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 2019-06-30 (rebased)

No chart data available

Performance per 2019-06-30

Slide to see more
  Fund Benchmark
1 month -1.2 % -0.6 %
3 months -0.6 % -1.5 %
This year 17.3 % 14.9 %
2016 9.3 % 7.2 %
2017 2.2 % -3.1 %
2018 -1.0 % -0.9 %
1 year (on annual basis) 11.4 % 10.4 %
3 years (on annual basis) i 6.3 % 3.6 %
Since inception (on annual basis) i 11.5 % 8.6 %
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

Slide to see more
Total fund size
EUR 32.67 M 2019-06-30
Share class size
EUR 32.67 M 2019-06-30
Number of shares
1,479,691 2019-06-30
Net Asset Value
EUR 22.79 2019-07-15
Transaction price
EUR 22.85 2019-07-15
Morningstar rating â„¢

Fund characteristics per 2019-06-30

Slide to see more
  Fund Benchmark
Number of holdings 54 334
Dividend yield i 3.36 % 3.81 %
Weighted average market capitalization i EUR 12,710 M EUR 13,548 M
P/E ratio i 23.29 23.25
Active share i 69.65 %
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 2019-06-30

KGPF posted a negative return during June. KGPF underperformed its benchmark. The negative relative return was dominated by the German residential names as Berlin looks to invoke a five-year rent freeze (“Mietendeckel”). As a consequence, the European residential cluster attributed negative to relative performance due to the overweight position in Deutsche Wohnen SE. Deutsche Wohnen has significant exposure to Berlin.

The German residential cluster priced-in the news flow of a potential 5-year rent freeze in Berlin’s apartment market. At the same time, discussion in on-going whether such a decision is constitutional. The lawyers of the German parliament (Bundestag) consider the planned ban on rent increases in Berlin to be unlawful. The Bundestag lawyers commented that there is already a rental brake introduced on the federal level, a federal state such as Berlin can’t decide its own legislation in that area. The lawyers of the Bundestag note that despite the federal competence in the legislation the prohibition of rent increases could lead to fall in value and is thus violation of property rights. Therefore, at least a general price increase, and possibly the deviating increase in construction, maintenance and typical property costs, should be compensated by rent increases according to their report. We have not adjusted our NAV estimates for German residential companies for now, and will wait until more constitutional clarity is given by both the local and federal government.

On the other side of the Atlantic pond, New York’s governor is also working on rent reform bills in a sign that rent affordability is on many authorities’ minds these days. However, the most impactful proposal, which would have imposed rent control on market rate units, did not make it out of the legislature in New York. Legislation that is implemented includes the allowance of rent-stabilized apartment units to transition to market-rent once rents exceed USD 2,775 / month. The changes will now effectively keep units under rent-stabilization into perpetuity. For REITs not much changes as they are mostly in the market rent segment anyway. We have not changed our NAVs on the back of this new regulation in the state of New York.

Portfolio developments per 2019-06-30

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 macro-economic 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 Triple Net Lease the position in VEREIT Inc was reduced and proceeds reinvested into Store Capital Corporation. This change was valuation driven In the cluster Japan J REITs weight was moved from Kenedix Office Investment Corp into Japan Excellent Inc. We increased the capex assumption for Kenedix, on the basis of its relatively low building score, triggering our portfolio change. In US Retail we moved from Retail Properties of America Inc into Urban Edge Properties. Several management changes at Urban Edge made us raise the management score from 2 to 3.
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 2019-06-30 (rebased)

No chart data available

Performance per 2019-06-30

Slide to see more
  Fund Benchmark
1 month -1.2 % -0.6 %
3 months -0.6 % -1.5 %
This year 17.3 % 14.9 %
2016 9.3 % 7.2 %
2017 2.2 % -3.1 %
2018 -1.0 % -0.9 %
1 year (on annual basis) 11.4 % 10.4 %
3 years (on annual basis) i 6.3 % 3.6 %
Since inception (on annual basis) i 11.5 % 8.6 %
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

Slide to see more
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 2019-06-30

Slide to see more
  3 years Since inception
Maximum drawdown i -9.05 % -12.90 %
Tracking error i 1.82 % 1.83 %
Information ratio i 1.49 1.62
Beta i 1.02 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 (2019-06-30)

Slide to see more
  Contribution i Performance i
Prologis 0.22 % 7.15 %
Mapletree Logistics Trust 0.15 % 8.51 %
Henderson Land Development 0.11 % 4.39 %
Ventas 0.09 % 5.28 %
Gecina 0.08 % 2.81 %

Bottom 5 contribution (2019-06-30)

Slide to see more
  Contribution i Performance i
Deutsche Wohnen -0.74 % -21.30 %
Healthcare Trust of America -0.20 % -6.76 %
Alexandria Real Estate -0.16 % -5.02 %
Simon Property Group -0.15 % -3.56 %
Corporate Office Properties Trust -0.14 % -6.36 %

Geographic allocation (2019-06-30)

52.9 %
United States
11.1 %
Japan
8.1 %
Hong Kong
5.0 %
Australia
4.6 %
United Kingdom
3.4 %
Germany
3.1 %
France
2.7 %
Singapore
2.7 %
Canada
2.4 %
The Netherlands
1.9 %
Nordics
1.0 %
Switzerland
0.7 %
Other
0.5 %
Ireland
Total
100 %

Top 10 holdings (2019-06-30)

4.4 %
Avalonbay Communities
4.2 %
Simon Property Group
3.5 %
Alexandria Real Estate
3.2 %
Mid-America Apartment Communities
3.1 %
Gecina
3.0 %
Prologis
2.9 %
Deutsche Wohnen
2.9 %
National Retail Properties
2.9 %
Healthcare Trust of America
2.7 %
Henderson Land Development
Total
32.9 %

Sector allocation (2019-06-30)

24.5 %
Offices
23.9 %
Residential
19.1 %
Retail
16.5 %
Industrials
16.0 %
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

Slide to see more
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

Slide to see more
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

Slide to see more
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

Slide to see more
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.

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

Â

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

Â

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.

Â

Our full voting records are available here.

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[1] and the European Property Fund. Kempen’s ESG policy is fully implemented in these Real Estate Funds’ investment processes across the two most relevant pillars of: ESG integration and Active ownership.

Â

1. 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;

  • 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.

Â

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.

Â

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.

Â

2. Active ownership

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

Â

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 humanrights;

  • Improving governance structures;

  • Improving shareholder alignment;

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

Â

You can find the engagement factsheet of Kojamo Oyj here.

Â

Our full ESG policy can be downloaded here.

 Â

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

*

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 research
Screening MSCI research
UN
How ESG is integrated ...
Source
disclaimer
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.