Asset Allocation Outlook
After three difficult months, investors had cause for celebration at the end of November. In just one month, November’s extremely strong performance very nearly completely cancelled out the downturns in the equity indices in August, September and October. Bond investors were able to join in the celebrations as yields declined at both the short and long end of the spectrum. In fact according to Deutsche Bank, November was the best month for global bonds since December 2008. Investors in listed real estate likewise profited from the lower yields and these indices also displayed sharp upturns.
Please see Van Lanschot Kempen’s Asset Allocation Outlook for December. The highlights this month are:
- Eurozone inflation falling fast
- Lower interest rates not always positive for equities
- No change to cautious investment policy
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