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12 February 2024

Asset Allocation Outlook

After a hesitant start to the year, equity markets are finding their way upwards again. On balance, this generated small gains in the US and Europe, while Japan enjoyed an extremely good month. Emerging market equities in fact lost ground. It was calm on the bond markets as well. After two months of downturns, bond yields rose again slightly in January. The positive sentiment was also visible in spreads on corporate bonds and bonds issued by peripheral Eurozone countries as spreads on the vast majority of these tightened somewhat. Higher oil prices and lower prices for metals and gold meant that commodities remained more or less unchanged. Real estate was forced to relinquish a large portion of the significant gains it had earned in November and December.

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

Equity allocation from underweight to neutral
Soft landing increasingly likely in the US
Japanese equities remain attractive

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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. Van Lanschot Kempen Investment Management (UK) Ltd, is authorised and regulated by the Financial Conduct Authority (FCA) with reference number 166063.