Kempen Global High Dividend Fund N.V. - Class N

Profile

Kempen Global High Dividend Fund N.V. (KGHDF) offers a diversified portfolio of listed companies worldwide with an expected dividend yield of 3.3% at the time the company is purchased for the first time. The portfolio contains around 100 investments, which are approximately equally weighted.

The primary objective of KGHDF is to achieve a structurally better long-term return, comprising capital gains plus net dividends, than the MSCI World Total Return Index.

KGHDF pays out dividend on a quarterly basis and aims to pay all the received net dividends to the shareholders.

Management team

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

Performance per 2019-01-31 (rebased)

No chart data available

Performance per 2019-01-31

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  Fund Benchmark
1 month 7.4 % 7.4 %
3 months 1.8 % -0.5 %
This year 7.4 % 7.4 %
2016 16.5 % 10.7 %
2017 9.7 % 7.5 %
2018 -5.0 % -4.1 %
1 year (on annual basis) 2.1 % 1.5 %
3 years (on annual basis) i 10.8 % 9.1 %
5 years (on annual basis) i 10.2 % 10.4 %
Since inception (on annual basis) i 6.7 % 6.5 %
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. For the calculation of the performance figures a deviant net asset value (NAV) is used. The NAV is calculated based on the closing prices of the Fund investments per 29 March 2018, in contrast of the original NAV issued, that partly is calculated based on the closing prices of 2 April 2018 (North America) and calculated based on ‘snapshots’ prices of 3 April 2018 (Asian and Pacific investments). The deviating NAV is used for better comparison with the benchmark that is also calculated based on the closing prices of the investments. The dividend distribution of KGHDF (ex-date 01 August 2018) is included in the NAV per 31 July 2018 and is therefore included in the performance figures of July.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 1,096.52 M 2019-01-31
Share class size
EUR 295.51 M 2019-01-31
Number of shares
9,373,975 2019-01-31
Net Asset Value i
EUR 31.64 2019-02-22
Transaction price i
EUR 31.60 2019-02-22
Morningstar rating â„¢
Morningstar Analyst rating
Gold

Fund characteristics per 2019-01-31

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  Fund Benchmark
Number of holdings 100 1632
Dividend yield i 4.93 % 2.51 %
Weighted average market capitalization i EUR 43,050 M EUR 129,589 M
P/E ratio i 10.94 16.10
Active share i 93.18 %
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global 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 2019-01-31

January showed quite a difference compared to the very negative December month. The year started with refreshed optimism and global equities rallied to register the strongest month since October 2015. KGHDF outperformed the strong market slightly.

There were a couple of reasons for the rally this month. There was some optimism about a potential ending of the trade war between the US and China. In addition, the shutdown of the US government (parts of the US government were shut down temporarily as no budget has been approved) ended in January. And the Fed announced a slower path of potential interest rate hikes.

Every sector ended the month positive, with real estate and energy being the best performing sectors. More defensive industries like telecom and utilities lagged the strong market. KGHDF was able to perform slightly better than the market, which is not so common for a defensive strategy that would normally lag in a market rally. KGHDF benefitted from its investments in emerging markets that did well this month compared to the other regions. In addition, sector allocation was also positive.

Stock selection was slightly negative, in particular selection within communication services detracted from the performance. Our telecom names (Bezeq, Orange, Telenor, SK Telecom and Vodafone) had a difficult month. Selection within healthcare and materials was positive. Within materials, Fortescue Metals rallied after the iron ore price moved up sharply in January.

Portfolio developments per 2019-01-31

In December we implemented the quarterly rebalance, therefore trading was limited this month.

Although the increased volatility helps our ability to pick stocks, we believe overall global stock market valuations are elevated. A company may appear attractive based on its price to earnings ratio or other headline multiples, but if margins and/or revenues are high, this only gives you limited information about the future returns of an investment. In our investment process we spend a large portion of our time understanding where profitability should be on an over the cycle basis, as this is what determines the cash flows we will receive as a long term shareholder.

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. In addition, ESG (Environmental, Social and Governance) is fully incorporated in our investment process.

KGHDF now has a forward yield of around 5.2%.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global 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 2019-01-31 (rebased)

No chart data available

Performance per 2019-01-31

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  Fund Benchmark
1 month 7.4 % 7.4 %
3 months 1.8 % -0.5 %
This year 7.4 % 7.4 %
2016 16.5 % 10.7 %
2017 9.7 % 7.5 %
2018 -5.0 % -4.1 %
1 year (on annual basis) 2.1 % 1.5 %
3 years (on annual basis) i 10.8 % 9.1 %
5 years (on annual basis) i 10.2 % 10.4 %
Since inception (on annual basis) i 6.7 % 6.5 %
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. For the calculation of the performance figures a deviant net asset value (NAV) is used. The NAV is calculated based on the closing prices of the Fund investments per 29 March 2018, in contrast of the original NAV issued, that partly is calculated based on the closing prices of 2 April 2018 (North America) and calculated based on ‘snapshots’ prices of 3 April 2018 (Asian and Pacific investments). The deviating NAV is used for better comparison with the benchmark that is also calculated based on the closing prices of the investments. The dividend distribution of KGHDF (ex-date 01 August 2018) is included in the NAV per 31 July 2018 and is therefore included in the performance figures of July.

Dividends

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Distributing
Yes
Last dividend
EUR 0.38
Ex-date last dividend
2018-11-05
Number of distributions per year
4
Dividend calendar
The dividend distribution of KGHDF (ex-date 01 August 2018) is included in the NAV per 31 July 2018 and is therefore included in the performance figures of July.

Risk analysis (ex post) per 2019-01-31

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  3 years Since inception
Maximum drawdown i -7.62 % -42.78 %
Tracking error i 4.33 % 4.04 %
Information ratio i 0.40 0.04
Beta i 0.82 0.88
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global 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 (2019-01-31)

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  Contribution i Performance i
Fortescue Metals Group 0.45 % 39.14 %
EasyJet 0.21 % 17.70 %
Sun Hung Kai Properties 0.20 % 16.86 %
Samsung Electronics 0.19 % 18.00 %
Rio Tinto 0.19 % 15.52 %

Bottom 5 contribution (2019-01-31)

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  Contribution i Performance i
Bezeq -0.10 % -18.23 %
Vodafone Group -0.07 % -6.74 %
SK Telecom (US) -0.06 % -5.62 %
Orange -0.05 % -4.13 %
Citizens -0.04 % -2.91 %

Geographic allocation (2019-01-31)

18.3 %
United States
14.9 %
United Kingdom
6.5 %
Netherlands
5.2 %
Hong Kong
4.5 %
Germany
4.5 %
France
4.4 %
Japan
3.9 %
Australia
3.6 %
Korea Republic Of
3.2 %
Taiwan
3.1 %
Russia
3.0 %
Canada
2.4 %
Switzerland
2.3 %
Portugal
2.2 %
Sweden
2.2 %
Bermuda
2.2 %
Norway
1.0 %
Cash
12.6 %
Overig
Totaal
100 %

Top 10 holdings (2019-01-31)

1.6 %
Fortescue Metals Group
1.5 %
Gilead Sciences
1.4 %
JP Morgan Liquidity Funds US Dollar
1.4 %
LyondellBasell Industries
1.4 %
Rio Tinto
1.3 %
Exxon Mobil
1.3 %
Sun Hung Kai Properties
1.3 %
EasyJet
1.3 %
Nokia
1.3 %
Telefonica Brasil (US)
Totaal
13.8 %

Sector allocation (2019-01-31)

27.6 %
Financials
11.7 %
Oil & gas
11.4 %
Telecommunications
9.4 %
Basic Materials
9.3 %
Consumer services
8.2 %
Consumer goods
8.1 %
Utilities
5.8 %
Technology
5.6 %
Health Care
1.8 %
Industrials
1.0 %
Other
Totaal
100 %
The cash position is included in ‘Other’.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global 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
0.63 %
Service fee i
0.10 %
Expected ongoing charges i
0.73 %
Ongoing charges last financial year i
0.73 %
The Ongoing Charges Figure of the last financial year relates to 2017/2018.

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
0.20 %
Downward swing factor i
0.15 %
As of 14 January 2019 the swingfactor has been adjusted from 0.25%/0.15% to 0.20%/0.15%.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global 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
N
Investor type
Institutional & Private
Distributing
Yes
Benchmark i
MSCI World Net Total Return Index (calculated in Euro)
Investment category
High Dividend Equity
Universum
Global equities
Inception date
2007-10-24
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
Gold

Tradability

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Listed
yes, listed on the NAV Trading Facility of Euronext
Subscription/Redemption Frequency
Daily
ISIN i
NL0006089229
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global 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 Global 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 full voting records are available here.

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 Global 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.