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

This fund/strategy is currently under the soft-close regulation. Please see this link for more information

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 8 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 2022-06-30 (rebased)

No chart data available

Performance per 2022-06-30

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  Fund Benchmark
1 month -8.7 % -7.8 %
3 months -9.8 % -11.9 %
This year -11.7 % -15.8 %
2019 26.5 % 28.5 %
2020 -0.2 % 6.4 %
2021 30.4 % 24.5 %
1 year (on annual basis) -9.4 % -11.5 %
3 years (on annual basis) i 8.4 % 7.2 %
5 years (on annual basis) i 8.2 % 6.6 %
Since inception (on annual basis) i 10.6 % 8.8 %
Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future. 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. However, for the calculation of the performance of 31 December 2021 the originally issued NAV of 3 January 2022 was used as the deviating NAV could not be calculated due to technical circumstances.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 1,371.27 M 2022-06-30
Share class size
EUR 152.42 M 2022-06-30
Number of shares
3,020,409 2022-06-30
Net Asset Value i
EUR 54.75 2022-08-10
Morningstar rating â„¢
Morningstar Analyst rating
Bronze
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 2022-06-30

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  Fund Benchmark
Number of holdings 66 4569
Dividend yield i 2.54 % 2.07 %
Weighted average market capitalization i EUR 3,195 M EUR 3,413 M
P/E ratio i 10.93
Active share i 97.95 %
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 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.

This fund/strategy is currently under the soft-close regulation. Please see this link for more information

Developments per 2022-06-30

In the month of June the Fund (I-class) was down 8.6%% versus the MSCI World Small-cap index (benchmark) that was down 7.8%. The performance of the Fund for H1 2022 was down 11.7% outperforming the benchmark which was down 15.8%. The first half of 2022 ended with a weak stock market in June. We believe the market is preparing for an economic slowdown triggered by higher inflation and rising interest rates. The current market volatility and stock valuation levels are offering attractive long term investment opportunities. We have been selectively adding to these positions in which we see attractive long term potential while keeping a diversified portfolio across sectors.

The three top contributing stocks during the month of June were Fujitec (+11%), Strategic Education (+10%), and Meridian Bioscience (+13%). Fujitec’s share price increased by +11% during June, bringing the year-to-date performance to +21% in local currencies. Just prior to its AGM on 23 June, Fujitec announced that its Board had resolved to withdraw the proposal to nominate former CEO and Chairman Mr. Uchiyama as a Director candidate of the company. This decision followed a public campaign by an activist investor, revealing allegations of financial and corporate governance-related misconduct by Mr. Uchiyama. Surprisingly, just after the AGM, Fujitec announced that the Board had resolved to appoint Uchiyama as non-executive Chairman (kaicho) of the company. Since we believe this is a reflection of poor corporate governance, we decided to raise our concerns publicly and call on the Board to take action. Our open letter can be found here: https://www.kempen.com/en/news-and-knowledge/persberichten-2022/kempen-capital-management-disapproves-recent-board-decisions-at-fujitec. The stock price of Strategic Education moved 10% higher in June. This may have been caused by regulatory news during the month in the United States, where Negotiated Rulemaking was effectively at least delayed by one year. Investors perceive Strategic Education as a defensive stock which likely added to the outperformance as well. Meridian Bioscience stock was up 13% in June. There was no notable stock specific news during the month. Meridian is up 50% in the first half of 2022 as investors gained conviction in the company’s transformed life sciences business unit. Market share gains over the past two years should translate into solid revenue growth in the years ahead.

The largest three negative contributors in June were Tripadvisor (-28%), Befesa (-23%) and Sleep Number (-31%). TripAdvisor’s share price was down 28% in June. The market worries high inflation negatively affects consumer demand for travel, experiences and dining out. The outlook for the upcoming summer travel season still looks good, but we recognize there is a risk of demand slowing into the back half of the year. With a longer term horizon, we continue to like TripAdvisor’s core website, as well as the company’s leading experiences (Viator) and dining (TheFork) booking platforms. The share price of Befesa declined by 23% during the month, reflecting general recession fears and lower commodity prices. Befesa’s recycling activities are dependent on steel, aluminium and zinc production and as such are economically sensitive. We do believe that Befesa is in a strong competitive position and benefits from increased demand for sustainable solutions, especially in new markets such as China where Befesa has been ramping up recycling capacity.

Sleep Numbers' (SNBR) stock price declined by 31% in June. As a high-end mattress firm, SNBR is seen as a Covid winner. Investors have good reasons to be concerned about both the current demand and supply situation at the company. We admit the near term is highly uncertain, however we also believe in the long term future of the company. Once we get more certainty about the outlook, we believe there should be significant upside. Hence we remain constructive on the stock.

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 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.

This fund/strategy is currently under the soft-close regulation. Please see this link for more information

Performance per 2022-06-30 (rebased)

No chart data available

Performance per 2022-06-30

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  Fund Benchmark
1 month -8.7 % -7.8 %
3 months -9.8 % -11.9 %
This year -11.7 % -15.8 %
2019 26.5 % 28.5 %
2020 -0.2 % 6.4 %
2021 30.4 % 24.5 %
1 year (on annual basis) -9.4 % -11.5 %
3 years (on annual basis) i 8.4 % 7.2 %
5 years (on annual basis) i 8.2 % 6.6 %
Since inception (on annual basis) i 10.6 % 8.8 %
Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future. 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. However, for the calculation of the performance of 31 December 2021 the originally issued NAV of 3 January 2022 was used as the deviating NAV could not be calculated due to technical circumstances.

Dividends

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Distributing
Yes
Last dividend
EUR 0.40
Ex-date last dividend
2022-01-13
Number of distributions per year
2
Dividend calendar

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

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  3 years Since inception
Maximum drawdown i -33.62 % -33.62 %
Tracking error i 6.91 % 5.69 %
Information ratio i 0.17 0.31
Beta i 1.09 1.04
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 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.

This fund/strategy is currently under the soft-close regulation. Please see this link for more information

Geographic allocation (2022-06-30)

57.7 %
North America
20.1 %
Europe Middle East and Africa (EMEA)
19.1 %
Japan
2.4 %
Other
0.7 %
Asia Pacific ex Japan
Total
100 %
The cash position is included in ‘Other’.

Top 10 holdings (2022-06-30)

3.6 %
First Solar
3.5 %
Fujitec
3.5 %
Brunswick
3.4 %
Jabil
2.8 %
Thermon Group
2.7 %
Ulvac
2.7 %
ASR Nederland
2.7 %
DeNa
2.6 %
Haseko
2.5 %
BAWAG Group
Total
29.9 %

Sector allocation (2022-06-30)

20.2 %
Industrials
16.6 %
Technology
15.3 %
Consumer Discretionary
13.2 %
Financials
9.0 %
Health Care
8.8 %
Real estate
7.2 %
Basic Materials
4.7 %
Telecommunications
2.4 %
Other
2.2 %
Energy
0.4 %
Consumer Staples
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 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.

This fund/strategy is currently under the soft-close regulation. Please see this link for more information

Environmental and/or social characteristics promoted

The Kempen Global Small-cap 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. The fund promotes the following environmental characteristic:

We commit to the goals of the Paris Agreement. By 2050 the fund aims net-zero emissions in line with the 1.5°C scenarios from the IPCC. By 2025 the fund aims aligned with a path to achieving the Paris Agreement and Dutch Klimaatakkoord goals. Following the EU Climate Transition Benchmark (EU CTB), our starting position is 30% lower than the MSCI World Small-cap Benchmark with a subsequent 7% annual reduction. Currently there has been no index designated as a reference benchmark to obtain the sustainable objective. However, the objective (climate change objective 2025) is based on the pathway in line with the EU Climate Transition Benchmark.

Fund carbon emission targets

ESG Label

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 each company to ensure minimum environmental and social safeguards and good corporate governance practices. 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, governance practices and disclosure. A lower score (1-5) requires a higher return as used in our Discounted Cash Flow (DCF) models. We exclude companies with a score of 1. Companies with a score of 2 are excluded on a comply or explain basis. More information can be found in our ESG Policy and Process document.

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) 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 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.

This fund/strategy is currently under the soft-close regulation. Please see this link for more information

 

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 %
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 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.

This fund/strategy is currently under the soft-close regulation. Please see this link for more information

Share class details

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Share class
BN i
Investor type
Private
Distributing
Yes
Benchmark i
MSCI World Small Cap Index
Investment category
Small-caps
Universum
Global Small- & Mid-caps
Inception date
2014-07-08
Domicile
Luxembourg
May be offered to all investors in
Belgium, Germany, Italy, Luxembourg, Spain, Switzerland, The Netherlands, United Kingdom
May be offered to professional investors only in
SGP
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
Morningstar rating â„¢
Morningstar Analyst rating
Bronze

Tradability

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Minimum subscription
Initial subscription €1
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU1078127419
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 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.

This fund/strategy is currently under the soft-close regulation. Please see this link for more information

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 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.