Kempen European High Dividend Fund N.V. - Class Y

Profile

Kempen European High Dividend Fund N.V. (KEHDF) offers a diversified portfolio of European listed companies with an expected dividend yield of 2.75% at the time the company purchased for the first time. KEHDF invests in companies that are listed or do business in geographical Europe including Eastern Europe and Russia. The portfolio contains around 55 investments, which are approximately equally weighted.

KEHDF primarily aims to generate a better long-term total return than the MSCI Europe Total Return Index (net dividends reinvested), comprising capital gains plus net dividends. This index consists of about 500 companies in 15 countries.

KEHDF pays its dividend on a quarterly basis and aims to pay all the received net dividends to the shareholders. Share class Y will only be available for distributors who submit orders on behalf of their clients, and who have been selected by the management company.

Management team

Jorik van den Bos, Joris Franssen, Joost de Graaf, Dimitri Willems, Luc Plouvier, Floris Oliemans

Performance per 2018-01-31 (rebased)

No chart data available

Performance per 2018-01-31

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  Fund Benchmark
1 month 0.5 % 1.6 %
3 months -0.3 % 0.3 %
This year 0.5 % 1.6 %
2015 7.2 % 8.2 %
2016 3.5 % 2.6 %
2017 10.9 % 10.3 %
3 years (on annual basis) i 4.8 % 5.1 %
5 years (on annual basis) i 8.2 % 9.1 %
Since inception (on annual basis) i 1.7 % 1.5 %
The results shown of the periods before 20 July 2016, the inception date of Kempen European High Dividend Fund N.V. class Y, are those of Kempen European High Dividend Fund N.V. class N. 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 729.13 M 2018-01-31
Number of shares
72,858,692 2018-01-31
Net Asset Value i
EUR 6.99 2018-02-16
Transaction price i
EUR 6.98 2018-02-16
Morningstar rating â„¢
Morningstar Analyst rating
Silver

Fund characteristics per 2018-01-31

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  Fund Benchmark
Number of holdings 54 445
Dividend yield i 4.31 % 3.12 %
Weighted average market capitalization i EUR 42,348 M EUR 65,489 M
P/E ratio i 13.91 18.29
Active share i 82.03 %
Kempen Capital Management N.V. (KCM) is the management company of Kempen European High Dividend Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM 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 are available on the website of KCM (www.kempen.com/investmentfunds). The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Market developments per 2018-01-31

In January, European markets continued to trend upward. KEHDF underperformed the market in January. This was caused by weak stock selection. The relative calm market environment resulted in momentum stocks continuing to perform well.

Stock selection was weakest in the sectors financials and consumer discretionary. The weakest performer for the month was H&M. H&M released weaker than expected profit numbers, as gross margins came under pressure. We believe it will take time for H&M to return to organic growth but believe its business model is still intact and that the valuation is attractive. Within financials, our holdings in general underperformed the sector with no stock specifically impacting returns.

Equity markets as a whole are expensive. It has become increasingly difficult to find investments that offer both safety of principal and an attractive rate of return. Market sentiment is extremely positive, as indicated by record highs in equity markets and speculative behavior in cryptocurrencies. This environment makes finding prudent investments difficult.

Portfolio developments per 2018-01-31

Our focus is on finding companies with sustainable dividends that can be bought at a discount to our estimate of intrinsic value. We base our estimate on the Earnings Power Value (EPV) framework of the Columbia Business School. EPV allows us to separate the three valuation components: asset value, earnings power and growth value. This framework improves our ability to analyze what we are paying for, and gives insight into whether a stock is priced with a margin of safety.

KEHDF now has a forward yield of around 4.7%. Our portfolio trades at a significant discount to market multiples. We remain optimistic on the dividend growth prospects for 2018.
Kempen Capital Management N.V. (KCM) is the management company of Kempen European High Dividend Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM 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 are available on the website of KCM (www.kempen.com/investmentfunds). The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Performance per 2018-01-31 (rebased)

No chart data available

Performance per 2018-01-31

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  Fund Benchmark
1 month 0.5 % 1.6 %
3 months -0.3 % 0.3 %
This year 0.5 % 1.6 %
2015 7.2 % 8.2 %
2016 3.5 % 2.6 %
2017 10.9 % 10.3 %
3 years (on annual basis) i 4.8 % 5.1 %
5 years (on annual basis) i 8.2 % 9.1 %
Since inception (on annual basis) i 1.7 % 1.5 %
The results shown of the periods before 20 July 2016, the inception date of Kempen European High Dividend Fund N.V. class Y, are those of Kempen European High Dividend Fund N.V. class N. Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

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Distributing
Yes
Last dividend
EUR 0.08
Ex-date last dividend
2017-11-02
Number of distributions per year
4
Dividend calendar

Risk analysis (ex post) per 2018-01-31

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  3 years Since inception
Maximum drawdown i -14.94 % -56.33 %
Tracking error i 2.45 % 2.95 %
Information ratio i -0.09 0.06
Beta i 0.88 0.93
Kempen Capital Management N.V. (KCM) is the management company of Kempen European High Dividend Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM 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 are available on the website of KCM (www.kempen.com/investmentfunds). The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Top 5 contribution (2018-01-31)

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  Contribution i Performance i
Edenred 0.15 % 7.57 %
SKF AB-B Shares 0.15 % 7.40 %
Lukoil (US) 0.14 % 11.29 %
AXA 0.14 % 7.12 %
Allianz 0.12 % 6.27 %

Bottom 5 contribution (2018-01-31)

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  Contribution i Performance i
Hennes & Mauritz -B- -0.30 % -17.30 %
National Grid -0.17 % -6.82 %
Roche Holding -0.12 % -5.94 %
Britvic -0.11 % -8.68 %
Admiral -0.10 % -6.46 %

Geographic allocation (2018-01-31)

27.3 %
United Kingdom
11.7 %
Netherlands
11.0 %
France
7.0 %
Sweden
6.8 %
Germany
6.0 %
Switzerland
5.5 %
Norway
4.0 %
Italy
4.0 %
Portugal
3.9 %
USSR
3.6 %
Belgium
2.6 %
Cash
2.0 %
Finland
1.5 %
Ireland
1.2 %
Denmark
Totaal
98 %

Top 10 holdings (2018-01-31)

2.5 %
Orange
2.3 %
National Grid
2.2 %
Rio Tinto
2.2 %
Edenred
2.2 %
Lloyds TSB
2.2 %
Statoil
2.1 %
SKF AB-B Shares
2.1 %
ABN AMRO Holding
2.1 %
ING Groep
2.1 %
AXA
Totaal
22.2 %

Sector allocation (2018-01-31)

25.4 %
Financials
10.7 %
Oil & gas
10.6 %
Utilities
10.6 %
Telecommunications
9.4 %
Health Care
8.0 %
Consumer services
7.2 %
Industrials
7.0 %
Basic Materials
6.7 %
Consumer goods
2.6 %
Other
2.0 %
Technology
Totaal
100 %
The cash position is included in ‘Other’.
Kempen Capital Management N.V. (KCM) is the management company of Kempen European High Dividend Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM 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 are available on the website of KCM (www.kempen.com/investmentfunds). The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Ongoing charges

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Management fee i
0.50 %
Service fee i
0.10 %
Expected ongoing charges i
0.65%
Ongoing charges last financial year i
0.66 %
The service fee has been reduced by 0,05% as of 30 September 2017. The expected ongoing charge factor is therefore also reduced by 0,05%.
The Ongoing Charges Figure of the last financial year relates to 2016/2017.

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: 0.20%
Between EUR 200 million and EUR 700 million: 0.15%
>EUR 700 million: 0.10%

Other costs

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Upward swing factor i
0.40 %
Downward swing factor i
0.15 %
As of 1 January 2018 the swing factor has been adjusted from 0.30%/0.30% to 0.40%/0.15%.
Kempen Capital Management N.V. (KCM) is the management company of Kempen European High Dividend Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM 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 are available on the website of KCM (www.kempen.com/investmentfunds). The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Share class details

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Share class
Y
Investor type
Institutional & Private
Distributing
Yes
Benchmark i
MSCI Europe Total Return Index (calculated in Euro)
Investment category
High Dividend Equity
Universum
European equities
Inception date
2016-07-20
Domicile
The Netherlands
May be offered to all investors in
The Netherlands
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Administrator
BNP Paribas Securities Services S.C.A.
Management company
Kempen Capital Management N.V.
Custodian
BNP Paribas Securities Services S.C.A.
Morningstar rating â„¢
Morningstar Analyst rating
Silver

Tradability

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Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
NL0011843172
Details
Orders must be submitted via Fundsettle.
Class Y of Kempen European High Dividend Fund N.V. will only be available for orders submitted via the Fundsettle platform. Share class Y will only be available for distributors who submit orders on behalf of their clients, and who have been selected by the management company.
Kempen Capital Management N.V. (KCM) is the management company of Kempen European High Dividend Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM 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 are available on the website of KCM (www.kempen.com/investmentfunds). The value of your investment may fluctuate. Past performance provides no guarantee for the future.
Kempen Capital Management N.V. (KCM) is the management company of Kempen European High Dividend Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM 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 are available on the website of KCM (www.kempen.com/investmentfunds). The value of your investment may fluctuate. Past performance provides no guarantee for the future.

KCM Vision

Kempen Capital Management is an asset manager with a long-term investment approach. We strongly believe in engaged shareholdership that benefits all stakeholders. As a long-term responsible investor, we firmly believe that active ownership and shareholder engagement contribute to positive change across the board.

Our KCM wide approach to responsible investment

To put our vision into action we engage with our investment targets on a wide array of strategic, financial, environmental, social and governance (ESG) topics. Our long-term investment worldview paired with thorough analysis and an experienced and diverse ESG team allow us to use both voting and engagement as means to consistently encourage positive change. Through this process of constructive engagement, we are able to contribute to the development of principles and standards of corporate responsibility within companies that we invest in.

Our fund approach to Responsible Investment

  • ESG is integrated in our investment process.
  • Portfolio managers (PM's) have access to ESG research via the database from MSCI ESG Research and via FactSet.
  • Prior to investment, our PM's assess the ESG performance of the company. If material ESG concerns are identified, this can result in the decision to quantify the ESG risks into the investment model, to engage with a company or to avoid investment.
  • In case of engagement, the PM and the Responsible Investment Department will start a dialogue with the company. The aim of the engagement is to use our influence as a shareholder to encourage positive change.
  • During the quarterly re-balancing process the PM's monitor the ESG performance of the holdings.

Kempen Capital Management N.V. (KCM) is the management company of Kempen European High Dividend Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM 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 are available on the website of KCM (www.kempen.com/investmentfunds). The value of your investment may fluctuate. Past performance provides no guarantee for the future.