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Asset Allocation Outlook September

14 September 2020

August is traditionally a month in which little happens on the financial markets. According to market wisdom there’s no point in coming back until September, but this year was an exception to the rule. The MSCI global equity index posted a gain of 6.0%. Japanese equities rose in price by as much as 8.2%, followed by US equities at 7.0%, with European equities and emerging market equities lagging far behind with pluses of 3.4% and 2.1%. The positive climate for risky assets led to tighter spreads on Southern European government bonds, Investment Grade and High Yield credits and emerging market debt.

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

  • Fed’s new targets point to long-term low interest rates
  • Economic recovery slowing somewhat, but downturn not expected
  • Investment policy unchanged, small underweight in equities

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2020, 14 September

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
Hans Kamminga

Hans Kamminga

Senior Portfolio Manager
Kim Lubbers

Kim Lubbers

Senior Portfolio Manager
Martijn Gerrits

Martijn Gerrits

Investment Strategy Advisor

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News & Knowledge

2020, 22 September

Investing in utilities

At Kempen, integrating ESG criteria is an integral part of all our investment processes. This can manifest itself in what are on the face of it some surprising ways. Our high-dividend equity strategies, for example, have significant exposure to high-dividend payers in the utilities sector, which have long been major polluters.

Read more
2020, 14 September

Asset Allocation Outlook September

August is traditionally a month in which little happens on the financial markets. According to market wisdom there’s no point in coming back until September, but this year was an exception to the rule. The MSCI global equity index posted a gain of 6.0%. Japanese equities rose in price by as much as 8.2%, followed by US equities at 7.0%, with European equities and emerging market equities lagging far behind with pluses of 3.4% and 2.1%. The positive climate for risky assets led to tighter spreads on Southern European government bonds, Investment Grade and High Yield credits and emerging market debt.

Read more
2020, 11 September

Monthly Commentary

Following the Jackson hole meeting of Central bankers at the end of August there has been some talk about the mandates of Central banks, why they matter and what the impact of changing them can be.

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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