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.

Kom verder, het zijn maar twee woorden, met veel verschillende betekenissen. Het is onze bedrijfsfilosofie. Het weerspiegelt de manier waarop we met onze klanten samenwerken en de manier waarop we in gesprek gaan met de bedrijven waarin we investeren om zo aandeelhouderswaarde te creëren door middel van actieve engagements.

Beleggen brengt risico's met zich mee, u kunt uw inleg verliezen. De waarde van uw beleggingen is mede afhankelijk van de ontwikkelingen op de financiële markten. In het verleden behaalde resultaten bieden geen garantie voor de toekomst.