- Kempen
- Kempen Lux Global Value Fund Class I
Kempen (Lux) Global Value Fund - Class I
Profile
Kempen International Funds SICAV - Kempen (Lux) Global Value Fund (the Fund) offers investors the opportunity to invest in an actively and professionally managed portfolio of listed companies worldwide that trade at a discount to their (assessed) intrinsic value.
The primary objective of the Fund is to generate a long-term return in excess of the MSCI World Value Net Total Return USD Index (the "Benchmark"), comprising capital gains or losses plus net dividend.
The primary objective of the Fund is to generate a long-term return in excess of the MSCI World Value Net Total Return USD Index (the "Benchmark"), comprising capital gains or losses plus net dividend.
Management team
Joris Franssen, Luc Plouvier, Marius Bakker, Robert van den Barselaar, Reineke Davidsz, Roderick van Zuylen
Performance per 2022-04-30 (rebased)
Performance per 2022-04-30
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Fund | Benchmark | |
---|---|---|
1 month | 2.2 % | 0.2 % |
3 months | -3.3 % | 1.6 % |
This year | -1.2 % | 1.8 % |
2019 | 16.9 % | 24.0 % |
2020 | -9.9 % | -9.3 % |
2021 | 34.3 % | 31.2 % |
1 year (on annual basis) | 8.5 % | 16.2 % |
3 years (on annual basis) i | 7.5 % | 9.1 % |
Since inception (on annual basis) i | 6.3 % | 9.0 % |
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 30 November 2021 the originally issued NAV of 1 December 2021 was used as the deviating NAV could not be calculated due to technical circumstances. Also 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.
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.
More information can be found on the documents page of this fund
Key figures
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Total fund size | EUR 42.75 M 2022-04-30 |
Share class size | EUR 9.26 M 2022-04-30 |
Number of shares | 7,376 2022-04-30 |
Net Asset Value i | EUR 1,247.15 2022-05-20 |
Turnover rate | 76.03 % |
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 2022-04-30
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Fund | Benchmark | |
---|---|---|
Number of holdings | 53 | |
Dividend yield i | 3.27 % | |
Weighted average market capitalization i | EUR 54,290 M | |
P/E ratio i | 8.24 | |
Active share i | 96.80 % |
Kempen (Lux) Global Value Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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). 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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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.
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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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 2022-04-30
In April, the Fund showed strong positive absolute and relative performance. The return of the Fund outpaced both the MSCI World Index and the MSCI World Value Index. Whereas the value index ended the month about where it started, the MSCI growth index declined by 8% indicating a big divergence between the two investment styles. The change in sentiment is a tailwind for our strategy. Notwithstanding this tailwind, strong stock selection was the main driver behind the strong relative performance. The sector that contributed most to the absolute performance of the Fund was the energy sector (John Wood did well). The sector that detracted most from the absolute performance was the financials sector (Blackrock performed poorly). However, from a relative perspective the financials sector added modestly to the performance. The sector that added most to the relative performance of the Fund was the technology sector. We have a relatively modest weight in technology stocks. Technology stocks were out of favor in April. E.g., the tech-heavy NASDAQ was down 13% last month. The sector that detracted most from the relative performance was the real estate sector (St. Joe declined modestly).
One of the contributors to the performance over April has been John Wood Group (up 29%). Wood Group is specialized in the consulting, engineering and management of projects in a broad range of industrial markets, with an important bias towards oil and gas. The management team is shaking up the company and is in the process of selling the Built Environment business. The competitive bidding process for this business will be finished in the second quarter of 2022. We believe that this transaction will make it clear that the remaining parts of the business are substantially undervalued. We therefore expect that the shares may continue to do very well over the next few months.
One of the detractors from performance was Blackrock, declining 20%. The American asset management company reported quarterly earnings. Although earnings were in line with expectations, investors are worried that the recent weakness in capital markets will lead to lower fee income. We believe that Blackrock is able to adjust their cost base to potentially negative fee income developments. Also, assets continue to grow, driven by passive products. The shares currently trade at a price/earnings ratio of 14 times 2023 consensus earnings. For a cash generative business with long term growth prospects, we believe this is too low. The dividend yield of around 3% remains attractive.
In April we have added 2 new positions to the portfolio. The first new position is Telefonica. Telefonica is active in fixed and wireless telecommunication across Europe (Spain, Germany and UK) and Latin America. They currently are market leader in their home market Spain, which is also their largest market (~30% of revenue). The Spanish market is seeing consolidation in the market, which we believe this will lead to a more stable pricing environment. Brazil is also a consolidating market, which should eventually lead to improving profits. Telefonica has lowered its debt levels by selling infrastructure and non-core assets. These developments are not yet fully reflected in the share price. The current dividend yield of around 7% is attractive. The second addition to the portfolio is Chesapeake Energy. This US shale gas producer is benefiting from very high natural gas prices. The high natural gas prices result in substantial free cash flow generation, which are not reflected in the share price. We have carefully evaluated Chesapeake’s ESG profile. The company has various policies that are clearly better than industry standards. E.g., it uses 3 walls of casings around the wellbore, it provides details about greenhouse gas emissions, and management compensation is dependent on achieving environmental and safety standards. Natural gas can be seen as a transition fuel in the move towards renewable energy. We actively engage with management to further improve the ESG profile of the company.
To finance the 2 new purchases, we have also sold 2 of our holdings: MTN Group and Groupe Bruxelles Lambert (GBL). MTN’s share price had done very well over the last 2 years (up more than 4 times). Investors are enthusiastic about the growth prospects of this African telco. This is reflected to a large extent in the valuation of the business. We see better value in Telefonica. GBL is a Belgian holding company with stakes in listed companies like Adidas, SGS (testing and inspection services), and Pernod Ricard (spirits). The sum-of-the-parts valuation was no longer providing enough upside to warrant our continued investment. Similar to our sale of MTN Group, we see better value elsewhere.
The valuation dispersion between, and within regions and sectors remains at a very high level. We are still able to find companies that are cash generative, have market leading positions and embrace and benefit from digitalization and ESG trends. These companies are definitely not priced for that and are in our view a very interesting investments both in relative and absolute terms. In summary, the current environment offers the opportunity to buy a well-diversified portfolio with solid earnings power at an attractive valuation. In addition, ESG (Environmental, Social and Governance) is fully incorporated in our investment process.
One of the contributors to the performance over April has been John Wood Group (up 29%). Wood Group is specialized in the consulting, engineering and management of projects in a broad range of industrial markets, with an important bias towards oil and gas. The management team is shaking up the company and is in the process of selling the Built Environment business. The competitive bidding process for this business will be finished in the second quarter of 2022. We believe that this transaction will make it clear that the remaining parts of the business are substantially undervalued. We therefore expect that the shares may continue to do very well over the next few months.
One of the detractors from performance was Blackrock, declining 20%. The American asset management company reported quarterly earnings. Although earnings were in line with expectations, investors are worried that the recent weakness in capital markets will lead to lower fee income. We believe that Blackrock is able to adjust their cost base to potentially negative fee income developments. Also, assets continue to grow, driven by passive products. The shares currently trade at a price/earnings ratio of 14 times 2023 consensus earnings. For a cash generative business with long term growth prospects, we believe this is too low. The dividend yield of around 3% remains attractive.
In April we have added 2 new positions to the portfolio. The first new position is Telefonica. Telefonica is active in fixed and wireless telecommunication across Europe (Spain, Germany and UK) and Latin America. They currently are market leader in their home market Spain, which is also their largest market (~30% of revenue). The Spanish market is seeing consolidation in the market, which we believe this will lead to a more stable pricing environment. Brazil is also a consolidating market, which should eventually lead to improving profits. Telefonica has lowered its debt levels by selling infrastructure and non-core assets. These developments are not yet fully reflected in the share price. The current dividend yield of around 7% is attractive. The second addition to the portfolio is Chesapeake Energy. This US shale gas producer is benefiting from very high natural gas prices. The high natural gas prices result in substantial free cash flow generation, which are not reflected in the share price. We have carefully evaluated Chesapeake’s ESG profile. The company has various policies that are clearly better than industry standards. E.g., it uses 3 walls of casings around the wellbore, it provides details about greenhouse gas emissions, and management compensation is dependent on achieving environmental and safety standards. Natural gas can be seen as a transition fuel in the move towards renewable energy. We actively engage with management to further improve the ESG profile of the company.
To finance the 2 new purchases, we have also sold 2 of our holdings: MTN Group and Groupe Bruxelles Lambert (GBL). MTN’s share price had done very well over the last 2 years (up more than 4 times). Investors are enthusiastic about the growth prospects of this African telco. This is reflected to a large extent in the valuation of the business. We see better value in Telefonica. GBL is a Belgian holding company with stakes in listed companies like Adidas, SGS (testing and inspection services), and Pernod Ricard (spirits). The sum-of-the-parts valuation was no longer providing enough upside to warrant our continued investment. Similar to our sale of MTN Group, we see better value elsewhere.
The valuation dispersion between, and within regions and sectors remains at a very high level. We are still able to find companies that are cash generative, have market leading positions and embrace and benefit from digitalization and ESG trends. These companies are definitely not priced for that and are in our view a very interesting investments both in relative and absolute terms. In summary, the current environment offers the opportunity to buy a well-diversified portfolio with solid earnings power at an attractive valuation. In addition, ESG (Environmental, Social and Governance) is fully incorporated in our investment process.
Kempen (Lux) Global Value Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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). 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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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.
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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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 2022-04-30 (rebased)
Performance per 2022-04-30
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Fund | Benchmark | |
---|---|---|
1 month | 2.2 % | 0.2 % |
3 months | -3.3 % | 1.6 % |
This year | -1.2 % | 1.8 % |
2019 | 16.9 % | 24.0 % |
2020 | -9.9 % | -9.3 % |
2021 | 34.3 % | 31.2 % |
1 year (on annual basis) | 8.5 % | 16.2 % |
3 years (on annual basis) i | 7.5 % | 9.1 % |
Since inception (on annual basis) i | 6.3 % | 9.0 % |
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 30 November 2021 the originally issued NAV of 1 December 2021 was used as the deviating NAV could not be calculated due to technical circumstances. Also 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.
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.
Dividends
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Distributing | No |
Risk analysis (ex post) per 2022-04-30
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3 years | Since inception | |
---|---|---|
Maximum drawdown i | -24.58 % | -24.58 % |
Tracking error i | 8.57 % | 7.80 % |
Information ratio i | -0.18 | -0.36 |
Beta i | 1.26 | 1.23 |
Kempen (Lux) Global Value Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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). 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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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.
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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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 (2022-04-30)
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Contribution i | Performance i | |
---|---|---|
Wood Group | 0.69 % | 38.95 % |
Merck & Co | 0.30 % | 14.00 % |
Danone | 0.29 % | 15.21 % |
LyondellBasell Industries | 0.20 % | 8.76 % |
Sysco | 0.19 % | 10.42 % |
Bottom 5 contribution (2022-04-30)
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Contribution i | Performance i | |
---|---|---|
Blackrock | -0.28 % | -13.78 % |
The St Joe Company | -0.14 % | -5.27 % |
Nexstar Media Group | -0.12 % | -11.35 % |
Chesapeake Energy | -0.09 % | -8.50 % |
ArcelorMittal | -0.09 % | -4.04 % |
Geographic allocation (2022-04-30)
26.4 %
United States
16.1 %
United Kingdom
10.3 %
Netherlands
10.0 %
France
5.7 %
Japan
4.3 %
Korea Republic Of
4.1 %
Germany
3.8 %
Belgium
2.4 %
Bermuda
2.2 %
Singapore
2.2 %
Canada
2.2 %
Luxembourg
2.2 %
Cayman Islands
2.2 %
Hong Kong
2.1 %
Finland
1.1 %
Cash
0.9 %
Spain
0.0 %
Russia
1.9 %
Other
Total
100 %
Top 10 holdings (2022-04-30)
2.6 %
The St Joe Company
2.6 %
Technip Energies
2.4 %
John Wood
2.4 %
LyondellBasell Industries
2.4 %
Valaris
2.4 %
Merck & Co
2.2 %
Danone
2.2 %
Singapore Telecommunications
2.2 %
Fresenius
2.2 %
Cardinal Health
Total
23.6 %
Sector allocation (2022-04-30)
9.4 %
Automobiles & Parts
9.1 %
Telecommunications
8.8 %
Health Care
8.2 %
Oil & Gas
7.7 %
Banks
6.3 %
Industrial Goods & Services
6.1 %
Food & Beverage
5.9 %
Construction & Materials
4.8 %
Real Estate
4.6 %
Basic Resources
4.1 %
Personal & Household Goods
4.0 %
Technology
4.0 %
Retail
3.5 %
Insurance
2.9 %
Media
2.8 %
Financial Services
2.4 %
World
2.1 %
Utilities
2.0 %
Chemicals
1.1 %
Other
Total
100 %
Kempen (Lux) Global Value Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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). 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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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.
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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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.
Environmental and/or social characteristics promoted
The Kempen Global Value Fund (the “Fundâ€) 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.
We commit to the goals of the Paris Agreement. This encompasses short-term objectives (2025), a mid-term ambition (2030) and a long-term commitment to be a net zero investor by 2050. By 2025, we aim to be aligned with a path to achieving the Paris Agreement and Dutch Klimaatakkoord. We follow the market reduction, which assumes a pathway in line with the EU Benchmarks.
We commit to the goals of the Paris Agreement. This encompasses short-term objectives (2025), a mid-term ambition (2030) and a long-term commitment to be a net zero investor by 2050. By 2025, we aim to be aligned with a path to achieving the Paris Agreement and Dutch Klimaatakkoord. We follow the market reduction, which assumes a pathway in line with the EU Benchmarks.
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 a company. We look at 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. This includes an assessment of good governance practices. The investee companies are rated for governance aspects using external research as well as making internal assessments. Furthermore, we look into the company’s exposure to past controversies and future ESG opportunities. Based on the fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile.
In the investment process we assess the ESG profile of a company. We look at 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. This includes an assessment of good governance practices. The investee companies are rated for governance aspects using external research as well as making internal assessments. Furthermore, we look into the company’s exposure to past controversies and future ESG opportunities. Based on the fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile.
Exclusion
The Fund applies 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. The Fund applies additional exclusion criteria based on product involvement and business conduct.
Key figures
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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 Value Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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). 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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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.
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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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.
More information?
Other shareclasses
Ongoing charges
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Management fee i | 0.700 % |
Service fee i | 0.20 % |
Taxe d'abonnement i | 0.01 % |
Expected ongoing charges i | 0.91 % |
Other costs
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Kempen (Lux) Global Value Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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). 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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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.
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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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 i |
Investor type | Institutional |
Distributing | No |
Benchmark i | MSCI World Value Net Total Return USD Index |
Investment category | Other |
Universum | Global equities |
Inception date | 2018-07-10 |
Domicile | Luxembourg |
May be offered to professional investors only in | Luxembourg, The Netherlands, United Kingdom |
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 |
Tradability
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Minimum subscription | Initial subscription: €50,000, additional subscriptions: €10,000 |
Listed | no |
Subscription/Redemption Frequency | Daily |
ISIN i | LU1813857742 |
Kempen (Lux) Global Value Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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). 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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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.
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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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.
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Key Investor Information
Sustainability related disclosures
Formal documents other
Kempen (Lux) Global Value Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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). 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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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.
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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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.