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 I

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 2022-05-31 (rebased)

No chart data available

Performance per 2022-05-31

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  Fund Benchmark
1 month -0.5 % -1.7 %
3 months -2.2 % -2.9 %
This year -7.7 % -13.0 %
2019 28.9 % 31.4 %
2020 0.3 % 4.6 %
2021 27.1 % 23.8 %
1 year (on annual basis) 0.3 % -7.2 %
3 years (on annual basis) i 9.7 % 9.6 %
5 years (on annual basis) i 4.3 % 5.5 %
Since inception (on annual basis) i 10.7 % 9.8 %
On 23 October 2013 Kempen SeNSe Fund (KSF) was merged with Kempen (Lux) Sustainable European Small-cap Fund (the Fund). In June 2011 the first institutional class of the Fund was launched. The results shown of the periods before June 2011 are those of KSF. KSF had a similar investment structure, a higher cost structure and 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. 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 116.66 M 2022-05-31
Share class size
EUR 38.80 M 2022-05-31
Number of shares
15,843 2022-05-31
Net Asset Value i
EUR 2,221.48 2022-07-01
Turnover rate
55.71 %
Morningstar rating â„¢
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 2022-05-31

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  Fund Benchmark
Number of holdings 45 1050
Dividend yield i 2.83 % 2.42 %
Weighted average market capitalization i EUR 2,784 M EUR 3,066 M
P/E ratio i 12.58
Active share i 93.85 %
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 2022-05-31

In May, the NAV of the Fund (I-class) decreased by 0.5% (net of fees) while the MSCI Europe Small-cap index decreased by 1.7%.

The month of May was characterized by a high degree of volatility. For example, the MSCI Europe Small cap index was down 8.9% after six trading days, after which financial markets recovered strongly in the second half of the month. A number of (US) companies, especially in the technology and consumer sectors, revised their expectations for 2022 downwards and sent shockwaves through global financial markets in a number of cases. In addition, it is becoming increasingly clear that inflation will remain at an elevated level for longer than previously assumed. For example, new embargo measures by the European Union against Russia will put continued upward pressure on energy prices. In addition, unemployment is historically low in a large number of (European) countries, resulting in an upward effect on wages. Also, the much longer than expected duration of the COVID-19 lockdown in Shanghai means that component scarcity remains an issue. In an effort to curb inflation, it is not surprising that during the month noise about a (first) rate hike by the ECB in July became louder.

Individuals and investors alike learned a lot in the last few years and will continue to do so in the future. Not too long ago, exit polls seemed incapable of predicting election outcomes in the UK and the US. Then we learned more about virology and now we are all learning more about Russian politics and the effects of sanctions. If there is one element that has been constant in the past and will remain so going forward, it is that the future is full of surprises. With that in mind, we can only stress that your and our interests are aligned and that we will continue to execute our diligent, fundamental process, make portfolio adjustments if and when required with the dual goal of generating long-term investment alpha and support sustainable development. In the near-term, it remains difficult to predict the further development of the current tragedy and its economic consequences. However, the direct exposure to Russia and Ukraine is immaterial at the portfolio level. Nevertheless, persistent shortages of components, (temporary) disruptions in supply chains and further rising raw material and energy prices will have an impact. However, due to the experience already gained by companies during the COVID-19 pandemic and their mostly strong position in the value chain, we expect the financial impact on the companies in the portfolio to remain manageable. As always, we remain in close contact with the management teams of the companies we invest in. We continue to see good long-term potential for our portfolio holdings but remain focused on near term risks and balance sheet strength.

During the month neither new names were added nor entirely sold.

In May CIE Automotive, Jost Werke and NCC Group delivered the strongest contribution to the portfolio. CIE Automotive (+13.3%) shares performed well following weakness in previous months. As supply chain issues ease, global car production is expected to grow sequentially in the coming quarters and should recover back to pre-Covid levels by 2024. Given the strengthening balance sheet and lack of suitable acquisitions, the company has started a share buy back in April to take advantage of the weak share price. Jost Werke (+12.7%) eased investors’ concerns by reiterating its full year outlook for revenues (mid-single digit growth vs 2021) and profitability (flat margins vs 2021). The company is not seeing meaningful weakness in customer demand in Transport while its exposure to Agri (1/3rd of revenues) functions as a cyclical cushion going forward. NCC Group (+16.1%) surprised the market with an unexpected update on the current business and the departure of the CEO Adam Palser. A successor has also been announced, Mike Maddison, head of EY’s cyber security, will take over the position early July. Current trading is in line with management expectations, which is a clear acceleration to both the prior year period and the first half of fiscal 2022. Also for FY2023 NCC is optimistic, as a result of increased volumes and day rates. As the market was not banking on the strong second half, shares reacted positively on the news.

The companies that delivered the weakest contribution to the portfolio in May were Cloetta, B&M and Bunzl. Cloetta (-14.5%) surprised investors with the plan for a massive overhaul of its Benelux production footprint. The closure of two plants and greenfield construction of a new production facility will drive cost efficiency, expand capacity and lower energy consumption but will require a €250m investment in the next three years, which represents almost 1/3rd of the company’s market capitalization. B&M (-21.4%) announced a decrease in revenues and profitability for FY22. While EBITDA was slightly above consensus expectations, the share price decline was driven by weak like-for-like top line growth in the second half of the year, expected mark downs in the UK and lingering uncertainty around the spending power of the B&M customers going forward. On the positive, B&M is expected to show revenue and EBITDA growth on a three-year basis, demonstrating some stickiness of newly won customers during the covid pandemic. Bunzl (-10.6%) did not issue relevant press releases during the month. However, US retail giant WalMart who is Bunzl’s largest customer, published a disappointing update in May that in our view also weighed on Bunzl’s share price.

ESG commentary
With the objective to achieve the Paris Agreement and to decarbonize the portfolio to net zero, we remain focused on the assessment of companies ambitions, concrete targets and implementation strategies to limit their carbon emissions. We applaud Bekaert for its commitment to the Business Ambition for 1.5°C campaign, with science-based targets. The company has the ambition to grow its share of low-carbon solutions and further promotes a circular economy by optimizing the share of recycled steel wire rod in its manufacturing processes and by recycling 100% of its steel scrap. Being one of the largest contributors to the portfolios carbon emission intensity, we continue to engage with Bekaert in 2022.

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. While details of the EU SFDR regulation are still developing, the Fund currently falls in the article 9 category of this regulation due to its net-zero emission climate objective. This classification could change in the future. 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 2022-05-31 (rebased)

No chart data available

Performance per 2022-05-31

Slide to see more
  Fund Benchmark
1 month -0.5 % -1.7 %
3 months -2.2 % -2.9 %
This year -7.7 % -13.0 %
2019 28.9 % 31.4 %
2020 0.3 % 4.6 %
2021 27.1 % 23.8 %
1 year (on annual basis) 0.3 % -7.2 %
3 years (on annual basis) i 9.7 % 9.6 %
5 years (on annual basis) i 4.3 % 5.5 %
Since inception (on annual basis) i 10.7 % 9.8 %
On 23 October 2013 Kempen SeNSe Fund (KSF) was merged with Kempen (Lux) Sustainable European Small-cap Fund (the Fund). In June 2011 the first institutional class of the Fund was launched. The results shown of the periods before June 2011 are those of KSF. KSF had a similar investment structure, a higher cost structure and 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. 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 2022-05-31

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  3 years Since inception
Maximum drawdown i -30.36 % -43.35 %
Tracking error i 4.74 % 5.02 %
Information ratio i 0.02 0.18
Beta i 1.01 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.

Top 5 contribution (2022-05-31)

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  Contribution i Performance i
Cie Automotive 0.35 % 13.25 %
Software 0.33 % 10.28 %
JOST Werke 0.33 % 12.74 %
NCC Group 0.32 % 16.14 %
Subsea 7 SA 0.30 % 22.18 %
Percentages shown for contributions and performances are based on Euros.

Bottom 5 contribution (2022-05-31)

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  Contribution i Performance i
B&M European Value Retail -0.40 % -21.23 %
Cloetta AB -0.39 % -14.47 %
Bunzl -0.25 % -10.68 %
Zehnder Group -0.23 % -9.05 %
Tate & Lyle -0.21 % -6.12 %
Percentages shown for contributions and performances are based on Euros.

Geographic allocation (2022-05-31)

29.7 %
United Kingdom
14.0 %
Netherlands
8.9 %
Belgium
8.0 %
Sweden
7.7 %
Germany
6.3 %
Luxembourg
5.5 %
France
4.2 %
Switzerland
3.4 %
Austria
2.9 %
Spain
2.8 %
Cash
2.4 %
Finland
2.2 %
Ireland
1.5 %
Italy
0.5 %
Norway
Total
100 %

Top 10 holdings (2022-05-31)

3.8 %
Signify
3.6 %
Ipsos
3.5 %
Tate & Lyle
3.4 %
ASR Nederland
3.4 %
Software
3.4 %
BAWAG Group
3.2 %
Befesa
3.0 %
Alliance Pharma
2.9 %
Cie Automotive
2.8 %
JOST Werke
Total
32.9 %

Sector allocation (2022-05-31)

26.6 %
Industrials
11.7 %
Consumer Discretionary
10.6 %
Financials
10.1 %
Health Care
8.5 %
Real estate
7.9 %
Telecommunications
7.7 %
Consumer Staples
6.6 %
Technology
4.9 %
Basic Materials
5.3 %
Other
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

Morningstar sustainability rating

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
0.700 %
Service fee i
0.20 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0.91 %
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
I i
Investor type
Institutional
Distributing
No
Benchmark i
MSCI Europe Small Cap Total Return Index
Investment category
Small-caps
Universum
Sustainable European Small- & Mid-caps
Inception date
2011-06-27
Domicile
Luxembourg
May be offered to professional investors only in
Belgium, Finland, France, Germany, Italy, Luxembourg, Sweden, 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: €50,000, additional subscriptions: €10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU0427934699
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.