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  "notes": "The chart shows annual return contributions for a 60/40 portfolio (S&P 500 and Bloomberg Global Aggregate Bond Index).",
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      "text": "We expect equities to continue to dominate returns in a balanced portfolio strategy. But the main difference going forward is that as the interest rate cycle moves sideways, passive bond strategies may not prove to be an effective hedge.",
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      "text": "Return contributions in a 60/40 portfolio (as measured by S&P 500 and Bloomberg Global Aggregate Bond Index)",
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      "text": "Source: Bloomberg, MSIM. As of December 31, 2024. The views and opinions expressed are those of the Portfolio Solutions Group at the time of writing/of this presentation and are subject to change at any time due to market, economic, or other conditions.",
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