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 2018-01-31 (rebased)

No chart data available

Performance per 2018-01-31

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  Fund Benchmark
1 month -3.2 % -3.2 %
3 months -1.9 % -2.1 %
This year -3.2 % -3.2 %
2015 9.2 % 9.7 %
2016 9.9 % 10.0 %
2017 -0.5 % -0.7 %
3 years (on annual basis) i 0.7 % 0.8 %
5 years (on annual basis) i 7.9 % 8.2 %
Since inception (on annual basis) i 8.7 % 9.1 %
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 184.17 M 2018-01-31
Number of shares
5,183,439 2018-01-31
Net Asset Value i
EUR 33.17 2018-02-16
Transaction price i
EUR 33.23 2018-02-16
Morningstar rating â„¢

Fund characteristics per 2018-01-31

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  Fund Benchmark
Number of holdings 148 148
Dividend yield i 3.91 % 3.91 %
Weighted average market capitalization i EUR 11,659 M EUR 11,617 M
P/E ratio i 14.21 14.23
Active share i 0.48 %
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 2018-01-31

Global real estate stocks took a step back in January. Real estate companies started to report fourth quarter results. In general results are as expected and showing positive rental growth. Retail is the exception with the weakest fundamentals by far. That of course has been the trend for a while now. In the US the power centers are in severe competition with the malls over the same retailers that still take space. In Europe Dutch retail landlord Wereldhave reported negative like-for-like rental growth with especially France being weak. The retail management teams have no choice than to spend more capex on their shopping centers as the retail environment continues to be challenging. The capex spent on improving the quality of the shopping centers is mostly non-returning as no additional rental growth is generated from it. Returns for shareholders are thus diminishing which has been reflected in the share price. Shares are down 15% for Wereldhave and US power center 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 2018-01-31 (rebased)

No chart data available

Performance per 2018-01-31

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  Fund Benchmark
1 month -3.2 % -3.2 %
3 months -1.9 % -2.1 %
This year -3.2 % -3.2 %
2015 9.2 % 9.7 %
2016 9.9 % 10.0 %
2017 -0.5 % -0.7 %
3 years (on annual basis) i 0.7 % 0.8 %
5 years (on annual basis) i 7.9 % 8.2 %
Since inception (on annual basis) i 8.7 % 9.1 %
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
2017-11-02
Number of distributions per year
4
Dividend calendar

Risk analysis (ex post) per 2018-01-31

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  3 years Since inception
Maximum drawdown i -13.63 % -14.52 %
Tracking error i 0.30 % 0.75 %
Information ratio i -0.34 -0.50
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 (2018-01-31)

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  Contribution i Performance i
Mitsui Fudosan 0.21 % 12.58 %
Sumitomo Realty & Development 0.17 % 12.50 %
Wharf Holdings 0.12 % 14.44 %
Wheelock 0.10 % 5.78 %
Mitsubishi Estate 0.08 % 6.02 %

Bottom 5 contribution (2018-01-31)

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  Contribution i Performance i
Simon Property Group -0.30 % -8.34 %
Public Storage -0.18 % -9.73 %
Ventas -0.16 % -10.11 %
Welltower -0.16 % -9.38 %
Health Care Property -0.15 % -11.00 %

Geographic allocation (2018-01-31)

43.0 %
United States
11.6 %
Japan
9.6 %
Hong Kong
6.2 %
Australia
6.1 %
France
4.1 %
United Kingdom
3.4 %
Singapore
3.2 %
Germany
3.0 %
Bermuda
2.6 %
Canada
1.7 %
Cayman Islands
1.3 %
South Africa
1.2 %
Sweden
0.8 %
Switzerland
0.6 %
Cash
0.5 %
Brazil
0.4 %
Austria
0.3 %
Spain
0.2 %
Luxembourg
0.2 %
Belgium
0.2 %
Netherlands
Totaal
100 %

Top 10 holdings (2018-01-31)

3.4 %
Simon Property Group
2.8 %
Daiwa House Industry
2.1 %
Unibail Rodamco
2.0 %
Brookfield Property Partners
2.0 %
Mitsui Fudosan
1.9 %
Wheelock
1.8 %
Prologis
1.8 %
Equity Residential
1.7 %
Public Storage
1.7 %
Vonovia SE
Totaal
21.1 %

Sector allocation (2018-01-31)

29.9 %
Diversified
26.8 %
Retail
14.9 %
Offices
11.5 %
Residential
7.7 %
Industrials
6.3 %
Health Care
2.4 %
Hotels
0.6 %
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 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
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 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.