Diversified Distressed Debt Pool Class LI-EUR

Profile

Diversified Distressed Debt Pool primarily consists of a concentrated pool of participations in investment vehicles managed by third-party managers. These operate as opportunistic credit funds mainly focusing on (sub-investment grade) global credit markets (and derivative markets) with an emphasis on developed markets in the US, Europe and Asia and, to a lesser extent, with the flexibility to invest in credit markets in emerging markets.

It is anticipated that the investment vehicles will invest a large amount of capital in distressed/restructuring strategies, focusing primarily on corporate credit instruments of companies trading at significant discounts to their value at issuance or obliged (par value) at maturity as a result of either formal bankruptcy proceedings or market perception of near term proceedings.

Management team

Michiel Meeuwissen, Remko van der Erf, Igor Puljic, Pieter Heijboer, Felix Rutten

Performance per 2021-04-30 (rebased)

No chart data available

Performance per 2021-04-30

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  Fund
1 month 1.7 %
3 months 6.8 %
This year 9.0 %
Since inception (on annual basis) i 9.0 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.
More information can be found on the documents page of this fund

Key figures

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Total fund size
USD 74.98 M 2021-04-30
Share class size
EUR 26.73 M 2021-04-30
Number of shares
245,155 2021-04-30
Net Asset Value
EUR 111.18 2021-05-31

Fund characteristics per 2021-04-30

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  Fund
Diversified Distressed Debt Pool (the "Sub-Fund") is a Sub-Fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management NV (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.
The Sub-fund is registered for offering in a limited number of countries. The countries where the Sub-fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
Diversified Distressed Debt Pool (the "Sub-Fund") is a Sub-Fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management NV (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.
The Sub-fund is registered for offering in a limited number of countries. The countries where the Sub-fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Performance per 2021-04-30 (rebased)

No chart data available

Performance per 2021-04-30

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  Fund
1 month 1.7 %
3 months 6.8 %
This year 9.0 %
Since inception (on annual basis) i 9.0 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

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Distributing
No

Risk analysis (ex post) per 2021-04-30

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  Since inception
Maximum drawdown i 0.00 %
Information ratio i 0.00
Diversified Distressed Debt Pool (the "Sub-Fund") is a Sub-Fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management NV (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.
The Sub-fund is registered for offering in a limited number of countries. The countries where the Sub-fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Asset class allocation ()

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  Min Max Strategic policy Current allocation
Diversified Distressed Debt Pool (the "Sub-Fund") is a Sub-Fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management NV (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.
The Sub-fund is registered for offering in a limited number of countries. The countries where the Sub-fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Ongoing charges

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Management fee i
0.375 %
Service fee i
0.10 %
Taxe d'abonnement i
0.01 %
Indirect costs i
1.88%
Expected ongoing charges i
2.365
Diversified Distressed Debt Pool (the "Sub-Fund") is a Sub-Fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management NV (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.
The Sub-fund is registered for offering in a limited number of countries. The countries where the Sub-fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Share class details

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Share class
LI-EUR
Investor type
Institutional
Distributing
No
Duration hedged
No
Investment category
Alternative Credit
Inception date
2021-01-04
May be offered to professional investors only in
Belgium, Luxembourg, Switzerland, The Netherlands, United Kingdom
UCITS status i
No
Status
Open-end i
Base currency
USD
Share class currency
EUR
Administrator
J.P. Morgan Bank Luxembourg S.A.
Transfer agent
J.P. Morgan Bank Luxembourg S.A.
Management company
Kempen Capital Management NV
Depositary and custodian
J.P. Morgan Bank Luxembourg S.A.
This share class of the Fund is only available for institutional investors who participate in the initial offering of the Fund, or within the first year following such offering. The Management Company, in its sole discretion, may decide to extend the offering period for this share class and/or set a maximum capacity. A minimum initial subscription and holding amount of EUR 100.000 applies for this share class.

Tradability

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Minimum subscription
Initial subscription and minimal holding amount €100.000, additional subscriptions €10.000
Listed
no
Subscription/Redemption Frequency
Subscriptions monthly on the first business day, redemptions quarterly, on the first business day of January, April, July and October.
ISIN i
LU2244839705
Entry period purchase order
In order to be executed, orders must be received by J.P. Morgan Bank Luxembourg S.A. 3 business days before the valuation day. Your distributor may use longer entry periods.
Entry period sell order
In order to be executed, orders must be received by J.P. Morgan Bank Luxembourg S.A. 92 calendar days before the valuation day. Your distributor may use longer entry periods.
Diversified Distressed Debt Pool (the "Sub-Fund") is a Sub-Fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management NV (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.
The Sub-fund is registered for offering in a limited number of countries. The countries where the Sub-fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
Diversified Distressed Debt Pool (the "Sub-Fund") is a Sub-Fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management NV (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.
The Sub-fund is registered for offering in a limited number of countries. The countries where the Sub-fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Kempen's Vision &Mission

Kempen Capital Management is an asset manager that believes in stewardship and investment focusing on the long-term for the benefit of all stakeholders. Value creation is at the heart of the services we provide to our clients. We believe that being an engaged shareholder on environmental, social and governance (ESG) issues and retaining a long-term focus, is critical to helping our clients to preserve and create sustainable wealth that has positive real world impact and economic returns.Â

Kempen wide approach to responsible investment

We are committed to create sustainable alpha. The four pillars of our ESG-policy are:

  • ESG integration:Â Ensuring sustainability risks and opportunities are adequately considered in our investment analysis and processes.

  • Exclusion & avoidance:Â Not investing in companies involved in controversial activities or conduct.

  • Active ownership: Being responsible stewards of our clients’ capital and using our influence through engagement and voting to improve corporate behaviour on specific ESG issues and achieve positive change

  • Positive impact: Investing with an objective to achieve positive real world outcomes and impact, such as contributing to the UN Sustainable Development Goals.

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To put our mission and vision into practice we engage with our investee companies on a wide array of strategic, financial, and ESG topics. As an active owner we use our influence to improve our investee companies’ ESG performance.  This helps us address some of the most pressing and important sustainability issues facing business and the world. Our focus themes for engagement are: human rights, labour rights, climate change and governance.

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Through collaboration with other investors and industry think tanks we contribute to the development of principles and standards of corporate responsibility both at sector levels, as well as investee company level.

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Our full voting records are available here.

Climate change

As a long-term investor, we believe climate change represents a systemic risk facing the economy, society and environment, and we want to consider the risks and opportunities this presents to our investments in the coming decades. We have therefore set a long-term commitment (2050) and a mid-term ambition (2030).

  •     2050 commitment: Net-zero investor
  •     2030 ambition: To align with a Paris Agreement pathway (listed and non-listed investments) and the Dutch Klimaatakkoord.

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The Kempen climate change policy can be found here (under climate change policy).

Our fund approach to responsible investment

Kempen’s ESG policy is fully implemented in our fund’s investment process with the key pillar being our approaches to: Exclusion, ESG integration and Active ownership. Within this, it is important to note that the Diversified Distressed Debt Pool (‘3DP’) invests in four underlying investment funds, and therefore doesn’t directly invest in individual companies.

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1. Exclusion

The underlying managers provide full transparency on a monthly basis, allowing Kempen to screen for exposure to its exclusion list. Since inception of 3DP, there hasn’t been any exclusion list exposure but in the unlikely event of future overlap, Kempen will actively engage with the fund manager.

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2. ESG integration

During a thorough due diligence process, the team evaluates and discusses potential responsible investment issues with the fund managers. In addition, the Alternative Strategies (ALTS) team also tests the current state of responsible investment development and awareness within the organization by means of an annual questionnaire, composed by the PRI association. The questionnaire consists of questions, focused on Policy, Governance, Investment Process, and Monitoring & Reporting. The responses have been used during the conversations throughout the year helping to shape the ESG-related discussions. Repetition is a tool to show ESG is an important topic for Kempen that will be brought up as long as there is room for improvement.

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Fund managers are well aware of Kempen’s stance on Responsible Investment and after several years of investing and engaging with them, 2 out of the 4 underlying managers have decided to become a UN PRI signatory. LibreMax became a signatory on December 10th 2018, while One William Street became a signatory on September 5th 2017. In addition to the 2 UN PRI signatory managers, a 3rd manager, East Lodge, has an ESG policy in place.

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3. Active ownership

Fund managers are encouraged to sign the UN-supported Principles for Responsible Investment (UN PRI) and Kempen offers assistance to those willing to explore the option. In addition, Kempen gives credit to managers that have established a responsible investment policy and engages in an active dialogue with managers to better understand their considerations. Moreover, the team aims to establish long-term partnerships with the managers they invest in and the majority of the funds also act as long-term engaged shareholders causing turnover to be very low at both levels. Finally, robust governance is emphasized in the Due Diligence process in cooperation with an independent Operational Due Diligence consultant (Aksia).Â

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Throughout the years, ALTS has seen an increased amount of attention towards ESG from the various hedge fund managers, with an increasing number of managers becoming a UN PRI signatory and/or establishing a responsible investment policy. Out of the 20 managers ALTS currently invests in, a total of 13 have established a responsible investment policy. This is a great improvement from a few years ago as in 2017 only 2 of them had a responsible investment policy. As engaged investors, the ALTS team has had many conversations with hedge fund managers looking to become UN PRI signatory or to establish a responsible investment policy. This is something managers appreciate and this is evidenced by multiple managers reaching out to ALTS to ask for feedback on their current ESG procedures and/or potential future improvements. Â

Risks

For more information about the mid and long term risks associated with the investments:

ESG Report
Diversified Distressed Debt Pool (the "Sub-Fund") is a Sub-Fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management NV (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.
The Sub-fund is registered for offering in a limited number of countries. The countries where the Sub-fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.