Market Musings: Mind the gap! | Van Lanschot Kempen IM

Market musings march 2025

Mind the gap!

The gap in valuation between the US and the rest of the world has been discussed at great length, and explanations as to why such a gap exists are plentiful. Some of the more common explanations include the higher exposure in US to leading tech companies, and the US economy being in an almost perennial state of higher growth. Both are true, and both justify a higher valuation, and for this reason, assuming that the valuation gap between the US and the rest of the world will fully close is a stretch.

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The authors

Joris Franssen

j.franssen@vanlanschotkempen.com

Marius Bakker

m.bakker@vanlanschotkempen.com

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Van Lanschot Kempen Investment Management NV (VLK Investment Management) is licensed as a manager of various UCITS and AIFs and authorised to provide investment services and as such is subject to supervision by the Netherlands Authority for the Financial Markets. This document is for information purposes only and provides insufficient information for an investment decision. No part of this document may be used without prior permission from VLK Investment Management. This document does not contain investment advice, no investment recommendation, no research, or an invitation to buy or sell any financial instruments, and should not be interpreted as such. The opinions expressed in this document are our opinions and views as of such date only. These may be subject to change at any given time, without prior notice.

Es gibt einen Spruch auf Niederländisch, Kom verder, das viele Dinge bedeutet und unsere Geschäftsphilosophie darstellt. Er erfasst die Art und Weise, wie wir mit unseren Kunden arbeiten, aber auch wie wir unsere Beteiligungsunternehmen lenken, um Aktionärswert durch aktive Beteiligung zu schaffen.

Risikokapital. Der Wert von Anlagen und die daraus erzielten Erträge können sowohl steigen als auch fallen. Die Anleger erhalten möglicherweise nicht den ursprünglich investierten Betrag zurück. Die in der Vergangenheit erzielte Performance ist keine Garantie für die Zukunft.