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

Kempen Lux Sustainable European Small-Cap Fund - Class BN

Profile

Kempen International Funds SICAV – the Kempen (Lux) Sustainable European Small-cap Fund (the Fund) manages a bottom-up investment process to a concentrated portfolio containing relatively high-quality, small European businesses, with the aim of earning an attractive return in the long term. Quality companies have a proven and sustainable competitive edge that expresses itself in a high return on the invested capital and above-average earnings growth, and the fund manager believes that consistent investment results can be achieved via an investment philosophy that focuses on these aspects.

The Fund only invests when risk and reward are asymmetrically related. The Fund ontly invests in companies that adhere to strict sustainability criteria integrating environmental, ethical, and social standards.

As of 10 September 2019 Kempen (Lux) European Small-cap Fund will be incorporated into Kempen (Lux) Sustainable European 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 2019-06-30 (rebased)

No chart data available

Performance per 2019-06-30

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  Fund Benchmark
1 month 3.8 % 2.9 %
3 months 3.9 % 1.4 %
This year 19.3 % 15.7 %
2016 -0.7 % 3.2 %
2017 12.0 % 19.1 %
2018 -18.3 % -15.9 %
1 year (on annual basis) -0.6 % -4.4 %
3 years (on annual basis) i 5.4 % 9.2 %
5 years (on annual basis) i 7.2 % 8.0 %
Since inception (on annual basis) i 10.9 % 9.9 %
On 23 October 2013 Kempen SeNSe Fund (KSF) was merged with Kempen (Lux) Sustainable European Small-cap Fund. The results shown of the period before 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. In November 2013 the rebate free class (BN) of Kempen (Lux) Sustainable European Small-cap Fund was launched. The results shown of the period October 2013 - November 2013 are those of class B of the same fund. The higher management fee of class B has had an impact on the performance quoted. 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 139.22 M 2019-06-30
Share class size
EUR 65.64 M 2019-06-30
Number of shares
1,578,151 2019-06-30
Net Asset Value i
EUR 40.88 2019-07-15
Morningstar rating â„¢

Fund characteristics per 2019-06-30

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  Fund Benchmark
Number of holdings 40 1004
Dividend yield i 2.73 % 2.87 %
Weighted average market capitalization i EUR 2,512 M EUR 2,678 M
P/E ratio i 16.20 14.80
Active share i 94.38 %
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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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 2019-06-30

In June the Fund (I-class) increased by 3.8% (net of fees), versus a 2.9% increase for the MSCI European small-cap index. Year to date, the Fund (I-class) increased by 19.4% (net of fees) versus a 15.7% increase of the benchmark.

Portfolio developments per 2019-06-30

In June we have expanded our portfolio with two new names, Bravida Holding and Subsea 7. During the month we have also sold three positions: Sabre Insurance Group, Ion Beam Applications and Ascom Holding.

The best performing companies were TKH Group, Belimo and CIE Automotive. TKH Group (+30%) upgraded its medium-term financial guidance and announced the first initiatives to streamline its portfolio of activities at the company’s capital market’s day. Financial markets liked the positive impact from the divestment of non-core assets on organic sales growth, operating margin and return on capital from TKH’s core activities. The Swiss producer of actuators and valves to regulate the flow of air and water, Belimo (+15%), announced the establishment of Belimo InnoVision AG which will invest in innovative start-ups in the heating, ventilation and air-conditioning (HVAC) sector and acquired a majority interest in a first target. While we see this development as small and incremental we believe it supports the market leadership position that Belimo currently enjoys and helps to solidify it for the future. In June CIE Automotive (+18%) shares recovered following a weak period, also helped by an attractive acquisition in Mexico which underpins its growth strategy and ability to outgrow a lackluster global automotive market this year.

The weakest performers were Hill & Smith, Safestore and Consort Medical. Hill & Smith (-4%) did not issue any relevant press releases during the period and we continue to see it as an attractive long-term investment going forward. After a strong share price performance year-to-date, Safestores’ (-4%) share price contracted a bit in June. The company reported a solid set of first half year results, where like-for-like revenues increased with 5.9%, driven by both higher average occupancy of 3.9% and higher storage rate of 1.9%. Going forward we expect management to continue to consolidate the market as well as developing new sites. Consort Medical (-9%) released its FY2019 results in June which were slightly weaker than estimates. Both margins and revenues were below prior year levels. However, the outlook was promising as the company is talking about a new development agreement and two new significant contracts.

ESG commentary
Sustainability is not only a risk factor, it can be a driver of top line growth and margin expansion. When valuing companies we take into account the demand for sustainable products and services within a given industry and determine how well a given company is positioned to take advantage of it. In the beginning of the year we added Coats Group plc to the portfolio, a yarn manufacturer, who is also market leader in supplying the global fashion industry. While apparel is associated with tremendous environmental and social issues, we see some of the larger fashion brands develop and implement sustainability strategies to combat the industries negative impact. Coats Group has set ambitious sustainability targets and is making significant progress in reducing its environmental footprint. Reducing waste and carbon emissions, as well as the use of water and non-renewable energy, the company has placed itself ahead of the competition to win market share. In June we attended Coats Group’s inaugural ESG investor day, where the company presented its ambition to produce 85% of threat from recycled materials. Even though the supply of recycled materials is still constraint, the company is confident that it will soon be able to scale up the production to serve a wider range of customers. To reach its goal of 85% recycled materials, Coats Group is collaborating with two of the biggest global recycling companies to ensure that the delivered materials have the right specs to be processed on the same lines as virgin materials. Since Coats Group’s efforts are mainly focused on the reduction of its environmental footprint, we recently initiated engagement on social topics, discussing the importance of policies and programs around fair wages.
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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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 2019-06-30 (rebased)

No chart data available

Performance per 2019-06-30

Slide to see more
  Fund Benchmark
1 month 3.8 % 2.9 %
3 months 3.9 % 1.4 %
This year 19.3 % 15.7 %
2016 -0.7 % 3.2 %
2017 12.0 % 19.1 %
2018 -18.3 % -15.9 %
1 year (on annual basis) -0.6 % -4.4 %
3 years (on annual basis) i 5.4 % 9.2 %
5 years (on annual basis) i 7.2 % 8.0 %
Since inception (on annual basis) i 10.9 % 9.9 %
On 23 October 2013 Kempen SeNSe Fund (KSF) was merged with Kempen (Lux) Sustainable European Small-cap Fund. The results shown of the period before 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. In November 2013 the rebate free class (BN) of Kempen (Lux) Sustainable European Small-cap Fund was launched. The results shown of the period October 2013 - November 2013 are those of class B of the same fund. The higher management fee of class B has had an impact on the performance quoted. 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
2019-01-21
Number of distributions per year
2
Dividend calendar

Risk analysis (ex post) per 2019-06-30

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  3 years Since inception
Maximum drawdown i -19.91 % -62.09 %
Tracking error i 4.85 % 5.14 %
Information ratio i -0.77 0.19
Beta i 1.00 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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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 (2019-06-30)

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  Contribution i Performance i
TKH Group 0.76 % 30.21 %
Cie Automotive 0.41 % 17.50 %
BE Semiconductor Industries 0.34 % 11.92 %
Belimo 0.33 % 15.13 %
Rotork 0.29 % 8.70 %
Percentages shown for contributions and performances are based on Euros.

Bottom 5 contribution (2019-06-30)

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  Contribution i Performance i
Consort Medical -0.16 % -8.86 %
Safestore -0.14 % -4.56 %
Cineworld Group -0.11 % -8.16 %
Hill & Smith -0.10 % -4.13 %
FDM Group Holdings -0.09 % -4.27 %
Percentages shown for contributions and performances are based on Euros.

Geographic allocation (2019-06-30)

33.8 %
United Kingdom
10.6 %
Netherlands
10.3 %
Sweden
7.9 %
Germany
6.5 %
Italy
5.3 %
Spain
4.8 %
Denmark
4.4 %
Ireland
3.9 %
Luxembourg
3.7 %
Finland
2.6 %
Norway
2.3 %
Switzerland
3.9 %
Cash
Total
100 %

Top 10 holdings (2019-06-30)

3.7 %
Huhtamaki
3.5 %
Rotork
3.5 %
Industria Macchine Automatiche
3.3 %
Hilton Food Group
3.2 %
Sweco
3.2 %
BE Semiconductor Industries
3.0 %
Krones
3.0 %
Greggs
3.0 %
Brembo Spa
2.8 %
Vesuvius
Total
32.4 %

Sector allocation (2019-06-30)

32.2 %
Industrial Goods & Services
11.0 %
Technology
8.8 %
Automobiles & Parts
7.6 %
Food & Beverage
5.3 %
Retail
4.9 %
Insurance
4.6 %
Banks
4.2 %
Health Care
2.8 %
England
2.7 %
Financial Services
2.7 %
Personal & Household Goods
3.9 %
Other
9.3 %
Overig
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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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.

Ongoing charges

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Management fee i
0.75 %
Service fee i
0.20 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
1.00 %

Other costs

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Upward swing factor i
0.45 %
Downward swing factor i
0.25 %
As of 14 January 2019 the swing factor has been adjusted from 0.50%/0.30% to 0.45%/0.25%.
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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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
BN 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
2013-11-07
Domicile
Luxembourg
May be offered to all investors in
Luxembourg, Switzerland, The Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Management company
Kempen Capital Management N.V.
Depositary and custodian
J.P. Morgan Bank Luxembourg S.A.
Morningstar rating â„¢

Tradability

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Minimum subscription
Initial subscription € 1
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU0927663905
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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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 fund’s investment objective is to offer 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.

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Our ESG policy is fully implemented in our fund’s investment process across the three relevant pillars of: Exclusion, ESG integration and Active ownership. The figure 'ESG integration in the investment process' offers a step-by-step illustration of this implementation in our fund’s investment process.

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1. Exclusion

Our fund applies an automatic screen at the start of our investment process to exclude companies that are not sustainable. Our overall exclusion framework screens out investment in entities involved in the production of tobacco and of controversial weapons such as cluster munitions, anti-personnel mines, nuclear warheads, chemical and biological weapons.

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For the Sustainable European small-cap fund we additionally exclude entities involved in adult entertainment, alcohol, animal testing, fur, gambling, GMO, nuclear energy, thermal coal and weaponry. Furthermore, we only invest in companies that pass the UN Global Compact criteria and therefore exclude companies that receive a Watch List or Fail status.

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The next step in our process, the ‘Quick Scan’ phase, helps us to avoid companies that do not meet our sustainability screening criteria based on their activities and conduct. We apply a checklist to screen each company using MSCI ESG Research and Sustainalytics data.

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2. ESG integration

In the fundamental analysis we determine the Kempen ESG-score (1-5) of a company and evaluate whether the ESG profile would fit a sustainable portfolio. During the process we focus on each company on a case-by-case basis looking at the material risks in a given industry in combination with the company’s respective risk exposure, practices and disclosure. In this phase we use various data sources, including MSCI ESG Research and Sustainalytics. If our opinion deviates from the external ESG research providers we explain why. Furthermore we look into the company’s exposure to controversies and opportunities which could reduce or increase the ESG score. Based on the fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile and give each company a score (1-5). A lower score requires a higher return as used in our Discounted Cash Flow (DCF) models.

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3. Active ownership: Engagement

As active long-term investors we perform comprehensive engagements with our portfolio companies with the objective to unlock value and reduce risk.

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We strongly believe that the level of engagement with our portfolio companies is significantly deeper than that of our competitors. We are in frequent dialogue with the management teams of our portfolio companies. Each controversial item, as well as every individual engagement, is well-documented. We monitor the progress the company is making and continue to use our influence to improve the companies ESG performance.

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In addition to the ongoing ESG screening efforts, our Responsible Investment team also performs a quarterly screen and may propose engagement with low ESG performers. The results of this screening are discussed in quarterly meetings and an action list is created based on the outcomes of every meeting.

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In 2018, we participated in 104 engagement calls and meetings on issues such as capital allocation, remuneration, sustainability, and social issues.

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3. 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 analysed on a case by case basis. 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.

*

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
Screening MSCI Research
Screening MSCI Research
UN
ESG integration in the investment process
ESG integration in the investment process
Source
disclaimer
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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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.