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8 May 2024

Asset Allocation Outlook

April was a difficult month for investors as both equities and bonds lost ground, incidentally without causing significant panic. Although an upturn was visible in the VIX index, which measures US equity volatility, it was of shorter duration and less pronounced than in October last year. The MSCI global equity index noted its first monthly downturn since October last year. This downturn derived from industrialised nations. Remarkably enough, given the turbulence in currencies, the emerging market index noted a small upturn. This tells us the origin of the turbulence - interest rate fears in the US - and explains why equities fell more sharply in the US than in the Eurozone or Japan.

Please see Van Lanschot Kempen’s Asset Allocation Outlook for May. The highlights this month are:

Eurozone economy exits recession, US stable
Uncertainty surrounding outlook for earnings
Investment policy unchanged

Download the Asset Allocation

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Es gibt einen Spruch auf Niederländisch, Kom verder, das viele Dinge bedeutet und unsere Geschäftsphilosophie darstellt. Er erfasst die Art und Weise, wie wir mit unseren Kunden arbeiten, aber auch wie wir unsere Beteiligungsunternehmen lenken, um Aktionärswert durch aktive Beteiligung zu schaffen.

Risikokapital. Der Wert von Anlagen und die daraus erzielten Erträge können sowohl steigen als auch fallen. Die Anleger erhalten möglicherweise nicht den ursprünglich investierten Betrag zurück. Die in der Vergangenheit erzielte Performance ist keine Garantie für die Zukunft.