Asset Allocation Outlook February

08 February 2022

“As goes January, so goes the year” is an old market wisdom. And superficially that appears to apply to the S&P500 from 1964 and the AEX from 1984. On both stock exchanges, in about two-thirds of the years a positive January is followed by a positive year or a negative January is followed by a negative year. Yet this is mostly true of the positive years. Both January and the year are positive in over fifty percent of cases. After all, stock exchanges rise more often than they fall. Even if January is negative, there is a slightly higher chance of a positive year than of a negative year. In short, there’s still hope for 2022.

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

Fed makes further policy adjustments following high inflation data; no consolation for investors
ECB seems to be preparing markets for a policy change
Economic growth in temporary dip
Investment policy: positive outlook for equities unchanged

2022, 08 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.

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