- Kempen
- Kempen Global High Dividend Fund NV Class X
Kempen Global High Dividend Fund N.V. - Class X
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. Share class X will only be available for distributors who submit orders on behalf of their clients, and who have been selected by the management company.
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. Share class X 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 2018-07-31 (rebased)
Performance per 2018-07-31
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| Fund | Benchmark | |
|---|---|---|
| 1 month | 1.9 % | 2.9 % |
| 3 months | 2.3 % | 7.1 % |
| This year | 2.5 % | 6.3 % |
| 2015 | 7.4 % | 10.4 % |
| 2016 | 16.7 % | 10.7 % |
| 2017 | 9.9 % | 7.5 % |
| 1 year (on annual basis) | 10.4 % | 12.7 % |
| 3 years (on annual basis) i | 8.1 % | 6.9 % |
| 5 years (on annual basis) i | 10.5 % | 12.3 % |
| Since inception (on annual basis) i | 7.1 % | 7.2 % |
The results shown of the periods before 10 May 2016, the inception date of Kempen Global High Dividend Fund N.V. class X, are those of Kempen Global 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.
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 1,146.27 M 2018-07-31 |
| Share class size | EUR 329.46 M 2018-07-31 |
| Number of shares | 10,240,757 2018-07-31 |
| Net Asset Value i | EUR 32.14 2018-08-17 |
| Transaction price i | EUR 32.09 2018-08-17 |
| Morningstar rating â„¢ | |
| Morningstar Analyst rating | Gold |
Fund characteristics per 2018-07-31
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| Fund | Benchmark | |
|---|---|---|
| Number of holdings | 96 | 1643 |
| Dividend yield i | 4.82 % | 2.29 % |
| Weighted average market capitalization i | EUR 44,731 M | EUR 132,931 M |
| P/E ratio i | 11.18 | 17.72 |
| Active share i | 92.82 % |
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.
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.
More information?
Market developments per 2018-07-31
In July, global markets continued to rise. Despite worries about the trade wars, companies in general reported strong quarterly results helping to lift the overall stock market. KGHDF lagged the market for the month, and is trailing the index on a year to date basis.
Our underperformance for the month was largely due to weak stock selection and to a lesser extent to sector allocation. Our performance was mostly due to weak stock selection in consumer discretionary. Our weakest performer for the month was L Brands which reported results for the second quarter. L Brands is a US retailer that owns numerous formats including Victoria’s Secret and Bath & Body works. Same store sales for Victoria’s Secret disappointed. Bath & Body works continues to report strong growth, which we believe is under appreciated by the market. Two Ad agencies, Omnicom and Publicis, also detracted from the performance. Omnicom reported weaker than expected sales growth and Publicis reported a slight decline in revenues. Although margins are either stable or expanding, the low growth increases fears of disruption. While the media-landscape is changing significantly we believe marketing agencies will remain needed for creative work and managing a complex set of media channels. Our top performer for the month was Triton international, a large container leasing company. Triton has benefitted from the recovery in the container market. MedioBanca, an Italian bank, also performed well. Strong results and reduced worries surrounding Italy helped to re-rate the shares.
Our underperformance for the month was largely due to weak stock selection and to a lesser extent to sector allocation. Our performance was mostly due to weak stock selection in consumer discretionary. Our weakest performer for the month was L Brands which reported results for the second quarter. L Brands is a US retailer that owns numerous formats including Victoria’s Secret and Bath & Body works. Same store sales for Victoria’s Secret disappointed. Bath & Body works continues to report strong growth, which we believe is under appreciated by the market. Two Ad agencies, Omnicom and Publicis, also detracted from the performance. Omnicom reported weaker than expected sales growth and Publicis reported a slight decline in revenues. Although margins are either stable or expanding, the low growth increases fears of disruption. While the media-landscape is changing significantly we believe marketing agencies will remain needed for creative work and managing a complex set of media channels. Our top performer for the month was Triton international, a large container leasing company. Triton has benefitted from the recovery in the container market. MedioBanca, an Italian bank, also performed well. Strong results and reduced worries surrounding Italy helped to re-rate the shares.
Portfolio developments per 2018-07-31
Strategies that are value oriented have had difficulty keeping up with the market so far this year. Relative to the market, value stocks have gotten more attractive this year. Our portfolio trades at only 12x earnings, based on the last twelve-month earnings. This compares to the MSCI World Index trading at an earnings multiple of almost 19x. We don’t know when this will reverse, but we do know what we are buying. In the long run stock returns should reflect the earnings stream of a business. We believe our current portfolio is currently priced to deliver strong long-term returns. On a portfolio level we expect earnings growth, but even if this does not materialize, long-term returns should be satisfactory.
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.
KGHDF now has a forward yield of around 5.1%. We remain optimistic on the dividend growth prospects for 2018.
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.
KGHDF now has a forward yield of around 5.1%. We remain optimistic on the dividend growth prospects for 2018.
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.
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.
More information?
Performance per 2018-07-31 (rebased)
Performance per 2018-07-31
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| Fund | Benchmark | |
|---|---|---|
| 1 month | 1.9 % | 2.9 % |
| 3 months | 2.3 % | 7.1 % |
| This year | 2.5 % | 6.3 % |
| 2015 | 7.4 % | 10.4 % |
| 2016 | 16.7 % | 10.7 % |
| 2017 | 9.9 % | 7.5 % |
| 1 year (on annual basis) | 10.4 % | 12.7 % |
| 3 years (on annual basis) i | 8.1 % | 6.9 % |
| 5 years (on annual basis) i | 10.5 % | 12.3 % |
| Since inception (on annual basis) i | 7.1 % | 7.2 % |
The results shown of the periods before 10 May 2016, the inception date of Kempen Global High Dividend Fund N.V. class X, are those of Kempen Global 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.
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 | 2018-05-21 |
| 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 2018-07-31
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| 3 years | Since inception | |
|---|---|---|
| Maximum drawdown i | -9.77 % | -42.78 % |
| Tracking error i | 3.88 % | 3.93 % |
| Information ratio i | 0.31 | -0.02 |
| Beta i | 0.88 | 0.89 |
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.
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.
More information?
Top 5 contribution (2018-07-31)
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| Contribution i | Performance i | |
|---|---|---|
| Triton | 0.15 % | 14.56 % |
| Taiwan Semiconductor Manufacturing (US) | 0.14 % | 12.48 % |
| Mediobanca | 0.13 % | 11.58 % |
| Roche Holding | 0.13 % | 10.28 % |
| MTN Group | 0.12 % | 10.83 % |
Bottom 5 contribution (2018-07-31)
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| Contribution i | Performance i | |
|---|---|---|
| L Brands | -0.17 % | -14.31 % |
| Omnicom Group | -0.12 % | -9.95 % |
| Publicis Group | -0.08 % | -7.25 % |
| Telefonica Brasil (US) | -0.07 % | -6.67 % |
| Centrica | -0.07 % | -6.44 % |
Geographic allocation (2018-07-31)
20.7 %
United States
13.2 %
United Kingdom
7.4 %
Netherlands
5.5 %
Japan
5.2 %
Hong Kong
4.1 %
Canada
3.6 %
Germany
3.4 %
Australia
3.3 %
France
3.2 %
Russia
3.2 %
Taiwan
2.6 %
Korea Republic Of
2.5 %
Switzerland
2.4 %
Portugal
2.4 %
Italy
2.4 %
Sweden
2.3 %
Bermuda
2.2 %
Norway
1.2 %
Cash
9.1 %
Overig
Totaal
100 %
Top 10 holdings (2018-07-31)
1.6 %
Verizon Communications
1.5 %
SK Telecom (US)
1.4 %
LyondellBasell Industries
1.3 %
JP Morgan Liquidity Funds US Dollar
1.3 %
Gilead Sciences
1.3 %
Roche Holding
1.3 %
Mediobanca
1.3 %
Lukoil (US)
1.3 %
Galp Energia
1.2 %
Pepsico
Totaal
13.5 %
Sector allocation (2018-07-31)
31.8 %
Financials
13.3 %
Telecommunications
10.2 %
Oil & gas
8.3 %
Utilities
7.1 %
Consumer services
7.0 %
Consumer goods
6.4 %
Basic Materials
6.0 %
Health Care
5.4 %
Technology
3.5 %
Industrials
1.2 %
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.
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.
More information?
Ongoing charges
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| Management fee i | 0.40 % |
| Service fee i | 0.10 % |
| Expected ongoing charges i | 0.50 % |
| Ongoing charges last financial year i | 0.50 % |
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%
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%
Performance fee
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| Potential performance fee | 0 % - 0.20 % |
| Current performance fee | 0.117% per July 2018 |
The level of the performance fee is determined on a montly basis, based on the performance relative to the benchmark and does not exceed 0,20%.
Other costs
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| Upward swing factor i | 0.25 % |
| Downward swing factor i | 0.15 % |
As of 1 January 2018 the swingfactor has been adjusted from 0.30%/0.15% to 0.25%/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.
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.
More information?
Share class details
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| Share class | X |
| 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 | 2016-05-10 |
| 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 | no |
| Subscription/Redemption Frequency | Daily |
| ISIN i | NL0011755848 |
| Details | Orders must be submitted via Vestima. |
Class X of Kempen Global High Dividend Fund N.V. will only be available for orders submitted via the Vestima platform. Share class X 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 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.
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.
More information?
Read more information about Kempen Capital Management N.V. on this site and find also more information on BNP Paribas Securities Services S.C.A.
Factsheets
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Prospectus
Voting records
Formal documents 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.
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.
More information?
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.
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.
More information?
