Kempen (Lux) European High Dividend Fund - Class AN

Profile

Kempen International Funds SICAV - Kempen (Lux) European High Dividend Fund (the Fund) offers a diversified portfolio of European listed companies with an expected dividend yield of minimal 2.75% at the time the company is purchased for the first time. The Fund invests in companies that are listed or do business in geographical Europe including Eastern Europe and Russia. The portfolio contains around 40 investments, which are approximately equally weighted.

The Fund primarily aims to generate a better long-term total return than the MSCI Europe Total Return Index (net dividends reinvested), comprising capital gains or losses plus net dividend.

Management team

Joris Franssen, Luc Plouvier, Marius Bakker, Robert van den Barselaar, Reineke Davidsz, Roderick van Zuylen

Performance per 2022-06-30 (rebased)

No chart data available

Performance per 2022-06-30

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  Fund Benchmark
1 month -8.0 % -7.7 %
3 months -4.0 % -9.0 %
This year -9.1 % -13.8 %
2019 16.9 % 26.0 %
2020 -11.3 % -3.3 %
2021 23.9 % 25.1 %
1 year (on annual basis) -1.2 % -6.5 %
3 years (on annual basis) i 2.1 % 4.1 %
5 years (on annual basis) i 2.2 % 4.0 %
Since inception (on annual basis) i 7.0 % 8.3 %
De getoonde rendementen zijn na aftrek van lopende kosten. De waarde van uw belegging kan fluctueren. In het verleden behaalde resultaten bieden geen garantie voor de toekomst.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 18.99 M 2022-06-30
Share class size
EUR 4.08 M 2022-06-30
Number of shares
115,538 2022-06-30
Net Asset Value i
EUR 36.50 2022-08-09
Het omloopsnelheidcijfer is per einde boekjaar van het fonds en wordt een keer per jaar geüpdatet.

Fund characteristics per 2022-06-30

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  Fund Benchmark
Number of holdings 46 427
Dividend yield i 5.42 % 3.34 %
Weighted average market capitalization i EUR 48,438 M EUR 83,576 M
P/E ratio i 8.33
Active share i 84.30 %
Kempen (Lux) European High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund. The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Developments per 2022-06-30

June was a poor month for the broader market indices. Reasons for the negative sentiment around stocks can be attributed to rising interest rates, rising inflation, and a (fear of a) recession. Consumers have been facing higher energy costs, and higher interest rates, both of which will put a lid on consumer spending. Investors are anticipating a fierce recession, and have become increasingly bearish on the more cyclical sectors like construction, retail, cruise lines, and airlines. However, many companies have so far seen nothing that would point to an imminent recession. The Fund performed in line with the broader markets. However, the Fund outperformed its style benchmark (Morningstar Developed Europe Dividend Yield > 2.5% Index). The Morningstar benchmark has a relatively high weight in the materials sectors. Commodity prices retreated after a strong couple of months and so did many commodity-related stocks.

The sector that contributed most to the absolute performance was the consumer staples sector, which proved to be defensive in this volatile market. Tate & Lyle showed positive returns over June. The sector that detracted most from the absolute performance of the Fund was the financials sector. Especially banks (like BNP Paribas and BAWAG) were sold, because investors fear that a recession will lead to more loan losses than previously expected. The sector that added most to the relative performance was the materials sector. For the most part, this was driven by avoiding index heavyweights Anglo American and BASF. Negative developments in commodity prices triggered a poor share price return in June. The shares of German companies like BASF seem to be particularly vulnerable to concerns about inflation, stagnation, and Russia-related issues. The sector that detracted most from the performance was the communications services sector (Telenet did poorly).

One of the best contributors was Tate & Lyle, which was up modestly. Tate & Lyle makes ingredients and solutions that are used in food & beverages. It operates through two business units: a specialty food ingredients unit focusing on low-sugar and high-fiber products, and a low(er) margin bulk ingredients. The company has recently been restructuring their business, and sold off parts of it. Recent results were encouraging, with stronger than expected growth. Especially in volatile stock market environments like we have seen over the past months, investor favour stable companies that show fundamental progress.

One of the detractors from performance was Rio Tinto (declining 16%). Commodity prices have corrected over the past weeks from very high levels earlier this year. Iron ore is Rio Tinto’s most important commodity and has also come down. Despite the correction, commodity prices are still at elevated levels, allowing Rio Tinto to make substantial profits. Most of these earnings are paid out to shareholders through ordinary and special dividends. Based on consensus estimates, the shares will provide a dividend of around 14% over the next year.

In June we bought shares in Glencore. Glencore is one of the world's largest globally diversified natural resource companies. Their most important commodities include copper, zinc, nickel, cobalt and coal. Glencore is also a global trader of oil and agricultural products. Most of the commodities have seen a dramatic uptick in prices over the last year, which leads to strong free cash flows. Although we don’t believe that the current commodity price environment is sustainable in the long run, we do believe that it will take at least a couple of years of heavy investments for the industry in order to catch up with demand. If commodity prices stay higher for longer, Glencore will generate cumulative earnings over the next couple of years that are well in excess of the current share price. Management will return cash to shareholders through dividends. It will also acquire other mining companies if the right opportunity comes along. One important part of the investment in Glencore is ESG, mainly because the company is part of the mining sector, which (understandably) has a high risk score. Glencore takes ESG seriously. We are engaging with the company to improve Glencore’s performance on for example carbon emissions and use of water.

We have financed the purchase of Glencore by selling two positions: EDP and Mediobanca. The shares of EDP (Energias de Portugal) have held up well over the last few months. This means that on a relative basis, the shares have become more expensive. We also have doubts about the non-recurring nature of their earnings. The other sale is Mediobanca. This Italian financial services company reported reasonable quarterly numbers. However, the share price had done well over the past months, and we believe that the shares were fully valued. We saw better opportunities elsewhere.

We currently expect a dividend yield of around 5.9% for the Fund. This number is based on the consensus estimate of dividends paid out over the next 12 months. Based on those estimates the annual growth in dividends for the Fund will be 2%. The Fund still trades at a strong discount versus the market (the average valuation of all the holdings in the Fund versus the broader equity market). Historically, this has led to a strong relative performance in the medium term. Also, the absolute valuation of the strategy is compelling. We continue to focus on attractively valued companies, that have good capital discipline and generate positive cash flows through the cycle. In summary, the current environment offers the opportunity to buy a well-diversified portfolio with solid earnings power at an attractive valuation. In addition, ESG (Environmental, Social and Governance) is fully incorporated in our investment process.

Kempen (Lux) European High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund. The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Performance per 2022-06-30 (rebased)

No chart data available

Performance per 2022-06-30

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  Fund Benchmark
1 month -8.0 % -7.7 %
3 months -4.0 % -9.0 %
This year -9.1 % -13.8 %
2019 16.9 % 26.0 %
2020 -11.3 % -3.3 %
2021 23.9 % 25.1 %
1 year (on annual basis) -1.2 % -6.5 %
3 years (on annual basis) i 2.1 % 4.1 %
5 years (on annual basis) i 2.2 % 4.0 %
Since inception (on annual basis) i 7.0 % 8.3 %
De getoonde rendementen zijn na aftrek van lopende kosten. De waarde van uw belegging kan fluctueren. In het verleden behaalde resultaten bieden geen garantie voor de toekomst.

Dividends

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Distributing
No

Risk analysis (ex post) per 2022-06-30

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  3 years Since inception
Maximum drawdown i -29.48 % -29.48 %
Tracking error i 6.90 % 4.32 %
Information ratio i -0.30 -0.29
Beta i 1.13 0.97
Kempen (Lux) European High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund. The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Geographic allocation (2022-06-30)

28.9 %
United Kingdom
16.9 %
France
11.8 %
Germany
8.8 %
Netherlands
4.7 %
Spain
4.0 %
Belgium
3.7 %
Switzerland
3.6 %
Sweden
3.5 %
Norway
2.9 %
United States
2.5 %
Greece
2.2 %
Austria
1.2 %
Italy
0.9 %
Cash
0.0 %
Russia
4.3 %
Other
Total
100 %

Top 10 holdings (2022-06-30)

3.5 %
Equinor
2.9 %
Reckitt Benckiser
2.9 %
Autoliv
2.7 %
ING Groep
2.7 %
National Grid
2.7 %
Deutsche Post
2.7 %
Shell
2.7 %
Unilever PLC
2.7 %
Taylor Wimpey
2.7 %
ALD
Total
28.4 %

Sector allocation (2022-06-30)

25.0 %
Financials
13.4 %
Energy
12.3 %
Telecommunications
9.8 %
Health Care
9.5 %
Industrials
9.5 %
Consumer Staples
8.8 %
Consumer Discretionary
5.6 %
Utilities
4.2 %
Basic Materials
1.9 %
Other
Total
100 %
The cash position is included in ‘Other’.
Kempen (Lux) European High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund. The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Environmental and/or social characteristics promoted

The Kempen European High Dividend Fund (the “Fund”) falls under the scope of article 8 of the SFDR which means that the fund promotes environmental and/or social characteristics. This fund will invest in a broad range of companies, of which some will have
sustainability objectives.

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

Fund carbon emission targets

ESG Investment process

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

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

Exclusion

The Fund excludes companies through the application of strict exclusion criteria. These take into account international standards, such as UN Global Compact Framework, the OECD Guidelines for Multinational Enterprises, UN Guiding Principles for Business and Human Rights, and our Principles for Responsible Investment commitments. We have summarized how we integrated the principle adverse indicators in our ESG policy and process in the ESG Policy & Process document that can be found on our website.

Key figures

  Kempen criteria Additional criteria
Business conduct
Human Rights
Labour
Environment
Anti Corruption
Product involvement
Controversial Weapons
Tobacco
Thermal Coal
Tar Sands
Adult Entertainment
Alcohol
Animal Welfare & GMO
Gambling
Power Generation Nuclear
Power Generation Carbon Intensive
(Un)conventional Oil & Gas Extraction
Weaponry
Kempen (Lux) European High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund. The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
0.750 %
Service fee i
0.20 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
1,00 %
Kempen (Lux) European High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund. The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Share class details

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Share class
AN i
Investor type
Private
Distributing
No
Benchmark i
MSCI Europe Total Return Net Index
Investment category
High Dividend Equity
Universum
European equities
Inception date
2013-10-08
Domicile
Luxembourg
May be offered to all investors in
Belgium, Luxembourg, Switzerland, The Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Administrator
BNP Paribas Securities Services S.C.A., Luxembourg branch
Management company
Kempen Capital Management N.V.
Depositary and custodian
BNP Paribas Securities Services S.C.A., Luxembourg branch

Tradability

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Minimum subscription
Initiële inleg € 1
Listed
no
Subscription/Redemption Frequency
Dagelijks
ISIN i
LU0927663491
Kempen (Lux) European High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund. The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
Kempen (Lux) European High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund. The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.