As of 10 September 2019 Kempen (Lux) European Small-cap Fund is incorporated into Kempen (Lux) Sustainable European Small-cap Fund. Read the official announcement here.

Kempen (Lux) European Small-cap Fund - Class A (merged)

Profile

On 10 September 2019 Kempen (Lux) European Small-cap Fund was incorporated into Kempen (Lux) Sustainable Small-cap Fund. You can find more information under the Documents tab.

Kempen International Funds SICAV – the Kempen (Lux) European Small-cap Fund (the Fund) manages a bottom-up investment process to a concentrated portfolio containing relatively high-quality, small European businesses, with the aim of earning an attractive return in the long term. Quality companies have a proven and sustainable competitive edge that expresses itself in a high return on the invested capital and above-average earnings growth, and the fund manager believes that consistent investment results can be achieved via an investment philosophy that focuses on these aspects. The Fund only invests in companies with an asymmetrical risk/reward ratio.

Management team

Michiel van Dijk, Erwin Dut, Sander van Oort; Ingmar Schaefer

Performance per 2019-08-31 (rebased)

No chart data available

Performance per 2019-08-31

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  Fund Benchmark
1 month -3.6 % -1.7 %
3 months -4.1 % 1.0 %
This year 10.0 % 13.6 %
2016 2.0 % 3.2 %
2017 12.3 % 19.1 %
2018 -18.6 % -15.9 %
1 year (on annual basis) -8.7 % -6.9 %
3 years (on annual basis) i 0.6 % 6.1 %
5 years (on annual basis) i 5.7 % 8.0 %
Since inception (on annual basis) i 9.4 % 6.7 %
On 23 October 2013 Kempen European Smallcap Fund (KESF) was merged with Kempen (Lux) European Smallcap Fund (the Fund). In May 2009 the first private class of the Fund was launched. The results shown of the periods before 15 May 2009 (date of first private class) are those of KESF. KESF had a similar investment and cost structure, but had a different tax regime that could have influenced the returns shown. Until 31 May 2011 the benchmark of the Fund was the HSBC Smaller European Companies Index. As of 31 May 2011 until 28 February 2017 the benchmark of the Fund was the MSCI Europe Small Cap Total Return Index, of which the constituents are adjusted by reducing the UK component by 50%. Performance is shown after deduction of ongoing charges. 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 106.71 M 2019-08-31
Share class size
EUR 2.00 M 2019-08-31
Number of shares
25,578 2019-08-31
Net Asset Value i
EUR 80.10 2019-09-10
Morningstar rating â„¢

Fund characteristics per 2019-08-31

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  Fund Benchmark
Number of holdings 40 996
Dividend yield i 3.03 % 2.88 %
Weighted average market capitalization i EUR 2,411 M EUR 2,724 M
P/E ratio i 15.31 14.83
Active share i 94.31 %
Kempen (Lux) European Small-cap 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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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 theFund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Market developments per 2019-08-31

In August the Fund (I-class) decreased by -3.6% (net of fees), versus a -1.7% decrease for the MSCI European small-cap index. Year to date, the Fund increased by 10.6% (net of fees) versus a 13.6% increase of the benchmark. Due to developments that took place in the last couple of months, the Fund is now underperforming the benchmark, while absolute YTD performance is still positive. In August, Real Estate names performed well in the Fund.

We believe the Fund is now better positioned than before the transition in December 2018. In the period after the transition we have built in a margin of safety and added further diversification to the Fund. As announced in July 2019, the merger of Kempen (Lux) Sustainable European Small-cap Fund and the Kempen (Lux) European Small-cap Fund will take place on 10 September 2019. The Kempen (Lux) European Small-cap Fund will be incorporated into the Kempen (Lux) Sustainable European Small-cap Fund.

Portfolio developments per 2019-08-31

The best performing companies were Hikma Pharmaceuticals, Fabege and Safestore. The shares of Hikma Pharmaceuticals (+11%) were lifted by the company’s good results for the first half of 2019 which were reported at the beginning of August. Revenue improved by 7% and EBITDA increased by about 15% as the company benefitted from higher volumes, an improved product mix and a reduction in overhead costs due to consolidation of manufacturing facilities. Hikma also raised the full year guidance for two of their divisions. There was no meaningful news on Fabege (+9%) during the month. After a strong share price performance in July the share price also performed strongly in August, driven by declining bond yields. Also on Safestore (+8%) there was no company news. In the short term the company can benefit of the upcoming (no-deal) Brexit, as Safestore’s customers are stockpiling goods in case of hold-ups at ports.

The weakest performers were IMA, Sydbank and TKH Group. IMA (-12%) reported weaker than expected 1H19 results but reiterated its FY19 EBITDA guidance. Hence, profits are more back-end loaded than expected and historically the case. Although pressure on the orderbook diminished in 2Q19 (-6%) versus 1Q19 (-9%) the weak order momentum shows that reaching FY19 guidance is not a walk in the park. Sydbank (-19%) reported half-year results which were in line with expectations, and the company has reiterated the guidance for the full year. We estimate that Sydbank will come in at the low end of its guidance range. Sydbank will probably show lower results next year if the interest environment in Denmark doesn’t improve, as the company cannot offset the underlying cost inflation in personnel costs. There was a significant discrepancy between TKH Group’s (-19%) upbeat capital markets day in June when also the medium-term sales and EBITA margin guidance were raised and the disappointing 1H19 results and FY19 guidance. The lack of sales in some new product categories, like subsea cable and Airport Ground Lighting (AGL), caused the Building Solutions division to be the main disappointment. The company was also relatively late in adjusting the cost basis to the lower activity level during the course of the second quarter. The double digit increase in orderbook paves the way for a stronger 2nd half of the year, whereas order wins in Subsea and AGL allow for profit growth in FY20.

ESG commentary
We are pleased to report progress in the engagement on the Corporate Social Responsibility program of Coats Group plc, a yarn manufacturer and market leader in supplying the global fashion industry. The company already set ambitious sustainability targets and is making significant progress in reducing its environmental footprint at the start of the year. While we believe in the quality of the environmental programs of Coats Group, we initiated a dialogue on the company’s social programs aimed at its employees and the communities it operates in. Taking the lead on behalf of a group of Dutch institutional investors, we applied the living wage screening methodology of the Platform Living Wage Financials (PLWF), an initiative set up by ASN Bank to address the non-payment of living-wage in global supply chains of the garment industry. Coats Group provided further disclosure to enable the screening exercise and committed to developing key elements of the living-wage assessment into its Corporate Social Responsibility program in 2020. The results of the screen will be published later this year.
Kempen (Lux) European Small-cap 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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

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 2019-08-31 (rebased)

No chart data available

Performance per 2019-08-31

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  Fund Benchmark
1 month -3.6 % -1.7 %
3 months -4.1 % 1.0 %
This year 10.0 % 13.6 %
2016 2.0 % 3.2 %
2017 12.3 % 19.1 %
2018 -18.6 % -15.9 %
1 year (on annual basis) -8.7 % -6.9 %
3 years (on annual basis) i 0.6 % 6.1 %
5 years (on annual basis) i 5.7 % 8.0 %
Since inception (on annual basis) i 9.4 % 6.7 %
On 23 October 2013 Kempen European Smallcap Fund (KESF) was merged with Kempen (Lux) European Smallcap Fund (the Fund). In May 2009 the first private class of the Fund was launched. The results shown of the periods before 15 May 2009 (date of first private class) are those of KESF. KESF had a similar investment and cost structure, but had a different tax regime that could have influenced the returns shown. Until 31 May 2011 the benchmark of the Fund was the HSBC Smaller European Companies Index. As of 31 May 2011 until 28 February 2017 the benchmark of the Fund was the MSCI Europe Small Cap Total Return Index, of which the constituents are adjusted by reducing the UK component by 50%. Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

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Distributing
No

Risk analysis (ex post) per 2019-08-31

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  3 years Since inception
Maximum drawdown i -20.70 % -59.77 %
Tracking error i 5.31 % 8.00 %
Information ratio i -1.02 0.34
Beta i 1.03 1.04
Kempen (Lux) European Small-cap 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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

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.

Top 5 contribution (2019-08-31)

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  Contribution i Performance i
Hikma Pharmaceuticals 0.31 % 10.72 %
Safestore 0.25 % 7.92 %
Fabege 0.22 % 8.37 %
AddTech 0.15 % 6.43 %
Hilton Food 0.14 % 4.24 %

Bottom 5 contribution (2019-08-31)

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  Contribution i Performance i
TKH Group -0.52 % -19.10 %
Industria Macchine Automatiche -0.42 % -12.36 %
Sydbank A/S -0.42 % -19.11 %
Duerr -0.39 % -14.93 %
Belimo -0.33 % -13.71 %

Geographic allocation (2019-08-31)

34.7 %
United Kingdom
11.1 %
Netherlands
11.1 %
Sweden
7.2 %
Germany
5.8 %
Italy
5.1 %
Ireland
4.4 %
Spain
4.4 %
Denmark
4.2 %
Luxembourg
3.4 %
Finland
3.7 %
Cash
4.9 %
Overig
Total
100 %

Top 10 holdings (2019-08-31)

3.4 %
Huhtamaki
3.3 %
Safestore
3.2 %
Industria Macchine Automatiche
3.2 %
BE Semiconductor Industries
3.1 %
Hikma Pharmaceuticals
3.1 %
Hilton Food
3.0 %
Fabege
2.9 %
Euronext
2.7 %
ASR Nederland
2.7 %
Beazley
Total
30.7 %

Sector allocation (2019-08-31)

29.2 %
Industrial Goods & Services
10.3 %
Technology
8.3 %
Food & Beverage
8.1 %
Automobiles & Parts
5.5 %
Insurance
4.9 %
Health Care
4.5 %
Banks
4.3 %
Retail
3.3 %
England
3.0 %
Sweden
3.7 %
Other
14.8 %
Overig
Total
100 %
Kempen (Lux) European Small-cap 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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

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.

Ongoing charges

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Management fee i
1.50 %
Service fee i
0.20 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
1,75 %

Other costs

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Upward swing factor i
0.45 %
Downward swing factor i
0.25 %
As of 14 January 2019 the swing factor has been adjusted from 0.50%/0.30% to 0.45%/0.25%.
Kempen (Lux) European Small-cap 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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

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
A i
Investor type
Private
Distributing
No
Benchmark i
MSCI Europe Small Cap Total Return Index
Investment category
Small-caps
Universum
European Small- & Mid-caps
Inception date
2009-05-15
Domicile
Luxembourg
May be offered to all investors in
Belgium, Finland, France, Germany, Italy, Luxembourg, Sweden, Switzerland, 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
LU0427931596
Kempen (Lux) European Small-cap 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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

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 Small-cap 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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Kempen's vision & mission

Kempen Capital Management is an asset manager that believes in stewardship and investment focusing on the long-term for the benefit of all stakeholders. Value creation is at the heart of the services we provide to our clients. We believe that being an engaged shareholder on environmental, social and governance (ESG) issues and retaining a long-term focus, is critical to helping our clients to preserve and create sustainable wealth that has positive real world impact and economic returns.

Kempen wide approach to responsible investment

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

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

  • Exclusion & avoidance: Not investing in companies involved in controversial activities or conduct.

  • Active ownership: Being responsible stewards of our clients’ capital and using our influence through engagement and voting to improve corporate behaviour on specific ESG issues and achieve positive change

  • Positive impact: Investing with an objective to achieve positive real world outcomes and impact, such as contributing to the UN Sustainable Development Goals.

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

The fund’s investment objective is to offer investors the opportunity to invest in an actively and professionally managed portfolio of smaller listed European companies, while at the same time complying with strict exclusion and sustainability criteria.

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Our ESG policy is fully implemented in our fund’s investment process across the three relevant pillars of: Exclusion, ESG integration and Active ownership. The figure 'ESG integration in the investment process' offers a step-by-step illustration of this implementation in our fund’s investment process.

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1. Exclusion

Our fund applies an automatic screen at the start of our investment process to exclude companies that are not sustainable. Our overall exclusion framework screens out investment in entities involved in the production of tobacco and of controversial weapons such as cluster munitions, anti-personnel mines, nuclear warheads, chemical and biological weapons.

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For the European small-cap fund we additionally exclude entities involved in adult entertainment, alcohol, animal testing, fur, gambling, GMO, nuclear energy, thermal coal and weaponry. Furthermore, we only invest in companies that pass the UN Global Compact criteria and therefore exclude companies that receive a Watch List or Fail status.

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The next step in our process, the ‘Quick Scan’ phase, helps us to avoid companies that do not meet our sustainability screening criteria based on their activities and conduct. We apply a checklist to screen each company using MSCI ESG Research and Sustainalytics data.

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2. ESG integration

In the fundamental analysis we determine the Kempen ESG-score (1-5) of a company and evaluate whether the ESG profile would fit a sustainable portfolio. During the process we focus on each company on a case-by-case basis looking at the material risks in a given industry in combination with the company’s respective risk exposure, practices and disclosure. In this phase we use various data sources, including MSCI ESG Research and Sustainalytics. If our opinion deviates from the external ESG research providers we explain why. Furthermore we look into the company’s exposure to controversies and opportunities which could reduce or increase the ESG score. Based on the fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile and give each company a score (1-5). A lower score requires a higher return as used in our Discounted Cash Flow (DCF) models.

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3. Active ownership: Engagement

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

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We strongly believe that the level of engagement with our portfolio companies is significantly deeper than that of our competitors. We are in frequent dialogue with the management teams of our portfolio companies. Each controversial item, as well as every individual engagement, is well-documented. We monitor the progress the company is making and continue to use our influence to improve the companies ESG performance.

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In addition to the ongoing ESG screening efforts, our Responsible Investment team also performs a quarterly screen and may propose engagement with low ESG performers. The results of this screening are discussed in quarterly meetings and an action list is created based on the outcomes of every meeting.

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In 2018, we participated in 104 engagement calls and meetings on issues such as capital allocation, remuneration, sustainability, and social issues.

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3. Active ownership: Voting

Exercising our voting rights is also an essential part of our responsible investment philosophy. ISS provides us with voting recommendations based on our own voting and governance policy. Items are further analysed on a case by case basis. Often, we inform the company about our voting intention ahead of the meeting and, where there is a recommendation to vote against management, we ask the company to clarify their viewpoints. After careful analysis, we form our own opinion and vote accordingly.

*

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

ESG Report
Screening MSCI Research
Screening MSCI Research
UN
ESG integration in the investment process
ESG integration in the investment process
Source
disclaimer
Kempen (Lux) European Small-cap 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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

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.