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 2019-04-30 (rebased)

No chart data available

Performance per 2019-04-30

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  Fund Benchmark
1 month -0.2 % -1.1 %
3 months 6.4 % 4.4 %
This year 17.9 % 15.3 %
2016 9.3 % 7.2 %
2017 2.2 % -3.1 %
2018 -1.0 % -0.9 %
1 year (on annual basis) 19.1 % 18.2 %
3 years (on annual basis) i 8.9 % 6.0 %
Since inception (on annual basis) i 12.1 % 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. Due to Easter a deviating net asset value (NAV) is used for the calculation of the performance figures. The NAV is calculated based on the closing prices of the Fund investments per 29 March 2018 (Europe), the closing prices of 2 April 2018 (North America) and calculated based on ‘snapshots’ prices of 3 April 2018 (Asian and Pacific investments).
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 27.53 M 2019-04-30
Share class size
EUR 27.53 M 2019-04-30
Number of shares
1,241,400 2019-04-30
Net Asset Value
EUR 22.72 2019-05-17
Transaction price
EUR 22.77 2019-05-17
Morningstar rating â„¢

Fund characteristics per 2019-04-30

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  Fund Benchmark
Number of holdings 46 336
Dividend yield i 3.33 % 3.77 %
Weighted average market capitalization i EUR 14,797 M EUR 13,875 M
P/E ratio i 24.49 23.32
Active share i 73.79 %
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 2019-04-30

KGPF posted a more or less flat return during April, significantly outperforming itsbenchmark. The benchmark return came in at approximately -1%.

Several real estate clusters contributed to the relative return with most coming from Hong Kong and the United Kingdom. In the UK the recently added overweight position in student housing fund Unite Group PLC added to the relative performance. In addition, Grainger PLC attributed to the relative returns. There was no company specific news flow. Returns were driven by the quality of these real estate platforms generating healthy income growth at still reasonable valuations. In the cluster Hong Kong KGPFf’s position in Wharf REIC attributed the most to relative returns. Wharf REIC has two very high quality and dominant malls in the Hong Kong harbor. Footfall and retail spending are increasing in these malls as China mainland tourist spending is recovering in Hong Kong supported by better exchange rates for Chinese tourists versus the Hong Kong dollar.

First quarter 2019 results figures are being published by real estate companies currently. The published results generally live-up to our modelled figures and few surprises were noted so far. In general that means approximately 2-3% like-for-like rental growth supporting current real estate valuations and contributing to our expected total return of approximately 8.5% for global real estate markets.

Corporate activity is still healthy with several companies raising equity. Australian office fund Dexus (an investment of the Kempen Global Real Estate strategy) raised AUD900mn of equity to buy a 75% stake in a mixed-use (office, retail, hotel) development in the prime CBD (central business district) of Melbourne. With Dexus share price trading at a premium to Dexus’ fund NAV (net asset value) the equity raise is accretive to shareholders. The development also contributes to Dexus’ growing position in the attractive CBD of Melbourne. Finally, the development is well underwritten based on our research. We are therefore supportive of this transaction.

Capital markets also remain in good shape as indicated by GLP’s (Global Logistics Properties) consideration to raise USD3bn in an IPO later this year. It would value the GLP logistics portfolio at USD20bn. GLP was compiled through three transactions in 2015 and 2016 (IndCor, Industrial Income Trust and Hillwood) and is structured in closed end funds with numerous institutional investors as limited partners. Bringing this fund to the market further improves and expands the quality of the US listed Logistics real estate cluster.

Portfolio developments per 2019-04-30

The Kempen real estate investment strategy strikes the balance between qualitative and quantitative analysis. Through application of data-analysis technology our Real Estate Team collects over 20 million relevant data points for 200,000 real estate buildings around the globe, processing this quantitative data in our data infrastructure and turning it into valuable fundamental investment information. The continuous increase in available data helps us make better assessments of the quality, value and risk of each real estate investment. This leads to better investment decisions and results in higher investment returns at lower risk for our clients.

Next to the quantitative approach the investment strategy contains three key qualitative parameters that determine the warranted valuation: management added value, balance sheet strength and ESG. The portfolio managers score each company covered on these three parameters. Companies that excel in ESG for example will be assigned a higher score and hence the warranted valuation for an investment increases.

Portfolio construction of the Strategy 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 macroeconomic exposure versus the benchmark. KGPF assigns its risk budget on the real estate portfolio level only.

During the month changes were made to the portfolio. In the cluster US residential the position in Invitation Homes was increased at the expense of Essex. In the UK cluster weight was added to Unite Group by selling down Safestore and Segro. In the cluster Switzerland the weight of Mobimo was reduced and proceeds reinvested into PSP Swiss Property. These changes were valuation driven.
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 2019-04-30 (rebased)

No chart data available

Performance per 2019-04-30

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  Fund Benchmark
1 month -0.2 % -1.1 %
3 months 6.4 % 4.4 %
This year 17.9 % 15.3 %
2016 9.3 % 7.2 %
2017 2.2 % -3.1 %
2018 -1.0 % -0.9 %
1 year (on annual basis) 19.1 % 18.2 %
3 years (on annual basis) i 8.9 % 6.0 %
Since inception (on annual basis) i 12.1 % 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. Due to Easter a deviating net asset value (NAV) is used for the calculation of the performance figures. The NAV is calculated based on the closing prices of the Fund investments per 29 March 2018 (Europe), the closing prices of 2 April 2018 (North America) and calculated based on ‘snapshots’ prices of 3 April 2018 (Asian and Pacific investments).

Dividends

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Distributing
Yes
Last dividend
EUR 0.69
Ex-date last dividend
2018-02-05
Number of distributions per year
1
Dividend calendar

Risk analysis (ex post) per 2019-04-30

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  3 years Since inception
Maximum drawdown i -9.05 % -12.90 %
Tracking error i 1.81 % 1.82 %
Information ratio i 1.58 1.71
Beta i 1.01 1.00
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.

Top 5 contribution (2019-04-30)

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  Contribution i Performance i
Prologis 0.34 % 6.75 %
Grainger Trust 0.16 % 6.77 %
Unibail-Rodamco-Westfield 0.12 % 4.88 %
Wharf Real Estate 0.11 % 4.82 %
Host Hotels & Resorts 0.07 % 2.01 %

Bottom 5 contribution (2019-04-30)

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  Contribution i Performance i
Deutsche Wohnen -0.28 % -7.31 %
Simon Property Group -0.21 % -4.42 %
Mitsubishi Estate -0.15 % -6.88 %
Boardwalk Real Estate Investment Trust -0.13 % -4.99 %
Tokyu Fudosan -0.13 % -5.84 %

Geographic allocation (2019-04-30)

55.8 %
United States
10.7 %
Japan
8.6 %
Hong Kong
5.0 %
United Kingdom
4.7 %
Australia
3.8 %
Germany
3.2 %
France
2.9 %
The Netherlands
2.7 %
Canada
2.6 %
Singapore
1.7 %
Nordics
1.0 %
Switzerland
0.3 %
Belgium
-2.9 %
Other
Total
100 %

Top 10 holdings (2019-04-30)

5.1 %
Prologis
4.8 %
Simon Property Group
4.6 %
Avalonbay Communities
4.0 %
Public Storage
3.5 %
Host Hotels & Resorts
3.3 %
Deutsche Wohnen
3.2 %
Mid-America Apartment Communities
3.2 %
Gecina
3.1 %
National Retail Properties
3.1 %
Dexus
Total
37.9 %

Sector allocation (2019-04-30)

24.1 %
Offices
24.1 %
Residential
20.1 %
Retail
16.1 %
Industrials
15.5 %
Other
Total
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
0.86 %
Ongoing charges last financial year i
0.91 %
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%

Other costs

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Upward swing factor i
0.25 %
Downward swing factor i
0.20 %
As of 1 January 2018 the swing factor has been adjusted from 0.25%/0.25% to 0.25%/0.20%.
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
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.
Depositary and custodian
BNP Paribas Securities Services S.C.A.
Morningstar rating â„¢

Tradability

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Listed
yes, listed on the NAV Trading Facility of Euronext
Subscription/Redemption 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.
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 that we invest in. Our full voting records are available here.

Our 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.

Theinformation 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.