Global Alternative Investment Partners

Profile

Global Alternative Investment Partners (GAIP) is een fund-of-hedge-funds met een gespreide exposure naar hedgefondsstrategieën. De portefeuille bestaat doorgaans uit 10 tot 30 onderliggende hedgefondsen. GAIP belegt zonder restricties en kan in een breed scala van strategieën beleggen, variërend van directionele strategieën zoals long-biased long/short equity en global macro tot niet-directionele strategieën.

GAIP kan in alle beleggingscategorieën beleggen en de structuur van het fonds staat ook beleggingen in minder liquide mogelijkheden zoals distressed debt toe. Hedgefondsen worden geselecteerd via een uitgebreid netwerk dat de voorkeur geeft aan onafhankelijke vermogensbeheerders met een duidelijke focus boven de grotere traditionele vermogensbeheerders.

De geconcentreerde beleggingsaanpak biedt ruimte voor een grondig due diligence proces dat wordt uitgevoerd door een ervaren team van specialisten. De negen leden van de Investment Committee hebben ieder minimaal tien jaar ervaring in de industrie. De doelstelling van GAIP is om op lange termijn een rendement van meer dan 4% boven Euribor per jaar te behalen.

Management team

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

Performance per 2019-10-31 (rebased)

No chart data available

Performance per 2019-10-31

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  Fund
1 month -0.8 %
3 months -2.4 %
This year 0.1 %
2016 2.4 %
2017 7.4 %
2018 -4.6 %
1 year (on annual basis) -2.6 %
3 years (on annual basis) i 1.3 %
Since inception (on annual basis) i 1.5 %
De getoonde rendementen zijn na aftrek van lopende kosten. De waarde van uw belegging kan fluctueren. In het verleden behaalde resultaten bieden geen garantie voor de toekomst.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 71.30 M 2019-10-31
Share class size
EUR 71.30 M 2019-10-31
Number of shares
679,285 2019-10-31
Net Asset Value i
EUR 104.96 2019-10-31
Global Alternative Investment Partners (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 Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund 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 of the Fund 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 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.
Global Alternative Investment Partners (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 Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund 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 of the Fund 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 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.

Performance per 2019-10-31 (rebased)

No chart data available

Performance per 2019-10-31

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  Fund
1 month -0.8 %
3 months -2.4 %
This year 0.1 %
2016 2.4 %
2017 7.4 %
2018 -4.6 %
1 year (on annual basis) -2.6 %
3 years (on annual basis) i 1.3 %
Since inception (on annual basis) i 1.5 %
De getoonde rendementen zijn na aftrek van lopende kosten. De waarde van uw belegging kan fluctueren. In het verleden behaalde resultaten bieden geen garantie voor de toekomst.

Dividends

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Distributing
No

Risk analysis (ex post) per 2019-10-31

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  3 years Since inception
Maximum drawdown i -6.43 % -6.43 %
Tracking error i 2.32 % 2.28 %
Information ratio i 1.06 1.19
Beta i 0.65
Global Alternative Investment Partners (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 Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund 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 of the Fund 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 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.
Global Alternative Investment Partners (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 Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund 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 of the Fund 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 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.

Ongoing charges

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Management fee i
0.65 %
Service fee i
0.08 %
Taxe d'abonnement i
0.01 %
Indirect costs i
1,94% (schatting excl. eventuele performance fees)
Ongoing charges last financial year i
2.68 %
Met betrekking tot de beheervergoeding geldt de volgende staffel die afhankelijk is van het (sub)fondsvermogen:
< EUR 50 miljoen: 0,75%
EUR 50-75 miljoen: 0,65%
> EUR 75 miljoen: 0,55%

Other costs

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Entry fee
0,00 %
Exit fee
0,50 %
Global Alternative Investment Partners (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 Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund 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 of the Fund 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 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.

Share class details

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Share class
I i
Investor type
Institutional
Distributing
No
Reference index i
HFRX GI Hedge Fund EUR
Objective
Ten minste Euribor + 4% op jaarbasis
Investment category
Hedge Fund Solutions
Universum
Multi asset wereldwijd
Inception date
2016-08-01
Domicile
Luxembourg
May be offered to all investors in
The Netherlands
May be offered to professional investors only in
Luxembourg
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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Minimum subscription
Initiële inleg € 1.000.000, vervolginschrijvingen € 10.000
Listed
no
Subscription/Redemption Frequency
Aankoop iedere eerste werkdag van de maand en verkoop ieder kwartaal, op de eerste werkdag van januari, april, juli en oktober
ISIN i
LU1397134195
Entry period purchase order
Orders dienen 5 werkdagen voor de handelsdag door J.P. Morgan Bank Luxembourg S.A. te zijn ontvangen om uitgevoerd te kunnen worden. Uw distribiteur kan een langere aanmeldingstermijn hanteren.
Entry period sell order
Orders dienen 90 kalenderdagen voor de handelsdag door J.P. Morgan Bank Luxembourg S.A. te zijn ontvangen om uitgevoerd te kunnen worden. Uw distribiteur kan een langere aanmeldingstermijn hanteren.
Details
Settlement van aankopen is 5 werkdagen voor de handelsdag. Settlement van verkopen gebeurt in beginsel 19 werkdagen na de desbetreffende handelsdag.
Global Alternative Investment Partners (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 Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund 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 of the Fund 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 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.
Global Alternative Investment Partners (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 Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund 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 of the Fund 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 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.

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
Global Alternative Investment Partners (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 Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund 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 of the Fund 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 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.