Asset Allocation Outlook March

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

Great uncertainty about the economic impact of the corona virus
Deep correction on equity markets
Position in corporate bonds reduced, equities purchased

The Asset Allocation Desk

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News & Knowledge

2020, 01 October

The Dividend Letter

With the September launch of a sustainable version of our Global Dividend strategy, there is rarely a better moment to discuss how we treat ESG as part of our investment philosophy. The fact that we chose to launch a ‘green’ version of our fund doesn’t mean we ignored sustainability before. It is an important factor to consider in our high dividend universe, given that the space tends to be geared towards more ‘dirty’ industries compared to the broader market. It is our belief that a company cannot add value over the long term if its business model is unsustainable, be it because it is harmful to its environment or by being overtaken by cleaner technology. To put our beliefs into practice, our ESG approach has three pillars: Exclude, Integrate and Engage, with each more progressive than the one before. Exclude the violators from our universe, integrate sustainability into the investment process and engage with the companies where we can drive positive change.

White paper: Chinese equities

China is the world’s second biggest economy in GDP terms (and already the largest in purchasing power parity terms). China is expected to achieve absolute GDP parity with the US, depending on growth rates, within the next 10-20 years. This seems to be a forgone conclusion; it has the world’s largest population (at more than three times the size of the US population), a growing middle class and large rural population that provides a pool for future growth.

Time for investors to show up in the race to net-zero emissions

In this quarterly newsletter, we take a closer look at the world of responsible and sustainable investment. At Kempen Capital Management, Environmental Social Governance (ESG) factors are fully integrated throughout our investment process, and for us responsible investment means being good stewards of the companies that we invest in. We encourage positive change through engagement with the management of our investee companies and through actively using our shareholder voting rights.

Asset Allocation Outlook March

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