Kempen Lux Euro Sustainable Credit Fund - Class BN

Profile

Kempen International Funds SICAV - Kempen (Lux) Euro Sustainable Credit Fund (the Fund) invests primarily in credits that have an investment grade rating (of minimal BBB-) and are denominated in Euros. In addition, these companies must comply with strict sustainability criteria. 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.

In the interest of the shareholders it has been decided to soft open the Fund as per 28 June 2018. As per June 2018 the Fund will continue to accept daily inflow below EUR 10 million from all investors. For investments greater than EUR 10 million please contact the Fund’s relationship manager. Redemptions will still be possible. More information about the soft open can be found in the Notice to shareholders in the tab Documents.

Management team

Alain van der Heijden, Rik den Hartog, Harold van Acht, Sipke Moes, Luuk Cummins, Pim van Mourik Broekman, Quirijn Landman, Marco Zanotto

Performance per 2020-04-30 (rebased)

No chart data available

Performance per 2020-04-30

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  Fund Benchmark
1 month 3.6 % 3.7 %
3 months -2.9 % -3.8 %
This year -1.8 % -2.7 %
2017 2.2 % 2.4 %
2018 -0.9 % -1.3 %
2019 6.2 % 6.3 %
1 year (on annual basis) 0.3 % -0.5 %
3 years (on annual basis) i 1.6 % 1.2 %
5 years (on annual basis) i 1.8 % 1.5 %
Since inception (on annual basis) i 2.1 % 1.8 %
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 820.18 M 2020-04-30
Share class size
EUR 98.52 M 2020-04-30
Number of shares
3,934,674 2020-04-30
Net Asset Value i
EUR 25.23 2020-06-05
Turnover rate
227.38 %
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

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  Fund Benchmark
Number of holdings 295 2882
Duration i 5.2 5.1
Yield to maturity 1.1 % 1.3 %
Weighted rating A- A-
Kempen (Lux) Euro Sustainable 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). 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.

Market developments per 2020-04-30

In April, the spread on the iBoxx Euro Corporate Index tightened by 59 basis points to 193 basis points above the government bond curve. The index earned an absolute return of +3.72%. German 10-year government bond yields closed April at -0.59%, a decrease of 12 basis points compared to the end of March.

Investor sentiment improved greatly during the month, primarily as a result of two main developments. Firstly, despite the number of people infected with the COVID-19 virus surpassing the 3 million mark globally, investors took comfort from the fact that in most developed countries, the rate of new infections has materially slowed. In some European countries, such as Denmark, Austria and Switzerland, “lock-downs” are gradually being loosened, with a limited number of economic activities (e.g. primary education, retail) tentatively being allowed to restart. With the Chinese economy now being viewed as a potential template for how western economies can gradually return to normality, investors are speculating that as this year progresses, more and more parts of the economy will be allowed to resume functioning. Furthermore, news reports suggesting two existing medicines could significantly reduce the lethality of the virus (Gilead’s remdesivir and Roche’s actemra) raised investors’ hopes that the worst of the pandemic outbreak, from a healthcare system perspective, could soon be behind us.

Secondly, investors are increasingly confident that governmental policymakers will not hesitate in applying ever more fiscal and monetary stimulus to prevent the global economy from collapsing and an accompanying sharp spike in bankruptcies amongst corporations and individuals from taking place. During April, for example, the US Federal Reserve 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). On the fiscal stimulus front, after having seen an initial USD 349bln small business aid program fully utilized in a matter of days, the US Treasury and US Congress quickly reached an agreement to launch a second fiscal stimulus program now totaling USD 484 billion. Of this amount, more than USD 300bln will be used to replenish the small business aid program. In Europe, 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. Furthermore, at the end of the month, the ECB lowered the interest rate on its targeted longer-term refinancing operations (TLTRO) program to 50 basis points below the rate at which banks can stall excess liquidity at the bank, thereby greatly supporting the liquidity of the European banking system and its ability to purchase sovereign bonds in a profitable manner.

Whilst responding favorably to the above-mentioned developments, credit markets are shrugging off extremely weak underlying macro-economic data. The latter highlight the severe damage that is being afflicted on the global economy as a result of the ongoing “lock-downs” throughout Europe and large parts of the United States. For instance, in France, the Manufacturing and Services PMIs declined to 31.5 and 10.4, respectively. In the US, PMI figures were not much better with Manufacturing and Services coming in at 36.9 and 27.0, respectively. Unemployment in the United States is rising rapidly, with the number of Americans filing for unemployment benefits having increased to 30.3 million individuals since Covid-19 broke out in the country.

The impact of the COVID-19 pandemic on Q1 earnings was rather limited, given that companies were largely operating in a normal manner during the months of January and February. That being said, management teams are warning that Q2 results will be significantly worse. This is particularly true for those companies whose products or services are not deemed to be “essential” by governmental authorities (e.g. aviation, travel & leisure) or that are highly dependent on consumer and business confidence (e.g. automotive, industrial goods & services). In response to the deteriorating economic outlook, many companies continue to announce substantial cuts to their workforce and to their capital expenditure programs. From a credit cycle perspective, management teams have clearly begun to prioritize liquidity and their company’s balance sheets over near-term shareholder interests. Share buyback programs and dividends are frequently being cancelled or at least reduced, whilst there has also been a notable increase in the number of companies issuing fresh equity.

During the month, subordinated bonds issued by insurance companies and banks, as well as bonds issued by companies in the Automotive and Basic Resources sectors outperformed. By contrast, bonds issued by companies operating in the Real Estate, Media, Oil & Gas and Industrial Goods & Services sectors underperformed.

The supply of new bonds was EUR 81 billion in April, representing a 35% increase compared to March and a more than doubling compared to the year-earlier period. Non-financial sector companies issued EUR 58 billion in new bonds last month, while financial sector companies issued EUR 23 billion in new bonds. During the first four months of the year, a total of EUR 243 billion of bonds were issued. This represents a 29% increase compared to the year-earlier period.

Portfolio developments per 2020-04-30

During the month the portfolio’s sensitivity to market trends varied between 92% and 96%. The portfolio therefore held an underweight positioning in terms of market risk.

Our positioning in the telecom, real estate and food & beverage sectors performed relatively well in April. In contrast, our positioning in the utilities, banks and industrial goods & services sectors contributed negatively. Our liquidity position (in the form of cash and government bonds) had a negative impact.

At individual company level, positive contributions came from the overweights in Verizon Communications, Unilever, Pepsi and Renault, as well as from our underweight in Unibail-Rodamco. By contrast, our overweights in Groupe Bruxelles Lambert, Bank of America and Huntsman Corporation, as well as our underweights in Volkswagen (excluded) and AB Inbev (excluded) contributed negatively.

In April, the Fund participated in new bond issues from Schiphol Airport, Total, Lloyds Bank Corporate Markets, Svenska Handelsbanken, Cap Gemini, SSE, Honda, Lonza, Givaudan, BPCE, Elia, Holding d’Infrastructures de Transport (HIT), Credit Mutuel Arkea, Banco Santander, Pepsi, Signify, UBS and Veolia Environnement.

As part of its “Impact 2023” strategic program, France-based Veolia Environnement has set itself the target to be the reference company globally for leading the ecological transformation. Given its unique expertise in waste recycling & treatment, energy efficiency solutions and waste water management, Veolia looks well placed to capitalise on government and corporate initiatives to tackle pollution and move towards a more sustainable and circular economy.

Outlook
Given our concerns about the negative effect that the sharp economic downturn will have on corporate profitability, we intend to retain a defensive positioning in our portfolio with a focus on quality. We expect our portfolio to, therefore, be well protected in the event the impact of the corona virus on the economy grows in severity. Having said this, we will be vigilant in looking out for relative value opportunities that arise as a result of the increased market volatility, including participating in new bond issues that are priced with substantial premiums. For the moment we refrain from adopting a more significant underweight positioning, primarily given the ECB’s large-scale corporate bond buying program.
Kempen (Lux) Euro Sustainable 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). 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 2020-04-30 (rebased)

No chart data available

Performance per 2020-04-30

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  Fund Benchmark
1 month 3.6 % 3.7 %
3 months -2.9 % -3.8 %
This year -1.8 % -2.7 %
2017 2.2 % 2.4 %
2018 -0.9 % -1.3 %
2019 6.2 % 6.3 %
1 year (on annual basis) 0.3 % -0.5 %
3 years (on annual basis) i 1.6 % 1.2 %
5 years (on annual basis) i 1.8 % 1.5 %
Since inception (on annual basis) i 2.1 % 1.8 %
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 0.19
Ex-date last dividend
2020-01-16
Number of distributions per year
2
Dividend calendar
Kempen (Lux) Euro Sustainable 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). 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 (2020-04-30)

Fund
Benchmark
23.4 %
3-5 year
26.7 %
22.0 %
5-7 year
20.8 %
20.9 %
0-3 year
27.3 %
19.8 %
7-10 year
16.3 %
10.7 %
> 10 year
9.0 %
3.4 %
Cash
0.0 %
Total
100 %
100 %

Sector allocation (2020-04-30)

29.2 %
Banks
14.8 %
Consumer Goods & Services
11.4 %
Utilities
9.0 %
Telecom & Technology
7.3 %
Industry
6.9 %
Financial Services & Real estate
6.8 %
Health Care
4.5 %
Insurance
3.3 %
Energy
3.2 %
Other
2.7 %
Sovereign bonds
0.9 %
Basic Materials
0.1 %
Asset Backed Securities
Total
100 %
The cash position is included in ‘Other’.

Rating allocation (2020-04-30)

Fund
Benchmark
2.7 %
AAA
0.4 %
4.4 %
AA
10.5 %
38.7 %
A
41.3 %
47.3 %
BBB
47.8 %
2.5 %
BB
0.0 %
0.9 %
Not Rated
0.0 %
3.4 %
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 (2020-04-30)

1.9 %
0.375% KFW 2015-30
1.4 %
3.875% Eurogrid 2010-20
1.3 %
1.500% Enexis 2015-23
1.2 %
0.736% Bank of America 2017-22
1.1 %
0.875% Equinor 2015-23
1.0 %
0.750% PSA Banque France 2018-23
0.9 %
1.375% Terna 2017-27
0.9 %
0.625% BPCE 2018-23
0.9 %
1.875% Groupe Bruxelles Lambert 2018-25
0.8 %
4.625% Veolia Environnement 2012-27
Total
11.3 %
Kempen (Lux) Euro Sustainable 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). 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
0.32 %
Service fee i
0.10 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
0,47 %
Kempen (Lux) Euro Sustainable 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). 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
BN i
Investor type
Private
Distributing
Yes
Benchmark i
Markit iBoxx Euro Corporates Index
Duration hedged
No
Investment category
Credits
Universum
European credits
Inception date
2014-09-25
Domicile
Luxembourg
May be offered to all investors in
Belgium, France, 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
LU0979490850
Kempen (Lux) Euro Sustainable 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). 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 Sustainable 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). 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.6

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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 (Lux) Euro Sustainable Credit Fund primarily aims to generate a long-term return in excess of the Markit iBoxx Euro Corporates Index (the “Benchmark”), comprising capital growth and income, by investing in corporate bonds issued by companies which comply with strict sustainability criteria.

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We strive to invest in companies that have a lower carbon intensity than their sector peers, or in companies that are willing and able to considerably lower their carbon intensity to a level below their sector peers – ideally in line with the Paris goals. We encourage this via continuing engagements with companies, clients, investors and other stakeholders.

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Kempen’s ESG policy is implemented in our fund’s investment process by the following pillars: Exclusion, Integration and Active ownership.

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Exclusion & Avoidance

In line with the general Kempen policy, the Kempen (Lux) Euro Sustainable Credit Fund excludes all companies on the KCM Exclusion- or Avoidance list.

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Companies that ‘Fail’ marked against the criteria of the United Nations Global Compact or those companies that attract a red flag on the MSCI ESG impact monitor are excluded.

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Companies scoring an MSCI ESG rating CCC are excluded. Companies that score a MSCI ESG rating of B are excluded on a comply or explain basis.

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The Kempen (Lux) Euro Sustainable Credit Fund also excludes companies based on additional sustainability criteria as listed in the table below.

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More information on our exclusion criteria and thresholds can be found here.

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EXCLUSION CRITERIA KEMPEN (LUX) EURO SUSTAINABLE CREDIT FUND

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KEMPEN CRITERIA

ADDITIONAL SUSTAINABILITY CRITERIA

Business Conduct

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x    Human Rights

v

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x    Labour

v

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x    Environment

v

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x    Anti-corruption

v

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Product Involvement

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x    Controversial Weapons

v

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x    Tobacco

v

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x    Adult Entertainment

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v

x    Alcohol

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v

x    Animal Welfare & GMO

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v

x    Gambling

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v

x    Power Generation Nuclear

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v

x    Power Generation Carbon Intensive

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v

x    Thermal Coal

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v

x    (Un)conventional Oil & Gas Extraction

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v

x    Weaponry

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v

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ESG Integration

The assessment of companies’ ESG profiles is an integral part of our investment process. We assess 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.

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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.

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Active Ownership

As active investors we perform comprehensive engagements with our portfolio companies with the objective to unlock value and reduce risk.

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Our engagement process defines clear objectives of which the progress and result is tracked and well documented. If at any stage the company refuses to cooperate, divestment has to be considered.

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Engagement examples can be found here

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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
Febelfin
Label ISR
Screening MSCI ESG Research
Screening MSCI ESG Research
UN global impact
Bron EN
disclaimer
Kempen (Lux) Euro Sustainable 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). 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.