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Asset Allocation Outlook September

09 September 2022

There were two sides to the month of August. Investors started the month optimistically, especially when the US economy turned out to be generating large numbers of new jobs still and inflation declined slightly. These events raised hopes of a soft landing and a shift by the Fed to a less tight monetary policy. However, sentiment underwent a reversal when Fed Chair Powell made it clear that no such change was imminent. This resulted in the equity markets falling again after all in August after the upturn in July. During the rally the US S&P500 had come closest to breaking through the downward trendline of the 200-day moving average but ultimately failed to do so.

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

  • Aggressive tone of central banks spoils the equity party
  • Recession becoming ever more likely
  • Equity underweight increased

Read more

2022, 09 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
Luc Aben

Luc Aben

Chief economist
Michel Iglesias del Sol

Michel Iglesias del Sol

Head Of Investment Strategy
Duco Smit

Duco Smit

senior investment strategist
Jorn Veeneman

Jorn Veeneman

investment strategist

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2022, 09 September

Asset Allocation Outlook September

There were two sides to the month of August. Investors started the month optimistically, especially when the US economy turned out to be generating large numbers of new jobs still and inflation declined slightly. These events raised hopes of a soft landing and a shift by the Fed to a less tight monetary policy. However, sentiment underwent a reversal when Fed Chair Powell made it clear that no such change was imminent. This resulted in the equity markets falling again after all in August after the upturn in July. During the rally the US S&P500 had come closest to breaking through the downward trendline of the 200-day moving average but ultimately failed to do so.

Read more
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Kempen & Co is a trade name of Van Lanschot Kempen NV. Kempen Capital Management NV is part of Van Lanschot Kempen NV.