Kempen (Lux) Euro High Grade Government Fund - Class BN

Profile

Kempen International Funds SICAV – Kempen (Lux) Euro Government Fund (the Fund) is designed and managed to provide the cornerstone investment to a large variety of investment portfolios. The objective of this actively managed fund is both capital protection as well as a potential upside for the investor. The Fund invests in fixed income euro denominated securities issued by governments, and by government related entities of the countries included in the Euro Government Index. These countries are all members of the Eurozone with an investment grade rating.

The Sub-Fund may also invest in bonds guaranteed by public European bodies provided that these entities have an investment grade Rating. The Fund aims to achieve a better long-term total return than its benchmark, the Bank of America Merrill Lynch Euro Government Index (the benchmark).

Management team

Hans Kamminga, Kim Lubbers

Performance per 2020-04-30 (rebased)

No chart data available

Performance per 2020-04-30

Slide to see more
  Fund Benchmark
1 month 0.5 % 0.4 %
3 months -1.8 % -1.8 %
This year 0.5 % 0.6 %
2017 0.3 % -0.4 %
2018 -0.0 % 1.0 %
2019 6.7 % 6.8 %
1 year (on annual basis) 4.6 % 4.9 %
3 years (on annual basis) i 2.7 % 2.9 %
5 years (on annual basis) i 1.7 % 2.0 %
Since inception (on annual basis) i 3.6 % 3.9 %
Before 1 August 2017 the Fund had a different name and investment policy: Kempen (Lux) Euro High Grade Government Fund and was allowed to only invest in bonds issued by Netherlands, Germany, Austria, France and Finland. On 28 February 2013, Kempen Euro High Grade Pool (KEHGP) was moved to Luxembourg and renamed Kempen (Lux) Euro High Grade Government Fund (the Fund). Up to 28 February 2013 the performance graph and performance table show the performance of KEHGP. 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

Slide to see more
Total fund size
EUR 130.59 M 2020-04-30
Share class size
EUR 42.13 M 2020-04-30
Number of shares
34,201 2020-04-30
Net Asset Value i
EUR 1,236.54 2020-05-29
Turnover rate
91.46 %
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 2020-04-30

Slide to see more
  Fund Benchmark
Number of holdings 94 388
Duration i 8.2 8.4
Yield to maturity 0.4 % 0.2 %
Kempen (Lux) Euro Government 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 6H, route de Trèves, L-2633 Senningerberg, 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.

Market developments per 2020-04-30

COVID-19 continued to spread globally, but some countries saw daily new infection rates start to fall and are now planning to gradually reopen their economies. Governments and central banks introduced very significant stimulus measures to reduce the damage caused by the economic shutdown, restoring some positive sentiment in the financial markets.
Activity data from the US, China and Europe confirmed the devastating impact on growth from the lockdown. Eurozone Q1 GDP contracted by 3.8% (qoq non-annualized), while US Q1 GDP shrank by 4.8% (qoq, but annualized). China contracted by -9.8%. Record lows where seen in PMIs and record highs in the number of newly unemployed. The number of new applications for unemployment benefits in the US was in April again horrible, with roughly 20 million initial jobless claims in April. More than 30 million jobs have been lost since mid-March.

On 8 April, the Eurogroup failed to reach a deal on a joint fiscal package in response to the corona virus. A deal was eventually reached, and on 23 April the European Council endorsed a EUR540bn fiscal package. This pan-European fiscal policy response comes on top of national rescue packages. It was also announced that the Eurogroup will work towards a ‘Recovery Fund’, although details on the size of the Fund and sources of funding were lacking.

On 9 April, the Fed expanded its tool kit further. They provide up to USD 2.3 trillion in loans to support the economy and increased the size of its corporate bond buying program to USD 750 billion, whilst also broadening eligibility criteria to include fallen angels (in this case companies that have been downgraded since the 22nd of March) and high-yield exchange-traded funds (ETFs). The Fed left policy unchanged in its last meeting in April. This was no surprise, as the Fed had already announced a lot of stimulus in the last few weeks, including unlimited QE.

On 30 April, the ECB decided to leave interest rates as well the modalities of the asset purchases programs unchanged. However, they announced more generous terms for its lending operations and a new bank funding facility. This was a bit of a disappointment for the markets, as they were hoping for an increase in its outright purchases. Earlier in the month, the ECB has broadened the type of collateral it will accept from banks to now include non-investment grade bonds, in particular those bonds issued by the so-called “fallen angels” that were previously investment grade rated.

These past few weeks, the credit rating agencies delivered downward revisions of their outlook for a number of European sovereigns. Fitch downgraded Italy unexpectedly from BBB to BBB- with a stable outlook. The rating action came outside its scheduled review cycle. The downgrade reflects the significant impact of the corona virus on Italy’s economy and fiscal position. Debt to GDP is expected to reach 156% in 2020.

Portfolio developments per 2020-04-30

German 10-year government bond yields declined by 11 basis points to -0.58% in April. The decline in German yields had a negative impact on the Fund’s relative performance due to the underweight in the portfolio’s sensitivity to interest rates versus its benchmark. Despite the further decline of oil prices, inflation expectations increased by a few basis points in April. This contributed positively to the relative performance.

Country spreads widened by 7 basis points at index level over April, with the largest increases in spreads seen in Italy (36 bps), Spain (16 bps) and Slovenia 39 bps). Spreads of Austria and Finland declined by a few basis points. Government-related spreads tightened in April. The widening of Italy was caused by the absence of clear EU agreement on the recovery fund. The 10 year spread of Italy reached 260 basis points in April, reversing nearly half of the gains after the ECB’s PEPP announcement in March.

Our small overweights in Slovenia, Spain, Ireland, Belgium contributed negatively to the result, while our underweights in France and Portugal made a positive contribution.

During the month, we added to our exposure in the French green government bond and the green Nordic Investment Bank bond, bringing the percentage of green bonds in the Fund to 21.8% at the end of April.

Significant stimulus from central banks and governments will ease the economic impact of the corona virus. It is difficult to estimate the total impact of the virus on the economy at the moment. Yields are likely to stay lower for longer. The portfolio is also positioned for tighter spreads on (semi-) core countries and government-related paper.

   

               Green bonds as perc of total port

           Breakdown of green bonds

Kempen (Lux) Euro Government 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 6H, route de Trèves, L-2633 Senningerberg, 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 2020-04-30 (rebased)

No chart data available

Performance per 2020-04-30

Slide to see more
  Fund Benchmark
1 month 0.5 % 0.4 %
3 months -1.8 % -1.8 %
This year 0.5 % 0.6 %
2017 0.3 % -0.4 %
2018 -0.0 % 1.0 %
2019 6.7 % 6.8 %
1 year (on annual basis) 4.6 % 4.9 %
3 years (on annual basis) i 2.7 % 2.9 %
5 years (on annual basis) i 1.7 % 2.0 %
Since inception (on annual basis) i 3.6 % 3.9 %
Before 1 August 2017 the Fund had a different name and investment policy: Kempen (Lux) Euro High Grade Government Fund and was allowed to only invest in bonds issued by Netherlands, Germany, Austria, France and Finland. On 28 February 2013, Kempen Euro High Grade Pool (KEHGP) was moved to Luxembourg and renamed Kempen (Lux) Euro High Grade Government Fund (the Fund). Up to 28 February 2013 the performance graph and performance table show the performance of KEHGP. 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

Slide to see more
Distributing
Yes
Last dividend
EUR 22.50
Ex-date last dividend
2020-01-16
Number of distributions per year
1
Dividend calendar
Kempen (Lux) Euro Government 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 6H, route de Trèves, L-2633 Senningerberg, 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 (2020-04-30)

Fund
Benchmark
35.0 %
> 10 year
33.0 %
26.1 %
7-10 year
18.5 %
20.6 %
0-3 year
18.6 %
13.6 %
3-5 year
16.4 %
4.7 %
5-7 year
13.5 %
Total
100 %
100 %

Top 10 holdings (2020-04-30)

3.9 %
0.400% Spanje 2017-22
3.6 %
2.750% Spanje 2014-24
3.3 %
0.350% Italie 2016-21
3.2 %
0.010% KFW 2019-27
3.1 %
1.850% Italie 2017-24
3.0 %
1.450% Italie 2015-22
2.7 %
1.350% Ierland 2018-31
2.5 %
1.500% Frankrijk 2018-50
2.4 %
2.375% Heta Asset Resolut 2012-23
2.3 %
0.200% Slovenië 2020-23
Total
30.1 %

Geographic allocation (2020-04-30)

23.8 %
Italy
19.0 %
Spain
17.6 %
France
7.5 %
Germany
5.8 %
Austria
5.5 %
European M.C.F.
5.0 %
Ireland
4.1 %
Belgium
3.8 %
Netherlands
3.3 %
Slovenia
2.2 %
Finland
0.9 %
Latvia
0.9 %
Portugal
0.7 %
Luxembourg
Total
100 %
Kempen (Lux) Euro Government 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 6H, route de Trèves, L-2633 Senningerberg, 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

Slide to see more
Management fee i
0.20 %
Service fee i
0.07 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0,28 %

Other costs

Slide to see more
Downward swing factor i
0.05 %
Kempen (Lux) Euro Government 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 6H, route de Trèves, L-2633 Senningerberg, 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

Slide to see more
Share class
J
Investor type
Institutional
Distributing
Yes
Benchmark i
Bank of America Merrill Lynch Euro Government Index
Duration hedged
No
Investment category
Government bonds
Universum
Government bonds in euro
Inception date
2013-02-28
Domicile
Luxembourg
May be offered to professional investors only in
Belgium, Luxembourg, Switzerland, The Netherlands
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
J.P. Morgan Bank Luxembourg S.A.
Morningstar rating â„¢

Tradability

Slide to see more
Minimum subscription
Initial subscription: €50,000, additional subscriptions: €10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU0880056436
Kempen (Lux) Euro Government 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 6H, route de Trèves, L-2633 Senningerberg, 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 Government 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 6H, route de Trèves, L-2633 Senningerberg, 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's vision and 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.

Kempen wide approach to responsible investment

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

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

  • Exclusion & avoidance: 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.

Â

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.

Â

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.

Â

Our full voting records are available here.

OUR FUND APPROACH TO RESPONSIBLE INVESTMENT

The ESG policy is fully implemented into the investment process of the Euro Government Strategy, with the key pillars in our approach being: Exclusion and ESG integration.

Â

1.   Exclusion

The fund follows the clear and transparent exclusion framework developed by Kempen. This includes exclusions for controversial weapon producers and the screening out of countries and companies based on UN Global Compact criteria. Such exclusions are reviewed as part of a quarterly process.

Â

2.    ESG integration

ESG analysis is undertaken both pre-investment and as part of our portfolio monitoring activities. Portfolio managers perform an in-depth analysis of ESG data, and ESG risks and opportunities are taken into account when selecting and monitoring governments and government-related issuers.

Â

First, as shown in the figure on the right side, ESG factors are a crucial part of the fundamental analysis used to generate a country score. The relative country valuation process includes several fundamental qualitative indicators covering each section of ESG. The portfolio managers assess the materiality of the ESG issue and its implications for the credit profile of the issuer.

Â

Second, the fund performs a quarterly screening using research provided by MSCI ESG. Kempen’s Responsible Investment team conducts the screening, and a review of the ESG ratings of bonds in the portfolio along with discussions on ESG rating developments are conducted by the Euro Government team.

Â

The following items are discussed on a quarterly basis:

• A review of the ESG ratings of bonds in the portfolio;

• A discussion on any developments / changes in the ESG ratings;

• Screening for controversies using MSCI ESG research;

• Exclusions, as detailed above.

Â

Finally, we are an active player in the market of green bonds and have a green bond policy which outlines the guidelines we adhere to defining a green bond. The Euro Government strategy will invest in green bonds rather than a ‘normal bond’ if the two bonds have the same risk/return characteristics.

Â

Risks

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

Â

*

Although Kempen Capital Management N.V.’s information providers, including without limitation, MSCI ESG Research LLC and its affiliates (the “ESG Parties”), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

ESG Report
qo
Screening MSCI ESG Research
Screening MSCI ESG Research
Bron EN
Disclaimer
Kempen (Lux) Euro Government 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 6H, route de Trèves, L-2633 Senningerberg, 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.