News & Knowledge

2019, 05 December

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.

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2019, 29 November

Kempen's Commentary

Before you start reading: please don’t take the following personally. It’s others and not you. The reason for this is that I have some bad news: we are not getting any smarter. In fact, we are all getting dumber. At least that’s what recent IQ tests suggest.

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2019, 15 November

Kempen's Commentary

Something remarkable happened last week. The German finance minister Olaf Scholz wrote in an article in the Financial Times that Germany is prepared to support a European deposit guarantee scheme. This system would be an important step in the completion of the European banking union.

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2019, 14 November

The Dividend Letter

Paying up for safety is one of the biggest trends in financial markets this year. Investors have vigorously bought into low-vol stocks. Understandable perhaps, in uncertain times it may be smarter to preserve rather than grow capital. The trend has been so strong however that it appears to be to some extent of a bubble in these assets. There are certainly better alternatives available.

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2019, 07 November

Private Markets Investor Letter

The third quarter was a special quarter for the Private Markets Fund for three reasons: The barrier of EUR 100 million has been broken. A total of EUR 103 million of capital has now been committed by clients. Based on the pledged capital, we have been able to build up a widely diversified portfolio of which 69% has already been invested. We achieved a positive investment result of 3.7% in the third quarter; the fund is still under construction, but we are seeing a clear increase in revaluations and distributions that contribute positively to the result. The third quarter was also a particularly active period for the fund, with three new partnerships added to the portfolio. Our current partners were also fully active and concluded various transactions that we will further elaborate on in this report.

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2019, 01 November

Kempen's Commentary

After some more drama in the Brexit saga, the EU member states have now agreed to another postponement of Brexit. Will this put an end to the uncertainties surrounding Britain’s intended withdrawal from the EU?

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2019, 30 October

The Social in ESG is there to stay and will become increasingly important…

Among the traditional Real Estate subsectors the residential market is likely to be most at risk of government intervention through regulation. Unhappy customers nowadays have more options to make their case, find likeminded people and team up when they feel they are not the only ones encountering a problem.

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2019, 21 October

Five years of Real Estate: five key success factors

The Kempen Global Property Strategy* marked its five-year anniversary in October. To mark this landmark, in this edition of our Alpha REIT we look at five factors that have been instrumental in the strategy’s outperformance over the past five years – and should continue to be in the future.

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2019, 18 October

Salomons' Judgement

Sometimes, when you say you are both an economist and an investor, you can get rather bemused questions. Do you try to make predictions? Surely that isn’t possible? Do you have a crystal ball or something? Let me try and put an end to such questions once and for all.

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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, 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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