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. The environmental, social and governance (ESG) criteria are incorporated in the investment process.

Management team

Jorrit Arissen, Egbert Nijmeijer, Lucas Vuurmans, Anna Niegowska, Robert Stenger, Mihail Tonchev

Performance per 2021-05-31 (rebased)

No chart data available

Performance per 2021-05-31

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  Fund Benchmark
1 month 1.3 % 0.2 %
3 months 12.8 % 10.6 %
This year 15.2 % 14.7 %
2018 -1.0 % -0.9 %
2019 28.9 % 24.2 %
2020 -18.4 % -16.6 %
1 year (on annual basis) 21.7 % 23.7 %
3 years (on annual basis) i 5.4 % 5.0 %
5 years (on annual basis) i 5.1 % 3.6 %
Since inception (on annual basis) i 8.6 % 6.5 %
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 55.61 M 2021-05-31
Share class size
EUR 55.61 M 2021-05-31
Number of shares
2,622,967 2021-05-31
Net Asset Value
EUR 22.36 2021-06-23
Transaction price
EUR 22.41 2021-06-23
Morningstar rating â„¢

Fund characteristics per 2021-05-31

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  Fund Benchmark
Number of holdings 53 340
Dividend yield i 2.77 % 3.14 %
Weighted average market capitalization i EUR 11,661 M EUR 15,078 M
P/E ratio i 33.72
Active share i 73.50 %
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 Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Developments per 2021-05-31

KGPF posted a positive return in May and strongly outperformed the benchmark. Performance was well spread out with thirteen out of the eighteen clusters outperforming. The strongest outperformance came from the European Residential cluster due to our recently built overweight position in Deutsche Wohnen, which was approached to be taken over by Vonovia, a deal which we elaborate on further below. Away from Europe, we also had a strong month in the traditionally volatile US Triple Net Lease cluster where our largest overweight, Broadstone Net Lease (a recently listed REIT at the back end of 2020 which we have held since its listing) returned 8%. The diversified triple-net-lease model is seeing significant interest ever more so after last month’s Realty Income merger announcement of peer VEREIT. Aversely, Hong Kong underperformed for us once again as our overweight in Chinese exposed Hong Kong listed landlords lost some ground on the back of suboptimal macroeconomic news out of China with several noteworthy factors such as a population decline during 2020 which was earlier than what specialists were expecting. We have not made changes to our models yet due to our view of the discounted valuation and the largely reopened economy where the pandemic was managed in a fairly strict way thus allowing many sides of the economy to return to some level of normality much earlier than other developed nations.

May was yet another positive month for listed real estate around the globe. Noteworthy clusters were the Nordics and the European Diversified clusters (+7% and +6% respectively) as well as US Retail at +4% and Switzerland at +3%. On the other hand, negative performance was observed in US Hotels at -5% and US Healthcare at -2%. It is our opinion that the uncertain macro related news has reached a more normalized frequency and magnitude. Mainly, most developed countries (with the exception of some outliers) are progressing well with rolling out the vaccinations for their populations. Most governments have come up with re-opening plans, and whilst there are certain to be setbacks along the way, the market’s volatility has indeed subsided as the flight path to recovery appears significantly more visible than before. There is growing concern over broad based above-target inflation re-appearing, however the real estate sector can generally act well as an inflation hedge, largely due to its often inflation linked rental growth. We are of the opinion that the focus is continuing to return towards the bottom-up fundamentals of real estate combined with the effects from the larger structural trends unfolding across the industry. Staying on top of these shifts and pricing them effectively at building level and at company/vehicle level is one of the key strengths of our investments process.

During May, we saw mayor news coming from the German residential sector. Industry bellwether Vonovia announced it reached an agreement to take over other industry bellwether Deutsche Wohnen. This would create an industry giant with a reported gross asset value of €89billion. Vonovia is paying an 18% premium to the unaffected share price of Deutsche Wohnen with an all cash offer. To finance the deal Vonovia would issue new equity worth approximately €8billion to keep a financially healthy balance sheet with an LTV in the range of 40%-45%. Vonovia made a takeover attempt five years earlier which failed at the time, in part due to the resistance of the Deutsche Wohnen management board. This time the Deutsche Wohnen management board and also the mayor of Berlin are supportive of the deal which makes all the difference. Operating a sizable real estate platform in Berlin is not only about Real Estate but even more importantly about managing all the stakeholders. Several commitments are given by Vonovia to the city of Berlin to create goodwill. First of all there will be limited rent increases for the coming six years which could be extended even further. Vonovia will sell 20,000 housing units to the city of Berlin and create 13,000 apartments in the coming years. With political consent from the mayor and most political parties (the Green have not yet spoken out) it seems that all parties can look forward and work on solutions regarding the housing problems in Berlin. We believe the Deutsche Wohnen assets are in good hands with Vonovia and the bigger entity will have an even clearer and bigger voice to the public and politicians. Because of the high quality and low yielding nature of the Deutsche Wohnen portfolio, the Funds-from-operations “FFO” accretion will be limited but we like the deal from a total return perspective.

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 18 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 portfolio level only.

ESG is of high importance to our investment process and has been so since 2011. May saw the winding down of the Annual General Meetings “AGM” season where we continued to actively express our views via voting. Several engagement cases have been prepared, both on an individual and sector-wide level. We held several discussions with Nordics companies on performance based pay for executive management based on both financial and environmental led targets. Additionally, we held preliminary discussions on scope 3 calculation and verification of carbon emissions with several leaders in the space. Higher level discussions were led with some of the US companies in the triple net lease space on aligning climate policy towards the Paris Agreement, with specific milestones along the way, with more encouraging reception than previously has been observed.

During May we made several changes to the portfolio. Having seen in April the German court ruling the Berlin rental restrictions unconstitutional at federal level, we had seen a pronounced mis-pricing of the value of the shares of Berlin residential specialist Deutsche Wohnen. We used the outsized initial positive reaction to rotate some of our position from Deutsche Wohnen into Vonovia, on the basis that the offer was made in cash, and we rather continue obtaining well priced exposure to the European Residential sector rather than hold a position with a pre-defined cash offer (which would naturally trade around its cash value until the deal is completed). In US Healthcare we have sold out of Healthpeak Properties and invested the proceeds into Ventas after we have seen the continued valuation gap between the stable and thus highly valued medical-office-buildings “MOBs” and the still discounted well-located senior housing assets which are operationally well geared for the post pandemic recovery. In Australia, after strong performance of office landlord Dexus, we saw a sizeable valuation gap opening up in favor of retail landlord Vicinity Centers and initiated the rotation with a wide margin of safety based on the relative valuation gap. After a strong performing month of diversified US Triple Net landlord Broadstone, we have trimmed the position to reinvest into industrial triple net holding STAG Industrial as well as diversified (and multi-national) peer WP Carey.

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 Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Performance per 2021-05-31 (rebased)

No chart data available

Performance per 2021-05-31

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  Fund Benchmark
1 month 1.3 % 0.2 %
3 months 12.8 % 10.6 %
This year 15.2 % 14.7 %
2018 -1.0 % -0.9 %
2019 28.9 % 24.2 %
2020 -18.4 % -16.6 %
1 year (on annual basis) 21.7 % 23.7 %
3 years (on annual basis) i 5.4 % 5.0 %
5 years (on annual basis) i 5.1 % 3.6 %
Since inception (on annual basis) i 8.6 % 6.5 %
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 0.66
Ex-date last dividend
2021-02-26
Number of distributions per year
1
Dividend calendar

Risk analysis (ex post) per 2021-05-31

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  3 years Since inception
Maximum drawdown i -27.73 % -27.73 %
Tracking error i 2.70 % 2.29 %
Information ratio i 0.14 0.89
Beta i 0.95 0.97
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 Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Top 5 contribution (2021-05-31)

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  Contribution i Performance i
Deutsche Wohnen 0.53 % 16.39 %
Workspace 0.26 % 11.75 %
Avalonbay Communities 0.23 % 6.12 %
Safestore 0.23 % 11.68 %
Mitsui Fudosan 0.20 % 5.82 %

Bottom 5 contribution (2021-05-31)

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  Contribution i Performance i
Hang Lung Properties -0.18 % -6.38 %
Host Hotels & Resorts -0.18 % -6.91 %
Terreno Realty Corp -0.10 % -2.90 %
Swire Properties -0.07 % -2.92 %
Keppel DC REIT -0.07 % -4.83 %

Geographic allocation (2021-05-31)

55.1 %
United States
10.9 %
Japan
5.4 %
Hong Kong
5.3 %
Germany
4.8 %
United Kingdom
3.7 %
Australia
3.5 %
Nordics
2.9 %
Belgium
2.8 %
Canada
2.7 %
Singapore
1.2 %
Ireland
1.1 %
Switzerland
0.7 %
Other
0.2 %
Spain
Total
100 %

Top 10 holdings (2021-05-31)

4.1 %
Avalonbay Communities
3.8 %
Invitation Homes
3.7 %
Mitsui Fudosan
3.5 %
Ventas
3.0 %
CubeSmart
2.8 %
Warehouses De Pauw
2.8 %
Vonovia SE
2.8 %
Granite Real Estate Investment Trust
2.8 %
STAG Industrial
2.8 %
Fabege
Total
32.2 %

Sector allocation (2021-05-31)

30.1 %
Industrials
21.2 %
Offices
18.1 %
Other
16.7 %
Residential
13.9 %
Retail
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 Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
0.630 %
Service fee i
0.20 %
Expected ongoing charges i
0.84 %
Ongoing charges last financial year i
0.84 %
The Ongoing Charges Figure of the last financial year relates to 2019/2020.

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 %
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 Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. 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 Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. 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 Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Kempen's vision & mission

Kempen Capital Management is an asset manager that believes in stewardship and investment focusing on the long-term for the benefit of all stakeholders. Value creation is at the heart of the services we provide to our clients. We believe that being an engaged shareholder on environmental, social and governance (ESG) issues and retaining a long-term focus, is critical to helping our clients to preserve and create sustainable wealth that has positive real world impact and economic returns.

Kempen wide approach to responsible investment

We are committed to create sustainable alpha. The four pillars of our ESG-policy are:

  • ESG integration: Ensuring sustainability risks and opportunities are adequately considered in our investment analysis and processes.

  • Exclusion & avoidance: Not investing in companies involved in controversial activities or conduct.

  • Active ownership: Being responsible stewards of our clients’ capital and using our influence through engagement and voting to improve corporate behaviour on specific ESG issues and achieve positive change

  • Positive impact: Investing with an objective to achieve positive real world outcomes and impact, such as contributing to the UN Sustainable Development Goals.Â

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To put our mission and vision into practice we engage with our investee companies on a wide array of strategic, financial, and ESG topics. As an active owner we use our influence to improve our investee companies’ ESG performance.  This helps us address some of the most pressing and important sustainability issues facing business and the world. Our focus themes for engagement are: human rights, labour rights, climate change and governance.Â

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Through collaboration with other investors and industry think tanks we contribute to the development of principles and standards of corporate responsibility both at sector levels, as well as investee company level.

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Our full voting records are available here.

Climate change

As a long-term investor, we believe climate change represents a systemic risk facing the economy, society and environment. We want to consider the risks and opportunities this presents to our investments in the coming decades. We have therefore set a long-term commitment (2050), a mid-term ambition (2030) and short-term objectives (2025).

  • 2050 commitment: Net-zero investor.
  • 2030 ambition: To align with a Paris Agreement pathway (listed and non-listed investments) and Dutch Klimaatakkoord.
  • 2025 objectives: To align with a pathway towards achieving the Paris Agreement (listed investments) and Dutch Klimaatakkoord goals.[1]

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The Kempen climate change policy can be found here (under climate change policy).

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[1]We use carbon intensity as a metric to come to the pathway of net-zero emissions. As we care about the direction of travel and reduction of carbon emissions in the economy, it might be that the actual reducing trend may deviate from the suggested average trend line. The pathway is derived from the pathway of the EU Benchmarks.

OUR FUND APPROACH TO RESPONSIBLE INVESTMENT

At Kempen, we manage several funds and mandates invested in listed Real Estate companies including the Global Property Fund[2] and the European Property Fund.

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We aim to align with a pathway towards achieving the Paris Agreement and Dutch Klimaatakkoord goals for our portfolio, as well as the EU Climate Transition Benchmark[3].

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Kempen’s ESG policy is implemented in our fund’s investment process by the following pillars: ESG Integration and Active ownership.

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[2]Kempen (Lux) Global Property Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg.

[3]The EU Benchmarks consists of two climate benchmarks, Climate Transition Benchmark and Paris Aligned Benchmark, which have the aim to reach net-zero emissions by 2050 - in line with the 1.5?C scenarios from the IPCC. As we care about the direction of travel and reduction of carbon emissions in the economy, it might be that the actual reducing trend may deviate from the average pathway. We use carbon intensity (based on Revenues) as the forward looking climate metric.

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Exclusion & Avoidance

In line with the general Kempen policy, the Global Property Fund and the European Property Fund excludes all companies on the KCM Exclusion- or Avoidance list.

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Companies that ‘Fail’ or are on ‘Watchlist’ marked against the criteria of the United Nations Global Compact are excluded.

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ESG integration

We believe financial and sustainability returns are indivisible and that those companies that can find the right balance between all stakeholders will drive value. Our ESG analysis for listed real estate companies includes:

  • Implementing our ESG quality score into the company score of each Real Estate company we model;

  • Monitoring the global investment universe on Real Estate companies that exhibit negative excesses, such as environmental pollution measured by CO2 emission levels to initiate engagement. Our investment process rewards companies that integrate climate risks and opportunities into their organisation, and are able to move towards a low carbon economy;

  • Benchmarking Real Estate companies against each other and visualising these results for our investment process and our clients in order to identify leaders and laggards;

  • Entering into dialogue with companies we invest in, to improve their ESG policies and practices;

  • Translating information of Real Estate company portfolios with lower sustainability scores into higher maintenance capex assumptions in our Kempen valuation models;

  • Offering product customisation to our clients who (for example) want to invest in lower CO2 emission Real Estate portfolios only.

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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.

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The figure 'How ESG is integrated in our investment process' shows how ESG is incorporated into the investment process. Note that we do not only invest in the ESG leaders but also in the laggards as the potential value to be unlocked by providing capital to those who need it the most is massive.

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Active ownership

As an active investor, the Real Estate funds also actively engage with companies on their strategic, financial and social responsibilities.

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Our engagements focus on those companies where we believe substantial value can be unlocked. Engagement can take place on a wide array of topics including:

  • Reducing CO2 intensity levels;

  • Reducing energy and water consumption;

  • Improving waste recycling;

  • Improving working conditions and human rights;

  • Improving governance structures;

  • Improving shareholder alignment;

  • Shifting remuneration policies from being linked to short term goals to long term targets

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You can find the engagement factsheet of Kojamo Oyj here.

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Our full ESG policy can be downloaded here.

Risks

For more information about the mid and long term risks associated with the investments:

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* Although Kempen Capital Management N.V.’s information providers, including without limitation, MSCI ESG Research LLC and its affiliates (the “ESG Parties”), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

ESG Report
Screening MSCI ESG Research
Screening MSCI ESG Research
UN global impact
How ESG is integrated ...
Bron en
disclaimer en
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 Dutch Authority for the Financial Markets (AFM). The Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.