- Kempen
- Kempen Global High Dividend Fund NV Class Y
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.
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 2019-02-28 (rebased)
Performance per 2019-02-28
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| Fund | Benchmark | |
|---|---|---|
| 1 month | 1.8 % | 3.8 % |
| 3 months | 1.9 % | 2.0 % |
| This year | 9.3 % | 11.5 % |
| 2016 | 16.6 % | 10.7 % |
| 2017 | 9.8 % | 7.5 % |
| 2018 | -4.9 % | -4.1 % |
| 1 year (on annual basis) | 6.6 % | 7.6 % |
| 3 years (on annual basis) i | 11.3 % | 10.9 % |
| 5 years (on annual basis) i | 10.0 % | 10.7 % |
| Since inception (on annual basis) i | 6.8 % | 6.8 % |
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 1,074.79 M 2019-02-28 |
| Share class size | EUR 492.78 M 2019-02-28 |
| Number of shares | 15,496,191 2019-02-28 |
| Net Asset Value i | EUR 31.96 2019-03-25 |
| Transaction price i | EUR 32.03 2019-03-25 |
| Morningstar rating â„¢ | |
| Morningstar Analyst rating | Gold |
Fund characteristics per 2019-02-28
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| Fund | Benchmark | |
|---|---|---|
| Number of holdings | 99 | 1632 |
| Dividend yield i | 4.98 % | 2.46 % |
| Weighted average market capitalization i | EUR 45,086 M | EUR 132,019 M |
| P/E ratio i | 11.34 | |
| Active share i | 93.18 % |
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.
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.
More information?
Market developments per 2019-02-28
February was another good month for global equities. After the January rally, shares continued their upward path. Year-to-date global equities have now gained what one would normally expect in an average year. KGHDF lagged the strong equity market, which is not uncommon for a more defensive value oriented strategy.
The market was still in a positive mood because of the same reasons mentioned in January. In particular the announcement by the Fed (about a slower path of potential interest rate hikes) still helped the market. In addition, the earnings season has been better than expected.
Every sector ended the month in the plus, with consumer discretionary and real estate lagging the strong market. The best performing sectors were information technology and industrials.
As mentioned, KGHDF lagged the strong market, as both sector allocation and stock selection detracted from the performance. In particular selection within communication services, industrials and information technology was negative this month. Within communication services, Publicis (disappointing results) and WPP (sector peer pulled down by Publicis) lagged. Also our emerging market telecom companies Philippine Long Distance and Telefonica Brasil were weak. Within industrials, Triton fell after results that were below expectations. Within information technology, Nokia (mixed guidance for 2019, shares were strong in January) and Samsung (disappointing results) lagged. Selection within financials was strong as ING, Lloyds Banking Group and Mediobanca performed well after good results.
Allocation was negative mainly because of the allocation (underweight) to information technology. It was the strongest sector in February, but not a sector with many attractively valued high dividend names.
The market was still in a positive mood because of the same reasons mentioned in January. In particular the announcement by the Fed (about a slower path of potential interest rate hikes) still helped the market. In addition, the earnings season has been better than expected.
Every sector ended the month in the plus, with consumer discretionary and real estate lagging the strong market. The best performing sectors were information technology and industrials.
As mentioned, KGHDF lagged the strong market, as both sector allocation and stock selection detracted from the performance. In particular selection within communication services, industrials and information technology was negative this month. Within communication services, Publicis (disappointing results) and WPP (sector peer pulled down by Publicis) lagged. Also our emerging market telecom companies Philippine Long Distance and Telefonica Brasil were weak. Within industrials, Triton fell after results that were below expectations. Within information technology, Nokia (mixed guidance for 2019, shares were strong in January) and Samsung (disappointing results) lagged. Selection within financials was strong as ING, Lloyds Banking Group and Mediobanca performed well after good results.
Allocation was negative mainly because of the allocation (underweight) to information technology. It was the strongest sector in February, but not a sector with many attractively valued high dividend names.
Portfolio developments per 2019-02-28
In December we implemented the quarterly rebalance, therefor trading was limited this month. In March we will implement the first rebalance of 2019.
We believe overall global stock market valuations are elevated, although Emerging and European markets still offer some pockets of attractively valued opportunities. The North American market is quite expensive. A company may appear attractive based on its price to earnings ratio or other headline multiple, but if margins and/or revenues are high, this only gives you limited information about the future returns of an investment. In our investment process we spent a large portion of our time understanding where profitability should be on an over the cycle basis, as this is what determines the cash flows we will receive as a long term shareholder.
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. In addition, ESG (Environmental, Social and Governance) is fully incorporated in our investment process.
KGHDF now has a forward yield of around 5.3%.
We believe overall global stock market valuations are elevated, although Emerging and European markets still offer some pockets of attractively valued opportunities. The North American market is quite expensive. A company may appear attractive based on its price to earnings ratio or other headline multiple, but if margins and/or revenues are high, this only gives you limited information about the future returns of an investment. In our investment process we spent a large portion of our time understanding where profitability should be on an over the cycle basis, as this is what determines the cash flows we will receive as a long term shareholder.
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. In addition, ESG (Environmental, Social and Governance) is fully incorporated in our investment process.
KGHDF now has a forward yield of around 5.3%.
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.
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.
More information?
Performance per 2019-02-28 (rebased)
Performance per 2019-02-28
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| Fund | Benchmark | |
|---|---|---|
| 1 month | 1.8 % | 3.8 % |
| 3 months | 1.9 % | 2.0 % |
| This year | 9.3 % | 11.5 % |
| 2016 | 16.6 % | 10.7 % |
| 2017 | 9.8 % | 7.5 % |
| 2018 | -4.9 % | -4.1 % |
| 1 year (on annual basis) | 6.6 % | 7.6 % |
| 3 years (on annual basis) i | 11.3 % | 10.9 % |
| 5 years (on annual basis) i | 10.0 % | 10.7 % |
| Since inception (on annual basis) i | 6.8 % | 6.8 % |
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 0.40 |
| Ex-date last dividend | 2019-02-13 |
| 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 2019-02-28
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| 3 years | Since inception | |
|---|---|---|
| Maximum drawdown i | -7.59 % | -42.78 % |
| Tracking error i | 4.35 % | 4.07 % |
| Information ratio i | 0.09 | 0.00 |
| Beta i | 0.81 | 0.88 |
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.
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.
More information?
Top 5 contribution (2019-02-28)
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| Contribution i | Performance i | |
|---|---|---|
| Fortescue Metals Group | 0.17 % | 10.72 % |
| ING Groep | 0.14 % | 12.80 % |
| Lloyds TSB | 0.14 % | 11.79 % |
| Exxon Mobil | 0.13 % | 9.88 % |
| AXA | 0.11 % | 10.13 % |
Bottom 5 contribution (2019-02-28)
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| Contribution i | Performance i | |
|---|---|---|
| Philippine Long Distance Telecom (US) | -0.14 % | -18.73 % |
| Resona | -0.11 % | -9.83 % |
| Publicis Group | -0.10 % | -8.57 % |
| Gilead Sciences | -0.09 % | -6.41 % |
| Triton | -0.09 % | -7.75 % |
Geographic allocation (2019-02-28)
18.7 %
United States
15.1 %
United Kingdom
6.7 %
Netherlands
5.2 %
Hong Kong
4.7 %
Germany
4.6 %
France
4.4 %
Japan
3.9 %
Australia
3.5 %
Korea Republic Of
3.2 %
Taiwan
3.2 %
Russia
3.1 %
Canada
2.5 %
Switzerland
2.3 %
Portugal
2.2 %
Norway
2.2 %
Bermuda
2.2 %
Sweden
1.5 %
Cash
11.0 %
Overig
Totaal
100 %
Top 10 holdings (2019-02-28)
1.5 %
Exxon Mobil
1.5 %
Fortescue Metals Group
1.4 %
Gilead Sciences
1.4 %
LyondellBasell Industries
1.3 %
Rio Tinto
1.3 %
Lloyds TSB
1.3 %
ING Groep
1.3 %
Roche Holding
1.3 %
EasyJet
1.3 %
Power Financial
Totaal
13.4 %
Sector allocation (2019-02-28)
28.4 %
Financials
12.0 %
Oil & gas
11.1 %
Telecommunications
9.3 %
Basic Materials
8.3 %
Consumer goods
8.3 %
Consumer services
8.1 %
Utilities
5.7 %
Health Care
5.6 %
Technology
1.8 %
Industrials
1.5 %
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.
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.
More information?
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 2017/2018.
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%
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 | 0.20 % |
| Downward swing factor i | 0.15 % |
As of 14 January 2019 the swingfactor has been adjusted from 0.25%/0.15% to 0.20%/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.
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.
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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.
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.
More information?
Read more information about Kempen Capital Management N.V. on this site and find also more information on BNP Paribas Securities Services S.C.A.
Factsheets
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Prospectus
Voting records
Formal documents 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.
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.
More information?
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.
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.
More information?
