News & Knowledge

2020, 21 January

Kempen Real Estate Update: Barbarians at the gates

A recurring and important question regarding all shapes and forms of prudent investing across all asset classes and instruments is “how do I get my money back?”. Whereas larger institutional investors may have the luxury of investing with nearly perpetual time horizons, for retail investors and institutional investors with stringent spending requirements (foundations, endowments, insurance etc..), this question is of the utmost importance as often they do not have this luxury option. With the recent suspension of trading at several UK open-ended retail property funds (also known as gating), and redemptions in one US ODCE fund, we explore this topic further and look into how investors can avoid being caught in gated property funds.

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2020, 13 January

Asset Allocation Outlook January

Having again noted a gain in December, the MSCI global equity index closed 2019 with a positive return of no less than 28.1%. That makes 2019 the best year of the past two decades. Investors in general asset classes could basically do little wrong in 2019. All these asset classes, from government bonds to real estate, posted positive returns.

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2020, 10 January

Kempen's Commentary

2019 was a wonderful year for investments. Each broad investment category generated a positive return. US stocks reached the highest returns of more than 30%, closely followed by European real estate. Despite low interest rates, bonds also realised positive yields. US corporate bonds were leading with 14%. But Japanese government bonds also realised a small positive result at zero interest rates. And even government bonds in the core countries of the euro zone, where 10-year interest rates are often negative, gained 4%.

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2019, 17 December

Global Impact Pool Quarterly

We are pleased to report on the third 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, 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?

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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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2020, 22 January

Kempen sharpens its focus on alternative investments with the appointment of Anne Mei Poppe

Kempen Capital Management (Kempen) has strengthened its alternative solutions team with the appointment of Anne Mei Poppe as alternative investment specialist. Her appointment demonstrates Kempen’s commitment to boosting growth in alternative investments.

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2020, 14 January

Kempen boosts Client Solutions team with the appointment of Peter Ruesink

Kempen Capital Management (Kempen) has appointed Peter Ruesink as Fiduciary Manager/Client Director of the Client Solutions team as of 1 January. He will focus specifically on serving institutional fiduciary clients using his expertise on data science strategies. With this appointment, Kempen further specialises as a data driven organisation.

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2019, 16 December

Kempen European Private Equity Fund reaches maximum capacity with final close at € 192.5 million

Amsterdam, 16 December 2019. The final close of the Kempen European Private Equity Fund, the private equity fund managed by Kempen Capital Management (Kempen), took place on Friday 13 December 2019. The total committed capital amounts to € 192.5 million, which brings the fund to its maximum capacity.

2019, 11 December

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.

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