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

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 2020-07-31 (rebased)

No chart data available

Performance per 2020-07-31

Slide to see more
  Fund Benchmark
1 month -2.3 % -1.3 %
3 months 5.4 % 5.7 %
This year -20.2 % -14.1 %
2017 12.5 % 7.7 %
2018 -5.6 % -9.5 %
2019 26.5 % 28.5 %
1 year (on annual basis) -12.3 % -7.8 %
3 years (on annual basis) i 1.5 % 2.4 %
5 years (on annual basis) i 5.9 % 3.7 %
Since inception (on annual basis) i 7.5 % 7.1 %
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

Slide to see more
Total fund size
EUR 631.26 M 2020-07-31
Share class size
EUR 94.14 M 2020-07-31
Number of shares
2,631,027 2020-07-31
Net Asset Value i
EUR 38.27 2020-08-14
Turnover rate
51.86 %
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 2020-07-31

Slide to see more
  Fund Benchmark
Number of holdings 65 4228
Dividend yield i 3.11 % 2.29 %
Weighted average market capitalization i EUR 2,490 M EUR 2,888 M
P/E ratio i 16.78 19.45
Active share i 98.01 %
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 2020-07-31

In the month of July the Fund (I-class) was down 2.3% versus the MSCI World Small-cap index (benchmark), which was also down, but less so at minus 1.3%. YTD the Fund is down 20.2% compared to the MSCI World Small cap index (benchmark) declining 14.1%, whereas the MSCI World Small Cap Value index declined by 24.8%. (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). July started off strong, with the Fund ahead of the benchmark mid-month. However, this reversed in the final weeks of July, as sentiment worsened with the expansion of Covid19 cases in the US. The dispersion in valuations remains high. A number of our holdings have rebounded sharply from April lows, some reaching new highs, whereas another portion of the portfolio still trades at trough valuation levels, a dynamic we see reflected in the broader market as well. The small-cap market continues to be volatile on a daily basis and offers attractive long-term opportunities for stock picking, particularly with the still highly elevated valuation dispersion within the small-caps. We continue to take a long-term view despite the current volatility, with a strong focus on balance sheet strength. The market volatility offers opportunities to add on weakness and trim existing positions on strength. We are also selectively adding new companies to our portfolio.

Three top contributing stocks during the month of July were West Fraser Timber (+34%), First Solar (+14%) and Sleepnumber (+7%). West Fraser Timber (WFT, +34%) was the top contributing stock for the second month in a row. 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 First Solar was up 14% in July, extending a strong run from trough levels in April. First Solar, as a leading manufacturer of utility-scale solar modules, benefitted from positive sentiment stemming from democratic presidential candidate Joe Biden's green stimulus plans. The ongoing global transition to renewable energy is very positive for First Solar, which is one of the lowest cost solar module producers. Even after the rebound in the share price, the company's valuation remains attractive, in our view, and coupled with First Solar's strong balance sheet, this makes the company a core, long term position in the Fund. Sleepnumber's stock rebounded another 7% in July and is up more than 200% from its lows in early April. Sleepnumber is a fully integrated mattress company with potentially the best product available in the global market. Currently the products are only available in the US. The company executed incredibly well during the second quarter. In the month of May the company posted year-over-year order growth while only 47% of its stores were open, which we consider an amazing performance. This speaks to the quality of their offering and the quality of the organization. We remain a happy long term shareholder. Sleepnumber is a portfolio holding since the launch of our Fund, now more than six years ago.

Negative contributors in July were Fujitec (-12%), DeNA (-14%), and Abercrombie & Fitch (-15%). Fujitec saw its share price decline by 12% in July after a few strong months. 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. 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. This is something we have been working on with the company for a long time and we hope and expect to see positive results of our engagement as soon as this month (August 2020). DeNA's stock retreated 14% in July and was a top detractor two months in a row. The main news flow was again positive in our view as DeNA's equity method affiliate Mobility Technologies raised funds of approximately 22.6 billion yen from NTT DOCOMO, INC., Dentsu Group Inc., and Tokyo Century Corporation. 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. The stock price of Abercrombie & Fitch (A&F) declined 15% in July. There was limited news flow and we believe the decline can be explained by increased concerns about Covid-19, particularly in the US. We regard the management team highly and believe the company will emerge stronger from the Covid-related weakness. The strong digital offering certainly helps (A&F). The stock price discounts a harsh scenario with the market value currently below net cash and net working capital. We believe the risk reward situation is extremely favourable.

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 2020-07-31 (rebased)

No chart data available

Performance per 2020-07-31

Slide to see more
  Fund Benchmark
1 month -2.3 % -1.3 %
3 months 5.4 % 5.7 %
This year -20.2 % -14.1 %
2017 12.5 % 7.7 %
2018 -5.6 % -9.5 %
2019 26.5 % 28.5 %
1 year (on annual basis) -12.3 % -7.8 %
3 years (on annual basis) i 1.5 % 2.4 %
5 years (on annual basis) i 5.9 % 3.7 %
Since inception (on annual basis) i 7.5 % 7.1 %
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

Slide to see more
Distributing
Yes
Last dividend
EUR 0.35
Ex-date last dividend
2020-07-16
Number of distributions per year
2
Dividend calendar

Risk analysis (ex post) per 2020-07-31

Slide to see more
  3 years Since inception
Maximum drawdown i -33.62 % -33.62 %
Tracking error i 5.67 % 5.40 %
Information ratio i -0.16 0.09
Beta i 1.08 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 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 (2020-07-31)

Slide to see more
  Contribution i Performance i
West Fraser Timber 1.02 % 34.37 %
First Solar 0.39 % 14.23 %
Sleep Number 0.18 % 6.57 %
Western Forest Products 0.15 % 9.04 %
LHC 0.12 % 6.24 %

Bottom 5 contribution (2020-07-31)

Slide to see more
  Contribution i Performance i
Fujitec -0.49 % -11.55 %
DeNa -0.43 % -14.08 %
Abercrombie & Fitch -0.35 % -14.09 %
Haseko -0.34 % -11.29 %
Strayer Education -0.33 % -21.45 %

Geographic allocation (2020-07-31)

52.4 %
North America
31.2 %
Europe Middle East and Africa (EMEA)
14.5 %
Japan
1.3 %
Other
0.7 %
Asia Pacific ex Japan
Total
100 %
The cash position is included in ‘Other’.

Top 10 holdings (2020-07-31)

4.2 %
Dialog Semiconductor
3.9 %
Fujitec
3.5 %
West Fraser Timber
3.0 %
Brunswick
2.8 %
Argo Group
2.8 %
DeNa
2.8 %
First Solar
2.8 %
Haseko
2.6 %
Jabil
2.5 %
Abercrombie & Fitch
Total
30.9 %

Sector allocation (2020-07-31)

27.6 %
Financials
23.4 %
Industrials
12.5 %
Consumer goods
11.3 %
Technology
8.7 %
Basic Materials
5.7 %
Health Care
5.3 %
Consumer services
4.3 %
Oil & gas
1.3 %
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

Slide to see more
Management fee i
0.75 %
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 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

Slide to see more
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
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„¢
Morningstar Analyst rating
Bronze

Tradability

Slide to see more
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 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.

Â

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.

Â

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.

Â

Our full voting records are available here

Â

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.

Â

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.

Â

Kempen’s ESG policy is implemented in our fund’s investment process by the following pillars: Exclusion, Integration and Active ownership.

Â

Exclusion & Avoidance

In line with the general Kempen policy, the Global Small-cap Fund excludes all companies on the KCM Exclusion- or Avoidance list.

Â

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

Â

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.

Â

Â

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

Â

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

Â

KEMPEN CRITERIA

ADDITIONAL SUSTAINABILITY CRITERIA

Business Conduct

Â

Â

x    Human Rights

V

Â

x    Labour

V

Â

x    Environment

V

Â

x    Anti-corruption

V

Â

Product Involvement

Â

Â

x    Controversial Weapons

V

Â

x    Tobacco

V

Â

x    Adult Entertainment

Â

V

x    Alcohol

Â

Â

x    Animal Welfare & GMO

Â

V

x    Gambling

Â

V

x    Power Generation Nuclear

Â

V

x    Power Generation Carbon Intensive

Â

V

x    Thermal Coal

Â

V

x    (Un)conventional Oil & Gas Extraction

Â

V

x    Weaponry

Â

V

Â

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.

Â

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.

Â

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.

Â

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

Â

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.

Â

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.

Â

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.