Kempen Global High Dividend Fund - Class X

Profile

Kempen Global High Dividend Fund (KGHDF) offers a diversified portfolio of listed companies worldwide with an above-average dividend yield at the time the company is purchased for the first time. The portfolio contains around 70 investments, which are approximately equally weighted. The environmental, social and governance (ESG) criteria are incorporated in the investment process.

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

Joris Franssen, Luc Plouvier, Marius Bakker, Robert van den Barselaar, Reineke Davidsz, Roderick van Zuylen

Performance per 2022-10-31 (rebased)

No chart data available

Performance per 2022-10-31

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  Fund Benchmark
1 month 8.0 % 6.2 %
3 months -1.3 % -3.9 %
This year -1.0 % -8.0 %
2019 20.4 % 30.0 %
2020 -9.8 % 6.3 %
2021 29.9 % 31.1 %
1 year (on annual basis) 2.6 % -4.5 %
3 years (on annual basis) i 6.7 % 10.5 %
5 years (on annual basis) i 6.2 % 9.9 %
Since inception (on annual basis) i 6.9 % 8.0 %
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. 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 766.39 M 2022-10-31
Share class size
EUR 173.37 M 2022-10-31
Number of shares
5,002,221 2022-10-31
Net Asset Value i
EUR 35.58 2022-12-07
Transaction price i
EUR 35.53 2022-12-07

Fund characteristics per 2022-10-31

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  Fund Benchmark
Number of holdings 72 1510
Dividend yield i 4.52 % 2.15 %
Weighted average market capitalization i EUR 60,886 M EUR 345,614 M
P/E ratio i 8.88
Active share i 94.20 %
Kempen Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen Umbrella Fund I NV (the “Fund”). Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Developments per 2022-10-31

October was a strong month for equities. Investor sentiment was driven by the hope that central banks would start slowing down the pace of interest rate increases. This hope was based on encouraging inflation data in the United States. Commodity prices had come off over the last few months. In the second half of October, earnings reporting season started. In this period, companies publish their financial statements, and management teams give an outlook on what their expectations are in the upcoming months. So far, earnings have not disappointed investors and the business outlook was frequently somewhat better than expected. In this bullish environment, KGDHF outperformed the broader market. KGHDF performed in line with the style index (Morningstar Developed Markets Dividend Yield > 3% Index).

The sector that contributed most to the absolute performance of KGHDF was the financial services sector. Driven by higher interest rates and strong financial markets, the shares of asset managers (e.g. Blackrock) and insurers (e.g. Prudential Financial) were up substantially. The sector that detracted modestly from the absolute performance was the real estate sector (AvalonBay Communities). The best performing sector from a relative perspective was the consumer discretionary sector. This was the result of strong stock selection (e.g. Autoliv and Taylor Wimpey). From a relative perspective, the materials sector was the worst performing sector (Rio Tinto was down modestly).

One of the best contributors was Sysco (+22% in October). The US based company is the world’s largest foodservice distributor and caters food and related non-food items to for example restaurants, schools and hospitals. The company is recovering from the Covid-crisis as a better company. It has been outgrowing the competition and we believe that they will continue to do so. It is on track to achieve its 2024 operating profit objectives. Sysco has been able to grow its earnings and dividends steadily over time. The current dividend yield of Sysco is around 2.4%.

One of the detractors from performance was AvalonBay Communities, declining 6%. AvalonBay Communities is an apartment REIT based in the US. The company has a portfolio of around 87,000 apartment units. With rising interest rates, investors worry about a potential downturn in the US housing market. However, we are less worried about these developments. Data shows that wages are going up and that rents are up strongly as well. AvalonBay has a dividend yield of approximately 3.7%. We believe that this yield is well-protected by AvalonBay’s ability to adjust rents to inflationary developments. We also think the company’s development pipeline will add value thanks to relatively high rental yields on newly developed apartments.

Portfolio activity over October was limited. We did not initiate new positions, nor fully exited existing positions.

We currently expect a dividend yield of around 5.0% for KGHDF. This number is based on the consensus estimate of dividends paid out over the next 12 months. KGHDF still trades at a strong discount versus the market (the average valuation of all the holdings in KGHDF versus the broader equity market). Historically, this has led to a strong relative performance in the medium term.
Also, the absolute valuation of the strategy is compelling. We continue to focus on attractively valued companies, that have good capital discipline and generate positive cash flow through the cycle. In summary, the current environment offers the opportunity to buy a well-diversified portfolio with solid earnings power at an attractive valuation. In addition, ESG (Environmental, Social and Governance) is fully incorporated in our investment process.

Kempen Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen Umbrella Fund I NV (the “Fund”). Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Performance per 2022-10-31 (rebased)

No chart data available

Performance per 2022-10-31

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  Fund Benchmark
1 month 8.0 % 6.2 %
3 months -1.3 % -3.9 %
This year -1.0 % -8.0 %
2019 20.4 % 30.0 %
2020 -9.8 % 6.3 %
2021 29.9 % 31.1 %
1 year (on annual basis) 2.6 % -4.5 %
3 years (on annual basis) i 6.7 % 10.5 %
5 years (on annual basis) i 6.2 % 9.9 %
Since inception (on annual basis) i 6.9 % 8.0 %
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. 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 0.37
Ex-date last dividend
2022-08-05
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 2022-10-31

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  3 years Since inception
Maximum drawdown i -29.45 % -33.53 %
Tracking error i 9.69 % 5.73 %
Information ratio i -0.39 -0.19
Beta i 0.98 0.92
Kempen Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen Umbrella Fund I NV (the “Fund”). Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Maturity profile (2022-10-31)

0.8 %
Cash
99.2 %
Other
Total
100 %

Geographic allocation (2022-10-31)

29.3 %
United States
17.0 %
United Kingdom
8.0 %
Germany
6.8 %
France
6.4 %
Netherlands
5.4 %
Japan
3.6 %
Spain
3.5 %
Canada
3.0 %
Singapore
17.0 %
Other
Total
100 %

Top 10 holdings (2022-10-31)

2.3 %
Shell
2.2 %
Technip Energies
2.1 %
Sysco
2.1 %
BlackRock
2.1 %
Taylor Wimpey
2.1 %
Repsol
2.1 %
Kinder Morgan
2.0 %
Fresenius
1.9 %
Singapore Telecommunications
1.9 %
Ferguson
Total
20.8 %

Rating allocation (2022-10-31)

98.5 %
Not Rated
0.8 %
Cash
0.7 %
Other
Total
100 %

Sector allocation (2022-10-31)

20.4 %
Financials
13.0 %
Energy
11.0 %
Telecommunications
9.7 %
Health Care
8.8 %
Industrials
8.1 %
Consumer Staples
8.1 %
Consumer Discretionary
6.4 %
Technology
6.4 %
Utilities
5.2 %
Basic Materials
2.3 %
Real estate
0.8 %
Other
Total
100 %
The cash position is included in ‘Other’.
Kempen Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen Umbrella Fund I NV (the “Fund”). Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Environmental and/or social characteristics promoted

The Kempen Global High Dividend Fund (the “Fund”) falls under the scope of article 8 of the SFDR which means that the fund promotes environmental and/or social characteristics. This fund will invest in a broad range of companies, of which some will have sustainability objectives.

We commit to the goals of the Paris Agreement. This encompasses short-term objectives (2025), a mid-term ambition (2030) and a long-term commitment to be a net zero investor by 2050. By 2025, we aim to be aligned with a path to achieving the Paris Agreement and Dutch Klimaatakkoord. We follow the market reduction, which assumes a pathway in line with the EU Benchmarks.

Fund carbon emission targets

ESG Investment process

The promotion of environmental and/or social characteristics is achieved through the consistent implementation of the funds ESG policy. The ESG policy is fully implemented in our strategy’s investment process across the three relevant pillars of: Exclusion, ESG integration and Active ownership.

In the investment process we assess the ESG profile of a company. We look at each company on a case-by-case basis, taking into account material risks in a given industry in combination with the company’s respective risk exposure, practices and disclosure. This includes an assessment of good governance practices. The investee companies are rated for governance aspects using external research as well as making internal assessments. Furthermore, we look into the company’s exposure to past controversies and future ESG opportunities. Based on the fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile.

Exclusion

The Fund applies exclusion criteria. These take into account international standards, such as UN Global Compact Framework, the OECD Guidelines for Multinational Enterprises, UN Guiding Principles for Business and Human Rights, and our Principles for Responsible Investment commitments. The Fund applies additional exclusion criteria based on product involvement and business conduct.

Key figures

  Kempen criteria Additional criteria
Business conduct
Human Rights
Labour
Environment
Anti Corruption
Product involvement
Controversial Weapons
Tobacco
Thermal Coal
Tar Sands
Adult Entertainment
Alcohol
Animal Welfare & GMO
Gambling
Power Generation Nuclear
Power Generation Carbon Intensive
(Un)conventional Oil & Gas Extraction
Weaponry
Kempen Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen Umbrella Fund I NV (the “Fund”). Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
0.400 %
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 2020/2021.


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
0.0 % per October 2022
Performance fee last financial year
0.00 %
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%.

Please note that a performance fee is charged in case when the fund has positive return, which is more than the benchmark, but also when the fund has a negative return, which is less negative than the benchmark.
Kempen Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen Umbrella Fund I NV (the “Fund”). Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. 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
Universe
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 S.A., Netherlands Branch
Management company
Kempen Capital Management N.V.
Depositary and custodian
BNP Paribas S.A., Netherlands Branch

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 Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen Umbrella Fund I NV (the “Fund”). Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
Kempen Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen Umbrella Fund I NV (the “Fund”). Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.