Kempen Global Sustainable Equity Fund N.V.

Profile

Kempen Global Sustainable Equity Fund N.V. (KGSEF) offers the opportunity to invest in a diversified portfolio of companies worldwide which comply with strict sustainability criteria. KGSEF aims to select investments with the focus on the long term. As of 1 July 2017 KGSEF will no longer invest in real estate.

Investments in the fund are screened by an independent data provider to assess compliance with environmental, social and governance (ESG) criteria. The management company uses strict sustainability criteria that minimises or excludes investments in companies involved in controversial activities such as alcohol, tobacco and adult entertainment.

Management team

Richard Klijnstra, Erwin Dut, Mark Oud, Martijn Kleinbussink

Performance per 2017-11-30 (rebased)

No chart data available

Performance per 2017-11-30

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  Fund Benchmark
1 month -0.7 % -0.2 %
3 months 6.9 % 6.1 %
This year 5.0 % 6.8 %
2014 10.3 % 19.5 %
2015 2.8 % 10.4 %
2016 16.7 % 10.7 %
3 years (on annual basis) i 7.9 % 9.8 %
Since inception (on annual basis) i 9.5 % 13.4 %
Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 115.80 M 2017-11-30
Number of shares
1,697,185 2017-11-30
Net Asset Value i
EUR 69.21 2017-12-15
Transaction price i
EUR 69.38 2017-12-15
Morningstar rating â„¢

Fund characteristics per 2017-11-30

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  Fund Benchmark
Number of holdings 46 1652
Dividend yield i 2.29 % 2.27 %
Weighted average market capitalization i EUR 107,351 M EUR 113,617 M
P/E ratio i 20.12 20.04
Active share i 89.10 %
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Sustainable Equity 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.

 

                            

 

Portfolio developments per 2017-11-30

What kind of companies do we seek?
We seek profitable companies undergoing structural growth that will create shareholder value in the long term alongside a clear social mandate.

The best results are achieved if the interests of all the stakeholders are aligned. This requires not only products and services but also operations to be in line with the wishes and requirements of society (licence to operate).

Moreover, the companies need to have sufficient opportunities for growth to be able to invest at an attractive return (innovation and expansion).

In order to sustain earnings growth over the long term, companies need to enjoy sustainable competitive advantages compared to existing and new competitors (strong strategic position).

The role of management
We expect management to pursue a long-term strategy in addition to conducting sound day-to-day management. The risks and opportunities relating to ESG need to be clearly incorporated, backed up by sensible investment plans that respond to long-term trends and match the company’s strategic positioning and growth opportunities.

Quality and valuation
We believe the selected companies are above-average quality in terms of strategy and operations and are capable of creating long-term value for all stakeholders. Depending on the absolute valuation of their equities, they could form an interesting addition to the portfolio.

Portfolio
November was a turbulent month for the global equity markets. Political developments in the US kept the markets occupied. KGSEF earned a return of 0.65% and in doing so lagged slightly behind the general market.

The sector with the largest positive contribution was consumer staples, while consumer discretionary yielded the largest negative contribution. We have included new positions in Kion Group, Ferguson and LHC in the portfolio, while our positions in Randstad and Siemens have been sold.

Kion Group has long been a leading manufacturer of forklift trucks. In 2016, it acquired a company that makes software for automating distribution centres and warehouses. This enables Kion to combine forklift trucks and software, providing a total solution for the trend of automating distribution centres and warehouses. This is a fast-growing market thanks to the rise of e-commerce. Companies need to optimise their distribution processes in order to meet this demand. At the moment, 80% of companies still operate without automated distribution processes. Kion therefore has a long growth and investment path ahead of it at attractive returns.

Stock selection added no value this month, with consumer discretionary and technology in particular lagging behind. Estee Lauder, Deere & Company and Nike added most to the return. Estee Lauder and Deere both published robust quarterly figures. Nike continues to rise in price in after announcing its new strategy. Applied Materials, Priceline and Taiwan Semiconductor Manufacturing stood out in a negative sense. Applied Materials and Taiwan Semiconductor Manufacturing (both semi manufacturers) dropped sharply in line with the rest of their sector without publishing specific news. Priceline fell as a result of a change to its outlook, which involves some short-term risk. However, we see no change to its long-term business model and consequently no reason to adjust the positions.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Sustainable Equity 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.

Performance per 2017-11-30 (rebased)

No chart data available

Performance per 2017-11-30

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  Fund Benchmark
1 month -0.7 % -0.2 %
3 months 6.9 % 6.1 %
This year 5.0 % 6.8 %
2014 10.3 % 19.5 %
2015 2.8 % 10.4 %
2016 16.7 % 10.7 %
3 years (on annual basis) i 7.9 % 9.8 %
Since inception (on annual basis) i 9.5 % 13.4 %
Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

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Distributing
Yes
Last dividend
EUR 1.56
Ex-date last dividend
2017-01-30
Number of distributions per year
1
Dividend calendar

Risk analysis (ex post) per 2017-11-30

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  3 years
Maximum drawdown i -14.32 %
Tracking error i 3.89 %
Information ratio i -0.49
Beta i 0.90
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Sustainable Equity 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.

Top 5 contribution (2017-11-30)

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  Contribution i Performance i
Estee Lauder 0.25 % 9.41 %
Deere & Company 0.25 % 10.19 %
Nike Inc Class B 0.20 % 7.35 %
Cisco 0.15 % 6.71 %
Roche Holding 0.11 % 6.80 %

Bottom 5 contribution (2017-11-30)

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  Contribution i Performance i
Applied Materials -0.29 % -8.48 %
Priceline.com -0.26 % -11.13 %
Taiwan Semiconductor Manufacturing (US) -0.21 % -8.60 %
Siemens -0.14 % -7.38 %
AstraZeneca -0.14 % -5.45 %

Geographic allocation (2017-11-30)

50.7 %
The United States
8.6 %
United Kingdom
7.6 %
The Netherlands
6.0 %
Switzerland
4.9 %
Germany
4.8 %
Ireland
4.1 %
France
3.4 %
Canada
2.2 %
Taiwan
2.0 %
Norway
1.8 %
Japan
1.5 %
Sweden
2.3 %
Cash
Totaal
100 %

Top 10 holdings (2017-11-30)

3.2 %
Applied Materials
2.9 %
Alphabet Class C
2.9 %
Estee Lauder
2.8 %
Microsoft
2.8 %
Nike Inc Class B
2.8 %
JPMorgan Chase & Co
2.7 %
Deere & Company
2.7 %
Marsh & McLennan Companies
2.6 %
Unilever
2.6 %
Kion Group
Totaal
28.0 %

Sector allocation (2017-11-30)

23.6 %
Consumer goods
22.1 %
Financials
15.3 %
Technology
11.8 %
Health Care
11.8 %
Industrials
4.8 %
Basic Materials
2.6 %
Consumer services
2.3 %
Other
2.0 %
Telecommunications
2.0 %
Oil & gas
1.8 %
Utilities
Totaal
100 %
The cash position is included in ‘Other’.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Sustainable Equity 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.

Ongoing charges

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Management fee i
0.60 %
Service fee i
0.20 %
Expected ongoing charges i
0.80 %
Ongoing charges last financial year i
0.92 %
As of 16 January 2017 the service fee and management fee have been amended.

The Ongoing Charges Figure of the last financial year relates to 2015/2016.

The service fee is determined annually on basis of the net asset value as of the last day of the previous financial year:
< or equal to EUR 200 million: 0.20%
Between EUR 200 million and EUR 700 million: 0.15%
>EUR 700 million: 0.10%

The management fee is determined annually on basis of the net asset value as of the last day of the previous financial year:
< or equal to EUR 200 million: 0.60%
>EUR 200 million: 0.55%

Other costs

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Upward swing factor i
0.25 %
Downward swing factor i
0.25 %
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Sustainable Equity 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.

Share class details

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Investor type
Institutional & Private
Distributing
Yes
Benchmark i
MSCI World Total Return Index Net (dividends reinvested, calculated in Euro's)
Investment category
Sustainable Value Creation
Universum
Global equities
Inception date
2013-09-18
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
Administrator
BNP Paribas Securities Services S.C.A.
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
NL0010558854
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Sustainable Equity 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.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Sustainable Equity 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.

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

Exclude

Utilize MSCI ESG Research to screen companies on exclusion criteria:

  • Weapons
  • Nuclear Energy
  • Alcohol
  • Tobacco
  • Animal Testing
  • Adult Entertainment
  • Fur
  • Gambling
  • Factory Farming
  • GMO
  • CO2 Emissions
  • Thermal Coal
  • Real Estate

Maintain at least 30% lower carbon intensity than the benchmark (MSCI World)

Best-In-Class and Integration

Companies must have MSCI ESG ratings of BB and higher to be considered investible (comply or explain).

ESG is then further embedded into our selection process, with companies better performing on ESG scoring higher in our investment model.

Analyzing ESG data enables us to capture and better understand the potential material impacts of ESG risks and opportunities.

Process visible through larger portfolio weights in higher ESG ratings than the benchmark.

Engage

As a long-term investor, we are in a continuous dialogue with all companies in the portfolio.

We engage on strategy and ESG in particular to unlock intrinsic value and reduce risk.

We strive for companies to have best-in-class ESG policies, and consistently encourage positive change through engagement and exercising our voting rights.

Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Sustainable Equity 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.