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8 November 2023

Asset Allocation Outlook

October wasn’t much better than September for equity investors as equity markets continued to be squeezed by higher interest rates. In the US, 10-year bond yields climbed higher, leading to losses for investors in government bonds and credits as well. In Europe, however, government bonds and investment grade credits earned a positive return. Real estate also fell further, while the price of gold profited from the war between Israel and Hamas and mounting political tensions in the Middle East.

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

High US growth unsustainable, Eurozone economy still weak
Inflation news positive but too soon for cuts to interest rates
Corporate results considerably stronger in the US than in Europe

Download the Asset Allocation

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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.

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.