Asset Allocation Outlook July

Please see Kempen’s Asset Allocation Outlook for July. The highlights this month are:

Economic outlook improving…
… but higher number of corona cases making markets jittery
Investment policy unchanged: preference for high yield bonds over equities

The Asset Allocation Desk

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News & Knowledge

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%.

2020, 13 October

Dividend Update: How uncertainty has led to an unprecedented opportunity for investors

Most investors have heard of America’s famed “FAANG” stocks – Facebook, Apple, Amazon, Netflix and Google. Replace Netflix with Microsoft and we have by far the five biggest stocks in the S&P 500. In fact, they make up over 20% of that index – well above the 18% that the then-five-biggest stocks accounted for at the peak of the dot-com bubble back in 2000.
But what’s less well known is that Europe has its own version of the FAANG stocks – what Goldman Sachs has labelled the GRANOLAS, and are the 11 biggest stocks in Europe. They’re made up of Glaxosmithkline, Roche, ASML, Nestlé, Novartis, Novo Nordisk, L’Oréal, LVMH, AstraZeneca, SAP and Sanofi.

2020, 13 October

Kempen Real Estate Update: What determines if your shopping centre will survive?

The barter economy features very early on in the annals of human history – the exchange of goods and services has shaped human society throughout the ages and that trend is no different today. The modern retail property owner spends much of their time looking at what makes a great retail environment work, and yet we find that little attention has been given to the factors that drive the rents in those properties. With our big data approach, back-tested with data published by public real estate companies, and with the help of several listed companies and non-listed funds, we have decided to add to the existing knowledge and perform our own investigation on the factors that influence retail footfall and rents.

Asset Allocation Outlook July

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