Kempen (Lux) Global Small-cap Fund - Class I USD

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 2020-04-30 (rebased)

No chart data available

Performance per 2020-04-30

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  Fund Benchmark
1 month 13.9 % 13.4 %
3 months -21.8 % -18.4 %
This year -26.1 % -20.7 %
2019 13.7 % 9.3 %
Since inception (on annual basis) i -16.0 % -13.2 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future. This share class (I-USD) of the Kempen (Lux) Global Smallcap Fund (the Fund) was launched on the 25th of October 2018. Performances shown in periods before the launch date of the (I-USD) share class are those of Kempen (Lux) Global Smallcap Fund share class (I-EUR). The track record is adjusted by converting the return series from the EUR share class into USD return series by compounding the original returns and the returns of the currency spot prices from the 8th of July 2014 until the launch date of the USD Class.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 610.47 M 2020-04-30
Share class size
USD 39.60 M 2020-04-30
Number of shares
47,155 2020-04-30
Net Asset Value i
USD 853.24 2020-05-26
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 2020-04-30

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  Fund Benchmark
Number of holdings 63 4266
Dividend yield i 3.36 % 2.49 %
Weighted average market capitalization i EUR 2,396 M EUR 2,784 M
P/E ratio i 13.80 17.28
Active share i 97.96 %
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.

Market developments per 2020-04-30

In the month of April the Fund outperformed the MSCI World Small-cap index, which was up 13.6%. The Fund also outperformed the MSCI World Small-cap Value index which was up 12.3%. YTD the Fund is still down 24.3% compared to the MSCI World Small cap index decline of 18.7% and the MSCI World Small-cap value index decline of 25.2%. Interestingly the MSCI World (large-cap) index is down only 11.7%. On a 3-year basis the small-caps now have underperformed large-caps by 5% per annum which is comparable to the financial crisis in 2008. When comparing value versus growth we see a similar pattern. The MSCI World Small-cap Value index underperformed the growth index by 10% per annum in the past three years. Based on past performance small-caps and in particular value therefore appear attractive in relative terms. The Fund recovered strongly in April slightly outperforming the market. Companies have reported the first effects of the COVID-19 virus in their Q1 2020 updates. Although the spread of the virus seems more contained at the moment the impact on the economy of the lock-downs remains uncertain. We therefore remain cautious and keep the focus on margins of safety in valuation and balance sheet strength. The exposure to companies with net debt / EBITDA > 2x is 18% for the Fund versus 38% for the benchmark.

Three top contributing stocks during the month of April were West Fraser (48%), Delek US (+47%) and Brunswick (+35%). West Fraser Timber (WFT) rebounded by +48% in April, after a sharp share price correction in March. While the short-term impact on lumber demand and pricing is uncertain and can be severe, WFT is well positioned as the largest and most efficient lumber producer in North America with a solid balance sheet. As we did not believe the valuation reflected intrinsic value, with WFT trading at historically low price-to-book ratio’s, we added to our position at the end of March / early April. We still believe WFT is attractively valued based on its long-term earnings power in combination with its strong competitive position and solid balance sheet. Delek US was up sharply in the month of April (+47%). Improved sentiment regarding the global pandemic supported the refining segment. In addition, takeover rumors and widening crude oil differentials aided Delek US specifically. The company’s logistics entity, Delek Logistics Partners, in contrast to market expectations, actually raised its quarterly distribution. We used the rebound in Delek US’s share price to take some profit on our position, though we still reckon the company trades at a discount to its sum of the parts value. Brunswick's stock was up 35% in the month of April. As a leading company in the Marine industry the company benefitted from data points that showed that boating activity is picking up. Marinemax, which operates the largest network of marine retailers in America and is the largest boat customer for Brunswick, said April sales are up versus last year. Brunswick management shared similar trends in the second half of April on its earnings call. We believe boating is an activity that could benefit from social distancing measures. Consumers are not able to make destination holidays this year. Discretionary spending on hotels, restaurants, theme parks etc are down materially and a part of this spending will flow to the boating industry. Although the near-term remains very uncertain, we believe Brunswick will be able to manage through the COVID-19 recession and emerge stronger.

Negative contributors in April were Otello (-18%), LHC Group (-7%), and Orix JREIT (-8%). Otello's stock was down 18% in April. There was no relevant stock specific news-flow. We expect Otello's key asset, Bemobi, to hold up relatively well during the COVID-19 crisis and believe this asset is worth more than what the current stock price reflects. LHC Group declined 7% in April without much company specific news-flow. LHC Group, a US provider home healthcare services, is one of the best performing stocks in March and year-to-date. Orix JREIT a Japanese real estate company declined 8% in a market that recovered strongly in April. We believe Orix JREIT declined more than what one should expect based on the company's portfolio mix. Orix JREIT posted decent results in April in which guidance for offices (55% of portfolio) was actually better than expected. The company's hotel exposure (14%) largely has fixed rents. Retail exposure is 16% and manageable. Finally the company has 10% exposure to residential and 6% to logistics assets which are relatively resilient.

Portfolio developments per 2020-04-30

The Fund invests world-wide in smaller companies (small-caps). One attractive feature of small-caps is that they are generally monitored by a small number of analysts, which leaves plenty of opportunity to add value as active investors. When looking for new investment opportunities, screening is applied to reduce the investment universe to a manageable size of 500 companies. We screen for companies that are of above-average quality and that are attractively valued. Extensive fundamental analysis is done on both existing portfolio companies and new portfolio candidates. This includes analysis of the company’s public filings (like annual reports) and comprehensive dialogues with the management teams of companies that we invest in. For each stock we base our investment decision on an extensive investment case, which is supported by a proprietary financial model. ESG topics (Environmental, Social and Governance) are fully integrated in our investment process. The result is a well-diversified portfolio of 60-90 companies spread across sectors and regions. Many portfolio companies have leading positions in the niche markets in which they operate. The companies in the portfolio typically have robust balance sheets and high returns on capital employed, which indicates that these companies are structurally capable of increasing shareholder value via their operations. The portfolio has a more attractive price earnings ratio versus the benchmark.
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 2020-04-30 (rebased)

No chart data available

Performance per 2020-04-30

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  Fund Benchmark
1 month 13.9 % 13.4 %
3 months -21.8 % -18.4 %
This year -26.1 % -20.7 %
2019 13.7 % 9.3 %
Since inception (on annual basis) i -16.0 % -13.2 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future. This share class (I-USD) of the Kempen (Lux) Global Smallcap Fund (the Fund) was launched on the 25th of October 2018. Performances shown in periods before the launch date of the (I-USD) share class are those of Kempen (Lux) Global Smallcap Fund share class (I-EUR). The track record is adjusted by converting the return series from the EUR share class into USD return series by compounding the original returns and the returns of the currency spot prices from the 8th of July 2014 until the launch date of the USD Class.

Dividends

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Distributing
No

Risk analysis (ex post) per 2020-04-30

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  Since inception
Maximum drawdown i 0.00 %
Information ratio i 0.00
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 (2020-04-30)

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  Contribution i Performance i
West Fraser Timber 1.04 % 47.65 %
Brunswick 0.96 % 35.16 %
Delek 0.93 % 48.15 %
TCF Financial 0.65 % 31.60 %
Teradata 0.64 % 20.25 %

Bottom 5 contribution (2020-04-30)

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  Contribution i Performance i
Otello -0.18 % -18.17 %
LHC -0.13 % -7.12 %
Orix Jreit -0.08 % -7.63 %
Empire State Realty Trust -0.06 % -6.53 %
Kojamo OYJ -0.06 % -5.09 %

Geographic allocation (2020-04-30)

52.8 %
North America
28.4 %
Europe Middle East and Africa (EMEA)
13.9 %
Japan
3.5 %
Other
1.4 %
Asia Pacific ex Japan
Total
100 %
The cash position is included in ‘Other’.

Top 10 holdings (2020-04-30)

3.7 %
Fujitec
3.5 %
Dialog Semiconductor
3.1 %
Brunswick
3.0 %
DeNa
3.0 %
West Fraser Timber
2.9 %
Teradata
2.7 %
Haseko
2.7 %
First Solar
2.7 %
Jabil
2.4 %
Hikma Pharmaceuticals
Total
29.8 %

Sector allocation (2020-04-30)

26.4 %
Financials
23.2 %
Industrials
11.9 %
Technology
10.9 %
Consumer goods
8.1 %
Basic Materials
6.1 %
Consumer services
5.5 %
Health Care
4.4 %
Oil & gas
3.5 %
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
0.70 %
Service fee i
0.20 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0,91 %

Other costs

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Downward swing factor i
0.25 %
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
I - USD
Investor type
Institutional
Distributing
No
Benchmark i
MSCI World Small Cap Index
Investment category
Small-caps
Universum
Global Small- & Mid-caps
Inception date
2019-09-27
Domicile
Luxembourg
May be offered to professional investors only in
France, Germany, Italy, Luxembourg, Spain, Switzerland, The Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
USD
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 $50,000, additional subscriptions $10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU1894035184
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.