Orange Book: 2023 long-term capital markets outlook
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Mackenzie presents the 2023 Orange Book, our long-term outlook on domestic and global markets. Here, we highlight our expectations for the average return of stocks and bonds over the coming decade.
Day-to-day moves in financial markets make the headlines. But what really matters for long-term investors is their total portfolio return over longer investment horizons. The return estimates presented in the Orange Book help investors look through short-term market movements to stay focused on the long term.
Our capital market assumptions are also appropriate for sophisticated institutional investors, such as pension funds and endowments. Long-term risk and return expectations are key inputs for strategic allocations.