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:
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
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.
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.
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.
Capital at risk. The value of investments and the income from them can fall as well as rise, and 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 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.