Kempen Global Property Fund NV - N

Profile

Kempen Global Property Fund N.V. (KGPF) has the objective to achieve strong relative investment results by investing in a concentrated portfolio of listed global property companies.

KGPF is managed on the basis of a bottom-up stock picking approach. KGPF's strategy is to exploit mispricings between the valuation of property companies in relation to the quality of their real estate portfolios, balance sheets, corporate governance and management capability to add value to the property portfolio.

Management team

Matthijs Storm, Egbert Nijmeijer, Lucas Vuurmans, Anna Niegowska, Jorrit Arissen, Dan Petrisor

Performance per 2019-01-31 (rebased)

No chart data available

Performance per 2019-01-31

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  Fund Benchmark
1 month 10.8 % 10.5 %
3 months 6.4 % 7.2 %
This year 10.8 % 10.5 %
2016 9.3 % 7.2 %
2017 2.2 % -3.1 %
2018 -1.0 % -0.9 %
1 year (on annual basis) 13.5 % 13.6 %
3 years (on annual basis) i 7.9 % 5.8 %
Since inception (on annual basis) i 11.2 % 8.4 %
The results shown of the periods before 19 April 2017, the inception date of Kempen Global Property Fund N.V. Class N, are those of Kempen (Lux) Global Property Fund - Class I. Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The performance figures shown in the graph are rebased. The value of your investments may fluctuate. Past performance provides no guarantee for the future. Due to Easter a deviating net asset value (NAV) is used for the calculation of the performance figures. The NAV is calculated based on the closing prices of the Fund investments per 29 March 2018 (Europe), the closing prices of 2 April 2018 (North America) and calculated based on ‘snapshots’ prices of 3 April 2018 (Asian and Pacific investments).
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 19.32 M 2019-01-31
Share class size
EUR 19.32 M 2019-01-31
Number of shares
927,002 2019-01-31
Net Asset Value
EUR 21.23 2019-02-21
Transaction price
EUR 21.19 2019-02-21
Morningstar rating â„¢

Fund characteristics per 2019-01-31

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  Fund Benchmark
Number of holdings 46 336
Dividend yield i 3.41 % 3.81 %
Weighted average market capitalization i EUR 14,139 M EUR 13,059 M
P/E ratio i 15.46 14.06
Active share i 69.96 %
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents are available on the website of KCM (www.kempen.com/investmentfunds). The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Market developments per 2019-01-31

Global property stocks posted strong absolute returns in January with KGPF outperforming its benchmark. Several clusters attributed to positive relative performance including European offices, Japan REOCs (real estate operating companies) and US logistics and storage. In European offices Gecina SA posted positive returns on attractive valuation. This high-quality Paris centered office portfolio continues to post solid operational results and we continue to see valuation upside to warrant an overweight position. Theselection result in Japan REOCs was mostly positive as underweight position Sumitomo Realty and Development was unable to keep up with the strong returns posted in this cluster. Finally in the cluster US logistics and storage datacenter REIT Digital Realty Trust (underweight in Kempen Global Property strategy) gave guidance for 2019 that failed to fulfill market expectations. The datacenter sector is struggling with new supply outpacing the high levels of demand. This causes less rental tension and lower rental growth forecasts.

The strong real estate returns in January are probably best explained by an attractive valuation in combination with continuing good operational performance by the sector. Several real estate funds around the world reported strong year-on-year portfolio valuation uplifts with their year-end results. In Japan real estate fund Tokyo Tatemono announced a share buyback (5% of the outstanding shares to be acquired). Although not the first buyback recently announced in Japan we are pleasantly surprised that more and more Japanese management teams decide to create shareholder value by buying back shares at discount to NAV. This capital allocation option is an important item in the toolbox for listed real estate funds: selling assets at NAV and purchasing back shares when trading at a discount to NAV; and vice versa issuing new shares when the share price trades at a premium to NAV in order to purchase or develop assets at NAV.

Portfolio developments per 2019-01-31

The Kempen real estate investment strategy strikes the balance between qualitative and quantitative analysis. Through application of data-analysis technology our Real Estate Team collects over 20 million relevant data points for 200,000 real estate buildings around the globe, processing this quantitative data in our data infrastructure and turning it into valuable fundamental investment information. The continuous increase in available data helps us make better assessments of the quality, value and risk of each real estate investment. This leads to better investment decisions and results in higher investment returns at lower risk for our clients.

Next to the quantitative approach the investment strategy contains three key qualitative parameters that determine the warranted valuation: management added value, balance sheet strength and ESG. The portfolio managers score each company covered on these three parameters. Companies that excel in ESG for example will be assigned a higher score and hence the warranted valuation for an investment increases.

Portfolio construction of the strategy is based on cluster neutrality. The global portfolio has 19 clusters defined as homogeneous groups of real estate companies with similar underlying currency exposure. Examples are Australia, US offices and Switzerland. The portfolio weight of each cluster is approximately equal to the cluster’s benchmark weight. This ensures a diversified portfolio and neutralizes currency and macro-economic exposure versus the benchmark. KGPF assigns its risk budget on the real estate portfolio level only.

In terms of portfolio changes we increased the weight of Boardwalk REIT in the Canada cluster at the expense of SmartCentres REIT. In the cluster US triple net the weight in National Retail Properties was increased by selling down EPR Properties.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents are available on the website of KCM (www.kempen.com/investmentfunds). The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Performance per 2019-01-31 (rebased)

No chart data available

Performance per 2019-01-31

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  Fund Benchmark
1 month 10.8 % 10.5 %
3 months 6.4 % 7.2 %
This year 10.8 % 10.5 %
2016 9.3 % 7.2 %
2017 2.2 % -3.1 %
2018 -1.0 % -0.9 %
1 year (on annual basis) 13.5 % 13.6 %
3 years (on annual basis) i 7.9 % 5.8 %
Since inception (on annual basis) i 11.2 % 8.4 %
The results shown of the periods before 19 April 2017, the inception date of Kempen Global Property Fund N.V. Class N, are those of Kempen (Lux) Global Property Fund - Class I. Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The performance figures shown in the graph are rebased. The value of your investments may fluctuate. Past performance provides no guarantee for the future. Due to Easter a deviating net asset value (NAV) is used for the calculation of the performance figures. The NAV is calculated based on the closing prices of the Fund investments per 29 March 2018 (Europe), the closing prices of 2 April 2018 (North America) and calculated based on ‘snapshots’ prices of 3 April 2018 (Asian and Pacific investments).

Dividends

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Distributing
Yes
Last dividend
EUR 0.69
Ex-date last dividend
2018-02-05
Number of distributions per year
1
Dividend calendar

Risk analysis (ex post) per 2019-01-31

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  3 years Since inception
Maximum drawdown i -9.05 % -12.90 %
Tracking error i 1.73 % 1.81 %
Information ratio i 1.24 1.55
Beta i 1.01 1.01
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents are available on the website of KCM (www.kempen.com/investmentfunds). The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Top 5 contribution (2019-01-31)

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  Contribution i Performance i
Prologis 0.75 % 17.30 %
Alexandria Real Estate 0.44 % 13.87 %
Avalonbay Communities 0.42 % 10.44 %
Wharf Real Estate 0.40 % 13.37 %
Unibail-Rodamco-Westfield 0.39 % 16.03 %

Geographic allocation (2019-01-31)

52.0 %
United States
11.2 %
Japan
8.4 %
Hong Kong
5.1 %
Australia
4.4 %
United Kingdom
4.0 %
Germany
3.0 %
France
2.6 %
The Netherlands
2.6 %
Canada
2.4 %
Singapore
1.9 %
Nordics
1.5 %
Other
1.0 %
Switzerland
Totaal
100 %

Top 10 holdings (2019-01-31)

4.9 %
Simon Property Group
4.9 %
Prologis
4.3 %
Avalonbay Communities
4.0 %
Deutsche Wohnen
3.9 %
Public Storage
3.5 %
Alexandria Real Estate
3.3 %
Wharf Real Estate
3.3 %
Grainger Trust
3.2 %
Host Hotels & Resorts
3.0 %
Gecina
Totaal
38.3 %

Sector allocation (2019-01-31)

25.8 %
Residential
23.7 %
Offices
19.2 %
Retail
17.6 %
Industrials
13.8 %
Other
Totaal
100 %
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents are available on the website of KCM (www.kempen.com/investmentfunds). The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Ongoing charges

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Management fee i
0.63 %
Service fee i
0.20 %
Expected ongoing charges i
0.86 %
Ongoing charges last financial year i
0.91 %
The Ongoing Charges Figure of the last financial year relates to 2017/2018.

The service fee is determined annually on basis of the net asset value as of the last day of the previous financial year:
< or equal to EUR 200 million: 0.20%
Between EUR 200 million and EUR 700 million: 0.15%
>EUR 700 million: 0.10%

Other costs

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Upward swing factor i
0.25 %
Downward swing factor i
0.20 %
As of 1 January 2018 the swing factor has been adjusted from 0.25%/0.25% to 0.25%/0.20%.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents are available on the website of KCM (www.kempen.com/investmentfunds). The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Share class details

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Share class
N
Investor type
Institutional & Private
Distributing
Yes
Benchmark i
FTSE EPRA/NAREIT Developed Index
Investment category
Real Estate
Inception date
2017-04-19
May be offered to all investors in
The Netherlands
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Administrator
BNP Paribas Securities Services S.C.A.
Management company
Kempen Capital Management N.V.
Custodian
BNP Paribas Securities Services S.C.A.
Morningstar rating â„¢

Tradability

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Listed
yes, listed on the NAV Trading Facility of Euronext
Subscription/Redemption Frequency
Daily
ISIN i
NL0012044739
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents are available on the website of KCM (www.kempen.com/investmentfunds). The value of your investment may fluctuate. Past performance provides no guarantee for the future.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents are available on the website of KCM (www.kempen.com/investmentfunds). The value of your investment may fluctuate. Past performance provides no guarantee for the future.

KCM Vision

Kempen Capital Management is an asset manager with a long-term investment approach. We strongly believe in engaged shareholdership that benefits all stakeholders. As a long-term responsible investor, we firmly believe that active ownership and shareholder engagement contribute to positive change across the board.

Our KCM wide approach to responsible investment

To put our vision into action we engage with our investment targets on a wide array of strategic, financial, environmental, social and governance (ESG) topics. Our long-term investment worldview paired with thorough analysis and an experienced and diverse ESG team allow us to use both voting and engagement as means to consistently encourage positive change. Through this process of constructive engagement, we are able to contribute to the development of principles and standards of corporate responsibility within companies that we invest in. Our full voting records are available here.

Our fund approach to Responsible Investment

ESG is fully integrated in our investment process for the real estate funds. We believe financial and sustainability returns are indivisible and that those companies that can find the right balance between all stakeholders will drive value. In our investment framework there are three key aspects we look at in determining the warranted valuation: management value add, balance sheet and ESG. We are willing to pay up for those companies that excel in ESG. This believe is underpinned by academic literature.

We track the CO2 intensity for all companies in our universe and use this information to for our assumption for capital expenditure in valuing the real estate portfolio. We do not only invest in the ESG leaders but also in the laggards as we the potential value to be unlocked by providing capital to those who need it the most is massive

Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents are available on the website of KCM (www.kempen.com/investmentfunds). The value of your investment may fluctuate. Past performance provides no guarantee for the future.