Local Alpha

Local Alpha team

Covering a wide range of sectors and companies in Kempen’s Local Alpha team offers in-depth local knowledge of listed as well as non-listed companies, regulators and consumer organisations. Their proactive, out-of-the-box investment ideas and alpha generating strategies result in structural outperformance, as evidenced by their Favourites List.

Highly rated corporate access

Supported by a very solid and strong local economy, our team of highly-qualified and experienced analysts actively covers all new listings, gradually expanding their footprint in relevant sectors. These experts are in direct contact with the CEOs and CFOs of almost all listed companies, providing highly-rated corporate access. In addition, they are members of an international peer group for the purpose of active peer comparison of companies.

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News & Knowledge

2017, 07 September

Which price is right?

The positive effect of stock splits has been a talking point for many years now, although there is limited academic research looking into the relationship between stock splits and the performance of listed real estate. Fama, Fisher, Jensen, and Roll showed in their 1969 study that markets are “efficient” enough to adjust to new information very rapidly and that positive drift caused by stock splits followed increased future dividend implications. Following simple rationale, an investor should be indifferent whether he owns 10 shares of €10 or one share of €100. But one can doubt the limited impact if we zoom out and take several trading-related factors into account that help determine the right price for a single share.

ETF ownership in the Real Estate sector: systemic risk?

Exchange traded funds (ETFs) and quantitative investors account for about 60% of the equity space in the US (up from 30% 10 years ago) and only 10% of the daily volumes traded originates from fundamental discretionary trades. It will become increasingly difficult to generate alpha on a fundamental basis as individual stocks start to move in tandem and the relationship between fundamentals and share price has decreased.

Kempen wins two SRP Structured Products & Derivatives Awards

Kempen & Co achieved three #1 positions in the category real estate at the presentation of the Extel Awards. Kempen & Co was not only selected as the best brokerage firm on both a team and an individual basis, but the European Property Seminar, organised by Kempen & Co for the 15th year running this year, was also selected as the best real estate conference according to corporate voters.