (CMAs) for each asset class and strategy in their portfolios. eVestment aggregates previous and current year’s capital market assumptions, equipping consultants, asset managers and institutional investors to conduct their own comparisons of return assumptions and to assess the spread of assumptions within an asset class.

The CMAs in this report were intended for use prior to the coronavirus outbreak. Post-outbreak, some consultants have updated their outlooks for various investment strategies. eVestment plans to follow and report on the impact of the global pandemic on consultants’ capital market assumptions, but this analysis of pre-crisis assumptions remains useful to understand how consultants were thinking as various markets operated near all-time highs and rates near all-time lows.

This report also includes a section illustrating how consultants are communicating their views and advice for dealing with the impact of the pandemic on investor portfolios. The findings are based on analysis of 2019 capital market assumptions and pre-pandemic 2020 return expectations.

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