9 October 2023
Asset Allocation Outlook
September was another difficult month for investors. The markets were in the grip of ‘higher for longer’, the mantra used by central banks to indicate that while we’re close to (or perhaps have already reached) peak interest rates, they’re nowhere near ready to cut them yet. Yields climbed further, causing government bonds with long durations to note negative returns. Credits also had a tough time, not so much because of the wider spreads but because of the higher yields on government bonds. Equities fell for the second consecutive month.1
Please see Kempen’s Asset Allocation Outlook for October. The highlights this month are:
- Economic outlook remains poor
- Inflation falling but no sign of interest rates being cut yet
- Portfolio sensitivity to interest rates increased
[1] Price movements in local currency
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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.
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