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

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 Y 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 2018-08-31 (rebased)

No chart data available

Performance per 2018-08-31

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  Fund Benchmark
1 month -1.1 % 1.8 %
3 months 0.0 % 4.7 %
This year 1.4 % 8.2 %
2015 7.4 % 10.4 %
2016 16.6 % 10.7 %
2017 9.8 % 7.5 %
1 year (on annual basis) 9.3 % 15.5 %
3 years (on annual basis) i 10.3 % 10.5 %
5 years (on annual basis) i 10.6 % 13.0 %
Since inception (on annual basis) i 6.9 % 7.3 %
The results shown of the periods before 20 July 2016, the inception date of Kempen Global High Dividend Fund N.V. class Y, 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 1,131.19 M 2018-08-31
Share class size
EUR 513.07 M 2018-08-31
Number of shares
16,148,426 2018-08-31
Net Asset Value i
EUR 32.07 2018-09-21
Transaction price i
EUR 32.02 2018-09-21
Morningstar rating â„¢
Morningstar Analyst rating
Gold

Fund characteristics per 2018-08-31

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  Fund Benchmark
Number of holdings 96 1642
Dividend yield i 4.89 % 2.28 %
Weighted average market capitalization i EUR 45,468 M EUR 146,647 M
P/E ratio i 10.85 17.94
Active share i 92.95 %
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 2018-08-31

August was a strong month for global equity markets as technology companies continued to rally. The returns in the technology sector drove performance in North America, with other regions lagging strongly. Fears about emerging markets, and its potential contagion, resulted in negative returns for European and Asian markets. In this market environment, KGHDF continued to lag its benchmark, which is also the case on a year-to-date basis.

Portfolio developments per 2018-08-31

A period of 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 11.8x 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 P/E of 18.5x and dividend yield of 2.6%. While the benchmark as whole may have slightly higher earnings growth, this cannot compensate for the large divergence in valuations. At a PE of 11.8x, investors in KGHDF are getting a prospective earnings yield of 8.5% (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. For more information on this topic please see our latest dividend letter. This can be found at https://www.kempen.com/en/news-and-knowledge/dividend-letter/dividend-letter-2018-july.

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.

Our performance for the month was driven by weak sector allocation and stock selection. Technology was the best performing sector for the month, which we are naturally underweight given the lack of dividends they pay out. Financials detracted as this sector performed poorly on fears of Turkish contagion.

Our stock selection was weak in August. Our top three bottom contributors for the month were MTN, H&M and L Brands. MTN group is an emerging market telecom provider. MTN was down significantly following news of Nigeria potentially levying fines. Nigeria is MTNs largest market. We do not believe the current demands have any merit, and that the demands are purely political. Long-term difficulties in repatriating capital could negatively affect cash flow. H&M, the Swedish retailer, performed poorly. There was no news for the month, but sentiment remains weak. L brands, a US retailer reported disappointing earnings. L brands has two large concepts, Victoria’s Secret and Bath and Body Works. Bath and Body works continues to grow but the market is worried about low sales growth at its fashion concept Victoria’s secret. The shares now trade at a very attractive multiple we believe the core retails concepts are sustainable. Our top contributors for month were Cisco Systems and John Wood Group which both reported better than expected results.
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 2018-08-31 (rebased)

No chart data available

Performance per 2018-08-31

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  Fund Benchmark
1 month -1.1 % 1.8 %
3 months 0.0 % 4.7 %
This year 1.4 % 8.2 %
2015 7.4 % 10.4 %
2016 16.6 % 10.7 %
2017 9.8 % 7.5 %
1 year (on annual basis) 9.3 % 15.5 %
3 years (on annual basis) i 10.3 % 10.5 %
5 years (on annual basis) i 10.6 % 13.0 %
Since inception (on annual basis) i 6.9 % 7.3 %
The results shown of the periods before 20 July 2016, the inception date of Kempen Global High Dividend Fund N.V. class Y, 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 0.38
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 2018-08-31

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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 -0.06 -0.09
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 (2018-08-31)

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  Contribution i Performance i
Cisco 0.15 % 13.59 %
Wood Group 0.14 % 11.49 %
Triton 0.11 % 9.42 %
Verizon Communications 0.09 % 5.88 %
China Mobile 0.09 % 7.40 %

Bottom 5 contribution (2018-08-31)

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  Contribution i Performance i
MTN Group -0.36 % -28.96 %
Hennes & Mauritz -B- -0.15 % -12.89 %
L Brands -0.14 % -14.30 %
Vodafone Group -0.14 % -12.33 %
Fortescue Metals Group -0.13 % -11.33 %

Geographic allocation (2018-08-31)

21.4 %
United States
13.1 %
United Kingdom
7.4 %
Netherlands
5.6 %
Japan
5.4 %
Hong Kong
4.1 %
Canada
3.5 %
Germany
3.4 %
France
3.3 %
Taiwan
3.2 %
Russia
3.2 %
Australia
2.7 %
Korea Republic Of
2.5 %
Switzerland
2.4 %
Portugal
2.3 %
Bermuda
2.3 %
Sweden
2.2 %
Italy
2.2 %
Norway
0.7 %
Cash
9.0 %
Overig
Totaal
100 %

Top 10 holdings (2018-08-31)

1.7 %
Verizon Communications
1.6 %
SK Telecom (US)
1.5 %
LyondellBasell Industries
1.4 %
JP Morgan Liquidity Funds US Dollar
1.3 %
Taiwan Semiconductor Manufacturing (US)
1.3 %
Roche Holding
1.3 %
Simon Property Group
1.3 %
Nordea Bank AB
1.3 %
Gilead Sciences
1.3 %
Galp Energia
Totaal
14.0 %

Sector allocation (2018-08-31)

32.1 %
Financials
13.0 %
Telecommunications
10.3 %
Oil & gas
8.2 %
Utilities
7.1 %
Consumer goods
6.9 %
Consumer services
6.3 %
Health Care
6.2 %
Basic Materials
5.7 %
Technology
3.4 %
Industrials
0.7 %
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
0.50 %
Service fee i
0.10 %
Expected ongoing charges i
0.60%
Ongoing charges last financial year i
0.60 %
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%

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
Y
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
2016-07-20
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
NL0011755855
Details
Orders must be submitted via Fundsettle.
Class Y of Kempen Global High Dividend Fund N.V. will only be available for orders submitted via the Fundsettle platform. Share class Y 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.