- Kempen
- Kempen Orange Fund NV
Kempen Orange Fund NV
Profile
Kempen Orange Fund N.V. invests in smaller and medium-sized Dutch companies that are included in the GPR Dutch Small Cap Index. The fund can also invest in Dutch and Belgian companies which are not included in the Index, provided that their market capitalisation is less than € 5 billion at the time of purchase. Investments in Belgian companies may not exceed 20% of the fund’s portfolio. The environmental, social and governance (ESG) criteria are incorporated in the investment process.
The fund positions itself as an engaged shareholder.
Kempen Orange Fund N.V. has the objective to earn a structurally higher return (capital gain and dividends) than its benchmark: GPR Dutch Small Cap Index.
The fund positions itself as an engaged shareholder.
Kempen Orange Fund N.V. has the objective to earn a structurally higher return (capital gain and dividends) than its benchmark: GPR Dutch Small Cap Index.
Management team
Michiel van Dijk, Erwin Dut, Sander van Oort, Ingmar Schaefer
Performance per 2022-06-30 (rebased)
Performance per 2022-06-30
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Fund | Benchmark | |
---|---|---|
1 month | -11.0 % | -11.4 % |
3 months | -13.5 % | -13.5 % |
This year | -14.2 % | -13.0 % |
2019 | 34.7 % | 37.8 % |
2020 | 15.2 % | 14.6 % |
2021 | 29.2 % | 29.4 % |
1 year (on annual basis) | -10.1 % | -10.1 % |
3 years (on annual basis) i | 11.8 % | 12.2 % |
5 years (on annual basis) i | 8.1 % | 9.9 % |
Since inception (on annual basis) i | 11.1 % | 9.4 % |
Untill 1 januari 2004 was de benchmark de CBS Small Cap Index. 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 153.64 M 2022-06-30 |
Share class size | EUR 153.64 M 2022-06-30 |
Number of shares | 1,320,880 2022-06-30 |
Net Asset Value i | EUR 120.03 2022-08-05 |
Transaction price i | EUR 120.33 2022-08-05 |
Morningstar rating â„¢ | |
Morningstar Analyst rating | Gold |
Fund characteristics per 2022-06-30
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Fund | Benchmark | |
---|---|---|
Number of holdings | 23 | 57 |
Dividend yield i | 4.29 % | 3.86 % |
Weighted average market capitalization i | EUR 2,492 M | EUR 2,916 M |
P/E ratio i | 11.36 | |
Active share i | 39.48 % |
Kempen Capital Management N.V. (KCM) is the management company of Kempen Orange Fund N.V. (the “Fundâ€). KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
Developments per 2022-06-30
KOF earned a negative return of 11.0% in June, while the GPR Dutch Small Cap index was down by 11.4%. In the first six months of this year, KOF’s Net Asset Value (NAV) decreased by 14.2% versus a downturn of 13.0% for the benchmark.
If you bear in mind that interim results are published in mid-July/August, relatively few profit warnings have been issued so far and most of those are in the consumer discretionary sector. This low number of profit warnings may reflect companies’ well-filled order books from previous quarters that continued to affect financial developments positively in the second quarter, while underlying demand has already started to weaken. At the same time, we sense a reluctance among many businesses to instigate a restructuring too soon given the tightness on the job market and the risk of being understaffed if the slowdown in growth proves to be of short duration. Many companies slashed their cost base during the COVID-19 pandemic, making it relatively difficult to cut costs any further. The (enormous) macro-economic and geopolitical uncertainties will lead many businesses to adopt caution. However, following the recent correction on the equity markets even those companies with a leading market position, robust balance sheet, ongoing focus on innovation and experienced management team now have lower valuations and this creates fertile ground for investors with a longer time horizon (3-5 years).
The largest increases to positions in the KOF portfolio in June were to ASR, ASM International and Flow Traders. The biggest sales were of PostNL, Beter Bed and Heijmans. After the offer on Accell by KKR and Teslin was declared unconditional, this month we sold our entire position in Accell on the market for more than the offer price. Other positions were adjusted based on changes to the model portfolio driven by valuations and upward price potential.
Although KKR and Teslin eventually announced on 23 June that 96.9% of the Accell shares had been tendered, minority shareholders (including the managers of the Kempen Orange Fund) made their feelings clear during the acquisition process. Throughout this process we were in touch with other shareholders, Accell’s Board of Management and Supervisory Board, as well as Eumedion and ISS. Being the target of an acquisition is part and parcel of being a listed company. A crucial basic principle here is a thorough and transparent process in which both the Board of Management and the Supervisory Board adopt an independent role. It would seem self-evident that these two bodies work hard to meet their obligations to all stakeholders by conducting a thorough process that involves studying a variety of alternative scenarios in order to reach a carefully thought out decision, but this is apparently not always the case. Although each acquisition is unique, the process surrounding the acquisition of Accell provides enough insight into points for improvement in subsequent cases to avoid unexpected hurdles such as the one that cropped up here. We hope that supervisory board members in the Netherlands will not easily agree to smoking out shareholders when only 80% of them have agreed to an acquisition.
Although Telenet is holding up well operationally in the Belgian telecom market and allocating its financial resources in a rational manner, the 20% drop in its equity price in June could make you think otherwise. Earlier this year, Telenet’s dream acquisition of VOO failed to go ahead because of a higher bid from Orange Belgium, while this party in fact enjoys fewer options for synergy. Telenet also acted rationally at the recent mobile spectrum auction and bid the best price in relation to the spectrum it obtained. Naturally the company will be confronted with higher borrowing costs in light of its high level of debt, but this will only have an impact from 2028. The new market entrant’s (Digi Communications) chances of commercial success would likewise seem to be small given the already competitive pricing of the three existing telecom operators. Although Telenet’s current dividend yield of 14% is an indication of the unsustainability of the present dividend, even at a lower level this will place a floor under the price. Moreover, the low share price could (once again) prompt majority shareholder Liberty (59%) to increase its stake.
In June we paid a visit to BESI in Radfeld, Austria. The company had organised a day to give investors greater insight into the technologies it uses, especially Hybrid Bonding. BESI is seeing interest in this technology at a growing number of customers and this has prompted it to adjust market expectations for Hybrid Bonding upwards for the period up to 2030. The greater accuracy and speed of the current generation of BESI’s Hybrid Bonding machines give it a clear edge over its competitors. Despite the positive long-term outlook, the financial markets are focusing more on the short-term risks, with a slowdown in demand for consumer goods in turn potentially leading to lower demand for BESI’s machines.
If you bear in mind that interim results are published in mid-July/August, relatively few profit warnings have been issued so far and most of those are in the consumer discretionary sector. This low number of profit warnings may reflect companies’ well-filled order books from previous quarters that continued to affect financial developments positively in the second quarter, while underlying demand has already started to weaken. At the same time, we sense a reluctance among many businesses to instigate a restructuring too soon given the tightness on the job market and the risk of being understaffed if the slowdown in growth proves to be of short duration. Many companies slashed their cost base during the COVID-19 pandemic, making it relatively difficult to cut costs any further. The (enormous) macro-economic and geopolitical uncertainties will lead many businesses to adopt caution. However, following the recent correction on the equity markets even those companies with a leading market position, robust balance sheet, ongoing focus on innovation and experienced management team now have lower valuations and this creates fertile ground for investors with a longer time horizon (3-5 years).
The largest increases to positions in the KOF portfolio in June were to ASR, ASM International and Flow Traders. The biggest sales were of PostNL, Beter Bed and Heijmans. After the offer on Accell by KKR and Teslin was declared unconditional, this month we sold our entire position in Accell on the market for more than the offer price. Other positions were adjusted based on changes to the model portfolio driven by valuations and upward price potential.
Although KKR and Teslin eventually announced on 23 June that 96.9% of the Accell shares had been tendered, minority shareholders (including the managers of the Kempen Orange Fund) made their feelings clear during the acquisition process. Throughout this process we were in touch with other shareholders, Accell’s Board of Management and Supervisory Board, as well as Eumedion and ISS. Being the target of an acquisition is part and parcel of being a listed company. A crucial basic principle here is a thorough and transparent process in which both the Board of Management and the Supervisory Board adopt an independent role. It would seem self-evident that these two bodies work hard to meet their obligations to all stakeholders by conducting a thorough process that involves studying a variety of alternative scenarios in order to reach a carefully thought out decision, but this is apparently not always the case. Although each acquisition is unique, the process surrounding the acquisition of Accell provides enough insight into points for improvement in subsequent cases to avoid unexpected hurdles such as the one that cropped up here. We hope that supervisory board members in the Netherlands will not easily agree to smoking out shareholders when only 80% of them have agreed to an acquisition.
Although Telenet is holding up well operationally in the Belgian telecom market and allocating its financial resources in a rational manner, the 20% drop in its equity price in June could make you think otherwise. Earlier this year, Telenet’s dream acquisition of VOO failed to go ahead because of a higher bid from Orange Belgium, while this party in fact enjoys fewer options for synergy. Telenet also acted rationally at the recent mobile spectrum auction and bid the best price in relation to the spectrum it obtained. Naturally the company will be confronted with higher borrowing costs in light of its high level of debt, but this will only have an impact from 2028. The new market entrant’s (Digi Communications) chances of commercial success would likewise seem to be small given the already competitive pricing of the three existing telecom operators. Although Telenet’s current dividend yield of 14% is an indication of the unsustainability of the present dividend, even at a lower level this will place a floor under the price. Moreover, the low share price could (once again) prompt majority shareholder Liberty (59%) to increase its stake.
In June we paid a visit to BESI in Radfeld, Austria. The company had organised a day to give investors greater insight into the technologies it uses, especially Hybrid Bonding. BESI is seeing interest in this technology at a growing number of customers and this has prompted it to adjust market expectations for Hybrid Bonding upwards for the period up to 2030. The greater accuracy and speed of the current generation of BESI’s Hybrid Bonding machines give it a clear edge over its competitors. Despite the positive long-term outlook, the financial markets are focusing more on the short-term risks, with a slowdown in demand for consumer goods in turn potentially leading to lower demand for BESI’s machines.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Orange Fund N.V. (the “Fundâ€). KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
Performance per 2022-06-30 (rebased)
Performance per 2022-06-30
Slide to see more
Fund | Benchmark | |
---|---|---|
1 month | -11.0 % | -11.4 % |
3 months | -13.5 % | -13.5 % |
This year | -14.2 % | -13.0 % |
2019 | 34.7 % | 37.8 % |
2020 | 15.2 % | 14.6 % |
2021 | 29.2 % | 29.4 % |
1 year (on annual basis) | -10.1 % | -10.1 % |
3 years (on annual basis) i | 11.8 % | 12.2 % |
5 years (on annual basis) i | 8.1 % | 9.9 % |
Since inception (on annual basis) i | 11.1 % | 9.4 % |
Untill 1 januari 2004 was de benchmark de CBS Small Cap Index. 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 3.00 |
Ex-date last dividend | 2022-05-27 |
Number of distributions per year | 1 |
Dividend calendar |
Risk analysis (ex post) per 2022-06-30
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3 years | Since inception | |
---|---|---|
Maximum drawdown i | -25.65 % | -36.47 % |
Tracking error i | 5.03 % | 5.67 % |
Information ratio i | -0.07 | 0.30 |
Beta i | 0.87 | 0.88 |
Kempen Capital Management N.V. (KCM) is the management company of Kempen Orange Fund N.V. (the “Fundâ€). KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
Top 5 contribution (2022-06-30)
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Contribution i | Performance i | |
---|---|---|
Accell | 0.33 % | 12.29 % |
Ordina | 0.03 % | 0.00 % |
Nedap | 0.01 % | -0.33 % |
Boskalis Westminster | -0.03 % | -1.42 % |
NX Filtration | -0.07 % | -6.17 % |
Bottom 5 contribution (2022-06-30)
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Contribution i | Performance i | |
---|---|---|
Aalberts | -1.51 % | -19.48 % |
Signify | -1.34 % | -14.87 % |
SBM Offshore | -1.16 % | -14.49 % |
BE Semiconductor Industries | -1.10 % | -19.42 % |
TKH Group | -1.01 % | -20.22 % |
Geographic allocation (2022-06-30)
91.5 %
Netherlands
4.5 %
Belgium
3.9 %
Cash
Total
100 %
Top 10 holdings (2022-06-30)
8.6 %
Signify
8.5 %
ASR Nederland
7.7 %
SBM Offshore
6.9 %
Aalberts
5.6 %
Ordina
5.4 %
Arcadis
5.1 %
BE Semiconductor Industries
5.1 %
Corbion
5.0 %
Sligro Food Group
4.9 %
Acomo
Total
62.8 %
Sector allocation (2022-06-30)
33.0 %
Industrials
17.7 %
Technology
12.5 %
Financials
9.8 %
Consumer Staples
7.8 %
Energy
5.8 %
Consumer Discretionary
5.1 %
Basic Materials
3.9 %
Other
2.8 %
Telecommunications
1.7 %
Health Care
Total
100 %
Kempen Capital Management N.V. (KCM) is the management company of Kempen Orange Fund N.V. (the “Fundâ€). KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
Environmental and/or social characteristics promoted
The Kempen Orange Fund (the “Fundâ€) falls under the scope of article 8 of the SFDR which means that the fund promotes environmental and/or social characteristics. This fund will invest in a broad range of companies, of which some will have sustainability objectives.
We commit to the goals of the Paris Agreement. This encompasses short-term objectives (2025), a mid-term ambition (2030) and a long-term commitment to be a net zero investor by 2050. By 2025, we aim to be aligned with a path to achieving the Paris Agreement and Dutch Klimaatakkoord. We follow the market reduction, which assumes a pathway in line with the EU Benchmarks.
We commit to the goals of the Paris Agreement. This encompasses short-term objectives (2025), a mid-term ambition (2030) and a long-term commitment to be a net zero investor by 2050. By 2025, we aim to be aligned with a path to achieving the Paris Agreement and Dutch Klimaatakkoord. We follow the market reduction, which assumes a pathway in line with the EU Benchmarks.
Fund carbon emission targets
ESG Investment process
The promotion of environmental and/or social characteristics is achieved through the consistent implementation of the funds ESG policy. The ESG policy is fully implemented in our strategy’s investment process across the three relevant pillars of: Exclusion, ESG integration and Active ownership.
In the investment process we assess the ESG profile of a company. We look at each company on a case-by-case basis, taking into account material risks in a given industry in combination with the company’s respective risk exposure, practices and disclosure. This includes an assessment of good governance practices. The investee companies are rated for governance aspects using external research as well as making internal assessments. Furthermore, we look into the company’s exposure to past controversies and future ESG opportunities. Based on the fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile.
In the investment process we assess the ESG profile of a company. We look at each company on a case-by-case basis, taking into account material risks in a given industry in combination with the company’s respective risk exposure, practices and disclosure. This includes an assessment of good governance practices. The investee companies are rated for governance aspects using external research as well as making internal assessments. Furthermore, we look into the company’s exposure to past controversies and future ESG opportunities. Based on the fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile.
Exclusion
The Fund 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
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Kempen criteria | Additional criteria | |
---|---|---|
Business conduct | ||
Human Rights | ||
Labour | ||
Environment | ||
Anti Corruption | ||
Product involvement | ||
Controversial Weapons | ||
Tobacco | ||
Thermal Coal | ||
Tar Sands | ||
Adult Entertainment | ||
Alcohol | ||
Animal Welfare & GMO | ||
Gambling | ||
Power Generation Nuclear | ||
Power Generation Carbon Intensive | ||
(Un)conventional Oil & Gas Extraction | ||
Weaponry |
Kempen Capital Management N.V. (KCM) is the management company of Kempen Orange Fund N.V. (the “Fundâ€). KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
Ongoing charges
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Management fee i | 0.750 % |
Service fee i | 0.25 % |
Expected ongoing charges i | 1.00 % |
Ongoing charges last financial year i | 1.00 % |
The Ongoing Charges Figure of the last financial year relates to 2021.
The service fee is determined annually on basis of the net asset value as of the last day of the previous financial year:
< or equal to EUR 200 million: 0.25%
>EUR 200 million: 0.20%
The service fee is determined annually on basis of the net asset value as of the last day of the previous financial year:
< or equal to EUR 200 million: 0.25%
>EUR 200 million: 0.20%
Kempen Capital Management N.V. (KCM) is the management company of Kempen Orange Fund N.V. (the “Fundâ€). KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
Share class details
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Investor type | Institutional & Private |
Distributing | Yes |
Benchmark i | GPR Dutch Small Cap Index (dividends reinvested) |
Investment category | Small-caps |
Universum | Dutch and Belgian Small- and Mid-caps |
Inception date | 1990-09-07 |
Domicile | The Netherlands |
May be offered to all investors in | The Netherlands |
UCITS status i | No |
Status | Open-end i |
Base currency | EUR |
Share class currency | EUR |
Administrator | BNP Paribas Securities Services S.C.A., Amsterdam branch |
Management company | Kempen Capital Management N.V. |
Depositary and custodian | BNP Paribas Securities Services S.C.A., Amsterdam branch |
Morningstar rating â„¢ | |
Morningstar Analyst rating | Gold |
Tradability
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Listed | yes, listed on the NAV Trading Facility of Euronext |
Subscription/Redemption Frequency | daily |
ISIN i | NL0000289627 |
Kempen Capital Management N.V. (KCM) is the management company of Kempen Orange Fund N.V. (the “Fundâ€). KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
Read more information about Kempen Capital Management NV on this site and find also more information on BNP Paribas Securities Services S.C.A.
Factsheets
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Prospectus
Shareholders' Meeting
Sustainability related disclosures
Kempen Capital Management N.V. (KCM) is the management company of Kempen Orange Fund N.V. (the “Fundâ€). KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.