2023 Long-Term Capital Market Assumptions


Invesco Investment Solutions is proud to present our 2023 Capital Market Assumptions (CMAs). We hope the insights and data presented in this publication assist in your asset allocation process as you begin to rebalance portfolios in the coming months.

We remain quite positive on our long-term capital market assumptions (CMAs). Most of the 170+ assets we cover are expected to return more in the coming decade than the last decade.

As central banks have begun to unwind years of excess liquidity through quantitative tightening and rapid rate hikes, only one thing is certain, cash has become more valuable. Investors can now be prudent in their risk taking and, in nominal terms, the risk-free rate actually returns something for savers.

Fixed income assets, particularly long duration government bonds, have corrected meaningfully in 2022, and while major economies have yet to register a technical recession, cash flows have been discounted by higher interest rates resulting in drawdowns within overvalued portions of equity markets.

Overall, we provide forecasts for 170+ assets in over 20 currencies, including 10 private assets to aid our clients globally in assessing their investment opportunities.


Invesco is a leading independent global investment manager, dedicated to helping insurance investors achieve their financial objectives. We understand insurers have unique investment needs, from optimizing capital efficiency and yield, to managing reserves and reporting. That's why we offer specialized solutions across a broad set of asset classes and vehicles. With $1.6 trillion in total assets under management, and $51.2 billion on behalf of insurance general accounts,* we strive to understand your distinct capital requirements, accounting tax treatment, and risk factors. (*As of December 31, 2021)

Chris Marx
Head of Insurance


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Atlanta, Georgia 30309

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