Kempen Lux Euro High Yield Fund Class AN

Profile

Kempen International Funds SICAV – Kempen (Lux) Euro High Yield Fund (the Fund) invests primarily in credits that do not have an investment grade rating (lower than BBB-) and are denominated in Euros. The Fund may deviate from the benchmark, the BofA Merrill Lynch Composite Index, which only includes financial instruments with a minimal rating of BB- (known as ‘High Yield’).

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 while investment risks are continuously monitored. Investments are selected on the basis of an extensive analysis of the terms and conditions of the bond issues. Attention: it is envisaged that this share class will be closed for further subscriptions once the Fund (all share classes combined) reaches a size of € 150 million. The discounted management fee of 32bps will remain for a period of 3 years starting at the launch of the share class, to facilitate the initial growth of the Fund. After this period the Board of Directors will decide on the conditions and future of this share class.

On September 1, 2020 this share class was renamed from LR to AN and the management fee has increased to 0,52%.

Management team

Alain van der Heijden, Harold van Acht

Performance per 2020-10-31 (rebased)

No chart data available

Performance per 2020-10-31

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  Fund Benchmark
1 month 0.5 % 0.5 %
3 months 0.9 % 0.9 %
This year -0.0 % -1.8 %
2017 2.3 % 1.6 %
2018 -2.4 % -2.9 %
2019 11.0 % 10.1 %
1 year (on annual basis) 1.0 % -0.8 %
3 years (on annual basis) i 2.7 % 1.5 %
Since inception (on annual basis) i 3.2 % 2.0 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future. On September 1st 2020, the management fee of this share class was increased from 0,32% to 0,52%. Performance data until this date is based on the lower management fee.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 250.89 M 2020-10-31
Share class size
EUR 6.95 M 2020-10-31
Net Asset Value i
EUR 28.36 2020-11-20
Turnover rate
448.28 %
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 2020-10-31

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  Fund Benchmark
Number of holdings 170 654
Duration i 4.2 4.1
Yield to maturity 2.5 %
Kempen (Lux) Euro High Yield 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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

Developments per 2020-10-31

In October, the spread on the ML Q964 Index widened by 5 basis points to 298 basis points above the swap curve. The index earned an absolute return of 0.50%. German 10-year government bond yields closed October at -0.62%, representing a decrease of 10 basis points compared to the end of September.

After a number of months during the summer season when it appeared that developed countries had gotten control over the Covid-19 virus, the number of infections in numerous countries continued to increase in October. This is again forcing governmental authorities to reinstate restrictions on social activity. The risk of further lock down measures materialised in the month of October. Especially in Europe governments were forced to implement new restrictive measures. The measures that are so far implemented are aimed at reducing the level of social interaction. Governments have in some countries implemented curfews. But in most cases measures have been limited to closing bars and restaurants, restrictions on visiting cultural & sport events, put limitations on the group sizes that are allowed and restrict travelling. Whether additional measures will be needed very much depends on the effectiveness of these measures. We continue to believe that the likelihood of a broad based full “lockdown” being implemented is still relatively low. This is because governments are keen to avoid a repeat of the severe decline in economic activity that occurred in the second quarter, given its disastrous consequences for employment, fiscal deficits and the financial solidity of businesses. Furthermore, the manufacturing sector is much better positioned this time around to maintain production levels whilst operating in a manner that safeguards the health of their employees. Having said this, segments of the economy that are most dependent on people socially interacting with each other, particularly airlines, restaurants and the broader travel & leisure sector, are again experiencing a deterioration in economic activity, putting additional pressure on already weakened credit profiles.

On the monetary policy front, the ECB left its monetary policy unchanged as expected. But the ECB clearly hinted at additional policy measures. And the need for additional monetary easing is clear. The economic recovery is losing momentum more rapidly than the ECB expected, due to renewed lockdowns. According to ECB-president Lagarde economic indicators are softening significantly, implying a clear deterioration of the near-term outlook. In its September economic projections, the ECB foresaw GDP growth of 8.4% QoQ in the third quarter (after the -15% plunge in the first half of the year), to be followed by 3.1% QoQ in the final quarter. Even though the growth rate for the third quarter may surprise somewhat positively, the growth rate for the fourth quarter looks way to optimistic, as Lagarde acknowledged. With renewed lockdowns in most Eurozone countries, negative growth in the fourth quarter looks very well possible. The inflation picture also looks weak. Headline inflation was -0.3% in September and will likely stay negative into early next year. As this is partly due to temporary factors, such as a drop in oil prices, a VAT cut in Germany and the timing of the clothing sale season, the ECB argues that this is not deflation. But core inflation dropped to only 0.2% in September, far below the ECB’s target of below, but close to 2%. Furthermore, the ECB’s Bank Lending Survey showed that banks have tightened credit standards for firms an households.

Thus, recalibration is on the way. Lagarde left all options open. All tools are under consideration both in terms of levels as in terms of composition. Still, an increase in the PEPP looks most likely. With a vaccine coming available somewhere next year, the corona pandemic should be temporary, as such a temporary tool as the PEPP looks most suitable. An increase with EUR 500 billion could be announced in December. This will also have an impact on inflation expectations and nominal yields. We do expect that nominal yields will remain low. Lower real yields would give additional support to the economy.

In the US all eyes are on the outcome of the presidential elections. Whether Biden or Trump will win is likely to be a close call. More important for markets is whether the new president will have a majority in the Senate and Congress. Especially in case Biden would win without taking the senate the hopes in a massive stimulus package might be proven idle.

In contrast to previous month, investment grade-rated corporate hybrid bonds underperformed senior unsecured and secured bonds issued by BB-territory rated non-financial companies.

At the end of October, the number of bonds that make up the ML Q964 benchmark increased by 19 to 672, while the number of companies increased by 2 to 266. Bonds entering the benchmark included corporate hybrids from ENI, Japan Tobacco and senior bonds from Spanish telecommunications company Masmovil.

During the month the portfolio’s sensitivity to market trends varied between 105% and 110%. The portfolio therefore held an overweight positioning in terms of market risk.

Our positioning in the travel & leisure, real estate and banking sectors performed relatively well in October. In contrast our positioning in the infrastructure, automobiles & parts and construction sectors contributed negatively. Also our liquidity position had a negative contribution.

At individual company level, positive contributions came from the overweights in Rolls Royce, Kraft Heinz and CNH Industrial. In contrast, the overweights in Q-park, underweight in Schaeffler HoldCo bonds and overweight in Telefonica hybrids contributed negatively.

During the month, the Fund participated in new bond issues from Veolia and Iberdrola (corporate hybrid), Rolls Royce, and UK utility Drax.

Outlook
Despite the ongoing flare up in the number of Covid-19 infections, we remain mildly constructive on the market. We are however more concerned on the economic growth expectations mainly in Europe. We expect economic growth momentum to slow down. Companies remain very much bond holder focussed. This supports the fundamental quality. Finally, the technical backdrop still remains very robust as a result of the ECB’s willingness and ability to pump liquidity into the government and corporate bond markets.

Kempen (Lux) Euro High Yield 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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

Performance per 2020-10-31 (rebased)

No chart data available

Performance per 2020-10-31

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  Fund Benchmark
1 month 0.5 % 0.5 %
3 months 0.9 % 0.9 %
This year -0.0 % -1.8 %
2017 2.3 % 1.6 %
2018 -2.4 % -2.9 %
2019 11.0 % 10.1 %
1 year (on annual basis) 1.0 % -0.8 %
3 years (on annual basis) i 2.7 % 1.5 %
Since inception (on annual basis) i 3.2 % 2.0 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future. On September 1st 2020, the management fee of this share class was increased from 0,32% to 0,52%. Performance data until this date is based on the lower management fee.

Dividends

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Distributing
No
Kempen (Lux) Euro High Yield 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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

Maturity profile (2020-10-31)

Fund
Benchmark
37.6 %
3-5 year
34.2 %
23.7 %
5-7 year
25.7 %
14.0 %
7-10 year
12.8 %
13.2 %
0-3 year
21.6 %
11.0 %
> 10 year
5.7 %
0.5 %
Cash
0.0 %
Total
100 %
100 %

Sector allocation (2020-10-31)

33.3 %
Consumer Goods & Services
22.3 %
Industry
8.6 %
Telecom & Technology
7.9 %
Banks
6.4 %
Financial Services & Real estate
6.3 %
Basic Materials
4.2 %
Insurance
3.5 %
Utilities
2.8 %
Health Care
2.7 %
Energy
1.9 %
Other
Total
100 %

Rating allocation (2020-10-31)

1.8 %
A
20.2 %
BBB
74.7 %
BB
2.4 %
B
0.4 %
Not Rated
0.5 %
Cash
Total
100 %

Top 10 holdings (2020-10-31)

2.3 %
0.750% Crown Euro 2019-23
2.2 %
1.250% Renault 2019-25
1.8 %
3.000% Netflix 2020-25
1.7 %
1.000% Arcelormittal 2019-23
1.7 %
2.250% Kraft Heinz Foods 2016-28
1.7 %
1.514% Ford Motor Credit 2019-23
1.6 %
3.625% Netflix 2019-30
1.5 %
1.500% Valeo 2018-25
1.5 %
4.000% Telecom Italia 2019-24
1.4 %
1.875% Autostrade per Italia 2015-25
Total
17.6 %
Kempen (Lux) Euro High Yield 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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
0.52 %
Service fee i
0.10 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
0.67 %
Kempen (Lux) Euro High Yield 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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

Share class details

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Share class
AN i
Investor type
Private
Distributing
No
Benchmark i
BofA Merrill Lynch Composite Index
Reference index i
BofA Merrill Lynch BB-B High Yield Constrained Index
Duration hedged
No
Investment category
Credits
Universum
Credits denominated in euro
Inception date
2017-07-31
Domicile
Luxembourg
May be offered to all investors in
Belgium, Luxembourg, 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
J.P. Morgan Bank Luxembourg S.A.
Morningstar rating â„¢

Tradability

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Minimum subscription
Initial subscription: €1
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU1626446964
Kempen (Lux) Euro High Yield 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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.
Kempen (Lux) Euro High Yield 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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

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.

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To put our mission and vision into practice we engage with our investee companies on a wide array of strategic, financial, and ESG topics. As an active owner we use our influence to improve our investee companies’ ESG performance.  This helps us address some of the most pressing and important sustainability issues facing business and the world. Our focus themes for engagement are: human rights, labour rights, climate change and governance.

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Through collaboration with other investors and industry think tanks we contribute to the development of principles and standards of corporate responsibility both at sector levels, as well as investee company level.

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Our full voting records are available here.

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OUR FUND APPROACH TO RESPONSIBLE INVESTMENT

Kempen’s ESG policy is fully implemented in our fund’s investment process across the three relevant pillars of:  Exclusion, Integration and Active ownership.

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1. Exclusion

In line with the general Kempen policy, the Kempen Euro Credit Strategies[1] exclude all companies on the KCM exclusion- or avoidance list. Companies on these lists are either involved in the production of controversial weapons, they derive a significant portion of their revenues from the production or distribution of tobacco, or have been involved in serious controversies.

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2. ESG Integration

Responsible Investment in the Kempen Euro Credit Strategies is not limited to the exclusion of companies. Rather, ESG criteria are an integral part of the investment process. To form a fundamental opinion on a company, the portfolio managers assess the business profile, the financial profile and the ESG profile. Research provided by MSCI ESG Research LLC is used as a basis for the ESG assessment.  Â

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A low score on ESG criteria can result in the demand for an additional premium on the company’s bonds and/or initiation of an engagement with the issuer. If ESG risks are deemed too severe, an investment in the company will be avoided and/or existing holdings will be sold.

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On a quarterly basis, the Kempen Responsible Investment team screens the holdings of the Kempen Euro Credit Strategies, and discusses the findings with the portfolio managers. Special attention is paid to companies scoring an MSCI ESG rating of B or lower, those with a ‘fail’ marked against the criteria of the UN Global Compact or those companies that attract a red flag on the MSCI ESG impact monitor. Companies in carbon intensive sectors are also given special attention.

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3. Active Ownership

For our Kempen Euro Credit Strategies, we distinguish between three types of engagement. They are i) an engagement for awareness, ii) an engagement for change, and iii) a public policy and/or systemic engagement. Engagement for awareness is aimed at raising awareness on certain issues with a company and/or collecting more information on a specific ESG issue. Engagement for change, which could follow an engagement for awareness, has the goal of achieving a specific SMART goal. The third form of engagement relates to seeking an improvement in a public policy or a system relevant to wider capital markets

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Our engagement process defines four milestones:

1. Raise concern with the company;

2. Company acknowledges the issue;

3. Company sets out a strategy / agrees to improve;

4. Company implements the strategy. Â

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Our engagement could start at any of the first three milestones. When a milestone is reached, a document of proof is attached to the engagement case and the engagement will move on to the following milestone. When the fourth milestone is reached, the engagement is closed, but we continue to monitor the company. If at any stage the company refuses to cooperate, divestment has to be considered. To measure willingness to cooperate, we set specific timelines for the engagement.

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The Kempen Euro Credit Strategies, began an engagement with Bayer in 2018, following their acquisition of Monsanto. Through the acquisition, Bayer inherited several significant controversies in the field of genetically modified organisms (GMOs). The goal of our engagement is to get a formal and written statement from the company which states that they will not sue small holder farmers for the unintended use of Bayer licensed GMO crops. It also asks the company to set a target for the number of farmers that receive education on their crop protection products.

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In addition we have ongoing engagement cases with Volkswagen on its company culture, Cez on the use of thermal coal (you can find the engagement factsheet here), Glencore on climate action (you can find the engagement factsheet here) and Huntsman on ESG disclosure. In July 2018, Huntsman was upgraded from ‘CCC’ to ‘B’ by MSCI ESG, and the company’s Sustainability report, published in 2018, includes an overview of its progress towards alignment with the UN Global Compact Ten Principles for the first time.

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[1] The Kempen (Lux) Euro Credit Fund, Kempen (Lux) Euro Credit Fund Plus, Kempen (Lux) Euro Sustainable Credit Fund and Kempen (Lux) Euro High Yield Fund

Risks

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

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*

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
Screening MSCI ESG Research
Screening MSCI ESG Research
UN global impact
Bron EN
disclaimer
Kempen (Lux) Euro High Yield 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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.