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Professional Investor - Netherlands
11 APRIL 2022

Asset Allocation Outlook April

The war in Ukraine continues to rage but investors are looking to the future. The US S&P500 equity index is now higher than in the run-up to Russia’s invasion. Although the European STOXX index has not yet returned to its former level, it has rallied sharply. Equities from industrialised nations earned a plus of 2.5% in March. In local currency, US equities climbed by 3.6%, while Europe was still slightly negative at -0.4%. Yet this was still better than emerging markets, which lost 2.5%. This was primarily due to a downturn in the Chinese MSCI index of 6.1%, but a drop of 3.7% in Taiwan also stood out. Higher bond yields caused government bonds to note extremely negative returns: -2.8% in the US and -3.9% in the Eurozone.

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

  • Inflation rises even higher and has a negative impact on economic growth
  • Negative slope in US yield curve not yet negative for equities
  • Less positive corporate earnings growth
  • Investment policy unchanged, neutral position in equities

Asset Allocation Outlook


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