9 April 2024
Asset Allocation Outlook
The MSCI global equity index climbed for the fifth consecutive month in March, although the upturn was smaller than that of February. Equities are increasingly pricing in a positive scenario in which the US economy in particular remains largely unaffected by the Fed’s interest rate hikes. Equities from industrialised nations outperformed their emerging market counterparts, and within industrialised nations Europe noted a sharper upturn than the US. The equity rally was more widespread. Value equities performed better than growth equities and small caps better than large caps. Market interest rates declined by slightly more in Europe than in the US and marginally more at the long end than the short end of the yield curve. Yet even so the movements were small. Despite already tight spreads on credits, these contracted slightly more in March.
Please see Van Lanschot Kempen’s Asset Allocation Outlook for April. The highlights this month are:
Please see Van Lanschot Kempen’s Asset Allocation Outlook for April. The highlights this month are:
- 'No landing' scenario for the US over-optimistic in our view
- Should the Fed cut interest rates?
- Profit-taking on Japanese equity overweight
Disclaimer
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.
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.
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.