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Professional Investor - Netherlands
9 October 2023

Asset Allocation Outlook

September was another difficult month for investors. The markets were in the grip of ‘higher for longer’, the mantra used by central banks to indicate that while we’re close to (or perhaps have already reached) peak interest rates, they’re nowhere near ready to cut them yet. Yields climbed further, causing government bonds with long durations to note negative returns. Credits also had a tough time, not so much because of the wider spreads but because of the higher yields on government bonds. Equities fell for the second consecutive month.1

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

  • Economic outlook remains poor
  • Inflation falling but no sign of interest rates being cut yet
  • Portfolio sensitivity to interest rates increased

 [1] Price movements in local currency
Download the Asset Allocation

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