Kempen Global Property Fundamental Index® Fund (terminated)

Profile

On 17 December 2018 (close of business) Kempen Global Property Fundamental Index® Fund was terminated. The Netherlands Authority for the Financial Markets has been requested to remove the fund from the register. More information can be found under the section Documents / Other on the Dutch part of the website.

Kempen Global Property Fundamental Index® Fund (KGPFIF) invested in a diversified portfolio of global listed property companies. KGPFIF aimed to reflect the composition as well as the result of the index. The index is the Global Property Research (GPR) Global Property Fundamental Index®. The portfolio contained more than 100 investments.

This index was compiled based on fundamental (financial) factors rather than on the basis of market capitalisation. This means that factors such as rental income, EBITDA and gross dividends are of influence on the weight of a company in the index. According to the management company these factors are more representative for the economic power of companies than market capitalisation.

KGPFIF was only available to registered pension funds established in the Netherlands which are exempt from corporation tax.
More information can be found on the documents page of this fund
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fundamental Index® Fund (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 and only available for professional investors.

The information in this document provides insufficient information for an investment decision. Please read the prospectus. This document is 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.

‘Fundamental Index®’ and/or ‘Research Affiliates Fundamental Index®’ and/or ‘RAFI’ and/or all other RA trademarks, trade names patented and patent-pending concepts are the exclusive property of Research Affiliates, L.L.C.

Market developments per 2018-11-30

Despite all the turbulence in stock markets, Global real estate stocks did pretty well posting positive absolute performance, mostly driven by strong US and APAC performance. Most US companies posted strong Q3 results, with apartment REIT’s standing out. Rental growth for apartment REIT’s is accelerating, also in the higher barrier markets. On the negative side, many US REIT’s start to experience cost inflation as labor cost is on the rise. UK shopping center landlord Intu properties saw the Brookfield led consortium walking away from a bid for the company citing uncertainty around the UK retail environment, store closures and elevated rents. The stock dropped -40%. Nothing new in the troubled UK mall space but again confirmation that investment markets have not yet found a bottom. In Australia, office and logistics landlord Dexus, a portfolio holding, decided to dispose its logistics portfolio into a new non-listed fund with GIC as anchor investor. The news follows other Global transactions in October and November where REIT’s disposed logistics properties because of very strong pricing. We have argued earlier that we believe logistics yields are approaching very low levels as only urban warehousing fundamentals justify strong rental growth.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fundamental Index® Fund (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 and only available for professional investors.

The information in this document provides insufficient information for an investment decision. Please read the prospectus. This document is 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.

‘Fundamental Index®’ and/or ‘Research Affiliates Fundamental Index®’ and/or ‘RAFI’ and/or all other RA trademarks, trade names patented and patent-pending concepts are the exclusive property of Research Affiliates, L.L.C.

Dividends

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Distributing
No

Risk analysis (ex post) per 2019-05-31

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  3 years Since inception
Maximum drawdown i -11.71 % -14.52 %
Tracking error i 0.17 % 0.72 %
Information ratio i 1.07 -0.42
Beta i 1.00 0.99
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fundamental Index® Fund (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 and only available for professional investors.

The information in this document provides insufficient information for an investment decision. Please read the prospectus. This document is 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.

‘Fundamental Index®’ and/or ‘Research Affiliates Fundamental Index®’ and/or ‘RAFI’ and/or all other RA trademarks, trade names patented and patent-pending concepts are the exclusive property of Research Affiliates, L.L.C.

Geographic allocation (2019-05-31)

100.0 %
Cash
Total
100 %

Sector allocation (2019-05-31)

26.3 %
Diversified
26.2 %
Retail
15.0 %
Residential
12.5 %
Offices
9.6 %
Health Care
7.7 %
Industrials
1.7 %
Hotels
1.1 %
Other
Total
100 %
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fundamental Index® Fund (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 and only available for professional investors.

The information in this document provides insufficient information for an investment decision. Please read the prospectus. This document is 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.

‘Fundamental Index®’ and/or ‘Research Affiliates Fundamental Index®’ and/or ‘RAFI’ and/or all other RA trademarks, trade names patented and patent-pending concepts are the exclusive property of Research Affiliates, L.L.C.

Ongoing charges

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Management fee i
0.25 %
Service fee i
0.20 %
Expected ongoing charges i
0.45 %
Ongoing charges last financial year i
0.45 %
The Ongoing Charges Figure of the last financial year relates to 2017/2018.

Other costs

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Upward swing factor i
0.20 %
Downward swing factor i
0.15 %
As of 1 January 2018 the swing factor has been adjusted from 0.,20%/0.20% to 0.20%/0.15%.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fundamental Index® Fund (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 and only available for professional investors.

The information in this document provides insufficient information for an investment decision. Please read the prospectus. This document is 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.

‘Fundamental Index®’ and/or ‘Research Affiliates Fundamental Index®’ and/or ‘RAFI’ and/or all other RA trademarks, trade names patented and patent-pending concepts are the exclusive property of Research Affiliates, L.L.C.

Share class details

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Investor type
Institutional
Distributing
No
Benchmark i
GPR Global Property Fundamental Index® (dividends reinvested, adjusted for dividend tax withheld)
Investment category
Fundamental Indexation
Universum
Global real estate equities
Inception date
2016-01-20
May be offered to professional investors only in
The Netherlands
UCITS status i
No
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Administration Office
Administratiekantoor Kempen Global Property Fundamental Index Fund B.V.
Management company
Kempen Capital Management N.V.
Depositary and custodian
BNP Paribas Securities Services S.C.A.

Tradability

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Minimum subscription
Minimal initial subscription and holding amount: €1,000,000
Listed
no
Subscription/Redemption Frequency
Every Wednesday, and in the case this is no business day, on the next business day
ISIN i
NL0011336813
Details
Orders must be received by the transfer agent on the business day before the trading day no later than 10:00 AM Amsterdam time in order to be executed on the dealing day.
KGPFIF is only available to registered pension funds established in the Netherlands which are exempt from corporation tax.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fundamental Index® Fund (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 and only available for professional investors.

The information in this document provides insufficient information for an investment decision. Please read the prospectus. This document is 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.

‘Fundamental Index®’ and/or ‘Research Affiliates Fundamental Index®’ and/or ‘RAFI’ and/or all other RA trademarks, trade names patented and patent-pending concepts are the exclusive property of Research Affiliates, L.L.C.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fundamental Index® Fund (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 and only available for professional investors.

The information in this document provides insufficient information for an investment decision. Please read the prospectus. This document is 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.

‘Fundamental Index®’ and/or ‘Research Affiliates Fundamental Index®’ and/or ‘RAFI’ and/or all other RA trademarks, trade names patented and patent-pending concepts are the exclusive property of Research Affiliates, L.L.C.
No data available.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fundamental Index® Fund (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 and only available for professional investors.

The information in this document provides insufficient information for an investment decision. Please read the prospectus. This document is 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.

‘Fundamental Index®’ and/or ‘Research Affiliates Fundamental Index®’ and/or ‘RAFI’ and/or all other RA trademarks, trade names patented and patent-pending concepts are the exclusive property of Research Affiliates, L.L.C.