- Kempen
- Diversified Structured Credit Pool Class I USD
Diversified Structured Credit Pool Class I (USD)
Profile
The investment funds are selected on the basis of several criteria, including but not limited to investment strategy, pedigree and experience of the investment team, quality of the organization and service providers, and (commercial) terms of investment. It is anticipated that the focus of the Fund is on specialist ABS managers, or specialist ABS teams that are part of a larger fixed income/credit firm. Ideally managers are employee-owned and invest their own capital alongside clients in their funds creating alignment of interest.
Management team
Performance per 2022-06-30 (rebased)
Performance per 2022-06-30
Fund | |
---|---|
1 month | -1.6 % |
3 months | -4.6 % |
This year | -5.4 % |
2019 | 7.5 % |
2020 | -0.1 % |
2021 | 5.5 % |
1 year (on annual basis) | -4.3 % |
3 years (on annual basis) i | 0.5 % |
5 years (on annual basis) i | 2.6 % |
Since inception (on annual basis) i | 2.8 % |
Key figures
Total fund size | USD 351.26 M 2022-06-30 |
Share class size | USD 85.93 M 2022-06-30 |
Number of shares | 74,472 2022-06-30 |
Net Asset Value i | USD 1,153.87 2022-06-30 |
Fund characteristics per 2022-06-30
Fund |
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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.
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 2022-06-30 (rebased)
Performance per 2022-06-30
Fund | |
---|---|
1 month | -1.6 % |
3 months | -4.6 % |
This year | -5.4 % |
2019 | 7.5 % |
2020 | -0.1 % |
2021 | 5.5 % |
1 year (on annual basis) | -4.3 % |
3 years (on annual basis) i | 0.5 % |
5 years (on annual basis) i | 2.6 % |
Since inception (on annual basis) i | 2.8 % |
Dividends
Distributing | No |
Risk analysis (ex post) per 2022-06-30
3 years | Since inception | |
---|---|---|
Maximum drawdown i | -17.13 % | -17.13 % |
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.
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:
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ESG integration: Ensuring sustainability risks and opportunities are adequately considered in our investment analysis and processes.
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Exclusion & avoidance: Not investing in companies involved in controversial activities or conduct.
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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
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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).
- Â Â Â 2050 commitment: Net-zero investor
- Â Â Â 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 Structured Credit Pool (‘DSCP’) invests in a handful of underlying investment funds, and therefore doesn’t invest directly in instruments. Securitization markets play an important role in facilitating credit access and reducing the cost of credit for consumers. However, ESG integration in Structured Credit is still in the early stages as there are three layers of ESG analysis: i) issuer (typically an SPV), ii) servicer, and iii) collateral (pools with sometimes 10,000 loans).
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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 DSCP, 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 team also measures 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, since 2021 all underlying managers in DSCP are UN PRI signatories and have an ESG Policy. We stimulate our managers to actively integrate ESG factors into their investment decision-making and challenge specific holdings. With one of DSCP’s managers, Kempen has pushed for a minimum allocation of 10% to Green ABS in the fund’s investment guidelines.
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3. Active ownership
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).
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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:
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ESG Report
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
Management fee i | 0.350 % |
Service fee i | 0.09 % |
Taxe d'abonnement i | 0.01 % |
Indirect costs i | 0.78 % |
Expected ongoing charges i | 1.23 % |
Ongoing charges last financial year i | 1.23 % |
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
Share class | I (USD) |
Investor type | Institutional |
Distributing | No |
Duration hedged | No |
Investment category | Alternative Credit |
Universum | Global multi assets |
Inception date | 2020-10-16 |
Domicile | Luxembourg |
May be offered to professional investors only in | Belgium, Denmark, Finland, France, Germany, Italy, Luxembourg, Sweden, Switzerland, The Netherlands, United Kingdom |
UCITS status i | No |
Status | Open-end i |
Base currency | USD |
Share class currency | USD |
Administrator | BNP Paribas Securities Services S.C.A., Luxembourg branch |
Management company | Kempen Capital Management N.V. |
Depositary and custodian | BNP Paribas Securities Services S.C.A., Luxembourg branch |
Tradability
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 | LU2190985965 |
Entry period purchase order | In order to be executed, orders must be received by BNP Paribas Securities Services S.C.A., Luxembourg branch 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 BNP Paribas Securities Services S.C.A., Luxembourg branch 92 calendar days before the valuation day. Your distributor may use longer entry periods. |
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.
Facts & figures
Investment Letter
Annual Reports
Semi- Annual Reports
Prospectus
Key Investor Information
Formal documents other
Other
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.