• Asset allocation decisions can be based on many factors, including the recent and expected performance of assets.

• Based on our analysis, assets like high yield or investment grade may see stronger returns relative to their recent history, but for U.S. large-cap equity, the next five years — while positive — may be more challenging.

• This highlights the need for active management and selectivity. For asset classes where returns may be harder to come by, research and issuer selection can matter more. A financial advisor can help you navigate the changing picture for asset classes.

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