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Asset Allocation Outlook February

12 February 2021

The strong upward trend in equity markets that began in late October 2020 faltered at the end of January. Stricter lockdowns in Europe, a muddled start to vaccination campaigns in most European countries and speculative behaviour from retail investors in the shares of a number of small companies in the US combined to create uncertainty. The US S&P500 equity index even noted its worst week since the end of October. Yet there are glimmers of hope and for this reason we’ve decided to maintain our positive view towards risk.

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

  • Better-than-expected economic growth in Q4 2020
  • Retail investors trigger turbulence in US equity market
  • Significant differences in corporate earnings between the US and Europe
  • Our investment policy is unchanged

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2021, 12 February

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