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 2018-08-31 (rebased)

No chart data available

Performance per 2018-08-31

Slide to see more
  Fund Benchmark
1 month 1.8 % 1.5 %
3months 4.1 % 3.6 %
This year 6.8 % 5.4 %
2015 13.3 % 10.5 %
2016 9.3 % 7.2 %
2017 2.2 % -3.1 %
1 year (on annual basis) 12.1 % 7.8 %
3 years (on annual basis) i 9.6 % 6.0 %
Since inception (on annual basis) i 11.7 % 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. 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 10.69 M 2018-08-31
Share class size
EUR 10.69 M 2018-08-31
Number of shares
526,758 2018-08-31
Net Asset Value
EUR 20.03 2018-09-19
Transaction price
EUR 20.16 2018-09-14
Morningstar rating â„¢

Fund characteristics per 2018-08-31

Slide to see more
  Fund Benchmark
Number of holdings 45 334
Dividend yield i 3.45 % 3.80 %
Weighted average market capitalization i EUR 13,795 M EUR 12,305 M
P/E ratio i 15.10 14.06
Active share i 68.01 %
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 2018-08-31

Global property stocks were up in August with KGPF outperforming slightly its benchmark. A notable outlier is our overweight position Simon Property Group in the United States thanks to recovering retail sales. SPG’s portfolio quality increasingly differentiates itself from its peers and allows them to show strong LFL NOI growth figures. The discount to Asset Value that the equity market was implying has now almost disappeared. The Fund underperformed slightly in the European residential cluster where, despite strong returns in absolute terms, Deutsche Wohnen lagged its peers by some 220bps over the month.

The Global investment market for logistics property remains red hot and yields continue to compress (c50bps – last 6 months). Australian Goodman Group posted strong valuation uplifts during its 1H results in August and SEGRO in Europe and ProLogis in the US likewise. KGPF has a position in ProLogis although we believe <5% yields that we observe in some markets for volatile logistic assets are very low.

Retail sales and rents are recovering in the US as we wrote last month and continues to be visible through strong share price recoveries of mall and strip center REIT’s. However, Europe and Australia are lagging and start to feel the pain of disappointing (flat) physical retail sales and polarization in shopping center yields. Eurocommercial Properties in Europe and Stockland in Australia saw their share prices being hit after releasing 1H results including disappointing performance of secondary retail assets. Several European and Australian listed and unlisted property companies still need to offload large amounts of non-core/secondary assets which will put further pressure on retail values.

The Tokyo office market continues to improve as we noticed in Japan results season. Our holdings Kennedix Office and Tokyu Fudosan benefit, the latter mostly focused on the Shibuya business district. In the wider Asia Pacific markets companies with exposure to China were obviously under pressure as a result of the US-China trade war. KGPF continues to hold <1% exposure in China and from a relative perspective our cluster neutrality means the impact of such political-macro events on returns are very limited.

Portfolio developments per 2018-08-31

Portfolio construction of the Fund 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 Australia, we continued to trade out of GPT Group and in favor of Dexus bringing the position to the maximum overweight of 2.5%. In the cluster US offices we finished selling the entire stake in Boston Properties and moved it to Hudson Pacific Properties. In the US healthcare cluster, KGPF sold its position in Healthcare Realty, and reinvested the proceed in Alexandria. Lastly in the J-REITs space, we started selling Kennedix Office following its outperformance, and increased the overweight in Nippon Prologis.
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 2018-08-31 (rebased)

No chart data available

Performance per 2018-08-31

Slide to see more
  Fund Benchmark
1 month 1.8 % 1.5 %
3 months 4.1 % 3.6 %
This year 6.8 % 5.4 %
2015 13.3 % 10.5 %
2016 9.3 % 7.2 %
2017 2.2 % -3.1 %
1 year (on annual basis) 12.1 % 7.8 %
3 years (on annual basis) i 9.6 % 6.0 %
Since inception (on annual basis) i 11.7 % 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. 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 2018-08-31

Slide to see more
  3 years Since inception
Maximum drawdown i -9.05 % -12.90 %
Tracking error i 1.87 % 1.79 %
Information ratio i 1.94 1.92
Beta i 0.98 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 (2018-08-31)

Slide to see more
  Contribution i Performance i
Simon Property Group 0.33 % 5.58 %
Deutsche Wohnen 0.19 % 4.51 %
Ventas 0.18 % 6.61 %
Regency Centers 0.17 % 5.19 %
Empire State Realty Trust 0.16 % 6.11 %

Bottom 5 contribution (2018-08-31)

Slide to see more
  Contribution i Performance i
Unibail-Rodamco-Westfield -0.15 % -4.66 %
Henderson Land Development -0.14 % -4.63 %
Hysan Development -0.14 % -5.24 %
Mitsubishi Estate -0.10 % -3.48 %
Derwent London -0.08 % -2.93 %

Geographic allocation (2018-08-31)

52.9 %
United States
10.1 %
Japan
7.6 %
Hong Kong
4.8 %
Australia
4.8 %
United Kingdom
4.3 %
Germany
3.5 %
France
3.1 %
The Netherlands
2.7 %
Canada
2.4 %
Singapore
1.7 %
Nordics
1.1 %
Other
1.0 %
Switzerland
Totaal
100 %

Top 10 holdings (2018-08-31)

5.1 %
Prologis
5.1 %
Simon Property Group
4.3 %
Deutsche Wohnen
3.6 %
Public Storage
3.5 %
Avalonbay Communities
3.5 %
Gecina
3.4 %
Ventas
3.1 %
Unibail-Rodamco-Westfield
3.0 %
Dexus
2.9 %
Henderson Land Development
Totaal
37.7 %

Sector allocation (2018-08-31)

25.2 %
Offices
23.5 %
Retail
22.3 %
Residential
15.0 %
Industrials
14.0 %
Other
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

Slide to see more
Management fee i
0.63 %
Service fee i
0.20 %
Expected ongoing charges i
0.84 %
Ongoing charges last financial year i
0.97 %
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.
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.

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.

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.