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 2017-09-30 (rebased)

No chart data available

Performance per 2017-09-30

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  Fund Benchmark
1 month 0.7 % 0.2 %
3 months -1.1 % -2.0 %
This year -1.9 % -5.0 %
2015 13.3 % 10.5 %
2016 9.3 % 7.2 %
3 years (on annual basis) i 11.5 % 8.3 %
Since inception (on annual basis) i 11.5 % 8.3 %
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 5.55 M 2017-09-30
Number of shares
292,772 2017-09-30
Net Asset Value
EUR 19.24 2017-10-20
Transaction price
EUR 19.29 2017-10-20

Fund characteristics per 2017-09-30

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  Fund Benchmark
Number of holdings 49 334
Dividend yield i 3.54 % 3.85 %
Weighted average market capitalization i EUR 13,171 M EUR 11,476 M
P/E ratio i 16.76 15.43
Active share i 70.55 %
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 2017-09-30

Global property stocks posted flattish returns, with KGPF out performing by 30bps. The UK was a bright spot both from an absolute (+5%) as well as relative point of view as our overweight positions in Grainger (+10%) and Safestore (+11%) that posted strong numbers and an appealing add-on acquisition, paid off. US housing stocks were weak in general, though our holding AvalonBay (-5%) particularly.

Global office markets are performing relatively well now but supply darkens the longer-term picture. Supply and continued development activity cause us to position our US office portfolio defensively for example. In Tokyo we expect rents for A-grade offices to weaken longer-term due to new supply with the Roppongi/Akasaka market expected to suffer most. Whereas we expect tech office hub Shibuya to outperform due to strong demand for space developed by portfolio holding Tokyu Fudosan. The Hong Kong property market continues to perform well, amongst others driven by a buoyant residential market. Chinese developers are aggressive buyers of land banks driving the valuation of stock market listed companies higher. Particularly those with larger existing farmland positions that could be converted like our portfolio holding Sun Hung Kai. UK Retail, a portfolio underweight, saw the first cracks coming into the investment market. A stake in one of the largest UK malls, Bluewater, was reportedly sold at an 8% discount to previous valuations. Our UK portfolio continues to be selectively exposed to London offices and to niches such as storage and residential.

Portfolio developments per 2017-09-30

The 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. The Fund 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 residential the position in Mid America Apartments was reduced and proceeds reinvested in Avalon Bay. In the cluster Japanese developers we invested into Tokyo Fudosan and reduced weight in Mitsubishi Estate. Tokyo Fudosan is one of the key developers in the Tokyo submarket Shibuya. This submarket is favored by technology and media firms and we expect high rental growth due to its favorable positioning for example compared to the Marunouchi submarket. Google has pre-leased Tokyo Fudosan’s Nampeidai development and will move in at completion in 2018. Asking rents on new developments are approximately Yen 35,000 versus the more typical rent level of Yen 25,000 now seen in this market. Its shows the rent growth potential to be effectuated in upcoming years. Finally, in the cluster US healthcare we reduced weight in Ventas and reinvested into Alexandria. Alexandria is a laboratory space specialist. They build and exploit purpose-build office buildings for lab analysis. These offices come in different categories with the highest offering protection against the most viral types of diseases. Alexandria has a dominant position in this market for example in biotech cluster in Cambridge and San Francisco.
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 2017-09-30 (rebased)

No chart data available

Performance per 2017-09-30

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  Fund Benchmark
1 month 0.7 % 0.2 %
3 months -1.1 % -2.0 %
This year -1.9 % -5.0 %
2015 13.3 % 10.5 %
2016 9.3 % 7.2 %
3 years (on annual basis) i 11.5 % 8.3 %
Since inception (on annual basis) i 11.5 % 8.3 %
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

Risk analysis (ex post) per 2017-09-30

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  3 years Since inception
Maximum drawdown i -12.90 % -12.90 %
Tracking error i 1.81 % 1.81 %
Information ratio i 1.76 1.76
Beta i 1.00 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.

Geographic allocation (2017-09-30)

53.7 %
United States
9.5 %
Japan
8.5 %
Hong Kong
6.3 %
France
5.2 %
United Kingdom
4.9 %
Other
4.7 %
Australia
2.7 %
Canada
2.6 %
Austria
2.0 %
Singapore
Totaal
100 %

Top 10 holdings (2017-09-30)

6.3 %
Simon Property Group
4.2 %
Sun Hung Kai Properties
3.8 %
Boston Properties
3.6 %
Scentre Group
3.5 %
Prologis
3.5 %
Host Hotels & Resorts
3.3 %
Alexandria Real Estate
3.3 %
Avalonbay Communities
3.2 %
Equity Residential
3.1 %
Gecina
Totaal
37.7 %

Sector allocation (2017-09-30)

27.5 %
Retail
21.8 %
Offices
17.6 %
Other
17.5 %
Residential
15.6 %
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 %
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
0.25 %
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
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.

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.