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Future U.S. Equity Returns: A Best-Case Upper Limit

TedTed
in Fund Discussions
FYI: The following chart shows the distribution of future return assumptions that state and local pension funds were using to value their liabilities as of February 2017:
The average expected return was around 7.5%. How can any large fund, much less a pension fund with a conservative mandate, expect to generate such a high return in the current environment? Where exactly would the return come from? Certainly not from anything in the fixed income universe:
Regards,
Ted

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