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 2017-11-30 (rebased)

No chart data available

Performance per 2017-11-30

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  Fund Benchmark
1 month 0.6 % 0.4 %
3 months 3.3 % 1.6 %
This year 0.5 % -3.6 %
2015 13.3 % 10.5 %
2016 9.3 % 7.2 %
3 years (on annual basis) i 8.8 % 5.7 %
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.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 6.81 M 2017-11-30
Number of shares
350,632 2017-11-30
Net Asset Value
EUR 19.82 2017-12-15
Transaction price
EUR 19.87 2017-12-15
Morningstar rating â„¢

Fund characteristics per 2017-11-30

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  Fund Benchmark
Number of holdings 50 331
Dividend yield i 3.49 % 3.80 %
Weighted average market capitalization i EUR 13,110 M EUR 11,632 M
P/E ratio i 16.15 15.59
Active share i 70.25 %
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 2017-11-30

Global property stocks were up 1% with KGPF outperforming the benchmark. Overweight positions in UK self-storage names Safestore (+3%) and Big Yellow (+7%) attributed positively to performance. In addition, European convenience retail play Mercialys (a portfolio overweight) reported robust Q3 results and increased 5%. Relative performance was lost in US retail as we are not invested in the companies that were involved in take-over speculation (GGP +21% and Macerich +20%).

November was first and foremost dominated by M&A. Global retail woes are causing property companies and investors to explore alternatives to create value. In US retail, landlord GGP received an offer for its shares from Brookfield. In the UK, Hammerson made an all share offer for peer INTU properties. So, bigger still seems to be better in retail, which is a view we underwrite as building a world class retail management platform and spreading fixed cost is crucial in today’s competing retail world. In US offices, Equity Commonwealth is reportedly considering a merger with Forest City, both companies now being small caps. In Spain Colonial made a bid for office peer Axiare at a 20% premium to NAV, underpinning that the Spanish investment market remains hot. Asia Pacific saw several larger transactions at historically low cap rates such as Cheung Kong selling The Center in Hong Kong (a USD 5bn asset) at a 2.3% cap and Commonwealth selling Indooroopilly mall in Australia at a 4.25% cap.

Portfolio developments per 2017-11-30

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. 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 US industrial & storage the weight in Cube Smart has been reduced and proceeds reinvested in Public Storage. In the US triple net lease cluster the position in Store Capital was reduced and these proceeds were reinvested in VEREIT. In US offices the weight in Hudson Pacific Properties was reduced and proceeds were used to increase the weight in Corporate Office. In Hong Kong the position in Hysan was reduced and proceeds reinvested in Swire. All four changes were valuation driven as no changes were made to the underlying investment cases.
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 2017-11-30 (rebased)

No chart data available

Performance per 2017-11-30

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  Fund Benchmark
1 month 0.6 % 0.4 %
3 months 3.3 % 1.6 %
This year 0.5 % -3.6 %
2015 13.3 % 10.5 %
2016 9.3 % 7.2 %
3 years (on annual basis) i 8.8 % 5.7 %
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.

Dividends

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Distributing
Yes
Number of distributions per year
1
Dividend calendar

Risk analysis (ex post) per 2017-11-30

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  3 years Since inception
Maximum drawdown i -12.90 % -14.52 %
Tracking error i 1.71 % 0.78 %
Information ratio i 1.80 -0.56
Beta i 0.99 0.99
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 (2017-11-30)

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  Contribution i Performance i
Regency Centers 0.25 % 8.33 %
Simon Property Group 0.18 % 2.91 %
Hysan Development 0.15 % 5.59 %
Tokyu Fudosan 0.14 % 8.49 %
Mercialys 0.12 % 5.31 %

Bottom 5 contribution (2017-11-30)

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  Contribution i Performance i
Mitsui Fudosan -0.13 % -4.12 %
Hufvudstaden -0.11 % -6.48 %
Equity Residential -0.09 % -2.85 %
Avalonbay Communities -0.07 % -2.20 %
Swire Properties -0.07 % -5.90 %

Geographic allocation (2017-11-30)

53.5 %
United States
10.2 %
Japan
8.1 %
Hong Kong
5.7 %
France
5.0 %
United Kingdom
4.9 %
Australia
4.6 %
Other
3.0 %
Austria
2.6 %
Singapore
2.6 %
Canada
Totaal
100 %

Top 10 holdings (2017-11-30)

6.5 %
Simon Property Group
4.0 %
Sun Hung Kai Properties
3.7 %
Boston Properties
3.6 %
Scentre Group
3.2 %
Avalonbay Communities
3.2 %
Regency Centers
3.1 %
Gecina
3.1 %
Equity Residential
3.0 %
Mitsui Fudosan
3.0 %
Host Hotels & Resorts
Totaal
36.4 %

Sector allocation (2017-11-30)

30.3 %
Retail
24.5 %
Offices
18.5 %
Residential
13.4 %
Industrials
13.3 %
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

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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 %
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.
Morningstar rating â„¢

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.