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Professional Investor - Netherlands
9 June 2023

Asset Allocation Outlook

Financial markets had an awful lot to digest in May, with ongoing unease about US regional banks, interest rate hikes by the Fed, ECB and Bank of England and the drama surrounding the US debt ceiling. Yet there was also optimism among investors about the possibilities of artificial intelligence. Most equity markets responded negatively on balance. European equities fell by 3.5%1, emerging market equities by 1.9% and the UK’s FTSE 100 by as much as 5.4%. The US S&P500 noted a small gain of 0.2%, mostly driven by large tech companies. The Pacific region posted a loss of 1.9% despite a sound performance from Japan (3.6%). 

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

  • Economic outlook still weak 
  • Signs of inflation coming down but interest rate hikes not over yet
  • Highly concentrated US equity rally
2023, 9 June

Asset Allocation Outlook

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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.
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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.

Van Lanschot Kempen Investment Management (UK) Limited is registered in England & Wales with registration number 02833264. Registered office at Octagon Point, 5 Cheapside, London EC2V 6AA Tel: +44 (0)20 3636 9400. Authorised and regulated by the Financial Conduct Authority (FCA) with reference number 166063.

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