Asset Allocation Outlook
Despite uncertainty about the new Trump administration’s emerging policies and the potential response from the Fed, equity markets got off to a positive start this year. The MSCI global equity index climbed 3.3% measured in US dollars. Industrialised nations outperformed emerging markets. Remarkably, at an upturn of 6.3% the European STOXX 600 beat the US S&P500 (+2.7%) by a substantial margin. Following the sharp movements in bond yields in December, it was calmer on the government bond market in January. Overall, US yields declined by a few basis points, while their German counterparts were up slightly. Spreads on investment grade and high yield credits tightened somewhat on balance. Real estate succeeded in recovering somewhat after the downturns caused by bond yields in December.
Please see Van Lanschot Kempen’s Asset Allocation Outlook for January. The highlights this month are:
- Equity markets plagued by AI and import tariffs
- US economy charges ahead, Eurozone stagnates
- Partial profit-taking on equity overweight
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Risque de perte en capital. La valeur des investissements et des revenus qui en découlent peut évoluer à la hausse comme à la baisse. Les investisseurs sont susceptibles de ne pas récupérer l’intégralité de leur investissement initial. Les performances passées ne présagent pas des performances futures et ne sont pas constantes dans le temps.