As of 10 September 2019 Kempen (Lux) European Small-cap Fund is incorporated into Kempen (Lux) Sustainable European Small-cap Fund. Read the official announcement here.

Kempen Lux Sustainable European Small-Cap Fund - Class B

Profile

Kempen (Lux) Sustainable European Small-cap fund (the Fund) offers Investors the opportunity to invest in an actively and professionally managed portfolio of smaller listed European companies, 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 Europe Small Cap Total Return Index, whichever is the greater. The strategy 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 30-50 stocks, well diversified across all regions and sectors.

On 10 September 2019 Kempen (Lux) European Small-cap Fund was incorporated into Kempen (Lux) Sustainable Small-cap Fund. You can find more information under the Documents tab.

Management team

Michiel van Dijk, Erwin Dut, Sander van Oort; Ingmar Schaefer

Performance per 2022-06-30 (rebased)

No chart data available

Performance per 2022-06-30

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  Fund Benchmark
1 month -9.4 % -11.8 %
3 months -12.1 % -14.9 %
This year -16.6 % -23.3 %
2019 27.9 % 31.4 %
2020 -0.5 % 4.6 %
2021 26.0 % 23.8 %
1 year (on annual basis) -10.4 % -17.7 %
3 years (on annual basis) i 4.0 % 4.1 %
5 years (on annual basis) i 1.8 % 3.4 %
Since inception (on annual basis) i 9.6 % 9.0 %
On 23 October 2013 Kempen SeNSe Fund (KSF) was merged with Kempen (Lux) Sustainable European Small-cap Fund (the Fund). The results shown of the period before 23 October 2013 are those of KSF. KSF had a similar investment structure and cost structure, but had a different tax regime that could have influenced the returns shown. Until 28 February 2017 the benchmark of the Fund was the MSCI Europe Small Cap Total Return Index, of which the constituents are adjusted by reducing the UK component by 50%. 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.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 104.73 M 2022-06-30
Share class size
EUR 1.76 M 2022-06-30
Number of shares
42,287 2022-06-30
Net Asset Value i
EUR 43.72 2022-08-04
Turnover rate
55.71 %
Morningstar rating â„¢

Fund characteristics per 2022-06-30

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  Fund Benchmark
Number of holdings 43 1045
Dividend yield i 3.24 % 3.03 %
Weighted average market capitalization i EUR 2,618 M EUR 2,613 M
P/E ratio i 11.23
Active share i 94.26 %
Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Developments per 2022-06-30

In June, the NAV of the Fund (I-class) decreased by 9.3% (net of fees) while the MSCI Europe Small-cap index decreased by 11.8%.

In our view, this decline was primarily driven by market participants’ increased concerns about a looming economic downturn. Bearing in mind that companies’ half-year figures will be published in mid-July/August, the number of profit warnings in the general equity market is relatively limited and primarily in the area of cyclical consumer goods like non-food retail. This relative absence of profit warnings could be a reflection of the well-filled order books from previous quarters, which still positively impact financial developments during the second quarter, while underlying demand may already be weakening. At the same time, we detect a reluctance among many companies to reorganize (too) early in view of the scarcity on the labor market and therefore the risk of underutilization in a scenario of a short-lived recession. Finally, many companies have already significantly reduced their cost base during COVID-19, making it relatively difficult to further reduce costs. However, after the recent correction in stock markets, companies with leading market positions, strong balance sheets, continuous focus on innovation and an experienced management team have also been devalued, offering fertile ground for investors with a longer term (3-5 year) horizon.

In the near term, the upcoming Q2 results season will be instrumental in determining the next leg of the equity markets’ journey. Irrespective of what it will bring, know that for a long-term investor, an economic downturn will come sooner or later. They are part of any long-term investment horizon. In our view, the important thing in such instances is to have the ability to endure them. Long-term investors need to exhibit staying power and make sure they themselves and the companies they invest in do not get liquidated in such a downturn. Clearly, declining equity values are never a pleasant experience, but the difficulty lies in determining the bottom from where returns are by definition the strongest. It is the timing of such a bottom that is impossible to consistently determine correctly. But just like day follows night, an economic downturn will eventually be followed by an economic upturn, if you show up for it. As the future is full of pleasant and unpleasant surprises, we hope you find comfort in the fact that your and our interests are aligned. We will continue to execute our diligent, fundamental process, continue to be a partial owner of a number of high quality, attractively priced companies and continue to make portfolio adjustments if and when required with the dual goal of generating long-term investment alpha and support sustainable development.

In June no new names were added while positions in Hibernia and Vesuvius were completely sold.

In June Emis Group, Huhtamaki and Tate & Lyle delivered the strongest contribution to the portfolio. Emis Group (+41.6%) provider of software to doctors, general practitioners, hospitals and pharmacies in the UK, received a takeover offer for GBP 19.25 per share which represents a premium of approximately 49% to the closing price prior to the announcement. During the month, we spoke to the board of Emis to get a better understanding of the process that resulted in the recommendation of this offer to which we are supportive. There was no company specific news from outperformer Huhtamaki (+5.4%). The company has proven to be ahead of the curve in terms of managing price inflation while the strong US dollar also is a tailwind for the company. Tate&Lyle (+1.1%) reported strong FY 2021/22 results in combination with a successful divestment of a majority of its non-European Primary Products business to private equity. Part of the proceeds were returned to shareholders in the form of a special dividend and the company reiterated its growth targets for the continuing business.

The companies that delivered the weakest contribution to the portfolio in June were ASOS, Befesa and Signify. Due to pressure on disposable incomes, ASOS (-46.9%) issued a profit warning and anticipates lower earnings than earlier anticipated, driven by high return rates, which were above pre-COVID levels. The lower earnings in combination with higher inventories will also result in a higher than expected net debt. Although the results and outlook of ASOS disappoint, we do believe that the performance of ASOS is ahead of competition. The short term prospects for ASOS are hard to predict, but we believe that the long term value of both the platform and its own brands provide an attractive long term opportunity. The share price of Befesa declined by 23% during the month, reflecting general recession fears and lower commodity prices. Befesa’s recycling activities are dependent on steel, aluminum and zinc production and as such are economically sensitive. We do believe that Befesa is in a strong competitive position and benefits from increased demand for sustainable solutions, especially in new markets such as China where Befesa has been ramping up recycling capacity. Shares of Signify (-14.9%) were weak in June without company specific news. During the pandemic Signify benefited from home improvement spending by consumers, which resulted in strong growth for one of its most profitable product lines, the Hue. Now as consumer confidence is waning, the market seems to anticipate weaker results for Signify in the coming quarters. Signify shares, also on lower earnings, provide good value protected by the high cash generation of the company, in combination with a healthy balance sheet.

ESG commentary
Focusing our engagement efforts on companies with the largest contribution to the portfolio's carbon emissions, we continued our dialogue with Tate & Lyle, a specialty ingredients company from the UK. Tate & Lyle sold off its carbon emission-heavy corn milling assets as a result of its strategic focus on the food & beverage ingredients business. Through this transition of its assets to a third party, the carbon emissions from the assets will not be included in the carbon emission from Tate & Lyle's operations going forward. Besides the clear positive effect on our portfolio carbon intensity measure, we were pleased to learn that Tate & Lyle had transitioned its plants out of coal before selling them to the new owner. In our view, this demonstrates real world impact.

The Fund has a CO2 revenue intensity that continues to be significantly below the benchmark. Furthermore, the portfolio is on course towards achieving its net-zero emissions climate objective aligned with the Paris Agreement, Dutch Klimaatakkoord and the EU Climate Transition Benchmark in line with the 1.5°C scenarios from the IPCC in 2050 and our intermediate target set for 2025. Furthermore, the Fund’s strict exclusion criteria for controversial activities, ESG integration in the investment process and active ownership including engagement result in a better Morningstar Sustainability Rating than 90% of its peers.

Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Performance per 2022-06-30 (rebased)

No chart data available

Performance per 2022-06-30

Slide to see more
  Fund Benchmark
1 month -9.4 % -11.8 %
3 months -12.1 % -14.9 %
This year -16.6 % -23.3 %
2019 27.9 % 31.4 %
2020 -0.5 % 4.6 %
2021 26.0 % 23.8 %
1 year (on annual basis) -10.4 % -17.7 %
3 years (on annual basis) i 4.0 % 4.1 %
5 years (on annual basis) i 1.8 % 3.4 %
Since inception (on annual basis) i 9.6 % 9.0 %
On 23 October 2013 Kempen SeNSe Fund (KSF) was merged with Kempen (Lux) Sustainable European Small-cap Fund (the Fund). The results shown of the period before 23 October 2013 are those of KSF. KSF had a similar investment structure and cost structure, but had a different tax regime that could have influenced the returns shown. Until 28 February 2017 the benchmark of the Fund was the MSCI Europe Small Cap Total Return Index, of which the constituents are adjusted by reducing the UK component by 50%. 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.

Dividends

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Distributing
Yes
Last dividend
EUR 0.50
Ex-date last dividend
2022-01-13
Number of distributions per year
2
Dividend calendar

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

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  3 years Since inception
Maximum drawdown i -30.49 % -43.35 %
Tracking error i 4.92 % 5.11 %
Information ratio i -0.02 0.11
Beta i 0.99 0.98
Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Geographic allocation (2022-06-30)

29.2 %
United Kingdom
14.9 %
Netherlands
8.5 %
Sweden
8.4 %
Belgium
8.0 %
Germany
6.5 %
Luxembourg
5.8 %
France
4.9 %
Switzerland
3.4 %
Austria
2.9 %
Spain
2.9 %
Cash
2.3 %
Finland
1.6 %
Italy
0.6 %
Norway
Total
100 %

Top 10 holdings (2022-06-30)

4.1 %
Ipsos
3.8 %
ASR Nederland
3.8 %
Tate & Lyle
3.5 %
Signify
3.4 %
Software
3.4 %
BAWAG Group
3.1 %
JOST Werke
3.0 %
Euronext
2.9 %
Cie Automotive
2.9 %
Alliance Pharma
Total
33.9 %

Sector allocation (2022-06-30)

25.8 %
Industrials
11.9 %
Health Care
11.3 %
Financials
10.9 %
Consumer Discretionary
8.3 %
Consumer Staples
8.0 %
Telecommunications
6.6 %
Technology
5.8 %
Real estate
6.8 %
Other
4.7 %
Basic Materials
Total
100 %
Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Environmental and/or social characteristics promoted

The Kempen Sustainable European Small-Cap Fund (the “Fund”) falls under the scope of article 9 of the SFDR which means that the Fund has a sustainable investment objective which is on climate change.

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 pathway in line with the EU Climate Transition Benchmark.

Fund carbon emission targets

ESG Label

ESG Investment process

The sustainable investment objective is achieved through the consistent implementation of the funds ESG policy. The ESG policy is fully implemented in our strategy’s investment process across the three relevant pillars of: Exclusion, ESG Integration and Active ownership.

In the investment process we assess the ESG profile of each company to ensure minimum environmental and social safeguards and good corporate governance practices. We assess each company on a case-by-case basis, taking into account material risks in a given industry in combination with the company’s respective risk exposure, governance practices and disclosure. A lower score (1-5) requires a higher return as used in our Discounted Cash Flow (DCF) models. We exclude companies with a score of 1. Companies with a score of 2 are excluded on a comply or explain basis. More information can be found in our ESG Policy and Process document.

Exclusion

The Fund excludes companies through the application of strict exclusion criteria. These take into account international standards, such as UN Global Compact Framework, the OECD Guidelines for Multinational Enterprises, UN Guiding Principles for Business and Human Rights, and our Principles for Responsible Investment commitments. We have summarized how we integrated the principle adverse indicators in our ESG policy and process in the ESG Policy & Process document that can be found on our website.

Key figures

  Kempen criteria Additional criteria
Business conduct
Human Rights
Labour
Environment
Anti Corruption
Product involvement
Controversial Weapons
Tobacco
Thermal Coal
Tar Sands
Adult Entertainment
Alcohol
Animal Welfare & GMO
Gambling
Power Generation Nuclear
Power Generation Carbon Intensive
(Un)conventional Oil & Gas Extraction
Weaponry
Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
1.500 %
Service fee i
0.20 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
1.75 %
Ongoing charges last financial year i
1.74 %
The ongoing charges figure of the last financial year relates to 2020/2021.
Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Share class details

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Share class
B i
Investor type
Private
Distributing
Yes
Benchmark i
MSCI Europe Small Cap Total Return Index
Investment category
Small-caps
Universum
Sustainable European Small- & Mid-caps
Inception date
2013-10-23
Domicile
Luxembourg
May be offered to all investors in
Belgium, Germany, Luxembourg, Switzerland, 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
Morningstar rating â„¢

Tradability

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Minimum subscription
Initial subscription € 1
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU0636593559
Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.