Kempen Global Property Fund NV - N

Profile

Kempen Global Property Fund N.V. (KGPF) has the objective to achieve strong relative investment results by investing in a concentrated portfolio of listed global property companies.

KGPF is managed on the basis of a bottom-up stock picking approach. KGPF's strategy is to exploit mispricings between the valuation of property companies in relation to the quality of their real estate portfolios, balance sheets, corporate governance and management capability to add value to the property portfolio.

Management team

Matthijs Storm, Egbert Nijmeijer, Lucas Vuurmans, Anna Niegowska, Jorrit Arissen, Dan Petrisor

Performance per 2017-07-31 (rebased)

No chart data available

Performance per 2017-07-31

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  Fund Benchmark
1 month -1.3 % -1.5 %
3 months -3.5 % -4.4 %
This year -2.1 % -4.5 %
2015 13.3 % 10.5 %
2016 9.3 % 7.2 %
Since inception (on annual basis) i 12.2 % 9.0 %
The results shown of the periods before 19 April 2017, the inception date of Kempen Global Property Fund N.V. Class N, are those of Kempen (Lux) Global Property Fund - Class I. Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The performance figures shown in the graph are rebased. 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 4.00 M 2017-07-31
Number of shares
211,593 2017-07-31
Net Asset Value
EUR 18.90 2017-08-18

Fund characteristics per 2017-07-31

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  Fund Benchmark
Number of holdings 50 335
Dividend yield i 3.54 % 3.82 %
Weighted average market capitalization i EUR 13,707 M EUR 11,420 M
P/E ratio i 17.10 16.50
Active share i 67.39 %
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property 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 2017-07-31

KGPF performed better than the benchmark. Better quality retail REITs posted positive returns during the month. Examples include Australia’s Scentre Group, Canadian First Capital and US REIT Regency. These retail portfolios have high quality urban locations that perform still relatively well in an overall weak retail environment.

Quarterly results drove real estate markets in July. So far, most results are in-line or better than expected indicating the good operational environment real estate companies enjoy. The retail cluster is the exception with more mixed results. Simon Property Group reported solid quarterly numbers with 4.4% same store NOI growth. However, peer General Growth Properties abandoned its plans to explore strategic alternatives like large asset sales and JVs being a likely indication of limited available partners. In Europe, Intu posted negative like-for-like net rental income growth confirming the challenging UK retail environment. Investors even shy away from prime retail assets as LendLease's proposed sale of its 30% stake in A-Mall Bluewater for £600m is failing short of the asking price. Interest in large office towers is still available. Landsec proposed a £475m capital return following the sale of their 50% stake in the London office tower Walkie Talkie.

Portfolio developments per 2017-07-31

Portfolio construction of KGPF is based on cluster neutrality. The Global portfolio has 19 clusters defined as homogeneous groups of real estate companies with similar underlying currency exposure. Examples are Australia, US offices and Switzerland. The portfolio weight of each cluster is approximately equal to the cluster’s benchmark weight. This ensures a diversified portfolio and neutralizes currency and macro-economic exposure versus the benchmark. KGPF assigns its risk budget on the real estate company level and is positioned towards companies with strong balance sheets and management teams with proven track records in NAV creation, and avoids property developers without stable income from an investment portfolio.

In the cluster US offices the position in Vornado and its spin-co of Washington assets JBG was reduced and proceeds reinvested in Hudson Pacific Properties. In the US triple-net-lease cluster the position in Store Capital was reduced after the announcement of Warren Buffett's Berkshire Hathaway taking a 9.8% stake in the company drove valuation up. We decided to reinvest in the more attractively priced National Retail Properties. Lastly, we sold the position in Dupont Fabros Technology as it is taken over by Digital Realty on a valuation premium and reinvested proceeds into more attractively valued Equinix.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property 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 2017-07-31 (rebased)

No chart data available

Performance per 2017-07-31

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  Fund Benchmark
1 month -1.3 % -1.5 %
3 months -3.5 % -4.4 %
This year -2.1 % -4.5 %
2015 13.3 % 10.5 %
2016 9.3 % 7.2 %
Since inception (on annual basis) i 12.2 % 9.0 %
The results shown of the periods before 19 April 2017, the inception date of Kempen Global Property Fund N.V. Class N, are those of Kempen (Lux) Global Property Fund - Class I. Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The performance figures shown in the graph are rebased. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

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Distributing
Yes
Number of distributions per year
1
Dividend calendar
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property 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.

Geographic allocation (2017-07-31)

54.1 %
United States
10.1 %
Japan
8.3 %
Hong Kong
5.9 %
Other
5.0 %
Australia
4.9 %
United Kingdom
4.3 %
France
2.8 %
Canada
2.6 %
Austria
2.1 %
Singapore
Totaal
100 %

Top 10 holdings (2017-07-31)

5.8 %
Simon Property Group
4.5 %
Prologis
4.0 %
Sun Hung Kai Prop
3.7 %
Mitsui Fudosan
3.6 %
Scentre Group
3.5 %
Boston Properties
3.4 %
Host Marriott
3.2 %
Regency Centers
3.2 %
Ventas
3.2 %
Mid-America Apartment Communities
Totaal
38.0 %

Sector allocation (2017-07-31)

28.4 %
Retail
22.6 %
Offices
19.1 %
Residential
15.2 %
Other
14.7 %
Industrials
Totaal
100 %
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property 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
0.63 %
Service fee i
0.20 %
Expected ongoing charges i
0.84 %

Other costs

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Upward swing factor i
0.25 %
Downward swing factor i
0.25 %
More about our swing pricing policy
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property 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
N
Investor type
Institutional & Private
Distributing
Yes
Benchmark i
FTSE EPRA/NAREIT Developed Index
Investment category
Real Estate
Inception date
2017-04-19
Registered 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.

Tradability

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Listed
yes, listed on the NAV Trading Facility of Euronext
Pricing frequency
Daily
ISIN i
NL0012044739
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property 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.

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.

Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property 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.

Fund approach to Responsible Investment

ESG is fully integrated in our investment process for the real estate funds. We believe financial and sustainability returns are indivisible and that those companies that can find the right balance between all stakeholders will drive value. In our investment framework there are three key aspects we look at in determining the warranted valuation: management value add, balance sheet and ESG. We are willing to pay up for those companies that excel in ESG. This believe is underpinned by academic literature.

We track the CO2 intensity for all companies in our universe and use this information to for our assumption for capital expenditure in valuing the real estate portfolio. We do not only invest in the ESG leaders but also in the laggards as we the potential value to be unlocked by providing capital to those who need it the most is massive

Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property 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.