News & Knowledge

2019, 05 December

Asset Allocation Outlook December

The MSCI global equity index noted gains for the third month in a row in November. A difference was discernible though between industrialised countries, which saw prices rise, and the slight price decreases in emerging markets. Capital market yields rose further, while the US saw an end to falling yields at the short end of the yield curve. This caused the spread on long-term and short-term yields to widen, which is a positive sign for the business cycle. The reasons behind the positive mood on the markets continue to be hopes of a trade agreement between the US and China, the diminishing risk of a hard Brexit and the bottoming-out of a number of leading economic indicators. We have reduced our cash position by expanding our overweight in emerging market debt. Our underweight in equities has been kept unchanged, however, as we still believe that the equity markets have priced in an excessively positive scenario for corporate earnings.

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2019, 29 November

Kempen's Commentary

Before you start reading: please don’t take the following personally. It’s others and not you. The reason for this is that I have some bad news: we are not getting any smarter. In fact, we are all getting dumber. At least that’s what recent IQ tests suggest.

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2019, 25 November

High yield in a broad perspective

The size of the fixed-income investment markets has grown considerably over the past decade. Existing investment classes have grown significantly, but also new fixed-income asset classes have become available to investors. The accommodative policy of central banks with low interest rates has spurred a search for yield that has led to an increase in capital made available for lending. At the same time, the past few years’ robust economic growth has led to a credit demand for growth, investments, mergers, and acquisitions. In emerging economies, particularly fixed-income markets in local currencies have shown significant growth.

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2019, 19 November

The best of both worlds

A competitive return and a positive social impact: it really is possible. And Kempen does it. In 2017, Kempen set up the Global Impact Pool with this goal in mind. Investors and managers of the Global Impact Pool got together in Amsterdam to review the fund’s first year on 6 June 2019.

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2019, 15 November

Kempen's Commentary

Something remarkable happened last week. The German finance minister Olaf Scholz wrote in an article in the Financial Times that Germany is prepared to support a European deposit guarantee scheme. This system would be an important step in the completion of the European banking union.

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2019, 14 November

The Dividend Letter

Paying up for safety is one of the biggest trends in financial markets this year. Investors have vigorously bought into low-vol stocks. Understandable perhaps, in uncertain times it may be smarter to preserve rather than grow capital. The trend has been so strong however that it appears to be to some extent of a bubble in these assets. There are certainly better alternatives available.

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2019, 07 November

Febelfin sustainability label for Kempen funds

As of today, four Kempen funds are entitled to carry the Febelfin sustainability label. In consultation with its stakeholders, Belgian organisation Febelfin has developed a quality standard for sustainable financial products, including investment funds. Products that comply with the requirements for this standard are awarded the sustainability label. The label guarantees that the funds invest in a sustainable and socially-responsible manner.

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2019, 07 November

Private Markets Investor Letter

The third quarter was a special quarter for the Private Markets Fund for three reasons: The barrier of EUR 100 million has been broken. A total of EUR 103 million of capital has now been committed by clients. Based on the pledged capital, we have been able to build up a widely diversified portfolio of which 69% has already been invested. We achieved a positive investment result of 3.7% in the third quarter; the fund is still under construction, but we are seeing a clear increase in revaluations and distributions that contribute positively to the result. The third quarter was also a particularly active period for the fund, with three new partnerships added to the portfolio. Our current partners were also fully active and concluded various transactions that we will further elaborate on in this report.

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2019, 06 November

Kempen Insight - Outlook 2020

In this Kempen Insight we present our Outlook for 2020: we look forward and we study a number of topics that could affect the economy and the financial markets. In addition the magazine is packed with news about our funds and fiduciary management arm.

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2019, 04 November

Kempen wins three Swiss Hedge Fund Awards

At the annual BANCO Swiss Hedge Fund Awards ceremony, Kempen has won three awards. The awards show, which highlights hedge funds that are available on the Swiss market, celebrated its thirteenth edition in Geneva this year. The winners were selected by an expert jury of institutional investors and pension fund advisers.

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2019, 01 November

Kempen's Commentary

After some more drama in the Brexit saga, the EU member states have now agreed to another postponement of Brexit. Will this put an end to the uncertainties surrounding Britain’s intended withdrawal from the EU?

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2019, 31 October

Van Lanschot Kempen: trading update third quarter 2019

Performance in line with previous quarters and client assets increase to €101.1 billion.

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2019, 30 October

The Social in ESG is there to stay and will become increasingly important…

Among the traditional Real Estate subsectors the residential market is likely to be most at risk of government intervention through regulation. Unhappy customers nowadays have more options to make their case, find likeminded people and team up when they feel they are not the only ones encountering a problem.

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