News & Knowledge

2020, 28 December

Kempen gave the best equity advice in 2020

Kempen & Co's investment advice was the most valuable for investors in 2020. This shows the annual analyst survey by brothers Dirk and Willem Gerritsen (Utrecht University).

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2020, 11 December

Kempen signs Net Zero Asset Managers commitment

Kempen Capital Management (Kempen) today signed the Net Zero Asset Managers commitment. The Net Zero Asset Managers initiative is a group of international asset managers who aim to achieve net zero greenhouse gas emissions in their portfolios by 2050. They select investments that are targeted to achieve net zero emissions by or before 2050, in line with worldwide efforts to limit global warming to 1.5 degrees Celsius.

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2020, 08 December

Global Impact Pool Quarterly

We are pleased to report on the third quarter of 2020 for Kempen’s Global Impact Pool, in which we continued to deploy capital towards the Global Impact Pool’s mission, which is to make investments that positively contribute to solving global problems around the food, water and climate nexus and five Sustainable Development Goals.

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2020, 08 December

The £85bn statistical adjustment

Last week saw the denouement of a long running statistical saga. Whilst statistics may not sound interesting, this one is critical for pensioners and pension fund investors — so please bear with me.

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2020, 08 December

Asset Allocation Outlook December

It’s been clear for quite a while that we’re living in exceptional times. Economic data had already rewritten records, for both contraction and growth. Yet that didn’t stop equities making their contribution in what was a spectacular November. The MSCI global equity index climbed by the record amount of 12.2% within a single calendar month, while the increase of 18.1% to the EURO STOXX 50 index - which has been around since 1986 - was another record. The upturn in the US S&P500 was less spectacular at 10.8%, but this index has already performed much better than its European counterpart this year.

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2020, 24 November

Dividend Update: All set for a style reversal?

It’s been a hard year for the value stocks that our dividend strategy typically invests in. Growth stocks have outperformed them this year (as they did in 2019), such that the valuation gap between the two has hit a historical high – growth stocks had become 230% more expensive than value firms by the end of September based on a composite of four valuation measures – P/E, P/CF, P/B and dividend yield.

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2020, 24 November

Dividend update videos

Dividend is the backbone of our investment strategy. Providing a consistent return to shareholders urges companies to carefully manage their cashflows and balance sheet, and scrutinize their investment decisions. As the economy has come to an abrupt stop due to the COVID-19 crisis, regulators, companies and even investors are questioning whether it is prudent to return cash to shareholders when the outlook is filled with uncertainty. We agree, some companies will need all their available resources to weather the crisis. Many others however, are according to our opinion in good shape financially to see this through. Some companies are simply not impacted much directly.

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2020, 17 November

Monthly Commentary

Following the election (and Trump’s legal shenanigans) in the US, and news of the Pfizer vaccine over the last week, anything I write about market events in October will have been superseded by the time this missive arrives. I want to take this opportunity instead to examine a wider issue that has been under examination recently, and one that is going to become quite topical for all governments as they begin to chart a way to recovery: do government deficits matter anymore?

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2020, 13 November

Sustainable Equity Strategy: Market update

A positive reading on a potential COVID-19 vaccine was released on Monday November the 9th: Pfizer and BioNTech said their vaccine candidate proved to be more than 90% effective in the first 94 subjects who were infected by coronavirus and developed at least one symptom. This is significantly better than 50% efficacy threshold FDA established for approval. The companies noted no serious safety issues thus far and they remain on track to ask FDA for emergency use authorization by end of November. Dr. Fauci said Moderna vaccine may see similar results because it is also based on mRNA technology and told CNN it is "very likely" people will begin to be vaccinated before end of 2020.

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