Kempen (Lux) Global Small-cap Fund - Class A

Profile

Kempen (Lux) Global Small-cap Fund (the Fund) offers investors the opportunity to invest in an actively and professionally managed portfolio of smaller listed companies worldwide, while at the same time complying with strict exclusion and sustainability criteria. These are defined as companies with a maximum market capitalisation at the time of initial purchase of either EUR 5 billion, or the highest market capitalisation of any company included in the MSCI World Small Cap Index, whichever is the greater. The Fund primarily aims to generate a better long-term return than the benchmark.

The portfolio construction process involves a disciplined end to end framework initially utilizing proprietary in-house stock filters screening for high quality and attractively valued stocks. Thereafter, fundamental in-house research is carried out to identify high conviction investment ideas. The end result is a portfolio of approximately 60 - 90 stocks, well diversified across all regions and sectors

Management team

Jan Willem Berghuis, Maarten Vankan, Chris Kaashoek, Luuk Jagtenberg

Performance per 2020-06-30 (rebased)

No chart data available

Performance per 2020-06-30

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  Fund Benchmark
1 month 4.1 % 1.6 %
3 months 22.7 % 21.7 %
This year -18.7 % -12.9 %
2018 -1.2 % -5.8 %
2019 25.6 % 28.5 %
1 year (on annual basis) -10.3 % -3.9 %
Since inception (on annual basis) i 0.4 % 2.4 %
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. As of 30 June 2018 a deviating Net Asset Value (NAV) is used for the calculation of the performance figures. This NAV is calculated based on closing prices of the Fund investments thereby deviating from the NAV which was originally issued and partly calculated based on snapshots (Asia & Pacific investments). The deviating NAV is used to make a better comparison with the benchmark, which is also solely based on closing prices of the investments.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 658.36 M 2020-06-30
Share class size
EUR 15.46 M 2020-06-30
Number of shares
614,695 2020-06-30
Net Asset Value i
EUR 25.16 2020-08-05
Turnover rate
51.86 %
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 2020-06-30

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  Fund Benchmark
Number of holdings 63 4237
Dividend yield i 2.97 % 2.36 %
Weighted average market capitalization i EUR 2,567 M EUR 2,808 M
P/E ratio i 17.25 19.47
Active share i 98.04 %
Kempen (Lux) Global 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 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 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/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 2020-06-30

In the month of June the Fund (I-class) was up 4.1% versus the MSCI World Small-cap index (benchmark), which was up 1.6% (for the performance of the other shareclasses please check the performance tab of the Fund on the website https://www.kempen.com/en/asset-management). After a sharp decline in Q1 the Fund showed 23.0% performance in Q2 versus 21.7% for the benchmark. YTD the Fund is down 18.4% compared to the MSCI World Small cap index (benchmark) decline of 12.9% and the MSCI World Small Cap Value index decline of 22.4%. The small-cap market continues to be volatile on a daily basis and offers attractive long-term opportunities for stock picking particularly now that the valuation dispersion of small-caps has increased further. We are therefore confident in our ability to add value via stock selection and extend our long-term track record of outperformance versus our benchmark. It is encouraging to see that our top 3 highest conviction positions in the portfolio (Dialog, Fujitec, West Fraser) showed a strong performance in the past month. We also see that some of our holdings are still trading at trough valuations given the uncertainty, while the long-term valuation is very compelling. Two examples of such stocks, in which we increased our weight last month, are Argo and Thermon. Argo is a speciality insurance company trading at 0.7x price-to-book. Argo’s new CEO, Kevin Rehnberg, is reviewing its underperforming international business, which should lead to a more focussed business with a higher return on equity and a substantially higher valuation. Thermon is an industrial niche player in thermal solutions for several process industries. We believe Thermon on a stand-alone basis would be able to recover strongly from the short-term weakness in end demand, but also would be a perfect complementary fit to some of its industrial peers, in which case estimated synergies are significant.

Three top contributing stocks during the month of June were West Fraser Timber (+29%), Fujitec (+21%) and Dialog (+14%). West Fraser Timber (WFT, +29%) continued to rebound in June, after a sharp share price correction earlier this year. Demand for lumber has been improving as economies are coming out of lock downs and housing construction re-starts. With tight inventory levels within the value chain, this supported a strong recovery in lumber prices. WFT is the largest, most efficient lumber company in North America with a fully integrated business model. We still believe WFT is attractively valued based on its long-term earnings power in combination with its leading competitive position and solid balance sheet. The share price of Fujitec was up +21% in the month. YTD the shares are up more than +12%. Fujitec is a leading elevator and escalator company based in Japan, with a (too) healthy balance sheet trading at a significant discount versus international peers and what we consider is the intrinsic value. Ahead of the AGM that took place on 23rd June, two activist investors launched public campaigns to address ways to unlock value at Fujitec. With public pressure building, we look forward to Fujitec committing to further improvements on capital allocation and corporate governance. Dialog's stock rebounded another 14% in June. In May the company guided Q2 materially ahead of consensus and at the end of June Dialog released Q2 results would even come in above the high end of the guided range. Dialog also made positive comments on the Q3 report which we see as an indication of the confidence management has. Our investment case has not changed. We have a lot of trust in Dialog's management team and the stock remains attractively valued , while the strong balance sheet provides downside protection in an uncertain environment.

Negative contributors in June were Hikma (-15%), DeNA (-10%), and Delek US (-12%). In the risk-on mood of global and European equity markets at the beginning of the month, the shares of Hikma Pharmaceuticals had a negative start. The share price recovered as the mood of investors turned. However, on June 22 a larger shareholder sold its entire 16.5% stake in the company. The shareholder in question, Boehringer Ingelheim, received this share package as part of payment for an acquisition in 2015. Hikma shares have lagged the index since the sale as, in our view, investors are cautious with respect to the reasons behind the disposal of this larger shareholder. In line with the close relationships that we have with the companies that we invest in, we have since been in contact with Hikma Pharmaceuticals and see no particular reasons for concern. Year-to-date Hikma is one of our best performing stocks in the portfolio. DeNA's stock retreated 10% in June. The main newsflow was positive in our view as DeNA sold a part of its stake in SHOWROOM, which will lead to a ¥8bn gain. We believe DeNA is a well-managed company trading significantly below intrinsic value. According to our modelling, the sum of the parts leads to a valuation at least two times the current market capitalisation. We added to our position at the end of the month. Delek US saw its share price decline by 12% in June. Though demand for transportation fuels has been picking up in the US as lockdowns were lifted, product margins generally remained soft. However, the company’s ability to supply attractive niche product markets allows Delek US to run its refineries at a significantly higher utilization than many peers. In our view, Delek US continues to trade at a sizable discount to its sum-of-the-parts value.

Kempen (Lux) Global 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 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 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/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 2020-06-30 (rebased)

No chart data available

Performance per 2020-06-30

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  Fund Benchmark
1 month 4.1 % 1.6 %
3 months 22.7 % 21.7 %
This year -18.7 % -12.9 %
2018 -1.2 % -5.8 %
2019 25.6 % 28.5 %
1 year (on annual basis) -10.3 % -3.9 %
Since inception (on annual basis) i 0.4 % 2.4 %
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. As of 30 June 2018 a deviating Net Asset Value (NAV) is used for the calculation of the performance figures. This NAV is calculated based on closing prices of the Fund investments thereby deviating from the NAV which was originally issued and partly calculated based on snapshots (Asia & Pacific investments). The deviating NAV is used to make a better comparison with the benchmark, which is also solely based on closing prices of the investments.

Dividends

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Distributing
No
Kempen (Lux) Global 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 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 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/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.

Top 5 contribution (2020-06-30)

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  Contribution i Performance i
West Fraser Timber 0.79 % 28.72 %
Fujitec 0.76 % 21.42 %
Dialog Semiconductor 0.60 % 14.35 %
Sleep Number 0.48 % 31.81 %
Brunswick 0.47 % 15.26 %

Bottom 5 contribution (2020-06-30)

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  Contribution i Performance i
Hikma Pharmaceuticals -0.35 % -14.18 %
DeNa -0.35 % -11.35 %
Delek -0.21 % -11.11 %
Thermon Group -0.17 % -9.79 %
Abercrombie & Fitch -0.15 % -9.22 %

Geographic allocation (2020-06-30)

54.1 %
North America
29.7 %
Europe Middle East and Africa (EMEA)
14.4 %
Japan
1.1 %
Other
0.7 %
Asia Pacific ex Japan
Total
100 %
The cash position is included in ‘Other’.

Top 10 holdings (2020-06-30)

4.6 %
Dialog Semiconductor
4.3 %
Fujitec
3.4 %
West Fraser Timber
3.2 %
Brunswick
3.0 %
Haseko
2.9 %
DeNa
2.8 %
First Solar
2.5 %
Jabil
2.2 %
Thermon Group
2.2 %
ASR Nederland
Total
31.0 %

Sector allocation (2020-06-30)

27.3 %
Financials
23.6 %
Industrials
12.6 %
Consumer goods
12.0 %
Technology
8.4 %
Basic Materials
5.5 %
Consumer services
5.4 %
Health Care
4.1 %
Oil & gas
1.1 %
Other
Total
100 %
The cash position is included in ‘Other’.
Kempen (Lux) Global 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 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 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/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
1.50 %
Service fee i
0.20 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
1,75%
Kempen (Lux) Global 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 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 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/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
A i
Investor type
Private
Distributing
No
Benchmark i
MSCI World Small Cap Index
Investment category
Small-caps
Universum
Global Small- & Mid-caps
Inception date
2018-03-26
Domicile
Luxembourg
May be offered to all investors in
Belgium, Finland, France, Germany, Italy, Luxembourg, Norway, Spain, 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.

Tradability

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Minimum subscription
Initial subscription €1
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU1078120166
Kempen (Lux) Global 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 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 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/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) Global 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 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 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/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'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: 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

The investment objective of Kempen (Lux) Global Small-cap Fund is to offer investors the opportunity to invest in an actively and professionally managed portfolio of smaller listed companies worldwide, while at the same time complying with strict exclusion and sustainability criteria.

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We strive to invest in a portfolio of companies that has a carbon intensity well below the benchmark. Furthermore, we engage with the most carbon intense companies in our portfolio in order to improve disclosure and policies that should contribute to a reduction in carbon intensity.

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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 Global Small-cap Fund excludes all companies on the KCM Exclusion- or Avoidance list.

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Companies that ‘Fail’ or are on ‘Watchlist’ marked against the criteria of the United Nations Global Compact are excluded.

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We determine a company’s ESG score (1-5) and exclude companies with a score of 1. Companies with a score of 2 are excluded on a comply or explain basis.

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

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The Global Small-cap Fund also excludes companies based on additional sustainability criteria as listed in the table below.

EXCLUSION CRITERIA KEMPEN (LUX) GLOBAL SMALL-CAP 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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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 integrationÂ

In the investment process we assess the ESG profile of a company. 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 lower score (1-5) requires a higher return as used in our Discounted Cash Flow (DCF) models. 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 Global Small-cap Fund and discusses the findings with the portfolio managers.

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Active ownership: Engagement

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

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.

In the first half of 2019, we engaged with 20 companies on strategic, environmental, social and governance issues.

You can find the engagement factsheet of A&F here

You can find the factsheet of Kaiser Aluminium here

You can find the engagement factsheet of Western Forest here

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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 analyzed on a case by case basis.

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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.

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Risks

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

*

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
Screening MSCI ESG research
Screening MSCI ESG research
UN global impact
ESG integration in the investment process
ESG integration in the investment process
Bron EN
disclaimer
Kempen (Lux) Global 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 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 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/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.