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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

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.

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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