Van Lanschot Kempen Logo
  • Home
  • Solutions
  • News & knowledge
  • About us
Professional Investor
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


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.

Fully focused on your future

Private Banking

  • Offices
  • Business professionals
  • Executives
  • Doctors
  • Entrepreneurs
  • Wealth management
  • Conditions
  • Private Banking - Belgium
  • Private Banking - Switzerland

Professional Solutions

Investment Management

Investment Banking

© Van Lanschot Kempen 2023
Privacy & cookies
Statement under the UK Modern Slavery Act
Privacy & cookies UK