News & Knowledge

2021, 16 April

Asset Allocation Outlook April

And all of a sudden, fears of rising interest rates just seemed to evaporate. While US 10-year government bond yields had already climbed to 1.7%, the S&P500 and EUROSTOXX 600 indices once again noted new record highs. This was against a background of rising new coronavirus cases, but also an acceleration in vaccination programmes and potential further fiscal stimulation in the US. Europe is now lagging behind in economic terms, but growth will pick up later this year. We continue to be positive about equities, primarily European equities. For bonds we view higher yields as a risk and are only positive about European high yield credits and emerging market debt listed in US dollars.

2021, 13 April

Kempen Real Estate Update: 2021 – No time to be passive

Despite its hugely progressive, efficient and vastly wealth creating characteristics, the modern capitalist model seems to struggle to deal effectively with externalities such as greenhouse gas “”GHG” driven pollution. These emissions are contributing to an unprecedented heating of the planet.

2021, 24 March

Global Impact Pool Quarterly

We are pleased to report on the fourth quarter of 2020 for 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.

2021, 16 March

Asset Allocation Outlook March

Financial markets had only just got over the hurdles of stricter lockdowns, a muddled start to the vaccination programmes in Europe and the behaviour of US retail speculators when a new problem reared its head: rising interest rates. Last summer US government bond yields stood at just 0.5%, later moving towards 1%. Since the end of January, they have accelerated towards 1.5%. UK 10yr Gilt yields have risen by more than 0.6% so far in 2021 and German capital market yields climbed to -0.26%, their highest level since March last year.

2021, 11 March

White paper Equities: are the odds ever in your favour?

Equities form the bulk of many investors’ portfolios. If 2020 has taught us anything, it’s that they are also very volatile. Often, it’s hard to know if this is an accepted compromise for the end result, a positive for those that believe they can time markets, or just an unnecessary and avoidable risk.

2021, 15 February

Kempen Real Assets White paper: Building for the future

From houses to highways, investing in Real Assets – comprising of Listed and Non-listed Real Estate and Listed Infrastructure – is about much more than attractive and predictable cashflows. The building and operation of Real Estate and Infrastructure forms the backbone of the economies, societies and communities in which people will live and work, now and in the future.

2021, 12 February

Asset Allocation Outlook February

The strong upward trend in equity markets that began in late October 2020 faltered at the end of January. Stricter lockdowns in Europe, a muddled start to vaccination campaigns in most European countries and speculative behaviour from retail investors in the shares of a number of small companies in the US combined to create uncertainty. The US S&P500 equity index even noted its worst week since the end of October. Yet there are glimmers of hope and for this reason we’ve decided to maintain our positive view towards risk.

2021, 14 January

Asset Allocation Outlook January

In the wake of the spectacular upturn on the equity markets in November, the positive sentiment continued into December as well. Equities even managed to climb a few percent higher, with the plus of 7.2% in emerging markets standing out in particular. Spreads tightened further on credits and government bonds issued by Southern European countries and emerging markets. Looking back at 2020, gold heads the rankings at a price gain of 25%.

2021, 12 January

Kempen Real Estate Update: 2021 – Something to look forward to

The year behind us has been exceptional on many fronts. What started out as just another solid post-GFC liquidity fueled year of even higher highs, unexpectedly turned into a year where business models were tested, companies had to evolve or face collapse and the ever-more important global political economy took a central role all due to a truly global pandemic.

2020, 11 December

Kempen signs Net Zero Asset Managers commitment

Kempen Capital Management (Kempen) today signed the Net Zero Asset Managers commitment. The Net Zero Asset Managers initiative is a group of international asset managers who aim to achieve net zero greenhouse gas emissions in their portfolios by 2050. They select investments that are targeted to achieve net zero emissions by or before 2050, in line with worldwide efforts to limit global warming to 1.5 degrees Celsius.

2020, 08 December

Global Impact Pool Quarterly

We are pleased to report on the third quarter of 2020 for 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.

2020, 08 December

Asset Allocation Outlook December

It’s been clear for quite a while that we’re living in exceptional times. Economic data had already rewritten records, for both contraction and growth. Yet that didn’t stop equities making their contribution in what was a spectacular November. The MSCI global equity index climbed by the record amount of 12.2% within a single calendar month, while the increase of 18.1% to the EURO STOXX 50 index - which has been around since 1986 - was another record. The upturn in the US S&P500 was less spectacular at 10.8%, but this index has already performed much better than its European counterpart this year.

2020, 24 November

Dividend Update: All set for a style reversal?

It’s been a hard year for the value stocks that our dividend strategy typically invests in. Growth stocks have outperformed them this year (as they did in 2019), such that the valuation gap between the two has hit a historical high – growth stocks had become 230% more expensive than value firms by the end of September based on a composite of four valuation measures – P/E, P/CF, P/B and dividend yield.

2021, 15 April

Kempen pushes for further growth of its market position in the Nordics

Kempen Capital Management (Kempen) is pleased to announce the appointment of Thomas Poulsen as Director of Business Development Nordics. Poulsen will focus specifically on servicing banks, wealth managers, and institutional investors within the Nordics countries. With this appointment, Kempen pushes for further growth in Europe.

2021, 01 April

Kempen introduces fund focused on sustainable farmland

In cooperation with launching customer Stichting Pensioenfonds PostNL, Kempen Capital Management (Kempen) has developed the SDG Farmland Fund. This new investment solution will enable professional investors to focus on global investments in agricultural land, while at the same time providing a significant, concrete contribution to the achievement of Sustainable Development Goals (SDGs) 2, 6, 12, 13, and 15*.

2021, 01 April

Kempen Capital Management (KCM) has decided the Global Small-cap Strategy has now reached the soft-close status.

The Kempen Global Small-cap Strategy has experienced significant growth in its Assets Under Management (AuM). This has caused a situation where current AuM and projected inflow are within our maximum capacity range.

2021, 30 March

Stichting Pensioenfonds Koninklijke Cosun chooses Kempen as its fiduciary manager

Today, we announce that Stichting Pensioenfonds Koninklijke Cosun (PF Cosun) has chosen Kempen Capital Management (Kempen) as its fiduciary manager. As of April 1, 2021, Kempen will advise on the total invested capital of PF Cosun.