Capital market expectations

Keith Tan

The first stage of the portfolio construction process where the investor’s expectations concerning the risk and return prospects of asset classes are determined. Historically, only the broad categories of equities and bonds were considered. More recently, alternative investments have gained more prominence. Alternative investment asset classes include hedge funds, private equity funds, commodities and real estate.

Overall, the asset classes considered should approximately cover the universe of permissible investments specified in the IPS

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