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Bailey McCann, Opalesque New York:

Partners Capital an outsourced CIO for endowments and foundations and ultra-high-net-worth families in Europe, North America and Asia, has released a 185-page report capturing the firm's analysis of the major factors influencing investment returns and opportunities, and the investment initiatives it is taking on behalf of clients in view of that outlook.

Partners Capital's new analysis has considered that context and reaffirmed that returns expected by long term multi-asset-class investors, including endowments and foundations, will be significantly lower than what those institutional investors typically earned in the past.

Specifically, Partners Capital continues to forecast expected overall long-term "endowment-style portfolio" average nominal net returns of 6.7%, a decline from expected returns of 9.5% just after the global financial crisis in 2009. This expectation reflects expectations for slower real economic growth in the coming decades due to declining labour and productivity trends, as well as scope for a pause in globalization trends due to popular support for protectionism. However, rising inflation and more targetted fiscal stimulus will help to offset some of those drags.

Partners Capital has identified several major investment themes for client portfolios in response to this expected investment environment:

• Prepare for inflation:

  Although a reflationary environment should be suppor......................

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