Kempen Insight - Turning views into value

INTERVIEW: John Kay on stewardship

British professor John Kay feels that a cultural change is needed in the financial sector: ‘We need to understand that it is through promoting long-term prosperity for all that good returns are earned for savers.’

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MACRO OUTLOOK 2018

We at Kempen expect the European Central Bank to move away gradually from its expansionary policies. Not only are the limits imposed on the purchasing programmes coming ever closer, fears of deflation have also dissipated.

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INVESTMENT THEME: Real Assets

What are real assets, other than an umbrella term for concrete, tangible investments like agricultural land, ports, container ships, warehouses and windmills? Could this provide the answer to major social and economic challenges?

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News & Knowledge

2019, 13 December

Kempen's Commentary

For two weeks, no fewer than 25,000 people met in Madrid to discuss our climate. The fact that this climate conference eventually took place in Europe after Brazil and Chile had both cancelled, is symbolic of Europe’s pioneering role in this debate. Is this position an opportunity or a risk?

Dutch financials make significant progress with PCAF carbon accounting methodology

The number of Dutch banks, insurance companies and pension funds working on calculating the climate impact of their loans and investments is growing. Seventeen financials with a total assets under management of 2 trillion euros are now part of the Partnership for Carbon Accounting Financials (PCAF), which has developed a carbon accounting methodology to map the carbon emissions of loans and investments.

Asset Allocation Outlook December

The MSCI global equity index noted gains for the third month in a row in November. A difference was discernible though between industrialised countries, which saw prices rise, and the slight price decreases in emerging markets. Capital market yields rose further, while the US saw an end to falling yields at the short end of the yield curve. This caused the spread on long-term and short-term yields to widen, which is a positive sign for the business cycle. The reasons behind the positive mood on the markets continue to be hopes of a trade agreement between the US and China, the diminishing risk of a hard Brexit and the bottoming-out of a number of leading economic indicators. We have reduced our cash position by expanding our overweight in emerging market debt. Our underweight in equities has been kept unchanged, however, as we still believe that the equity markets have priced in an excessively positive scenario for corporate earnings.

Kempen Insight - Outlook 2018