Kempen Lux Euro Credit Fund - Class J

Profile

Kempen International Funds SICAV - Kempen (Lux) Euro Credit Fund (the Fund) invests primarily in credits that have an investment grade rating (of minimal BBB-) and are denominated in Euros. The Fund may invest a small part in credits that are not included in the benchmark. The benchmark, the Markit iBoxx Euro Corporates Index, only includes bonds with an investment grade rating.

The Fund aims to earn a higher total long term return than the benchmark by implementing an active investment policy. In order to achieve this, a diversified portfolio is constructed and investment risks are continuously monitored. Investments are selected on the basis of extensive analysis of the terms and conditions of the bond issues.

Management team

Alain van der Heijden, Joost de Graaf, Bart aan den Toorn, Harold van Acht, Lizelle du Plessis, Kim Lubbers, Tetiana Kharlamova, Arif Bagasrawalla

Performance per 2022-10-31 (rebased)

No chart data available

Performance per 2022-10-31

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  Fund Benchmark
1 month 0.2 % 0.1 %
3 months -7.2 % -7.4 %
This year -14.3 % -15.1 %
2019 6.7 % 6.3 %
2020 3.9 % 2.7 %
2021 -1.1 % -1.1 %
1 year (on annual basis) -14.2 % -15.0 %
3 years (on annual basis) i -4.3 % -4.9 %
5 years (on annual basis) i -1.5 % -2.0 %
Since inception (on annual basis) i 3.4 % 2.5 %
On 20 June 2013, Kempen Euro Credit Fund (KECF) was merged with Kempen (Lux) Euro Credit Fund (the Fund). Up to June 2011 (start of the Fund) the performance graph and performance table show the performance of KECF. The average annual TER for the period of April 2008 till June 2011 is 0.97%. 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 856.72 M 2022-10-31
Share class size
EUR 26.65 M 2022-10-31
Number of shares
24,985 2022-10-31
Net Asset Value i
EUR 1,093.08 2022-11-28
Morningstar rating â„¢
The turnover rate figure is per the end of the financial year of the fund and will be updated once a year.

Fund characteristics per 2022-10-31

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  Fund Benchmark
Number of holdings 388 3479
Duration i 4.8 4.7
Yield to maturity 4.2 %
Kempen (Lux) Euro Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Developments per 2022-10-31

In October, the spread of the iBoxx Euro Corporates Index widened by 6 basis points to a level of 134 basis points over the swap curve. This is equivalent to approximately 215 basis points over the government bond curve. The index earned a total return of +0.13%. German 10-year government bond yields closed October at +2.14%, representing an increase of 3.5 basis points compared to the end of September 2022.

In October markets started out on a constructive tone with spreads tightening approximately 10 bps. This changed at the end of the second week and spreads started to widen again. Weak economic data, continued geopolitical upheaval, heavy primary activity with sizeable NIPs and inflation staying at elevated levels soured the mood. Spreads climbed by almost 30 bps intra month from low to high in two volatile trading weeks. Thereafter, the market slowly turned more constructive. Again the hope increased for a FED ‘pivot’. Loosely defined, with the FED pivot market participants envision that the FED will slow or stop and even reverse its interest rate hiking campaign. The pivot proponents find that the FED has hiked enough or even too much and with that it is making a mistake that will hurt the economy. A lot of the investors in this corner belonged to the now ill-famous camp transitory that believed that the 2021 inflation spike would be temporary and disappear out of itself in 2022. We strongly disagreed with this in 2021 and we are also not a big fan of some of the claims of the pivot thinkers. Inflation is still too high and so far has not reacted to central bank tightening. Economic activity in the US remains brisk. Rates in Europe are still very accommodative vs the level of inflation. Several studies have shown the historic stickiness that inflation exhibits when it tops the 5% level. We do agree that the FED can slow its hiking campaign as its short term rate is now close to the inflation rate. However we find it highly unlikely that the FED will cut rates in the next two years. As said before, inflation that has topped the 5% level in general takes years to get back to former trends. The FED wants to be very sure that inflation will be on a sustained downward path. They want to avoid making the same mistake as the 1970s FED that lowered rates when inflation seemed to cool but had to reverse this when it picked up again. As a result we remain cautious on the market but try to capture the various opportunities the volatility and dispersion provide us.

On a positive note, the political situation in the UK quickly stabilized in October. Investors displayed trust in the new Prime Minister Rishi Sunak and the new Chancellor of the Exchequer Jeremy Hunt. Also, with hindsight, it is clear that the BoE played its cards well by first offering liquidity to pension funds that needed to sell gilts to increase their collateral positions but also by urging them expedite this in order to avoid creating moral hazard. Furthermore they are now in a better position to start quantitative tightening which they had to postpone at the height of the crisis. The economic situation in the UK remains dire however.

The 10 year German government bond yield increased by 3.5 basis points, French OATs tightened by 4.5 bps and Italian BTPs even tightened by 22 bps. Also, UK 10 year Gilt yields tightened by 57 bps. The important German – Italian government bond spread has now been relatively stable around the 215 bps level since the beginning of May.

Most of the economic data published last month, such as the JPM Global Composite Purchasing Managers’ Index (PMI), which dropped to 49 in October, continued to illustrate the slowing of the global economy. In the US, higher rates are especially causing the housing market to slow down. This also affects certain related sectors. The economy overall remains relatively strong however with a very low unemployment rate and employers still struggling to find enough workers. This did not change in October.

In Europe the economic situation looks bleaker than in the US but the expected sharp downward contraction keeps being pushed out. The German GDP print came in much stronger than expected at +0.3% quarter-on-quarter, supported by private spending, despite cost of living pressures and economic uncertainty. The energy crisis remains the key risk for Europe with the unusually warm weather in October leading to lower gas prices. Winter gas prices are down by about 60% since the peak in August, they however remain higher than the 2021 average. Europe announced new plans to tackle the energy crisis that included a first version of a price cap and a common purchases system. These measures, together with several new fiscal stimulus support plans, should help both households and businesses. The eurozone PMI surveys reached levels that are consistent with recession. October’s flash composite PMI registered a fall to 47.1, with the manufacturing index at 44.2 and services at 48.2. Inflation in the single currency bloc rose to 10.7% y/y, and core inflation at 5% y/y.

At the 20th Party Congress President Xi was reappointed as expected. China’s Caixin September services PMI showed a sizable fall of 5.7 points to 49.3 due to the latest Omicron wave. Real GDP growth rebounded to 3.9% y/y in the third quarter, beating market expectations. The manufacturing sectors have led the recovery, although the service sectors are still suffering from sporadic lockdowns across the country.

At the end of October we increased the risk position in the fund by buying longer duration credits. We remain underweight the long end of the curve but wanted to reduce this underweight as it had worked well and curves steepened here and there. As a result we went to a slightly overweight risk position from an overall beta perspective. Wider spreads and increasing dispersion continue to present interesting relative value opportunities. On the flip side, earnings warnings are punished harder than in the past, especially in the BBB- category.

Issuance in October stood at €38.0bn, slightly down vs September but still a good level considering the earnings season. The split between Financials and Corporates was €15.7bn and €22.3bn, so another month where corporates issued more than financials. Within corporates, utilities were quite active. Net issuance was €6.0bn.

Monthly flows were positive at €85m. This is a contrast with September, where credits saw outflows of €2.5bn. Cumulative outflows stand at €17.2bn, ~6.4% of AUM according to Barclays. The propensity for issuance in more supportive market conditions was already visible in October. Now, with a (not so bad) earnings season almost done and a still more benign market environment, November can see a ramp up in issuance. A large volume of issuance is likely to weigh on secondary spreads unless there are decent inflows in the asset class.

The portfolio delivered a return of +0.25% (gross). This was 12 basis points above the benchmark return of +0.13%. During the month, the portfolio’s sensitivity to market trends varied between 97% and 102% in beta terms. The portfolio is underweight spread duration, mainly at the longer end of the credit spectrum where credit curves remain relatively flat. The portfolio remains invested in defensive off benchmark segments such as covered bonds, agencies and supranationals. The portfolio continues to have an underweight in BBBs, a reflection of tight valuations at an issuer level given the uncertainty surrounding the market and economy.

With spreads slightly wider over the month our exposure to defensive off benchmark segments (in covered bonds and cash) contributed positively to performance while government bonds, agencies and supranationals had a small negative contribution. Our positioning in infrastructure, telecommunications and real estate had a positive contribution, while banks and food & beverage contributed negatively this month. On an individual issuer level the strategy saw a positive contribution from our overweights in Autostrada, Netflix and Aroundtown. Our overweights in CBRE, Enel and our underweight in Generali had a negative impact on performance.

In October, the Fund participated in new deals from EDP, Smith & Nephew, EDF, Deutsche Bahn, Carrefour, Vattenfal, Tennent, Verizon and Pernod Ricard amongst others. On the financials side, we participated in Jyske Bank, ALD, AXA, BBVA, OP Bank, Raiffaissen Schweiz and Rabobank amongst others.

Outlook
Although credit spreads are at relatively attractive levels, we remain on the cautious side. We see more risks on the horizon, including a prolonged Russian invasion, uncertainty regarding European energy supply and security, weaker global growth and stubbornly high inflation. We are still moderately bearish and think spreads could widen due to the weaker macro-economic environment, expectations for aggressive hiking by central banks and impact over time of Quantitative Tightening globally. Q3 2022 company results were relatively solid so far but we fear that higher rates and a potential recession in both Europe and the US over the next 18 months are not adequately reflected in earnings and profit guidance at present. Spreads are too low to fully compensate for the risks that we have identified. The technical backdrop is not supportive with supply that needs to pay sizeable NIPs to be able to print. We expect spreads between rating categories to decompress. We are underweight the BBB segment as a result. Lastly we are also underweight spread duration.

Kempen (Lux) Euro Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Performance per 2022-10-31 (rebased)

No chart data available

Performance per 2022-10-31

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  Fund Benchmark
1 month 0.2 % 0.1 %
3 months -7.2 % -7.4 %
This year -14.3 % -15.1 %
2019 6.7 % 6.3 %
2020 3.9 % 2.7 %
2021 -1.1 % -1.1 %
1 year (on annual basis) -14.2 % -15.0 %
3 years (on annual basis) i -4.3 % -4.9 %
5 years (on annual basis) i -1.5 % -2.0 %
Since inception (on annual basis) i 3.4 % 2.5 %
On 20 June 2013, Kempen Euro Credit Fund (KECF) was merged with Kempen (Lux) Euro Credit Fund (the Fund). Up to June 2011 (start of the Fund) the performance graph and performance table show the performance of KECF. The average annual TER for the period of April 2008 till June 2011 is 0.97%. 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 12.60
Ex-date last dividend
2022-01-13
Number of distributions per year
1
Dividend calendar
Kempen (Lux) Euro Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Maturity profile (2022-10-31)

Fund
Benchmark
28.5 %
3-5 year
29.3 %
27.1 %
5-7 year
18.8 %
21.1 %
0-3 year
29.6 %
11.6 %
7-10 year
15.0 %
11.4 %
> 10 year
7.4 %
0.2 %
Cash
0.0 %
0.1 %
Other
0.0 %
Total
100 %
100 %

Sector allocation (2022-10-31)

34.3 %
Banks
13.4 %
Consumer Goods & Services
10.9 %
Financial Services & Real estate
9.8 %
Utilities
8.6 %
Telecom & Technology
7.3 %
Industry
6.5 %
Health Care
3.8 %
Insurance
3.5 %
Energy
1.0 %
Supranational
0.5 %
Basic Materials
0.2 %
Sovereign bonds
0.2 %
Other
Total
100 %
The cash position is included in ‘Other’.

Rating allocation (2022-10-31)

Fund
Benchmark
7.7 %
AAA
0.3 %
3.0 %
AA
8.5 %
35.2 %
A
41.2 %
50.4 %
BBB
49.9 %
2.1 %
BB
0.0 %
1.4 %
Not Rated
0.0 %
0.2 %
Cash
0.0 %
Total
100 %
100 %
The rating allocation of the Fund is based on the Bloomberg Composite method. The rating allocation of the benchmark is based on the rating allocation used by provider Markit iBoxx.

Top 10 holdings (2022-10-31)

1.4 %
1.875% Volkswagen Bank 2019-24
1.0 %
0.000% Novartis 2020-28
0.9 %
2.500% Volkswagen Bank 2019-26
0.9 %
1.000% Cheung Kong Infra 2017-24
0.8 %
0.625% KFW 2017-27
0.8 %
1.375% Danske Bank 2022-27
0.8 %
1.125% European Union 2016-36
0.8 %
1.125% Italgas SPA 2017-24
0.8 %
0.010% Landbk Hessen-Thueringen 2022-27
0.8 %
0.389% JP Morgan 2020-28
Total
8.9 %
Kempen (Lux) Euro Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Environmental and/or social characteristics promoted

The Kempen Euro Credit Fund, Kempen Euro Credit Fund Plus and Kempen Euro High Yield Fund (the “Funds”) fall under the scope of article 8 of the SFDR which means that the Funds promote environmental and/or social characteristics. This Funds will invest in a broad range of companies, of which some will have sustainability objectives.

The Fund commits to the goals of the Paris Agreement. This encompasses short-term objectives (2025), a mid-term ambition (2030) and a long-term commitment to be a net zero investor by 2050. By 2025, we aim to be aligned with a path to achieving the Paris Agreement and Dutch Klimaatakkoord. We follow the market reduction, which assumes a pathway in line with the EU Benchmarks.

Fund carbon emission targets

ESG Investment process

The promotion of environmental and/or social characteristics is achieved through the consistent implementation of the Funds ESG policy. The ESG policy is fully implemented in our strategy’s investment process across the three relevant pillars of: Exclusion, ESG integration and Active ownership.

In the investment process we assess the ESG profile of a company. We look at each company on a case-by-case basis, taking into account material risks in a given industry in combination with the company’s respective risk exposure, practices and disclosure. This includes an assessment of good governance practices. The investee companies are rated for governance aspects using external research as well as making internal assessments. Furthermore, we look into the company’s exposure to past controversies and future ESG opportunities. Based on the fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile.

Exclusion

The Fund applies exclusion criteria. These take into account international standards, such as UN Global Compact Framework, the OECD Guidelines for Multinational Enterprises, UN Guiding Principles for Business and Human Rights, and our Principles for Responsible Investment commitments. The Funds apply additional exclusion criteria based on product involvement and business conduct.

Key figures

  Kempen criteria Additional criteria
Business conduct
Human Rights
Labour
Environment
Anti Corruption
Product involvement
Controversial Weapons
Tobacco
Thermal Coal
Tar Sands
Adult Entertainment
Alcohol
Animal Welfare & GMO
Gambling
Power Generation Nuclear
Power Generation Carbon Intensive
(Un)conventional Oil & Gas Extraction
Weaponry
Kempen (Lux) Euro Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
0.320 %
Service fee i
0.10 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0,43 %
Kempen (Lux) Euro Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Share class details

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Share class
J
Investor type
Institutional
Distributing
Yes
Benchmark i
Markit iBoxx Euro Corporates Index
Duration hedged
No
Investment category
Credits
Universe
Credits denominated in euro
Inception date
2011-06-15
Domicile
Luxembourg
May be offered to professional investors only in
Belgium, France, Luxembourg, Switzerland, The Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Management company
Kempen Capital Management N.V.
Depositary and custodian
BNP Paribas, Luxembourg Branch
Morningstar rating â„¢

Tradability

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Minimum subscription
Initial subscription: €50,000, additional subscriptions: €10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU0630255858
Kempen (Lux) Euro Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
Kempen (Lux) Euro Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.