Kempen Lux Euro Sustainable Credit Fund - Class I

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. (Team untill 30 September 2020. For more information about the team, see News & Knowledge at www.kempen.com)

Performance per 2020-09-30 (rebased)

No chart data available

Performance per 2020-09-30

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  Fund Benchmark
1 month 0.3 % 0.3 %
3 months 2.0 % 2.0 %
This year 1.7 % 0.7 %
2019 2.2 % 2.4 %
1 year (on annual basis) 1.0 % 0.2 %
Since inception (on annual basis) i 2.9 % 2.3 %
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 985.72 M 2020-09-30
Share class size
EUR 513.83 M 2020-09-30
Number of shares
493,679 2020-09-30
Net Asset Value i
EUR 1,049.61 2020-10-29
Turnover rate
227.38 %
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 2020-09-30

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  Fund Benchmark
Number of holdings 298 3069
Duration i 5.4 5.2
Yield to maturity 0.6 %
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.

Developments per 2020-09-30

In September, the spread on the iBoxx Euro Corporate Index widened by 5 basis points to 129 basis points above the government bond curve. The index earned an absolute return of +0.32%. German 10-year government bond yields closed September at -0.52%, representing a decrease of 12 basis points compared to the end of August.

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 has increased markedly in recent weeks. This is forcing governmental authorities to reinstate restrictions on social activity. Whilst there is a risk that further “lockdown” measures will be implemented in the coming months, as temperatures drop and people are forced to spend more time indoors, the likelihood of a 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 likely to experience a deterioration in economic activity in the coming months, putting additional pressure on already weakened credit profiles.

On the monetary policy front, data indicates that members of the Federal Open Market Committee of the US Federal Reserve collectively do not expect to raise interest rates during the upcoming three years. This suggests that, despite tentative signs of economic improvement in the US (e.g. the unemployment rate is now at 7.9% from a peak level of 14.7% in April), monetary policy will remain extremely loose for the foreseeable future. In Europe, there was a surprisingly high uptake by banks in the second targeted longer-term refinancing operations (TLTRO) carried out by the ECB. After already taking up EUR 1.3 trillion in June, 388 European banks took up a further EUR 175 billion this time around. Under the terms of the TLTRO program banks can borrow at a rate of -1.0% and either stall the money as a deposit with the ECB at -0.5% or, for example, buy government securities at higher yields. As banks are able to increase their liquidity at very attractive funding costs, expectations are that the issuance of preferred senior bonds will remain relatively subdued.

President Trump’s dismissive comments about accepting the outcome of the upcoming US presidential election and agreeing to a peaceful transfer of power raised further concerns in the market about a protracted legal battle taking place following the election. This contributed to the more risk-averse sentiment amongst investors during the month.

On the corporate front, France-based retail property group Unibail-Rodamco announced it would raise as much as EUR 3.5bln in fresh equity as part of a restructuring program that aims to restore balance sheet strength and reduce leverage by cutting capital expenditure and divesting as much as EUR 4 billion of assets. Elsewhere, UK-security services group G4S was being targeted by private-equity backed and substantially more levered rival security firm GardaWorld. Whilst the documentation on G4S bonds includes a change-of-control language that allows bondholders to put back the bonds to the issuer, the price at which this can be done was significantly lower than where the bonds had been trading prior to the takeover approach being announced. Elsewhere, there were rumors that private-equity company Apollo was interested in acquiring German-based chemicals group Covestro. At the end of the month, however, Covestro reached an agreement to acquire the coating resins business from Netherlands-based DSM for EUR 1.55 billion, suggesting any take-over by Apollo was not imminent.

During the month, bonds issued by companies operating in the retail, automotive, media and real estate sectors outperformed. By contrast, bonds issued by companies operating in the banking, insurance, telecommunications and oil & gas sectors underperformed. In particular, subordinated bonds issued by banks and insurers underperformed.

The supply of new bonds was EUR 52 billion in September, representing slightly more than six times that what was issued in August, but a 35% decrease compared to the year-earlier period. Non-financial sector companies issued EUR 37 billion in new bonds last month, while financial sector companies issued EUR 15 billion in new bonds. During the first nine months of this year, a total of EUR 484 billion of bonds was issued. This represents a 11% increase compared to the year-earlier period.

During the month the portfolio’s sensitivity to market trends varied between 97% and 103%. The portfolio therefore held a neutral positioning in terms of market risk.

Our positioning in the banks, non-bank financial services and automotive sectors performed well in September. In contrast, our positioning in the telecom, utilities and food & beverage sectors contributed negatively. Our liquidity position (in the form of cash and government bonds) had a positive impact.

At individual company level, positive contributions came from the overweights in Groupe Bruxelles Lambert, Daimler, Huntsman Corporation, HITT and PSA Banque France. By contrast, our overweights in Aeroports de Paris, Verizon Communications, SEE, Danaher and AT&T, as well as our underweight in Volkswagen (excluded) contributed negatively.

In September, the Fund participated in bond issues from Coca-Cola and Medtronic.

During the month, the fund increased its exposure to Ball Corporation, one of the world’s largest producers of aluminium beverage cans. Ball recently introduced an aluminium cup which, given its ability to be recycled an infinite number of times without losing quality, can be used as a replacement for plastic cups used at indoor and outdoor sporting and entertainment venues, thereby contributing to less micro-plastic pollution and an acceleration in society’s shift towards a more circular economy.

Outlook
Despite the ongoing flare up in the number of Covid-19 infections, we remain relatively constructive on the market for a number of reasons. First, data continues to suggest that economic growth has bottomed. Second, management teams are prioritizing bondholder interests over near-term shareholder interests, as highlighted by the ongoing trend of rights issues. Finally, the technical backdrop 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 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 2020-09-30 (rebased)

No chart data available

Performance per 2020-09-30

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  Fund Benchmark
1 month 0.3 % 0.3 %
3 months 2.0 % 2.0 %
This year 1.7 % 0.7 %
2019 2.2 % 2.4 %
1 year (on annual basis) 1.0 % 0.2 %
Since inception (on annual basis) i 2.9 % 2.3 %
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
No
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 (2020-09-30)

Fund
Benchmark
24.5 %
5-7 year
21.6 %
21.7 %
3-5 year
25.9 %
18.9 %
0-3 year
26.0 %
18.1 %
7-10 year
16.3 %
12.5 %
> 10 year
10.2 %
4.3 %
Cash
0.0 %
Total
100 %
100 %

Sector allocation (2020-09-30)

27.9 %
Banks
13.1 %
Consumer Goods & Services
11.1 %
Utilities
9.8 %
Telecom & Technology
7.9 %
Industry
7.0 %
Health Care
6.9 %
Financial Services & Real estate
4.2 %
Other
4.0 %
Sovereign bonds
3.8 %
Insurance
2.6 %
Energy
1.7 %
Basic Materials
0.1 %
Asset Backed Securities
Total
100 %
The cash position is included in ‘Other’.

Rating allocation (2020-09-30)

Fund
Benchmark
4.1 %
AAA
0.4 %
3.3 %
AA
10.7 %
36.0 %
A
39.4 %
48.4 %
BBB
49.5 %
3.2 %
BB
0.0 %
0.8 %
Not Rated
0.0 %
4.3 %
Cash
0.0 %
Total
100 %
100 %
The rating allocation of the Fund is based on the Bloomberg Composite method. The rating allocation of the benchmark is based on the rating allocation used by provider Markit iBoxx.

Top 10 holdings (2020-09-30)

1.6 %
0.375% KFW 2015-30
1.3 %
4.750% Duitsland 2003-34
1.2 %
3.875% Eurogrid 2010-20
1.2 %
1.500% Enexis 2015-23
1.1 %
0.500% Duitsland 2016-26
1.1 %
0.736% Bank of America 2017-22
1.0 %
1.600% AT&T 2020-28
0.9 %
0.750% PSA Banque France 2018-23
0.9 %
1.375% Terna 2017-27
0.9 %
1.950% American Honda 2020-24
Total
11.2 %
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
0.01 %
Expected ongoing charges i
0,43 %
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
I i
Investor type
Institutional
Distributing
No
Benchmark i
Markit iBoxx Euro Corporates Index
Duration hedged
No
Investment category
Credits
Universum
European credits
Inception date
2019-05-14
Domicile
Luxembourg
May be offered to professional investors only in
Belgium, France, Germany, 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.

Tradability

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Minimum subscription
Initial subscription: €50,000, additional subscriptions: €10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU0986646882
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.