Kempen Lux Euro Credit Fund - Class J

Profile

Kempen International Funds SICAV - Kempen (Lux) Euro Credit Fund (the Fund) invests primarily in credits that have an investment grade rating (of minimal BBB-) and are denominated in Euros. The Fund may invest a small part in credits that are not included in the benchmark. The benchmark, the Markit iBoxx Euro Corporates Index, only includes bonds with an investment grade rating.

The Fund aims to earn a higher total long term return than the benchmark by implementing an active investment policy. In order to achieve this, a diversified portfolio is constructed and investment risks are continuously monitored. Investments are selected on the basis of extensive analysis of the terms and conditions of the bond issues.

Management team

Alain van der Heijden, Joost de Graaf, Bart aan den Toorn, Harold van Acht, Lizelle du Plessis, Kim Lubbers, Tetiana Kharlamova, Arif Bagasrawalla

Performance per 2022-07-31 (rebased)

No chart data available

Performance per 2022-07-31

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  Fund Benchmark
1 month 4.6 % 4.7 %
3 months -0.1 % -0.3 %
This year -7.7 % -8.3 %
2019 6.7 % 6.3 %
2020 3.9 % 2.7 %
2021 -1.1 % -1.1 %
1 year (on annual basis) -9.3 % -9.9 %
3 years (on annual basis) i -2.0 % -2.5 %
5 years (on annual basis) i 0.3 % -0.2 %
Since inception (on annual basis) i 4.0 % 3.1 %
On 20 June 2013, Kempen Euro Credit Fund (KECF) was merged with Kempen (Lux) Euro Credit Fund (the Fund). Up to June 2011 (start of the Fund) the performance graph and performance table show the performance of KECF. The average annual TER for the period of April 2008 till June 2011 is 0.97%. Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. 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
EUR 793.87 M 2022-07-31
Share class size
EUR 29.30 M 2022-07-31
Number of shares
25,492 2022-07-31
Net Asset Value i
EUR 1,145.17 2022-08-11
Morningstar rating â„¢
The turnover rate figure is per the end of the financial year of the fund and will be updated once a year.

Fund characteristics per 2022-07-31

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  Fund Benchmark
Number of holdings 348 3475
Duration i 5.0 5.0
Yield to maturity 2.4 %
Kempen (Lux) Euro Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and 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 performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Developments per 2022-07-31

In July, the spread of the iBoxx Euro Corporates Index tightened by 44 basis points to a level of 107 basis points over the swap curve. This is equivalent to approximately 196 basis points over the government bond curve. The index earned a total return of 4.74%. German 10-year government bond yields closed July at +0.82%, representing a decrease of 51 basis points compared to the end of June 2022.

July has seen a reversal of the widening in June, driven by the prospect of the Federal Reserve changing course due to slower growth and amid some signs that inflation may have peaked. Rates continued the downward trend that started with a flight to safety during the third week of June.

Mounting concerns over an economic slowdown and an escalation of the energy crisis fuelled a further rally in European government bonds. German and French government bonds yields tightened by more than 50 basis points, while Prime Minister Draghi’s resignation and some skepticism around the parameters of the Transmission Protection Instrument limited Italian government bond tightening to 20bps.

European credit spreads tightened slightly more than US credit spreads. Russian gas flows resumed after maintenance of Nord Stream 1 but slowed to 20% of capacity compared to 40% prior to and shortly after the maintenance shut. EU countries reacted to the so-called Russian “weaponisation” of gas supplies by agreeing on emergency gas rationing for winter, with member states’ emergency plans due in September. European natural gas futures rose by almost 29%, following a more than 50% spike in June. A complete shutdown of Russian gas remains a tail risk, which could plunge Germany and potentially Italy and some central and eastern European countries into recession.

Recent economic data releases indicate that the global economy is starting to lose steam, with the US now in a “technical” recession following two quarters of contraction in GDP. Despite this, US labour demand remains rock solid with non-farm payrolls beating estimates and the unemployment rate at a five-decade low. This, combined with the US June CPI that reached a new 40 year high of 9.1% as well as the Federal Reserve’s “unconditional commitment” to restoring price stability, warrants further sizeable interest rate rises in the remainder of the year.

In the Eurozone, inflation rose to a record high of 8.9% in July, more than four times the ECB’s target. The ECB responded with a 50 basis point rise, twice the expected size. This marks the first rate hike since 2011, bringing an end to eight years of negative rates. Recent European data releases point to a murkier outlook, with the composite index for industry and the service sector dropping below 50, the score for new orders in European industry dropping to 42.6 and German retail sales contracting by 1.6% in June (versus expectations of 0.3% growth). The ECB faces a delicate balancing act between combating inflation and avoiding dragging the Eurozone into recession.

Despite the recent tightening and with the exception of the start of the pandemic, spreads on Eurozone credit remain at their highest level since 2013. We continue to maintain a slightly underweight risk position from a beta perspective. During the month we added a bit of beta to the portfolio by switching out of covered bonds into single A bonds, given that some of these were trading at COVID wides. Wider spreads and increasing dispersion continue to present interesting relative value opportunities.

Issuance in July amounted to only €8.2bn on a gross basis, the lowest monthly total since April 2012. The split between Financials and Non-Financials was €5.6bn and €2.6bn respectively, a 68/32 split. Net supply was negative at €17.4bn. New issuance premia (NIP) remain high, averaging 20bps. Supply is expected to remain subdued in the very near term as we enter the seasonal August lull.

Demand for IG credit is returning, with total inflows in July at the highest level since December 2021. According to JP Morgan, cumulative weekly inflows for July aggregated to €1.5bn (1.1% of AUM). Year to date, cumulative net outflows amounted to €15.2bn, equivalent to 5.6% of AUM. CSPP purchases have ended with effect from the 1st of July; the ECB will only reinvest maturing bonds. This removes an important technical support factor, with primary markets expected to be under pressure going forward.

Despite the weakening economic backdrop and high inflation, earnings are holding up well. Of the nearly 80% of S&P 500 companies that have reported, almost 75% have beaten profit estimates based on information provided by JP Morgan. In Europe, 62% of companies have beaten expectations. Results are also supportive in absolute terms: S&P 500 companies’ profits increased by 10% year-over-year, while Stoxx Europe 600 companies’ profits surged 22%, according to JPMorgan. The energy sector was a big contributor to the growth and in Europe consumer discretionary and staples companies were also among the stronger performers, while industrials and information technology posted the weakest results, according to Morgan Stanley.

The portfolio delivered a return of 4.61% (gross). This was 14 basis points below the benchmark return of 4.74%. During the month, the portfolio’s sensitivity to market trends varied between 96% and 99% in beta terms. The portfolio is still underweight spread duration, mainly at the longer end of the credit spectrum where credit curves remain flat. The portfolio remains invested in defensive off benchmark segments such as covered bonds, agencies and supranationals. The portfolio continues to have a large underweight in BBBs, a reflection of tight valuations at an issuer level given the uncertainty surrounding the market and economy.

With spreads tighter over the month our exposure to defensive off benchmark segments (in covered bonds, agencies, supranationals and cash) contributed negatively to performance as did our underweight in corporate hybrids. Our positioning in utilities, telecoms and infrastructure had a positive contribution, while the banks, technology and automobiles & parts sectors contributed negatively this month. On an individual issuer level the strategy saw a positive contribution from our overweights in Cadent Gas, Cellnex and Balder. Our underweights in Unibail Rodamco and HSBC and overweight in CK Hutchison had a negative impact on performance.

In July, the Fund participated in a new deal from SSE. On the financials side, we participated in Toronto Dominion Bank.

Outlook
Although credit spreads have tightened significantly in July, we remain on the cautious side. We see more risks on the horizon, including a prolonged Russian invasion, uncertainty regarding European energy supply and security, weaker global growth and stubbornly high inflation. We are still moderately bearish and think spreads could widen due to the weaker macro-economic environment, expectations for aggressive hiking by central banks and impact over time of Quantitative Tightening globally. Q2 2022 company results were solid but we fear that higher rates and a potential recession in both Europe and the US over the next 18 months are not adequately reflected in earnings and profit guidance at present. Spreads are too low to fully compensate for the risks that we have identified. The technical backdrop is not supportive with supply expected to increase from the third week of August as many issuers have to catch up on their 2022 funding plans. We expect spreads between rating categories to decompress. We are strongly underweight the BBB segment as a result. Lastly we are also underweight the long end of the credit curve due to the expected impact of rising rates on longer dated maturities.

Kempen (Lux) Euro Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and 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 performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Performance per 2022-07-31 (rebased)

No chart data available

Performance per 2022-07-31

Slide to see more
  Fund Benchmark
1 month 4.6 % 4.7 %
3 months -0.1 % -0.3 %
This year -7.7 % -8.3 %
2019 6.7 % 6.3 %
2020 3.9 % 2.7 %
2021 -1.1 % -1.1 %
1 year (on annual basis) -9.3 % -9.9 %
3 years (on annual basis) i -2.0 % -2.5 %
5 years (on annual basis) i 0.3 % -0.2 %
Since inception (on annual basis) i 4.0 % 3.1 %
On 20 June 2013, Kempen Euro Credit Fund (KECF) was merged with Kempen (Lux) Euro Credit Fund (the Fund). Up to June 2011 (start of the Fund) the performance graph and performance table show the performance of KECF. The average annual TER for the period of April 2008 till June 2011 is 0.97%. Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

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Distributing
Yes
Last dividend
EUR 12.60
Ex-date last dividend
2022-01-13
Number of distributions per year
1
Dividend calendar
Kempen (Lux) Euro Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and 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 performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Maturity profile (2022-07-31)

Fund
Benchmark
31.7 %
5-7 year
18.8 %
27.6 %
3-5 year
28.0 %
17.5 %
0-3 year
28.9 %
12.6 %
7-10 year
16.0 %
10.2 %
> 10 year
8.4 %
0.3 %
Cash
0.0 %
0.1 %
Other
0.0 %
Total
100 %
100 %

Sector allocation (2022-07-31)

34.1 %
Banks
13.7 %
Consumer Goods & Services
9.1 %
Financial Services & Real estate
9.1 %
Utilities
8.4 %
Industry
8.1 %
Telecom & Technology
7.1 %
Health Care
4.9 %
Energy
3.5 %
Insurance
0.8 %
Supranational
0.6 %
Basic Materials
0.5 %
Other
Total
100 %
The cash position is included in ‘Other’.

Rating allocation (2022-07-31)

Fund
Benchmark
7.1 %
AAA
0.3 %
3.8 %
AA
8.6 %
37.1 %
A
40.7 %
47.0 %
BBB
50.3 %
3.4 %
BB
0.0 %
1.4 %
Not Rated
0.0 %
0.3 %
Cash
0.0 %
Total
100 %
100 %
The rating allocation of the Fund is based on the Bloomberg Composite method. The rating allocation of the benchmark is based on the rating allocation used by provider Markit iBoxx.

Top 10 holdings (2022-07-31)

1.1 %
0.050% Sparebank 1 Boligkredit 2021-28
1.0 %
1.875% Volkswagen Bank 2019-24
0.9 %
0.010% Banque Fed Cred Mutuel 2021-26
0.9 %
0.375% Enel 2019-27
0.9 %
1.000% Cheung Kong Infra 2017-24
0.8 %
0.000% Novartis 2020-28
0.8 %
1.125% European Union 2016-36
0.8 %
2.500% Danaher 2020-30
0.8 %
2.125% Credit Suisse 2022-26
0.8 %
0.125% Volkswagen Fin Serv 2021-27
Total
8.8 %
Kempen (Lux) Euro Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and 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 performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Environmental and/or social characteristics promoted

The Kempen Euro Credit Fund, Kempen Euro Credit Fund Plus and Kempen Euro High Yield Fund (the “Funds”) fall under the scope of article 8 of the SFDR which means that the Funds promote environmental and/or social characteristics. This Funds will invest in a broad range of companies, of which some will have sustainability objectives.

The Fund commits to the goals of the Paris Agreement. This encompasses short-term objectives (2025), a mid-term ambition (2030) and a long-term commitment to be a net zero investor by 2050. By 2025, we aim to be aligned with a path to achieving the Paris Agreement and Dutch Klimaatakkoord. We follow the market reduction, which assumes a pathway in line with the EU Benchmarks.

Fund carbon emission targets

ESG Investment process

The promotion of environmental and/or social characteristics is achieved through the consistent implementation of the Funds ESG policy. The ESG policy is fully implemented in our strategy’s investment process across the three relevant pillars of: Exclusion, ESG integration and Active ownership.

In the investment process we assess the ESG profile of a company. We look at each company on a case-by-case basis, taking into account material risks in a given industry in combination with the company’s respective risk exposure, practices and disclosure. This includes an assessment of good governance practices. The investee companies are rated for governance aspects using external research as well as making internal assessments. Furthermore, we look into the company’s exposure to past controversies and future ESG opportunities. Based on the fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile.

Exclusion

The Fund applies exclusion criteria. These take into account international standards, such as UN Global Compact Framework, the OECD Guidelines for Multinational Enterprises, UN Guiding Principles for Business and Human Rights, and our Principles for Responsible Investment commitments. The Funds apply additional exclusion criteria based on product involvement and business conduct.

Key figures

  Kempen criteria Additional criteria
Business conduct
Human Rights
Labour
Environment
Anti Corruption
Product involvement
Controversial Weapons
Tobacco
Thermal Coal
Tar Sands
Adult Entertainment
Alcohol
Animal Welfare & GMO
Gambling
Power Generation Nuclear
Power Generation Carbon Intensive
(Un)conventional Oil & Gas Extraction
Weaponry
Kempen (Lux) Euro Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and 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 performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
0.320 %
Service fee i
0.10 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0,43 %
Kempen (Lux) Euro Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and 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 performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Share class details

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Share class
J
Investor type
Institutional
Distributing
Yes
Benchmark i
Markit iBoxx Euro Corporates Index
Duration hedged
No
Investment category
Credits
Universum
Credits denominated in euro
Inception date
2011-06-15
Domicile
Luxembourg
May be offered to professional investors only in
Belgium, France, Luxembourg, Switzerland, The Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Management company
Kempen Capital Management N.V.
Depositary and custodian
BNP Paribas Securities Services S.C.A., Luxembourg branch
Morningstar rating â„¢

Tradability

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Minimum subscription
Initial subscription: €50,000, additional subscriptions: €10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU0630255858
Kempen (Lux) Euro Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and 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 performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
Kempen (Lux) Euro Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and 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 performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.