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 2018-04-30 (rebased)

No chart data available

Performance per 2018-04-30

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  Fund Benchmark
1 month 5.2 % 3.0 %
3 months 0.2 % -2.2 %
This year 0.1 % -0.8 %
2015 7.4 % 10.4 %
2016 16.6 % 10.7 %
2017 9.8 % 7.5 %
3 years (on annual basis) i 6.5 % 4.9 %
5 years (on annual basis) i 9.4 % 11.2 %
Since inception (on annual basis) i 7.0 % 6.6 %
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.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 1,255.21 M 2018-04-30
Number of shares
16,667,694 2018-04-30
Net Asset Value i
EUR 32.99 2018-05-18
Transaction price i
EUR 32.94 2018-05-18
Morningstar rating â„¢
Morningstar Analyst rating
Gold

Fund characteristics per 2018-04-30

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  Fund Benchmark
Number of holdings 97 1648
Dividend yield i 4.70 % 2.34 %
Weighted average market capitalization i EUR 42,013 M EUR 113,876 M
P/E ratio i 11.74 17.68
Active share i 92.81 %
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 2018-04-30

In April, global markets recovered significantly. Global markets rallied while KGHDF outperformed the market. Sector allocation was the main contributor, but we also benefited from strong stock selection. The strong month resulted in our relative performance being ahead of the benchmark for the year. Our quarterly rebalance also supported our returns as stocks that had previously lagged performed well.

The energy sector was by far the strongest performer for the month. Years of weak oil prices have reduced the amount of capital flowing into the sector. This is now resulting in less supply entering the market, while demand for oil is still growing. The expected growth in electric vehicles is also making oil companies more hesitant to invest. In commodities, supply is often a better predictor of prices than demand. With lower oil inventories, the price of oil may remain strong. Another sector which we benefited from on a relative basis was our underweight to the consumer staples sector. Consumer staples underperformed as organic growth disappointed, especially in developed markets. We have limited exposure to this sector as we believe valuations are too high given the business fundamentals.

Portfolio developments per 2018-04-30

Stock specifically, our top three contributors were Valero Energy, H&M and Hyundai Motors. Valero Energy is a US oil refiner. Valero is benefiting from a reduction in oil end-product inventories. This will likely lead to better margins throughout the year. H&M, one of our weakest performers year-to-date, rebounded on insider buying by its controlling shareholder. Hyundai Motors performed strongly as an activist shareholder proposed a plan to increase shareholder value for the group. Our weakest performer for the month was TSMC, a semiconductor manufacturer. Weakness in smartphone demand and a soft outlook resulted in a decline in the share price.

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

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 5.0%. 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 2018-04-30 (rebased)

No chart data available

Performance per 2018-04-30

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  Fund Benchmark
1 month 5.2 % 3.0 %
3 months 0.2 % -2.2 %
This year 0.1 % -0.8 %
2015 7.4 % 10.4 %
2016 16.6 % 10.7 %
2017 9.8 % 7.5 %
3 years (on annual basis) i 6.5 % 4.9 %
5 years (on annual basis) i 9.4 % 11.2 %
Since inception (on annual basis) i 7.0 % 6.6 %
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.

Dividends

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Distributing
Yes
Last dividend
EUR 0.36
Ex-date last dividend
2018-02-05
Number of distributions per year
4
Dividend calendar

Risk analysis (ex post) per 2018-04-30

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  3 years Since inception
Maximum drawdown i -11.46 % -42.78 %
Tracking error i 3.56 % 3.84 %
Information ratio i 0.47 0.10
Beta i 0.91 0.90
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 (2018-04-30)

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  Contribution i Performance i
Valero Energy 0.24 % 21.63 %
Hennes & Mauritz -B- 0.19 % 16.77 %
CNOOC 0.17 % 16.03 %
Hyundai Motor 0.17 % 25.53 %
Royal Dutch Shell 0.14 % 12.44 %

Bottom 5 contribution (2018-04-30)

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  Contribution i Performance i
Taiwan Semiconductor Manufacturing (US) -0.12 % -10.56 %
L Brands -0.08 % -7.00 %
New York Community Bancorp -0.05 % -7.19 %
Telefonica Brasil (US) -0.04 % -3.75 %
Novatek Microelectronics -0.04 % -5.37 %

Geographic allocation (2018-04-30)

19.4 %
United States
15.6 %
United Kingdom
7.3 %
Netherlands
6.9 %
Japan
5.4 %
Hong Kong
4.2 %
Canada
3.7 %
France
3.5 %
Germany
3.4 %
Australia
3.1 %
Russia
2.9 %
Taiwan
2.8 %
Korea Republic Of
2.4 %
Sweden
2.3 %
Italy
2.3 %
Norway
2.3 %
Portugal
2.2 %
Switzerland
0.4 %
Cash
9.9 %
Overig
Totaal
100 %

Top 10 holdings (2018-04-30)

1.7 %
JP Morgan Liquidity Funds US Dollar
1.5 %
Verizon Communications
1.5 %
LyondellBasell Industries
1.5 %
SK Telecom (US)
1.3 %
Hennes & Mauritz -B-
1.3 %
CNOOC
1.3 %
Valero Energy
1.2 %
Centrica
1.2 %
AXA
1.2 %
Orange
Totaal
13.8 %

Sector allocation (2018-04-30)

31.7 %
Financiële waarden
13.8 %
Telecommunicatie
11.5 %
Olie & gas
8.5 %
Nutsbedrijven
7.3 %
Consumentendiensten
6.7 %
Consumentengoederen
6.7 %
Basismaterialen
5.3 %
Technologie
4.7 %
Gezondheidszorg
3.5 %
Industriële waarden
0.4 %
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
0.50 %
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 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.