Asset Allocation Outlook May

13 May 2020

After a few months of the coronavirus spreading around the globe and nearly every country now in some sort of lockdown, the extent of the damage to the economy is becoming clearer. Confidence indicators have plummeted and data on the real economy are now also starting to fall sharply. Yet the financial markets have calmed somewhat. The spread of the coronavirus has slowed and governments and central banks have announced enormous stimulus packages. This means there are glimmers of hope, but the equity market already seems to be anticipating a recovery. We’ve therefore decided to maintain our underweight in equities.

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

Corona pandemic leaves deep scars on the global economy
Crisis initially deflationary
Equity markets (excessively) optimistic

2020, 13 May

Asset Allocation Outlook

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Disclaimer
Kempen Capital Management N.V. (KCM) is licensed as a manager of various investment funds and to provide investment services and is subject to supervision by the Netherlands Authority for the Financial Markets. This information may not be construed as an offer and provides insufficient basis for an investment decision.

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