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, Robert Stenger, Mihail Tonchev, Andreas Welter, Alex Williamson

Performance per 2022-10-31 (rebased)

No chart data available

Performance per 2022-10-31

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  Fund Benchmark
1 month 2.8 % 2.1 %
3 months -12.1 % -13.0 %
This year -14.7 % -16.9 %
2019 28.9 % 24.2 %
2020 -18.4 % -16.6 %
2021 34.5 % 35.7 %
1 year (on annual basis) -10.6 % -12.1 %
3 years (on annual basis) i -1.9 % -2.5 %
5 years (on annual basis) i 4.1 % 3.2 %
Since inception (on annual basis) i 7.0 % 5.1 %
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 46.54 M 2022-10-31
Share class size
EUR 46.54 M 2022-10-31
Number of shares
2,287,315 2022-10-31
Net Asset Value
EUR 20.57 2022-12-02
Transaction price
EUR 20.60 2022-12-02
Morningstar rating â„¢

Fund characteristics per 2022-10-31

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  Fund Benchmark
Number of holdings 49 380
Dividend yield i 3.97 % 4.19 %
Weighted average market capitalization i EUR 16,571 M EUR 20,177 M
P/E ratio i 23.54
Active share i 71.34 %
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 2022-10-31

KGPF posted a positive absolute return in October and significantly outperformed the benchmark. In terms of absolute performance the US Hotels cluster (+20%) showed the best return over the month, followed by US Retail (+16%) and Australia (+8%). The Hong Kong cluster (-12%) showed the lowest return globally, followed by Singapore (-6%) and the US Residential cluster (-4%). Most positive clusters in terms of relative performance included US Healthcare, US Triple Net and the UK. Negatively, Hong Kong, Canada and Australia detracted from relative performance.

The month of October saw global listed real estate with a +2% total return, recovering some of the negative absolute performance seen in recent months. Government yields stabilized and did not continue their aggressive upward trend during the month, which was one element of relief. There was also limited (or surprising) news flow from central banks. Hence, equity markets in general recovered with the S&P 500 returning +8%. YTD the global listed real estate universe is still outperforming broader equity markets being down c16% compared to the S&P 500 down c19%.

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.

During the month we only made incremental changes to our existing holdings based on relative expected returns.

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 2022-10-31 (rebased)

No chart data available

Performance per 2022-10-31

Slide to see more
  Fund Benchmark
1 month 2.8 % 2.1 %
3 months -12.1 % -13.0 %
This year -14.7 % -16.9 %
2019 28.9 % 24.2 %
2020 -18.4 % -16.6 %
2021 34.5 % 35.7 %
1 year (on annual basis) -10.6 % -12.1 %
3 years (on annual basis) i -1.9 % -2.5 %
5 years (on annual basis) i 4.1 % 3.2 %
Since inception (on annual basis) i 7.0 % 5.1 %
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 0.86
Ex-date last dividend
2022-02-28
Number of distributions per year
1
Dividend calendar

Risk analysis (ex post) per 2022-10-31

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  3 years Since inception
Maximum drawdown i -27.73 % -27.73 %
Tracking error i 2.91 % 2.28 %
Information ratio i 0.21 0.81
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.

Maturity profile (2022-10-31)

0.8 %
Cash
99.2 %
Other
Total
100 %

Geographic allocation (2022-10-31)

63.6 %
United States
10.5 %
Japan
4.0 %
United Kingdom
3.8 %
Hong Kong
3.7 %
Australia
3.4 %
Singapore
2.7 %
Belgium
2.2 %
Canada
2.1 %
Germany
1.5 %
Nordics
1.0 %
Switzerland
0.9 %
Belgium
0.8 %
Other
0.7 %
Spain
Total
101 %

Top 10 holdings (2022-10-31)

5.4 %
Equinix
4.6 %
Simon Property Group
4.3 %
Prologis
4.0 %
Alexandria Real Estate
3.8 %
Avalonbay Communities
3.5 %
Mitsui Fudosan
3.4 %
Sun Communities
3.4 %
STAG Industrial
3.1 %
Rexford Industrial Realty
3.1 %
Health Care Property
Total
38.6 %

Rating allocation (2022-10-31)

99.2 %
Not Rated
0.8 %
Cash
Total
100 %

Sector allocation (2022-10-31)

37.2 %
Industrials
21.3 %
Offices
15.8 %
Residential
13.6 %
Other
12.1 %
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.

Environmental and/or social characteristics promoted

The Kempen Global Property Fund, the Kempen (Lux) Global Property Fund and the Kempen European Property Fund (the “Funds”) fall under the scope of article 8 of the SFDR which means that the Funds promote environmental and/or social characteristics. This Sub-Fund will invest in a broad range of companies, of which some will have sustainability objectives.

The Fund commits to the climate goals of the Paris Agreement, thereby contributing to the Sustainable Development Goals Affordable and Clean Energy (SDG 7) and Sustainable Cities and Communities (SDG 11). The climate goals commitment encompasses short-term (2025) objectives, a mid-term (2030) ambition and a long-term commitment to be net zero by 2050.

Fund carbon emission targets

ESG Investment process

The promotion of environmental and/or social characteristics is achieved through the consistent implementation of the funds ESG policy. The ESG policy is fully implemented in our strategy’s investment process across the three relevant pillars of: Exclusion, ESG integration and Active ownership.

In the investment process we assess the ESG profile of a company. We look at each company on a case-by-case basis, taking into account material risks in a given industry in combination with the company’s respective risk exposure, practices and disclosure. This includes an assessment of good governance practices. The investee companies are rated for governance aspects using external research as well as making internal assessments. Furthermore, we look into the company’s exposure to past controversies and future ESG opportunities. Based on the fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile and award a score (1-5). We apply adequate due diligence measures when selecting the assets and such due diligence measures take into account sustainability risk and ESG related risks as it could help to enhance long-term risk adjusted returns for investors, in accordance with the investment objectives of the Fund.

Exclusion

In line with the general Kempen policy, the Global Property Fund and the European Property Fund excludes all companies on the KCM Exclusion- and Avoidance list. Companies that ‘Fail’ or are on ‘Watchlist’ marked against the criteria of the United Nations Global Compact are excluded.

Key figures

  Kempen criteria Additional criteria
Business conduct
Human Rights
Labour
Environment
Anti Corruption
Product involvement
Controversial Weapons
Tobacco
Thermal Coal
Tar Sands
Adult Entertainment
Alcohol
Animal Welfare & GMO
Gambling
Power Generation Nuclear
Power Generation Carbon Intensive
(Un)conventional Oil & Gas Extraction
Weaponry
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 2020/2021.

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%
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 S.A., Netherlands Branch
Management company
Kempen Capital Management N.V.
Depositary and custodian
BNP Paribas S.A., Netherlands Branch
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.