‘We create most alpha by re-investing in the existing portfolio’
Small caps have shown stellar performance this year, helped by an improved economic outlook. Valuations have risen, so are there still opportunities for investors? We asked Jan Willem Berghuis, head of small caps at Kempen Capital Management.
In recent weeks, the €1.2 billion Kempen Global Smallcap fund has taken profits on the biggest risers, adjusted weightings and spent time on new investment ideas, says Berghuis.
Investors flock to outperforming ESG funds
Whereas European equity funds suffered substantial outflows during the coronavirus crisis, their ESG counterparts held up much better. Moreover, the assets under management are now higher than at the start of the year. This is partly due to the arrival of investors who had never thought of ESG investing before, says Michael Lewis of asset manager DWS.