News & Knowledge

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US, and news of the Pfizer vaccine over the last week, anything I write about market events in October will have been superseded by the time this missive arrives.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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2020, 10 November

Kempen has won Fiduciary Manager of the Year for the second year in a row

Kempen has won Fiduciary Manager of the Year for the second year in a row at Financial News’ European Asset Management Awards 2020

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2020, 05 November

Credit quarterly newsletter

Kempen’s Credit team immerses itself in the credit markets on a daily basis. As these markets can change rapidly, it’s vital for the team to be on top of all the latest developments, understand what’s going on and adjust its portfolios accordingly if necessary. The team receives regular enquiries from our clients about its views on the credit markets and where the best opportunities currently lie, so we publish a quarterly credit newsletter providing the team’s views on a topic of interest. In this edition, we talk about the real estate sector within the European credit markets. We discuss the growth of the market in recent years, the challenges facing the sector – which has been hit hard by the coronavirus pandemic – and the opportunities that are beginning to emerge as a result.

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2020, 05 November

Kempen wins ICGN Global Stewardship Award

Kempen Capital Management (Kempen) is the winner of the ICGN Global Stewardship Disclosure Awards in the Asset Managers <$ 60bn AuM category.

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2020, 04 November

Febelfin sustainability label for Kempen funds

As of today, five Kempen funds are entitled to carry the Febelfin sustainability label. It has been a year since the Belgian organization Febelfin, in consultation with its stakeholders, 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. In the first round of last year, Kempen received the label for 4 funds, to which a fifth fund was added in this round. Kempen is pleased with this recognition of the ESG approach. The label guarantees that the funds invest in a sustainable and socially-responsible manner.

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2020, 30 October

Don't miss an update on our strategy

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2020, 29 October

Dividend Update: How we managed to minimise dividend cuts in our dividend strategy

We’ve been running our dividend strategy for over 20 years and experienced a number of periods in which companies have cut their dividends – the most obvious being the 2008-09 financial crisis, when several financial companies were forced to reduce their payouts.

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2020, 29 October

Van Lanschot Kempen: trading update third quarter 2020


Van Lanschot Kempen today released its trading update for the third quarter of 2020.

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2020, 26 October

Gerard Roelofs leaves Kempen

Gerard Roelofs, managing director client solutions, has decided to leave Van Lanschot Kempen. Gerard joined the company at the beginning of 2017. After four very successful years, Gerard has taken stock and decided it is time for a new challenge.

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2020, 15 October

Asset Allocation Outlook October

Last month we referred to the market wisdom that says there’s no point in investors coming back until September. This year it would certainly have been the wrong time to do so. Not only would investors have missed out on the gains of August, they’d have to digest a loss in September on top of that. At nearly 4%, the biggest loss was in the US. Europe and emerging markets noted a loss of about 2%, while Japan displayed a tiny plus of 0.5%.

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