Kempen Global Property Fundamental Index® Fund

Profile

Kempen Global Property Fundamental Index® Fund (KGPFIF) invests in a diversified portfolio of global listed property companies. KGPFIF aims 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 contains more than 100 investments.

This index is 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 is only available to registered pension funds established in the Netherlands which are exempt from corporation tax.

Management team

Hans Kamminga, Kim Lubbers, Emma Weeder

Performance per 2018-06-30 (rebased)

No chart data available

Performance per 2018-06-30

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  Fund Benchmark
1 month 1.1 % 1.0 %
3 months 10.0 % 9.8 %
This year 2.5 % 2.4 %
2015 9.2 % 9.7 %
2016 10.3 % 10.0 %
2017 -0.6 % -0.7 %
1 year (on annual basis) 2.2 % 2.0 %
3 years (on annual basis) i 5.0 % 4.9 %
5 years (on annual basis) i 8.3 % 8.4 %
Since inception (on annual basis) i 9.0 % 9.4 %
KGPFIF has the same investment policy as Kempen (Lux) Global Property Fundamental Index® Fund, based in Luxembourg. Until 20 January 2016 (start of KGPFIF) the results shown in the performance graph and performance table are those of Kempen (Lux) Global Property Fundamental Index® Fund class I. The value of your investments may fluctuate. Past performance provides no guarantee for the future. For the calculation of the performance figures a deviating Net Asset Value (NAV) is used. This NAV is calculated based on closing prices of KGPFIF investments thereby deviating from the NAV which was originally issued and partly calculated based on snapshots (Asia & Pacific investments). The deviating NAV is used to make a better comparison with the benchmark, which is also solely based on closing prices of the investments.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 167.15 M 2018-06-30
Share class size
EUR 167.15 M 2018-06-30
Number of shares
461,138 2018-06-30
Net Asset Value
EUR 364.69 2018-07-16
Morningstar rating â„¢

Fund characteristics per 2018-06-30

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  Fund Benchmark
Number of holdings 150 150
Dividend yield i 4.13 % 4.11 %
Weighted average market capitalization i EUR 12,516 M EUR 12,593 M
P/E ratio i 12.65 12.63
Active share i 1.00 %
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 2018-06-30

June returns were again positive and real estate continues to show positive returns in 2018. Most real estate clusters continue to show strong operational progress. Industrial, residential and niche segments like storage, student housing, healthcare all do well. The real estate sector also continues to grow in size through new IPOs. Public Storage for example announced it will list its European storage business Shurguard. And in Spain several IPOs (Testa, Haya, Via Celere and Azora) are being explored.

Retail real estate is still the exemption. The UK retail sector continues to face store closures and retailers negotiating rents down in order to keep financially solvent. Canada has similar over-retailing problems like the US. There is 17 square feet of retail per Canadian versus 24 in the US which is triple the amount typically observed in Europe. Australian retail landlords still benefit from the effect that global retailers still have to enter Australia creating demand for the short term. On the long-term Australia is just as exposed to the global retail theme however. And the occupancy cost of retailers in Australia is very high already creating downside risk to rents.
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.

Performance per 2018-06-30 (rebased)

No chart data available

Performance per 2018-06-30

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  Fund Benchmark
1 month 1.1 % 1.0 %
3 months 10.0 % 9.8 %
This year 2.5 % 2.4 %
2015 9.2 % 9.7 %
2016 10.3 % 10.0 %
2017 -0.6 % -0.7 %
1 year (on annual basis) 2.2 % 2.0 %
3 years (on annual basis) i 5.0 % 4.9 %
5 years (on annual basis) i 8.3 % 8.4 %
Since inception (on annual basis) i 9.0 % 9.4 %
KGPFIF has the same investment policy as Kempen (Lux) Global Property Fundamental Index® Fund, based in Luxembourg. Until 20 January 2016 (start of KGPFIF) the results shown in the performance graph and performance table are those of Kempen (Lux) Global Property Fundamental Index® Fund class I. The value of your investments may fluctuate. Past performance provides no guarantee for the future. For the calculation of the performance figures a deviating Net Asset Value (NAV) is used. This NAV is calculated based on closing prices of KGPFIF investments thereby deviating from the NAV which was originally issued and partly calculated based on snapshots (Asia & Pacific investments). The deviating NAV is used to make a better comparison with the benchmark, which is also solely based on closing prices of the investments.

Dividends

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Distributing
No

Risk analysis (ex post) per 2018-06-30

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  3 years Since inception
Maximum drawdown i -11.71 % -14.52 %
Tracking error i 0.20 % 0.74 %
Information ratio i 0.40 -0.47
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 (2018-06-30)

50.5 %
United States
9.0 %
Japan
8.7 %
Hong Kong
4.9 %
Australia
3.2 %
Bermuda
3.2 %
Germany
3.2 %
United Kingdom
3.1 %
France
3.0 %
Singapore
2.6 %
European M.C.F.
2.1 %
Canada
1.3 %
Cayman Islands
1.1 %
Sweden
0.8 %
South Africa
0.7 %
Switzerland
0.6 %
Luxembourg
0.5 %
Mexico
0.5 %
Spain
0.2 %
Austria
0.2 %
Brazil
0.5 %
Cash
Totaal
100 %

Top 10 holdings (2018-06-30)

3.6 %
Simon Property Group
2.9 %
Equity Residential
2.3 %
Welltower
2.2 %
Unibail-Rodamco-Westfield
2.2 %
Daiwa House Industry
2.0 %
Brookfield Property Partners
2.0 %
Public Storage
2.0 %
Ventas
1.8 %
Wharf Holdings
1.7 %
Vonovia SE
Totaal
22.7 %

Sector allocation (2018-06-30)

25.0 %
Diversified
22.2 %
Retail
15.7 %
Offices
12.9 %
Residential
8.3 %
Health Care
8.3 %
Other
6.3 %
Industrials
1.4 %
Hotels
Totaal
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
0.46 %
The Ongoing Charges Figure of the last financial year relates to 2016/2017.

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
Depositary
Administratiekantoor Kempen Global Property Fundamental Index Fund B.V.
Management company
Kempen Capital Management N.V.
Custodian
BNP Paribas Securities Services S.C.A.
Morningstar rating â„¢

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.

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 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.