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.

Management team

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

Performance per 2018-09-30 (rebased)

No chart data available

Performance per 2018-09-30

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  Fund Benchmark
1 month 1.5 % 0.7 %
3 months 2.4 % 5.5 %
This year 3.0 % 9.0 %
2015 7.4 % 10.4 %
2016 16.7 % 10.7 %
2017 9.9 % 7.5 %
1 year (on annual basis) 7.0 % 13.2 %
3 years (on annual basis) i 11.7 % 12.0 %
5 years (on annual basis) i 10.3 % 12.7 %
Since inception (on annual basis) i 7.0 % 7.3 %
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 1,137.91 M 2018-09-30
Share class size
EUR 324.16 M 2018-09-30
Number of shares
10,029,321 2018-09-30
Net Asset Value i
EUR 31.47 2018-10-19
Transaction price i
EUR 31.42 2018-10-19
Morningstar rating â„¢
Morningstar Analyst rating
Gold

Fund characteristics per 2018-09-30

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  Fund Benchmark
Number of holdings 97 1639
Dividend yield i 4.90 % 2.28 %
Weighted average market capitalization i EUR 44,749 M EUR 146,119 M
P/E ratio i 10.73 18.05
Active share i 93.83 %
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 2018-09-30

September was another positive month for global equity markets, adding to the strong year-to-date performance of global markets. KGHDF outperformed the MSCI World Index, although KGHDF continues to lag its benchmark on a year to date basis.

Our performance for the month was driven by positive stock selection and slightly positive sector allocation. Particularly within consumer discretionary, selection was strong. H&M rose with 37% in Euro terms in September (after a weak performance so far this year) after the like-for like sales were better than expected. Also within the sectors financials and energy, selection added to the performance. Within financials, Axa and MS&AD Insurance performed well. The energy sector benefitted as the oil price rose further and reached 3-year highs in September. In particular our emerging markets names in the energy sector rose sharply, Lukoil and CNOOC. The strongest sector was energy, while real estate was the weakest. Year-to-date the information technology is the strongest performing sector.

Portfolio developments per 2018-09-30

At the end of September our quarterly rebalance was implemented. Fourg positions where completely sold, while five new names were added. Merck and Cisco were sold after the dividend yield fell below our 3% threshold after the strong share price performances. Also Itochu and New York Community Bancorp where sold. Itochu had performed well and the valuation was not attractive anymore, while for NY Community Bancorp we had a more attractive alternative with Huntington Bancshares. In addition, we added: Copa Holdings (airline company in Latin America), BASF (German well diversified chemical company), Samsung Electronic pref shares (Consumer Electronic Conglomerate) and Babcock International (UK firm that provides support services to the public-sector institutions like the Ministry of Defense).

The year-to-date underperformance is unfortunate but valuation spreads are nearing record levels. Although price to earnings multiples are a simplistic means of assessing future performance, on an aggregate level they are predictive of returns. Our portfolio currently trades at a 12 times P/E based on historical profitability, which supports a dividend yield of 5.1% for KGHDF as a whole. We believe this makes it an attractive absolute and relative investment going forward. The same cannot be said of the market as a whole. The MSCI World Index, which is our benchmark, trades a historical PE of over 18 times and a dividend yield of 2.5%. While the benchmark as whole may have slightly higher earnings growth, this cannot compensate for the large divergence in valuations. At a PE of 12 times, investors in KGHDF are getting a prospective earnings yield of over 8% (vs the benchmark of 5.4%). The market is pricing in a high degree of disruption. We believe disruption is real, but that that pace at which it happens is lower than people expect. In a diversified portfolio of close to 100 companies, we are always going to have individual names that disappoint or surprise to the upside. We believe that a value process of bottom up stock picking will lead to more winners than losers, as our long term track record indicates. We continue to purchase our investments based on intrinsic value, while ensuring a margin of safety when we select our stocks.
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 2018-09-30 (rebased)

No chart data available

Performance per 2018-09-30

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  Fund Benchmark
1 month 1.5 % 0.7 %
3 months 2.4 % 5.5 %
This year 3.0 % 9.0 %
2015 7.4 % 10.4 %
2016 16.7 % 10.7 %
2017 9.9 % 7.5 %
1 year (on annual basis) 7.0 % 13.2 %
3 years (on annual basis) i 11.7 % 12.0 %
5 years (on annual basis) i 10.3 % 12.7 %
Since inception (on annual basis) i 7.0 % 7.3 %
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
2018-07-31
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 2018-09-30

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  3 years Since inception
Maximum drawdown i -9.77 % -42.78 %
Tracking error i 4.18 % 4.00 %
Information ratio i -0.08 -0.07
Beta i 0.87 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.

Top 5 contribution (2018-09-30)

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  Contribution i Performance i
Hennes & Mauritz -B- 0.36 % 37.15 %
CNOOC 0.17 % 14.62 %
Mediobanca 0.13 % 7.28 %
Lukoil (US) 0.13 % 11.31 %
L Brands 0.13 % 14.56 %

Bottom 5 contribution (2018-09-30)

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  Contribution i Performance i
WPP -0.14 % -11.61 %
Triton -0.14 % -11.75 %
LyondellBasell Industries -0.12 % -8.16 %
Publicis Group -0.07 % -6.92 %
AGL Energy -0.07 % -6.04 %

Geographic allocation (2018-09-30)

18.3 %
United States
14.1 %
United Kingdom
7.1 %
Netherlands
5.4 %
Hong Kong
4.6 %
Japan
4.5 %
Germany
4.0 %
Canada
3.5 %
Australia
3.5 %
Korea Republic Of
3.4 %
France
3.2 %
Russia
3.1 %
Taiwan
2.3 %
Finland
2.3 %
Norway
2.3 %
Switzerland
2.3 %
Portugal
2.1 %
Bermuda
2.6 %
Cash
11.3 %
Overig
Totaal
100 %

Top 10 holdings (2018-09-30)

1.5 %
Gilead Sciences
1.5 %
LyondellBasell Industries
1.5 %
Exxon Mobil
1.4 %
JP Morgan Liquidity Funds US Dollar
1.3 %
Hennes & Mauritz -B-
1.3 %
CNOOC
1.2 %
Lukoil (US)
1.2 %
Centrica
1.2 %
Telefonica Brasil (US)
1.2 %
SK Telecom (US)
Totaal
13.2 %

Sector allocation (2018-09-30)

29.9 %
Financials
12.2 %
Telecommunications
10.6 %
Oil & gas
8.3 %
Utilities
8.1 %
Consumer services
7.6 %
Basic Materials
7.0 %
Consumer goods
5.5 %
Technology
5.1 %
Health Care
2.9 %
Industrials
2.8 %
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
0.40 %
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%

Performance fee

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Potential performance fee
0 % - 0.20 %
Current performance fee
0 % per September 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.

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.
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.