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 2018-05-31 (rebased)

No chart data available

Performance per 2018-05-31

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  Fund Benchmark
1 month 1.3 % 4.2 %
3 months 4.0 % 4.0 %
This year 1.4 % 3.4 %
2015 7.4 % 10.4 %
2016 16.7 % 10.7 %
2017 9.9 % 7.5 %
1 year (on annual basis) 8.9 % 7.5 %
3 years (on annual basis) i 6.7 % 5.4 %
5 years (on annual basis) i 10.0 % 11.7 %
Since inception (on annual basis) i 7.1 % 7.0 %
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.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 1,244.06 M 2018-05-31
Share class size
EUR 336.83 M 2018-05-31
Number of shares
10,457,557 2018-05-31
Net Asset Value i
EUR 32.04 2018-06-22
Transaction price i
EUR 31.99 2018-06-22
Morningstar rating â„¢
Morningstar Analyst rating
Gold

Fund characteristics per 2018-05-31

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  Fund Benchmark
Number of holdings 97 1644
Dividend yield i 4.86 % 2.34 %
Weighted average market capitalization i EUR 42,300 M EUR 125,850 M
P/E ratio i 11.22 17.78
Active share i 93.04 %
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 2018-05-31

In May, global markets rallied. Technology was by far the strongest performing sector for the month. While the global index was up significantly in Euro terms, European stocks lagged as worries about the new Italian government pressured both the currency as well individual companies. KGHDF significantly lagged the market for the month, and is trailing the index on a year to date basis.

Our underperformance for the month was due to both allocation and selection effects. In terms of allocation, we are underweight the technology sector. Technology stocks pay out limited dividends and offer limited margins of safety at current valuations. A defensive sector which underperformed for the month was the telecom sector. We are overweight this sector, as we believe valuations are attractive and increasing data usage should help topline revenue. In terms of stock selection Hyundai, BMW and Nissan were among our weakest performers as fears of an escalating trade war with the United States caused these shares to drop. Two of our retail companies, Dixons Carphone and H&M were also among the weakest performers. H&Ms share price dropped following strong share price performance in April. Dixons Carphone issued a weaker than expected earnings forecast. Our top contributor for the month was Triton International as it rebounded following better than expected results

After a period of muted markets, we welcome increased volatility as this improves our ability to pick individual stocks. We believe European and Emerging market stocks offer strong expected returns. With the renewed rally in the United States, the same cannot be said of American stocks. Despite the tail wind of tax reform, it remains difficult to find attractively valued ideas.

Portfolio developments per 2018-05-31

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.

KGHDF now has a forward yield of around 5.2%. 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 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 2018-05-31 (rebased)

No chart data available

Performance per 2018-05-31

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  Fund Benchmark
1 month 1.3 % 4.2 %
3 months 4.0 % 4.0 %
This year 1.4 % 3.4 %
2015 7.4 % 10.4 %
2016 16.7 % 10.7 %
2017 9.9 % 7.5 %
1 year (on annual basis) 8.9 % 7.5 %
3 years (on annual basis) i 6.7 % 5.4 %
5 years (on annual basis) i 10.0 % 11.7 %
Since inception (on annual basis) i 7.1 % 7.0 %
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.

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

Risk analysis (ex post) per 2018-05-31

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  3 years Since inception
Maximum drawdown i -11.46 % -42.78 %
Tracking error i 3.85 % 3.94 %
Information ratio i 0.34 0.03
Beta i 0.89 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 (2018-05-31)

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  Contribution i Performance i
Triton 0.22 % 17.97 %
Wood Group 0.21 % 17.97 %
PBF Energy Class A 0.18 % 28.30 %
Equinor 0.16 % 13.46 %
Valero Energy 0.16 % 13.86 %

Bottom 5 contribution (2018-05-31)

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  Contribution i Performance i
Mediobanca -0.22 % -19.84 %
BT Group -0.21 % -17.86 %
Hyundai Motor -0.12 % -15.73 %
ING Groep -0.12 % -10.86 %
Telefonica Brasil (US) -0.12 % -11.67 %

Geographic allocation (2018-05-31)

19.4 %
United States
15.0 %
United Kingdom
7.0 %
Netherlands
6.8 %
Japan
5.3 %
Hong Kong
4.2 %
Canada
3.5 %
Australia
3.4 %
France
3.3 %
Germany
3.2 %
Russia
3.0 %
Taiwan
2.6 %
Korea Republic Of
2.3 %
Norway
2.3 %
Portugal
2.2 %
Switzerland
2.2 %
Sweden
2.8 %
Cash
11.6 %
Overig
Totaal
100 %

Top 10 holdings (2018-05-31)

1.7 %
JP Morgan Liquidity Funds US Dollar
1.6 %
LyondellBasell Industries
1.5 %
SK Telecom (US)
1.5 %
Verizon Communications
1.3 %
Triton
1.3 %
Retail Properties of America
1.3 %
Equinor
1.3 %
Valero Energy
1.2 %
Simon Property Group
1.2 %
Royal Dutch Shell
Totaal
13.8 %

Sector allocation (2018-05-31)

31.0 %
Financiële waarden
12.9 %
Telecommunicatie
11.4 %
Olie & gas
8.2 %
Nutsbedrijven
7.1 %
Consumentendiensten
6.8 %
Basismaterialen
6.4 %
Consumentengoederen
5.3 %
Technologie
4.7 %
Gezondheidszorg
3.4 %
Industriële waarden
2.8 %
Overig
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
0.17% per May 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 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.