“Capital gains from almost all asset classes are approaching dusk. Low but relatively dependable income will be the market’s future driver,” Bill Gross, the chief investment officer of PIMCO, said, according to a Reuters report.

Gross argues that a dearth of aggregate demand and “continuing surfeit of supply” will weigh on global growth rates.

PIMCO has maintained a “New Neutral” outlook for the global economy, contending that the world is transforming from a post-financial-crisis recovery period toward stable, modest economic growth over the next three to five years.

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Max Chen contributed to this article.