Asset Allocation Outlook September

9 September 2022

Asset Allocation Outlook September

There were two sides to the month of August. Investors started the month optimistically, especially when the US economy turned out to be generating large numbers of new jobs still and inflation declined slightly. These events raised hopes of a soft landing and a shift by the Fed to a less tight monetary policy. However, sentiment underwent a reversal when Fed Chair Powell made it clear that no such change was imminent. This resulted in the equity markets falling again after all in August after the upturn in July. During the rally the US S&P500 had come closest to breaking through the downward trendline of the 200-day moving average but ultimately failed to do so.

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

Aggressive tone of central banks spoils the equity party
Recession becoming ever more likely
Equity underweight increased

2022, 9 September

Asset Allocation Outlook

Download

Disclaimer
The information in this publication is of a general nature. This publication may at no time be viewed as an offer and you cannot derive any rights from this publication. The external sources used to produce this publication were selected with the great care.
We cannot guarantee that the information and data from these sources is up-to-date, correct and exhaustive. We accept no liability for printing and typing errors. We are not obliged to update or amend the contents in this publication.
All rights related to the content of this publication are reserved, including the right to amend.

Van Lanschot Kempen Investment Management (UK) Limited is registered in England & Wales with registration number 02833264. Registered office at 20 Gracechurch Street, London, EC3V 0BG Tel: +44 (0)20 3636 9400. Authorised and regulated by the Financial Conduct Authority (FCA) with reference number 166063.

Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested. Past performance provides no guarantee for the future.

There’s a saying in Dutch, Kom verder, it means many things and it’s our business philosophy. It captures the way we work with clients but also the way we steer our investee companies to deliver shareholder value through active engagement.