Kempen Non-Directional Partnership - Class A

Profile

Kempen Non-Directional Partnership (KNDP) is a fund-of-hedge-funds with a diversified exposure to hedge fund strategies. The portfolio typically consists of 10 to 20 underlying hedge funds. The fund has an unconstrained mandate and can invest in a wide array of primarily non-directional strategies, ranging from relative value strategies (e.g. arbitrage and long/short equity with limited directionality) to event driven strategies. The fund can invest in all asset classes and the structure of the fund also allows for investments in less liquid opportunities like distressed debt.

Hedge funds are sourced through an extensive industry network that shares a preference for focused, independent investment managers above the larger traditional asset managers. The concentrated investment approach allows for a thorough due diligence process that is executed by an experienced and specialized team. The members of the Investment Committee have an average industry experience of over twenty years.

The objective of the fund is to generate a long-term return in excess of Euribor + 3%.

Management team

Michiel Meeuwissen, Igor Puljic, Pieter Heijboer, Jeanne Spronck, Felix Rutten

Performance per 2019-07-31 (rebased)

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Performance per 2019-07-31

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  Fund
1 month 1.0 %
3 months 0.5 %
This year 0.7 %
2016 3.6 %
2017 6.2 %
2018 -0.8 %
1 year (on annual basis) -1.5 %
3 years (on annual basis) i 3.1 %
5 years (on annual basis) i 1.7 %
Since inception (on annual basis) i 2.4 %
Till May 2006 the portfolio consisted of fund-of-hedgefunds and as of May 2006 the portfolio consists of direct investments in hedge funds. 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 110.93 M 2019-07-31
Share class size
EUR 4.79 M 2019-07-31
Number of shares
273,262 2019-07-31
Net Asset Value i
EUR 17.54 2019-07-31
Kempen Non-Directional Partnership (the Sub-Fund) is a sub-fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available on the website of KCM (www.kempen.com/investmentfunds). The Subfonds is registered for offering in a limited number of countries. The countries where the subfund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

More information can be found in the Investment Letter on the documents page of this fund.

More information can be found in the Investment Letter on the documents page of this fund.

Kempen Non-Directional Partnership (the Sub-Fund) is a sub-fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available on the website of KCM (www.kempen.com/investmentfunds). The Subfonds is registered for offering in a limited number of countries. The countries where the subfund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Performance per 2019-07-31 (rebased)

No chart data available

Performance per 2019-07-31

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  Fund
1 month 1.0 %
3 months 0.5 %
This year 0.7 %
2016 3.6 %
2017 6.2 %
2018 -0.8 %
1 year (on annual basis) -1.5 %
3 years (on annual basis) i 3.1 %
5 years (on annual basis) i 1.7 %
Since inception (on annual basis) i 2.4 %
Till May 2006 the portfolio consisted of fund-of-hedgefunds and as of May 2006 the portfolio consists of direct investments in hedge funds. 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 2019-07-31

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  3 years Since inception
Maximum drawdown i -3.48 % -22.95 %
Tracking error i 3.39 % 3.12 %
Information ratio i 1.31 1.13
Beta i 0.28
Kempen Non-Directional Partnership (the Sub-Fund) is a sub-fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available on the website of KCM (www.kempen.com/investmentfunds). The Subfonds is registered for offering in a limited number of countries. The countries where the subfund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

More information can be found in the the document Facts and Figures on the Documents page of this fund.

Kempen Non-Directional Partnership (the Sub-Fund) is a sub-fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available on the website of KCM (www.kempen.com/investmentfunds). The Subfonds is registered for offering in a limited number of countries. The countries where the subfund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Ongoing charges

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Management fee i
0.75 %
Service fee i
0.08 %
Taxe d'abonnement i
0.05 %
Indirect costs i
1.97% (estimate excl. possible performance fees)
Ongoing charges last financial year i
2.84 %

Other costs

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Entry fee
0,00 %
Exit fee
0,50 %
Kempen Non-Directional Partnership (the Sub-Fund) is a sub-fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available on the website of KCM (www.kempen.com/investmentfunds). The Subfonds is registered for offering in a limited number of countries. The countries where the subfund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Share class details

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Share class
A i
Investor type
Institutional & Private
Distributing
No
Reference index i
HFRX GI Hedge Fund
Objective
To generate a long term return in excess of Euribor +2%
Investment category
Hedge Fund Solutions
Universum
Global multi assets
Inception date
2001-10-01
Domicile
Luxembourg
May be offered to all investors in
The Netherlands
May be offered to professional investors only in
Luxembourg, United Kingdom
UCITS status i
No
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.

Tradability

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Listed
no
Subscription/Redemption Frequency
Subscriptions monthly on the first business day, redemptions quarterly, on the first business day of January, April, July and October
ISIN i
LU0138381354
Entry period purchase order
In order to be executed, orders must be received by J.P. Morgan Bank Luxembourg S.A. 5 business days before the dealing day. Your distributor may use longer entry periods.
Entry period sell order
In order to be executed, orders must be received by J.P. Morgan Bank Luxembourg S.A. 90 calendar days before the dealing day.Your distributor may use longer entry periods.
Details
Settlement for subcriptions is due 5 business days before the applicable dealing day. Settlement for redemption will normally take place within 19 business days after the appllicable dealing day.
Kempen Non-Directional Partnership (the Sub-Fund) is a sub-fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available on the website of KCM (www.kempen.com/investmentfunds). The Subfonds is registered for offering in a limited number of countries. The countries where the subfund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
Kempen Non-Directional Partnership (the Sub-Fund) is a sub-fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available on the website of KCM (www.kempen.com/investmentfunds). The Subfonds is registered for offering in a limited number of countries. The countries where the subfund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

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.Â

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.Â

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Our full voting records are available here.

OUR FUND APPROACH TO RESPONSIBLE INVESTMENT

Kempen’s ESG policy is fully implemented in our fund’s investment process with the key pillar being our approaches to: Exclusion, ESG integration and Active ownership. Within this, it is important to note that Hedge Fund Solutions (‘HFS’) invests in hedge funds and thereforedoesn’t directly invest in individual companies.

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1. Exclusion

HFS screens underlying manager’s portfolios for exposure to Kempen’s exclusion list and actively engages with managers in case there is overlap.

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In addition to regular discussions on ESG, the team has had targeted and extensive ESG discussions with a systematic merger arbitrage manager, which had a position in Orbital ATK once the company became the target of an acquisition by Northrop Grumman. Orbital ATK featured on Kempen’s exclusion list as involvement in the production of controversial weapons and components of such weapons, couldn’t be ruled out. The fund involved is a rules-based risk arbitrage strategy, meaning the team would have to go against their mandate to exclude this investment. The position in Orbital ATK was one of the considerations for HFS to temporarily redeem the investment in this fund. HFS also engaged with a second merger arbitrage fund that was invested in the Orbital ATK deal. This manager decided to exit the position after discussions with KCM and other investors, although the manager’s decision to divest this investment might be unrelated to HFS’ engagement.

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2. ESG integration

During a thorough due diligence process, the team evaluates and discusses potential responsible investment issues with hedge fund managers. In addition, HFS also tests the current state of responsible investment development and awareness within the organization by means of an annual questionnaire, composed by the PRI association and specifically targeted at the hedge fund industry. The questionnaire consists of questions, focused on Policy, Governance, Investment Process, and Monitoring & Reporting. The responses have been used during the conversations throughout the year helping to shape the ESG-related discussions. Repetition is a tool to show ESG is an important topic for Kempen that will be brought up as long as there is room for improvement.Â

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3. Active ownership Â

Fund managers are encouraged to sign the UN-supported Principles for Responsible Investment (UN PRI) and Kempen offers assistance to those willing to explore the option. In addition, Kempen gives credit to managers that have established a responsible investment policy and engages in an active dialogue with managers to better understand their considerations. Moreover, the team aims to establish long-term partnerships with the managers they invest in and the majority of the funds also act as long-term engaged shareholders causing turnover to be very low at both levels. Finally, robust governance is emphasized in the Due Diligence process in cooperation with an independent Operational Due Diligence consultant (Aksia).Â

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Since the start of 2018, there have been 4 HFS managers that signed the UN PRI; Capital Fund Management, LibreMax, Marathon, and Transtrend. As Boussard & Gavaudan already decided to sign the principles in 2016 and One William Street did so in 2017, this brings the total number up to 6. The HFS team has been invested with these managers for several years and has had conversations with each of them about Responsible Investing prior to their decision to underwrite the principles. In addition to the UN PRI signatory managers, 4 HFS managers have developed an ESG policy while 2 others have stated they are in the process of developing a policy.Â

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Due to the team bringing up ESG in a number of conversations, one of the managers contacted HFS with the offer to move to an SRI version of the fund which was launched for another client. The restrictions for this fund however are far more elaborate than KCM would like, excluding for example adult entertainment, bottlers & drinks companies, and gaming companies. These constraints significantly limit the universe and are bound to have an impact on the investment strategy, outweighing the positives of excluding some of the names on Kempen’s exclusion list.

ESG Report
Kempen Non-Directional Partnership (the Sub-Fund) is a sub-fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available on the website of KCM (www.kempen.com/investmentfunds). The Subfonds is registered for offering in a limited number of countries. The countries where the subfund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.