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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

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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.

The Asset Allocation Desk

Joost van Leenders

Joost van Leenders

Senior Investment Strategist
Ivo Kuiper

Ivo Kuiper

Head Asset Allocation & Rates
Luc Aben

Luc Aben

Chief economist
Kim Lubbers

Kim Lubbers

Senior Portfolio Manager
Martijn Gerrits

Martijn Gerrits

Investment Strategy Advisor

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Kempen & Co is a trade name of Van Lanschot Kempen Wealth Management NV. Both Van Lanschot Kempen Wealth Management NV and Kempen Capital Management NV are part of Van Lanschot Kempen NV