European Small-caps

There are three criteria for investment:

companies must display quality credentials that allow them to generate sustainably high returns on capital employed. Reinvesting at high returns drives economic value and share price performance;
companies must clearly demonstrate how ESG considerations are embedded in their business strategy. Every company faces material ESG risks that can have a direct impact on long-term share price performance; and
there must be an investment case. A quality company that embeds ESG is only a good investment where a valuation opportunity exists

We believe that the market is short-term focused and often misprices the compounding nature of quality companies. We take advantage of this through our long-term investment horizon of 3-5+ years. We run high conviction portfolios of 30-50 companies, where each position has a meaningful impact, without a tail of insignificant holdings.

We screen the investible universe on quality metrics and then undertake rigorous bottom-up research. Our team-based approach ensures that every investment is thoroughly challenged, while our ESG research is independently validated by an external consultant.

We have been successfully investing in European small-caps for twenty years, and running our Sustainable European Small-cap Strategy for fifteen.

Other small-cap strategies:

Keep up to date

Leave your e-mail address and you will be the first to receive our updates

Submitting your form

We have received your form

And we will get back to you soon.

Something went wrong

Please check your form for errors or try again later.

News & Knowledge

2019, 19 February

Private Markets Investor Letter

Following a successful fund launch in May 2018, we received over 66 million euros of capital in 2018. We used this to build up a well-spread portfolio in the four private-markets asset classes. We have committed to eight partnerships and we have also made two direct co-investments. In this report we will look further into the relevant activities.

Asset Allocation update February

A horrible December was followed by one of the best months of January in history. As far as we can tell this was the result of two things: better-than-expected earnings reports (although not-as-bad-as-we-feared may be a better way to put it) and a massive policy U-turn by the Federal Reserve.

Kempen European Private Equity Fund raised € 76 million in the first month

Amsterdam, 15 February 2019. The new private equity fund of Kempen Capital Management (Kempen), the Kempen European Private Equity Fund, has raised over € 76 million in the first closing. This investment fund, which focuses on small and lower mid-market private equity buy-outs in Europe, was launched in January of 2019.