Kempen Global Property Fundamental Index® Fund N.V.

Profile

Kempen Global Property Fundamental Index® Fund (KGPFIFN.V.) invests in a diversified portfolio of global listed property companies. KGPFIFN.V. 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.

Management team

Hans Kamminga, Kim Lubbers, Emma Weeder

Performance per 2017-08-31 (rebased)

No chart data available

Performance per 2017-08-31

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  Fund Benchmark
1 month -1.1 % -1.1 %
3 months -3.1 % -3.2 %
This year -3.1 % -3.0 %
2014 27.8 % 28.7 %
2015 9.2 % 9.7 %
2016 9.9 % 10.0 %
3 years (on annual basis) i 7.5 % 7.8 %
5 years (on annual basis) i 8.9 % 9.3 %
Since inception (on annual basis) i 9.4 % 9.9 %
KGPFIF N.V. has the same investment policy as Kempen (Lux) Global Property Fundamental Index® Fund, based in Luxembourg and Kempen Global Property Fundamental Index® Fund, based in the Netherlands. From 1 January 2016 until 19 May 2016 (start of KGPFIF N.V.) the results shown in the performance graph and performance table are those of Kempen Global Property Fundamental Index® Fund, based in the Netherlands. The results shown before 1 January 2016 are those of Kempen (Lux) Global Property Fundamental Index® Fund class I, based in Luxembourg. Results are shown after deduction of ongoing charges and including reinvestment of distributed dividend. 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 N.V. 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 210.46 M 2017-08-31
Number of shares
5,852,846 2017-08-31
Net Asset Value i
EUR 35.85 2017-09-21
Transaction price i
EUR 35.92 2017-09-21
Morningstar rating â„¢

Fund characteristics per 2017-08-31

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  Fund Benchmark
Number of holdings 151 151
Dividend yield i 3.86 % 3.87 %
Weighted average market capitalization i EUR 11,993 M EUR 11,981 M
P/E ratio i 13.96 13.97
Active share i 0.57 %
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fundamental Index® 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.

‘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 2017-08-31

Quarterly results drove real estate markets. Most results were in-line or better than expected indicating the good operational environment real estate companies enjoy. Rental growth drives NAV growth at this point in the real estate cycle. Valuations are stable.

In August, the US 10-year yield closed at 2.117%, a new low for 2017. This is obviously supportive for real estate valuations. That being said, we are not seeing further cap rate compression in the market. Real estate valuations still increase but mainly driven by rental growth. News flow in the Asian region is obviously dominated by the increasing geopolitical tensions. Japan’s second quarter GDP growth number came in +4% quarter-on-quarter which was the sixth consecutive quarter of growth. Returns in Europe were predominantly driven by company news. Swedish property names posted negative returns this month after data showed the Swedish inflation rose above the 2% target for the first time since 2010, leading to the speculation the Riksbank might make a monetary move rather sooner than later. German residential property companies continued to publish strong NAV growth and a strong outlook and was the clear outperformer in August.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fundamental Index® 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.

‘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 2017-08-31 (rebased)

No chart data available

Performance per 2017-08-31

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  Fund Benchmark
1 month -1.1 % -1.1 %
3 months -3.1 % -3.2 %
This year -3.1 % -3.0 %
2014 27.8 % 28.7 %
2015 9.2 % 9.7 %
2016 9.9 % 10.0 %
3 years (on annual basis) i 7.5 % 7.8 %
5 years (on annual basis) i 8.9 % 9.3 %
Since inception (on annual basis) i 9.4 % 9.9 %
KGPFIF N.V. has the same investment policy as Kempen (Lux) Global Property Fundamental Index® Fund, based in Luxembourg and Kempen Global Property Fundamental Index® Fund, based in the Netherlands. From 1 January 2016 until 19 May 2016 (start of KGPFIF N.V.) the results shown in the performance graph and performance table are those of Kempen Global Property Fundamental Index® Fund, based in the Netherlands. The results shown before 1 January 2016 are those of Kempen (Lux) Global Property Fundamental Index® Fund class I, based in Luxembourg. Results are shown after deduction of ongoing charges and including reinvestment of distributed dividend. 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 N.V. 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
Yes
Last dividend
EUR 0.20
Ex-date last dividend
2017-08-02
Number of distributions per year
4
Dividend calendar

Risk analysis (ex post) per 2017-08-31

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  3 years Since inception
Maximum drawdown i -13.63 % -14.52 %
Tracking error i 0.29 % 0.79 %
Information ratio i -1.07 -0.62
Beta i 1.00 0.99
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fundamental Index® 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.

‘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.

Top 5 contribution (2017-08-31)

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  Contribution i Performance i
Wharf Holdings 0.25 % 12.13 %
Henderson Land Development 0.07 % 6.19 %
Prologis 0.06 % 3.34 %
Vonovia SE 0.05 % 3.64 %
Deutsche Wohnen 0.05 % 6.54 %

Bottom 5 contribution (2017-08-31)

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  Contribution i Performance i
GGP -0.13 % -8.98 %
Mitsui Fudosan -0.12 % -6.60 %
Scentre Group -0.09 % -5.43 %
Health Care Property -0.09 % -5.43 %
Mitsubishi Estate -0.08 % -6.00 %

Geographic allocation (2017-08-31)

45.8 %
The United States
11.6 %
Hong Kong
10.2 %
Japan
6.0 %
Australia
5.7 %
France
4.7 %
Canada
3.8 %
United Kingdom
3.6 %
Singapore
2.9 %
Germany
1.2 %
Sweden
1.1 %
South Africa
0.8 %
Switzerland
0.5 %
Brazil
0.5 %
Philippines
0.4 %
Austria
0.3 %
Spain
0.2 %
Belgium
0.2 %
The Netherlands
0.2 %
Luxembourg
0.3 %
Cash
Totaal
100 %

Top 10 holdings (2017-08-31)

3.3 %
Simon Property Group
2.5 %
Daiwa House Industry
2.3 %
Wharf Holdings
2.2 %
Unibail Rodamco
2.1 %
Brookfield Property Partners
2.0 %
Equity Residential
1.9 %
Welltower
1.9 %
Ventas
1.8 %
Public Storage
1.8 %
Wheelock
Totaal
21.9 %

Sector allocation (2017-08-31)

27.7 %
Diversified
24.8 %
Retail
16.7 %
Offices
11.9 %
Residential
8.5 %
Industrials
7.6 %
Health Care
2.2 %
Hotels
0.7 %
Other
Totaal
100 %
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fundamental Index® 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.

‘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 %

Other costs

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Upward swing factor i
0.20 %
Downward swing factor i
0.20 %
More about our swing pricing policy
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fundamental Index® 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.

‘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 & Private
Distributing
Yes
Benchmark i
GPR Global Property Fundamental Index®
Investment category
Fundamental Indexation
Universum
Global real estate equities
Inception date
2016-05-18
Domicile
The Netherlands
May be offered to all investors in
The Netherlands
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
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
NL0011821210
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fundamental Index® 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.

‘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 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.

‘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.

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 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.

‘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.