Kempen European Sustainable Value Creation Fund N.V.

Profile

Kempen European Sustainable Value Creation Fund (KESVCF) is primarily created for long-term investors and offers the opportunity to invest in a diversified portfolio of European publicly traded shares of companies open to stakeholders and environmental, social and governance criteria in their strategy. KESVCF aims to select investments focusing on long-term and sustainable growth.

Investments in the fund are screened by an independent data provider to assess compliance with environmental, social and governance (ESG) criteria. The Fund will only invest in companies with an ESG rating of at least BB or a similar rating. The first transaction day has taken place on 14 November 2017.

Management team

Richard Klijnstra, Mark Oud, Martijn Kleinbussink

Performance per 2018-11-30 (rebased)

No chart data available

Performance per 2018-11-30

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  Fund Benchmark
1 month -0.5 % -0.9 %
3 months -5.8 % -5.6 %
This year -5.1 % -5.3 %
2017 1.4 % 0.9 %
1 year (on annual basis) -4.2 % -4.6 %
Since inception (on annual basis) i -3.6 % -4.3 %
Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The performance figures shown in the graph are rebased. 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 192.48 M 2018-11-30
Share class size
EUR 192.48 M 2018-11-30
Number of shares
1,999,999 2018-11-30
Net Asset Value i
EUR 92.42 2018-12-17
Transaction price i
EUR 93.63 2018-12-14

Fund characteristics per 2018-11-30

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  Fund Benchmark
Number of holdings 33 442
Dividend yield i 3.31 % 3.70 %
Weighted average market capitalization i EUR 48,815 M EUR 64,684 M
P/E ratio i 15.36 13.56
Active share i 83.96 %
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global European Sustainable Value Creation 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/en/asset-management). The value of your investment may fluctuate. Past performance provides no guarantee for the future.

 

Portfolio developments per 2018-11-30

In November, the fund earned a return of -0.5% versus a return on the MSCI Europe Index of -0.9%. In 2018 so far, the fund has earned a return of -5.1% versus a return on the MSCI Europe Index of -5.3%.

The materials and consumer staples sectors yielded a positive contribution, as did the fact that the fund does not invest in oil and gas. The industrial sector contributed negatively to the result.

The portfolio remained unchanged in November. Vodafone Group, Roche Holding and Beazly made the largest contributions to the performance, while Covestro, EssilorLuxottica and Rotork accounted for the largest negative contributions.

Vodafone Group, the telecommunications provider, reported better than expected results. The management said that the worst has now passed in Spain and Italy, enabling network leadership in Europe to yield growth over the next few years.

Rotork, a manufacturer of electric actuators and gas and fluid systems, reported weaker than expected quarterly results. Lower oil prices have prompted a delay in orders coming in. This led to the order book decreasing in size slightly year-over-year. Rotork has not adjusted its outlook for the year and expects orders to arrive in the final quarter.

What kind of companies do we seek?
We seek profitable companies undergoing structural growth that will create shareholder value in the long term alongside a clear social mandate.

The best results are achieved if the interests of all the stakeholders are aligned. This requires not only products and services but also operations to be in line with the wishes and requirements of society (licence to operate).

Moreover, the companies need to have sufficient opportunities for growth to be able to invest at an attractive return (innovation and expansion).

In order to sustain earnings growth over the long term, companies need to enjoy sustainable competitive advantages compared to existing and new competitors (strong strategic position).

The role of management
We expect management to pursue a long-term strategy in addition to conducting sound day-to-day management. The risks and opportunities relating to ESG need to be clearly incorporated, backed up by sensible investment plans that respond to long-term trends and match the company’s strategic positioning and growth opportunities.

Quality and valuation
We believe the selected companies are above-average quality in terms of strategy and operations and are capable of creating long-term value for all stakeholders. Depending on the absolute valuation of their equities, they could form an interesting addition to the portfolio.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global European Sustainable Value Creation 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/en/asset-management). The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Performance per 2018-11-30 (rebased)

No chart data available

Performance per 2018-11-30

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  Fund Benchmark
1 month -0.5 % -0.9 %
3 months -5.8 % -5.6 %
This year -5.1 % -5.3 %
2017 1.4 % 0.9 %
1 year (on annual basis) -4.2 % -4.6 %
Since inception (on annual basis) i -3.6 % -4.3 %
Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The performance figures shown in the graph are rebased. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

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Distributing
Yes
Number of distributions per year
1
Dividend calendar
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global European Sustainable Value Creation 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/en/asset-management). The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Top 5 contribution (2018-11-30)

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  Contribution i Performance i
Vodafone Group 0.42 % 17.33 %
Roche Holding 0.26 % 6.48 %
Beazley 0.16 % 5.89 %
Unilever 0.14 % 3.95 %
Siemens Healthineers 0.12 % 4.50 %

Bottom 5 contribution (2018-11-30)

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  Contribution i Performance i
Rotork -0.30 % -12.61 %
Essilor -0.28 % -7.12 %
Covestro -0.26 % -10.96 %
ASSA Abloy -0.25 % -6.83 %
Valeo -0.24 % -11.51 %

Geographic allocation (2018-11-30)

26.5 %
United Kingdom
18.7 %
Netherlands
15.0 %
France
14.2 %
Germany
5.2 %
Sweden
4.3 %
Switzerland
3.9 %
Norway
3.6 %
Ireland
1.9 %
Spain
1.5 %
Denmark
3.0 %
Other
2.2 %
Cash
Totaal
100 %

Top 10 holdings (2018-11-30)

4.3 %
Roche Holding
4.3 %
AstraZeneca
3.9 %
Marine Harvest
3.9 %
Nationale Nederlanden Group
3.7 %
SAP
3.7 %
Unilever
3.7 %
Essilor
3.6 %
Kerry Group
3.6 %
Reckitt Benckiser
3.5 %
Heineken Holding
Totaal
38.1 %

Sector allocation (2018-11-30)

17.7 %
Health Care
13.3 %
Industrial Goods & Services
13.1 %
Insurance
11.1 %
Food & Beverage
8.4 %
Technology
6.9 %
Personal & Household Goods
5.2 %
Chemicals
5.1 %
Automobiles & Parts
4.9 %
Banks
3.7 %
Basic Resources
3.6 %
Retail
2.8 %
Telecommunications
1.9 %
Utilities
2.2 %
Other
Totaal
100 %
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global European Sustainable Value Creation 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/en/asset-management). 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
0.60 %

Other costs

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Upward swing factor i
0.35 %
Downward swing factor i
0.15 %
As of 1 January 2018 the swing factor has been adjusted from 0.30%/0.10% naar 0.35%/0.15%.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global European Sustainable Value Creation 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/en/asset-management). The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Share class details

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Share class
N
Investor type
Institutional & Private
Distributing
Yes
Benchmark i
MSCI Europe Net Total Return Index
Investment category
Sustainable Value Creation
Universum
European equities
Inception date
2017-11-13
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.

Tradability

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Listed
yes, listed on the NAV Trading Facility of Euronext
Subscription/Redemption Frequency
Daily
ISIN i
NL0012512958
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global European Sustainable Value Creation 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/en/asset-management). 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 Global European Sustainable Value Creation 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/en/asset-management). 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 full voting records are available here.

Kempen Capital Management N.V. (KCM) is the management company of Kempen Global European Sustainable Value Creation 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/en/asset-management). The value of your investment may fluctuate. Past performance provides no guarantee for the future.