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 2018-07-31 (rebased)

No chart data available

Performance per 2018-07-31

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  Fund Benchmark
1 month 1.1 % 1.1 %
3 months 7.4 % 7.2 %
This year 3.8 % 3.5 %
2015 9.2 % 9.7 %
2016 9.9 % 10.0 %
2017 -0.5 % -0.7 %
1 year (on annual basis) 5.4 % 4.8 %
3 years (on annual basis) i 4.2 % 4.1 %
5 years (on annual basis) i 8.7 % 8.9 %
Since inception (on annual basis) i 9.1 % 9.5 %
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. The dividend distribution of KGPFIFNV (ex-date 01-08-2018) is included in the NAV per 31 July 2018 and is therefore included in the performance figures of July.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 161.28 M 2018-07-31
Share class size
EUR 161.28 M 2018-07-31
Number of shares
4,341,420 2018-07-31
Net Asset Value i
EUR 37.22 2018-08-14
Transaction price i
EUR 37.29 2018-08-14
Morningstar rating â„¢

Fund characteristics per 2018-07-31

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  Fund Benchmark
Number of holdings 150 150
Dividend yield i 4.07 % 4.07 %
Weighted average market capitalization i EUR 12,811 M EUR 12,797 M
P/E ratio i 13.06 13.03
Active share i 0.47 %
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 2018-07-31

Global property stocks were up in July with KGPFIFNV performing in-line with its benchmark. In Singapore after posting three quarters of strong price growth in the residential sector the Singaporean government introduced cooling measures by increasing the stamp duty and tightening the leverage limits.

July returns were positive and most global real estate markets continue to show strong momentum in 2018. Half year results are being reported and most European real estate companies continue to show positive rental growth. Especially Swedish real estate portfolios show strong momentum with NAVs on average up 19%. The office markets in Madrid and Milan also live up to their promises. In contrast, UK retail portfolios are showing dismal performance with INTU (managing a portfolio of high quality shopping centers) reporting a year-on-year NAV decline of 12%.

Interestingly, US retail real estate is showing signs of improvement. The largest owner of high-quality shopping centers Simon Property Group reported 4.5% tenant sales growth over the last 12 months. Improving tenant sales growth drives rental and net operating income growth for Simon’s portfolio. Other positive growth figures came out of US hotels where group reservations are picking up and tourism and business travel continue to be strong. Park Hotels, for example, who manage an upper upscale hotel portfolio under the Hilton brand with assets in Hawaii, San Francisco and other US gateway cities. They reported a very strong 11.4% like-for-like NOI growth figure which gave a boost to its share price and fellow Hotel REITs.
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 2018-07-31 (rebased)

No chart data available

Performance per 2018-07-31

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  Fund Benchmark
1 month 1.1 % 1.1 %
3 months 7.4 % 7.2 %
This year 3.8 % 3.5 %
2015 9.2 % 9.7 %
2016 9.9 % 10.0 %
2017 -0.5 % -0.7 %
1 year (on annual basis) 5.4 % 4.8 %
3 years (on annual basis) i 4.2 % 4.1 %
5 years (on annual basis) i 8.7 % 8.9 %
Since inception (on annual basis) i 9.1 % 9.5 %
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. The dividend distribution of KGPFIFNV (ex-date 01-08-2018) is included in the NAV per 31 July 2018 and is therefore included in the performance figures of July.

Dividends

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Distributing
Yes
Last dividend
EUR 0.30
Ex-date last dividend
2018-05-21
Number of distributions per year
4
Dividend calendar
The dividend distribution of KGPFIFNV (ex-date 01-08-2018) is included in the NAV per 31 July 2018 and is therefore included in the performance figures of July.

Risk analysis (ex post) per 2018-07-31

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  3 years Since inception
Maximum drawdown i -11.57 % -14.52 %
Tracking error i 0.31 % 0.75 %
Information ratio i 0.30 -0.46
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 (2018-07-31)

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  Contribution i Performance i
Brookfield Property Partners 0.17 % 8.72 %
Daiwa House Industry 0.14 % 6.48 %
Simon Property Group 0.12 % 3.28 %
Link Reit 0.10 % 8.24 %
Digital Realty Trust 0.09 % 8.55 %

Bottom 5 contribution (2018-07-31)

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  Contribution i Performance i
Public Storage -0.08 % -4.21 %
DDR -0.08 % -11.84 %
Scentre Group -0.05 % -2.84 %
City Developments -0.04 % -8.48 %
Vornado Realty Trust -0.04 % -2.94 %

Geographic allocation (2018-07-31)

50.3 %
United States
9.1 %
Hong Kong
9.0 %
Japan
5.0 %
Australia
3.4 %
Bermuda
3.2 %
Germany
3.0 %
France
3.0 %
United Kingdom
2.9 %
Singapore
2.5 %
European M.C.F.
2.1 %
Canada
1.3 %
Cayman Islands
1.2 %
Sweden
0.8 %
South Africa
0.6 %
Switzerland
0.6 %
Luxembourg
0.5 %
Mexico
0.5 %
Spain
0.3 %
Austria
0.2 %
Brazil
0.5 %
Cash
Totaal
100 %

Top 10 holdings (2018-07-31)

3.7 %
Simon Property Group
2.9 %
Equity Residential
2.5 %
Unibail-Rodamco-Westfield
2.3 %
Welltower
2.2 %
Daiwa House Industry
2.2 %
Brookfield Property Partners
2.0 %
Ventas
1.9 %
Public Storage
1.9 %
Wharf Holdings
1.7 %
Vonovia SE
Totaal
23.2 %

Sector allocation (2018-07-31)

28.3 %
Diversified
26.3 %
Retail
14.0 %
Residential
12.5 %
Offices
8.3 %
Health Care
7.9 %
Industrials
1.9 %
Hotels
0.9 %
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 %
Ongoing charges last financial year i
0.53 %
The Ongoing Charges Figure of the last (extended) 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 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 licenseof 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
Subscription/Redemption 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 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 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.