图表内容
图6：AQR年度更新的资本市场假设(2022年12月)
December 2022
1.Earnings-Based
2.Payout-Based
Combined
Excess-
Adjusted
0.5·EP
Dividend
NBY
DY+NBY
Real
1yr
of-Cash
Yield
Return
Change
Return
U.S.
4.0%
3.5%
1.7%
0.7%
2.5%
4.9%
4.2%
+0.4%
27%
Eurozone
5.1%
4.19%
3.3%
-0.2%
2.3%
5.3%
4.7%
+0.8%
4.8%
Japan
5.5%
4.3%
2.6%
0.2%
2.1%
5.0%
4.6%
+0.4%
5.4%
U.K.
6.0%
4.5%
3.8%
-0.5%
2.1%
5.4%
5.0%
+0.1%
4.2%
Australia
5.1%
4.19%
5.0%
-1.0%
2.5%
6.5%
5.3%
+0.4%
4.2%
Canada
5.1%
4.0%
3.3%
-0.8%
2.5%
5.0%
4.5%
+0.5%
3.2%
Global Dev.
4.4%
3.7%
2.1%
0.4%
2.4%
4.9%
4.3%
+0.4%
3.2%
Global Dev.ex U.S.
5.4%
42%
3.4%
-0.2%
2.3%
5.4%
4.8%
+0.5%
4.6%
Emerging Markets
8.1%
6.0%
3.4%
2.6%
6.0%
6.0%
+0.9%
4.4%
资料来源：AQR Capital Management
LLC
