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 2018-10-31 (rebased)

No chart data available

Performance per 2018-10-31

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  Fund Benchmark
1 month -1.2 % -1.3 %
3 months -1.7 % -1.7 %
This year 3.1 % 2.1 %
2015 13.3 % 10.5 %
2016 9.3 % 7.2 %
2017 2.2 % -3.1 %
1 year (on annual basis) 5.5 % 3.1 %
3 years (on annual basis) i 5.2 % 2.1 %
Since inception (on annual basis) i 10.3 % 7.1 %
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 14.39 M 2018-10-31
Share class size
EUR 14.39 M 2018-10-31
Number of shares
734,069 2018-10-31
Net Asset Value
EUR 19.94 2018-12-11
Transaction price
EUR 19.99 2018-12-11
Morningstar rating â„¢

Fund characteristics per 2018-10-31

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  Fund Benchmark
Number of holdings 48 342
Dividend yield i 3.73 % 4.03 %
Weighted average market capitalization i EUR 13,448 M EUR 12,148 M
P/E ratio i 14.41 12.74
Active share i 68.03 %
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 2018-10-31

Global Property stocks were down in October with KGPF outperforming its benchmark. Relative performance was generated in the clusters Hong Kong and US Retail. Simon Property Group continues to outperform its lower quality US retail peers which us in-line with our assumptions. In Hong Kong the underweight position in developers Sun Hung Kai and CK Asset Holdings added to relative performance.

Equities showed poor performance during October as did Global Real Estate stocks. European storage company Shurgard managed to float through an IPO. The strategy participated in this offering as we believe the long-term fundamentals for storage in Europe are appealing. Urbanization and rising house prices, increasing consumer awareness and corporate urban infill location demand combined with limited supply and fragmented ownership help build the investment case. Shurgard finished 8% higher versus its IPO price in a European down market. In the UK, next to a bid for retail laggard Intu properties, several office transactions took place at firm pricing, underpinning the valuation of London office stocks where the strategy has exposure (Derwent London, Land Securities). In Japan, office name Tokyu Fudosan (a portfolio holding) announced an unexpected (and in our view unnecessary) equity offering at a sizeable discount to NAV. The stock underperformed its peers by 10%. The Australian retail companies are starting to make progress on cleaning-up their portfolio and selling non-core assets. Vicinity Centers sold a portfolio of 10 lower quality shopping centers to Shopping Centers of Australasia at a 7% discount to book value. Despite a, in our view, relatively limited discount, we believe it will be increasingly difficult across most major Global developed markets to offload lower quality retail assets.

Portfolio developments per 2018-10-31

The Kempen real estate investment process 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 properties around the globe, processing these data in our data infrastructure and turning it into valuable fundamental investment information. The vast increase in available data helps us to make better assessments of the quality 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.

The investment process 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 price increases. For real estate buildings specifically a lack of ESG management or exposure to climate risk areas results in higher maintenance capex and potentially higher vacancy of a portfolio.

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.

In the cluster Australia NAVs were reduced for weaker quality shopping centers. The US NAVs were reduced as we mark-to-market for the rising interest rates in the US. The management scores of DDR and Brixmor (US Retail cluster) were reduced as these management teams failed to reduce leverage in the current weak retail environments combined with rising interest rates.

During the month we traded out Hysan Development in the Hong Kong cluster and reinvested proceeds in Wharf REIC. In US Residential weight was reduced in Essex and reinvested in Invitation Homes. All portfolio changes were valuation driven.
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 2018-10-31 (rebased)

No chart data available

Performance per 2018-10-31

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  Fund Benchmark
1 month -1.2 % -1.3 %
3 months -1.7 % -1.7 %
This year 3.1 % 2.1 %
2015 13.3 % 10.5 %
2016 9.3 % 7.2 %
2017 2.2 % -3.1 %
1 year (on annual basis) 5.5 % 3.1 %
3 years (on annual basis) i 5.2 % 2.1 %
Since inception (on annual basis) i 10.3 % 7.1 %
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 2018-10-31

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  3 years Since inception
Maximum drawdown i -9.05 % -12.90 %
Tracking error i 1.79 % 1.78 %
Information ratio i 1.76 1.78
Beta i 1.00 1.00
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 (2018-10-31)

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  Contribution i Performance i
Simon Property Group 0.34 % 6.88 %
Ventas 0.34 % 9.49 %
National Retail Properties 0.19 % 8.37 %
Public Storage 0.17 % 4.79 %
Shurgard Self Storage Europe 0.10 % 7.65 %

Bottom 5 contribution (2018-10-31)

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  Contribution i Performance i
Gecina -0.32 % -9.72 %
Unibail-Rodamco-Westfield -0.22 % -7.69 %
Tokyu Fudosan -0.22 % -13.62 %
Host Hotels & Resorts -0.15 % -7.31 %
Sunstone Hotel Investors -0.15 % -9.60 %

Geographic allocation (2018-10-31)

54.4 %
United States
11.0 %
Japan
7.5 %
Hong Kong
4.8 %
United Kingdom
4.8 %
Australia
4.1 %
Germany
3.0 %
The Netherlands
2.7 %
Canada
2.7 %
France
2.3 %
Singapore
1.7 %
Nordics
1.0 %
Switzerland
0.2 %
Other
Totaal
100 %

Top 10 holdings (2018-10-31)

5.5 %
Simon Property Group
5.0 %
Prologis
4.1 %
Deutsche Wohnen
4.1 %
Ventas
3.9 %
Public Storage
3.5 %
Avalonbay Communities
2.9 %
Dexus
2.9 %
Unibail-Rodamco-Westfield
2.9 %
Henderson Land Development
2.9 %
Healthcare Trust of America
Totaal
37.8 %

Sector allocation (2018-10-31)

23.5 %
Offices
22.5 %
Retail
20.9 %
Residential
17.2 %
Industrials
15.9 %
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
0.84 %
Ongoing charges last financial year i
0.97 %
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.