News & Knowledge

2019, 14 October

Monthly Commentary

September was a fairly quiet month in financial markets. UK government bond yields were broadly unchanged as were international equities. This therefore gives me some time to focus on one of my (many) pet peeves. The RPI inflation index, how it is calculated and how it is used was once again in the news as the Chancellor announced another review into potentially reforming the calculation of inflation. This had, at least initially, a very significant impact on market based measures of inflation and the pricing of index-linked gilts.

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2019, 08 October

Credit quarterly newsletter

Kempen’s Credit team immerses itself in the credit markets on a daily basis. As these markets can change rapidly, it’s vital for the team to be on top of all the latest developments, understand what’s going on and adjust its portfolios accordingly if necessary. The team receives regular enquiries from our clients about its views on the credit markets and where the best opportunities currently lie, so we publish a quarterly credit newsletter providing the team’s views on a topic of interest. In this edition, we talk about how the team integrates responsibility throughout its investment process.

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2019, 04 October

Salomons' Judgement

Equity investors prefer safety above all else. They invest with cowardice. The summer of 2019 may go down in history as the bubble in risk aversion.

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2019, 03 October

Short term Outlook 2020

The answer to this central question that is preoccupying investors all round the world will have an impact on central bank policies, earnings trends and an investment climate that is fundamentally different from today. The negative yield curve in the US is one of the most common indicators for recession, meaning that yields on ten year government bonds are now lower than those on three month bonds, but this is not the only signal we are looking out for.

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2019, 01 October

Macro Outlook 2020: Central scenario

Free trade is being squeezed, geopolitical relations are strained and inflation refuses to climb, forcing central banks to implement further measures. This is the basic state of play as of the middle of 2019. Each summer, Kempen re-examines its long-term forecasts. We analyse all the relevant data again, search for positive surprises and identify potential risks. Our conclusion this summer was that the differences compared to a year ago are not so much to be found in the numbers as in the nuances.

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2019, 19 September

Salomons' Judgement

This column is not about Donald Trump’s battle to induce his central bank to lower the interest rates. It’s about the European Central Bank and its internal issues.

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2019, 17 September

Global Impact Pool Quarterly

We are pleased to report on the second quarter of 2019 on Kempen’s Global Impact Pool in which we continued to deploy capital towards the Global Impact Pool’s mission, which is to make investments that positively contribute to solving global problems around the food, water and climate nexus and five Sustainable Development Goals.

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2019, 12 September

Monthly Commentary

August is normally a quiet month. However this year anyone checking on financial market moves from the beach would be tempted to tear up their return ticket and seek sanctuary in the nearest monastery. Pension fund trustees in particular would have been looking at the small print of their travel insurance before checking into hospital for palpitations. It most certainly was not quiet.

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2019, 10 September

International award for Living wage platform – PRI Active ownership project of the year

Platform Living Wage Financials (PLWF), has won the international PRI (Principles for Responsible Investments) award for best initiative in the field of active ownership.

2019, 05 September

Salomons' Judgement

The interest rate cut in August was explained by Federal Reserve Chairman Jerome Powell as a preventive mid-cycle policy adjustment, due to concerns about the future of the economy. It would not be the start of a series of interest rate cuts, indicating the end of the economic cycle. However, I have my doubts whether a quarter of a percentage point less will suffice in that case.

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2019, 02 September

Appointment of Jaap Kuin and Pieter Runneboom to Kempen Securities

It is with pride that Kempen announces that Jaap Kuin and Pieter Runneboom will be joining the real estate research team of Kempen Securities.

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2019, 02 September

CMA’s final order

The Competitions and Markets Authority (CMA) has given pension trustees plenty of food for thought with their recent final order relating to investment consultancy and fiduciary management.

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2019, 27 August

Van Lanschot Kempen: net profit of over €83 million and capital return proposal

Van Lanschot Kempen today released its 2019 half-year results.

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