Kempen Lux Euro Credit Fund Plus - Class BN

Profile

Kempen International Funds SICAV - Kempen (Lux) Euro Credit Fund Plus (the Fund) invests primarily in credits that have an investment grade rating (of minimal BBB-) and mostly 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. This is realized by also using non-investment grade bonds. In addition, instruments such as asset backed securities, credit default swaps and loans listed in other currencies can be used. In the process there will be explicitly looked at efficient use of these instruments and with particular attention to managing investment risks of the portfolio as a whole. 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.

It has been decided to soft open the Fund as per 22 February 2018. The Fund will accept daily inflow below EUR 2 million from both existing and new investors. For investments greater than EUR 2 million please contact the Fund’s relationship manager. More information about the soft open can be found in the Notice to shareholders in the tab Documents.

Management team

Alain van der Heijden, Rik den Hartog, Harold van Acht, Sipke Moes, Luuk Cummins, Pim van Mourik Broekman, Quirijn Landman, Marco Zanotto

Performance per 2019-10-31 (rebased)

No chart data available

Performance per 2019-10-31

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  Fund Benchmark
1 month -0.2 % -0.2 %
3 months -0.3 % -0.3 %
This year 7.3 % 6.6 %
2016 5.6 % 4.7 %
2017 2.6 % 2.4 %
2018 -0.9 % -1.3 %
1 year (on annual basis) 6.9 % 6.1 %
3 years (on annual basis) i 2.8 % 2.4 %
5 years (on annual basis) i 3.2 % 2.5 %
Since inception (on annual basis) i 3.8 % 3.2 %
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 491.89 M 2019-10-31
Share class size
EUR 19.31 M 2019-10-31
Number of shares
693,341 2019-10-31
Net Asset Value i
EUR 27.79 2019-12-10
Morningstar rating â„¢
Morningstar Analyst rating
Silver

Fund characteristics per 2019-10-31

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  Fund Benchmark
Number of holdings 300 2754
Duration i 4.7 5.2
Yield to maturity 0.5 % 0.6 %
Weighted rating BBB+ BBB+
Kempen (Lux) Euro Credit Fund Plus (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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

Market developments per 2019-10-31

In October, the spread on the iBoxx Euro Corporate Index tightened by 11 basis points to 113 basis points above the government bond curve. The index earned an absolute return of -0.18%. German 10-year government bond yields closed October at -0.41%, an increase of 16 basis points compared to the end of September.

Sentimentin the capital markets turned more positive during the month as a result of a number of developments.

Firstly, the probability of a near-term hard Brexit scenario diminished considerably. The British parliament passed legislation that forced Prime Minister Boris Johnson to request a formal delay in leaving the European Union from his initial intended date of the 31st October. Whilst the prime minister’s revised agreement with the EU was eventually approved by parliament, the upcoming parliamentary election scheduled for 12th December will determine whether the UK eventually leaves the European Union and, if so, under what terms.

Secondly, for the third time this year, the US federal reserve cut interest rates by 25 basis points. Going forward, the Fed will now adopt a more data dependent, reactive approach in deciding on whether to cut interest rates further. Earlier in the month, the Fed had announced that it would begin purchasing a sizeable amount of US treasury bills on an ongoing basis to address liquidity bottlenecks in the intrabank funding markets.

Thirdly, the rhetoric from US and Chinese governmental officials appeared to suggest that prospects for a trade deal were improving. Such a deal would remove the threat of further tariff increases and would see the Chinese government ramp up purchases of US agricultural- and energy products. Whilst longer-term issues like intellectual property theft and market reciprocity may not be fully addressed as part of any initial trade agreement, markets are likely to view any signing of a deal positively. At the same time that discussions between the US and China appeared to be improving, high-ranking US government officials indicated that the EU automotive industry is unlikely to face tariffs on the export of vehicles to the US.

Fourthly, a number of indicators suggested that global economic growth may be stabilising. For example, the Caixin China General Manufacturing PMI reached a level of 51.7, the highest since February 2017. Economic growth in the Eurozone during the third quarter came in at 0.2% which was equal to the previous quarter and better than expected. Nonetheless, other indicators remain relatively weak. For instance, Japanese manufacturing activity declined to the lowest level since June 2016, whilst the services sector in Japan also contracted for the first time in three years. A key concern for the markets in the months ahead is the extent to which restructuring activity in the industrial segments of the economy and the accompanying loss of jobs will negatively impact activity levels in the services segments of the economy.

Finally, Q3 earnings results have not been as weak as initially feared. The majority of companies appear to be pro-actively aligning their cost structures, capital expenditure and inventory levels to the subdued demand environment and thereby defending operating margins and credit profiles.

The supply of new bonds was EUR 49 billion in October. Whilst down by approximately 39% compared to the record-setting levels of September, supply was up by more than two and half times compared to the year-earlier level. Non-financial sector companies issued EUR 17 billion in new bonds last month, while financial sector companies issued EUR 32 billion in new bonds. New bonds totalling EUR 485 billion were issued in the first ten months of this year, representing an increase of 32% compared to the same period last year.

Portfolio developments per 2019-10-31

During the month the portfolio’s sensitivity to market trends varied between 98% and 107%. The portfolio therefore held a relatively neutral to slightly overweight positioning in terms of market risk.

Our positioning in the banks, real estate and food & beverage sectors performed relatively well in October. In contrast, our positioning in the health care, chemicals and utilities sectors contributed negatively. Our liquidity position (in the shape of cash and government bonds) had a negative impact.

Our pair trades and negative basis trades made a negative contribution. Particularly the negative basis trade in Renault, Michelin and Veolia Environnement made a negative contribution. Our short position in Daimler also contributed negatively. At the end of the month, the global exposure of the Fund was 112%.

At individual company level, positive contributions came from the overweights in Volkswagen, Takeda Pharmaceutical, ZF Friedrichshafen, Phoenix Group, AT&T and Pernod Ricard. In contrast, the overweight in Renault and short-dated bonds issued by GlaxoSmithKline and Sanofi, as well as the underweight in EDF contributed negatively to the return.

In October, the Fund participated in new bond issues from Enel, CK Hutchison Group Telecom, ZF Friedrichshafen, BPCE, Pernod Ricard, CPI Property Group, Unibail-Rodamco, JPMorgan Chase, Dover Corporation and Daimler.

Outlook
We still see sufficient opportunities to invest in the bonds of companies with improving credit profiles at attractive spread levels. At the same time, we intend to capitalise on the ongoing spread compression, particularly in CSPP eligible bonds, between lower and higher rated issuers to high-grade the overall quality of our portfolio and retain a defensive positioning. The revival of the ECB’s corporate bond buying program, ongoing inflows into the investment grade credits asset class and expectations for limited bond supply heading into the end of the year mean we will refrain from adopting an underweight position.
Kempen (Lux) Euro Credit Fund Plus (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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

Performance per 2019-10-31 (rebased)

No chart data available

Performance per 2019-10-31

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  Fund Benchmark
1 month -0.2 % -0.2 %
3 months -0.3 % -0.3 %
This year 7.3 % 6.6 %
2016 5.6 % 4.7 %
2017 2.6 % 2.4 %
2018 -0.9 % -1.3 %
1 year (on annual basis) 6.9 % 6.1 %
3 years (on annual basis) i 2.8 % 2.4 %
5 years (on annual basis) i 3.2 % 2.5 %
Since inception (on annual basis) i 3.8 % 3.2 %
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 0.21
Ex-date last dividend
2019-07-19
Number of distributions per year
2
Dividend calendar
Kempen (Lux) Euro Credit Fund Plus (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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

Maturity profile (2019-10-31)

Fund
Benchmark
29.1 %
3-5 year
27.3 %
25.1 %
5-7 year
21.0 %
17.7 %
0-3 year
25.4 %
15.8 %
7-10 year
17.4 %
11.9 %
> 10 year
8.9 %
0.4 %
Cash
0.0 %
Total
100 %
100 %

Sector allocation (2019-10-31)

30.5 %
Banks
11.3 %
Other
10.7 %
Consumer Goods & Services
9.1 %
Telecom & Technology
8.6 %
Utilities
8.2 %
Industry
6.7 %
Financial Services & Real estate
6.5 %
Health Care
3.2 %
Energy
2.5 %
Insurance
1.6 %
Sovereign bonds
0.7 %
Basic Materials
0.5 %
Asset Backed Securities
Total
100 %
The cash position is included in ‘Other’.

Rating allocation (2019-10-31)

Fund
Benchmark
1.6 %
AAA
0.4 %
3.4 %
AA
10.5 %
41.3 %
A
39.4 %
49.5 %
BBB
49.7 %
2.2 %
BB
0.0 %
1.6 %
Not Rated
0.0 %
0.4 %
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 (2019-10-31)

1.4 %
1.250% Renault 2019-25
1.2 %
1.250% KFW 2016-36
0.9 %
2.500% Volkswagen Bank 2019-26
0.8 %
1.750% Morgan Stanley 2016-24
0.8 %
0.625% BPCE 2018-23
0.8 %
2.625% Akzo Nobel 2012-22
0.8 %
0.750% Banque Fed Cred Mutuel 2019-23
0.8 %
0.875% General Electric 2017-25
0.7 %
0.500% Banque Fed Cred Mutuel 2018-22
0.7 %
0.736% Bank of America 2017-22
Total
8.9 %
Kempen (Lux) Euro Credit Fund Plus (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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

Ongoing charges

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Management fee i
0.42 %
Service fee i
0.10 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
0,57 %

Other costs

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Upward swing factor i
0.20 %
Downward swing factor i
0.20 %
The swingfactor is applicable if the sum of in and outflow (end trading day) is more than a pre defined percentage ( the so called ‘threshold’) of the fund size. The level of the threshold 1%. As of 1 January 2018 the swing factor has been adjusted from 0.25%/0.25% to 0.20%/0.20%.
Kempen (Lux) Euro Credit Fund Plus (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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

Share class details

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Share class
BN i
Investor type
Private
Distributing
Yes
Benchmark i
Markit iBoxx Euro Corporates Index
Duration hedged
No
Investment category
Credits
Universum
Credits
Inception date
2014-02-20
Domicile
Luxembourg
May be offered to all investors in
Luxembourg, The Netherlands
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
J.P. Morgan Bank Luxembourg S.A.
Morningstar rating â„¢
Morningstar Analyst rating
Silver

Tradability

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Minimum subscription
Initial subscription €1
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU0979491585
Kempen (Lux) Euro Credit Fund Plus (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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.
Kempen (Lux) Euro Credit Fund Plus (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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

Kempen's vision and mission

Kempen Capital Management is an asset manager that believes in stewardship and investment focusing on the long-term for the benefit of all stakeholders. Value creation is at the heart of the services we provide to our clients. We believe that being an engaged shareholder on environmental, social and governance (ESG) issues and retaining a long-term focus, is critical to helping our clients to preserve and create sustainable wealth that has positive real world impact and economic returns.

Kempen wide approach to responsible investment

We are committed to create sustainable alpha. The four pillars of our ESG-policy are:

  • ESG integration: Ensuring sustainability risks and opportunities are adequately considered in our investment analysis and processes.

  • Exclusion & avoidance: Not investing in companies involved in controversial activities or conduct.

  • Active ownership: Being responsible stewards of our clients’ capital and using our influence through engagement and voting to improve corporate behaviour on specific ESG issues and achieve positive change

  • Positive impact: Investing with an objective to achieve positive real world outcomes and impact, such as contributing to the UN Sustainable Development Goals.

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To put our mission and vision into practice we engage with our investee companies on a wide array of strategic, financial, and ESG topics. As an active owner we use our influence to improve our investee companies’ ESG performance.  This helps us address some of the most pressing and important sustainability issues facing business and the world. Our focus themes for engagement are: human rights, labour rights, climate change and governance.

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Through collaboration with other investors and industry think tanks we contribute to the development of principles and standards of corporate responsibility both at sector levels, as well as investee company level.

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Our full voting records are available here

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OUR FUND APPROACH TO RESPONSIBLE INVESTMENT

Kempen’s ESG policy is fully implemented in our fund’s investment process across the three relevant pillars of:  Exclusion, Integration and Active ownership.

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1. Exclusion

In line with the general Kempen policy, the Kempen Euro Credit Strategies[1] exclude all companies on the KCM exclusion- or avoidance list. Companies on these lists are either involved in the production of controversial weapons, they derive a significant portion of their revenues from the production or distribution of tobacco, or have been involved in serious controversies.

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2. ESG Integration

Responsible Investment in the Kempen Euro Credit Strategies is not limited to the exclusion of companies. Rather, ESG criteria are an integral part of the investment process. To form a fundamental opinion on a company, the portfolio managers assess the business profile, the financial profile and the ESG profile. Research provided by MSCI ESG Research LLC is used as a basis for the ESG assessment.  Â

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A low score on ESG criteria can result in the demand for an additional premium on the company’s bonds and/or initiation of an engagement with the issuer. If ESG risks are deemed too severe, an investment in the company will be avoided and/or existing holdings will be sold.

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On a quarterly basis, the Kempen Responsible Investment team screens the holdings of the Kempen Euro Credit Strategies, and discusses the findings with the portfolio managers. Special attention is paid to companies scoring an MSCI ESG rating of B or lower, those with a ‘fail’ marked against the criteria of the UN Global Compact or those companies that attract a red flag on the MSCI ESG impact monitor. Companies in carbon intensive sectors are also given special attention.

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3. Active Ownership

For our Kempen Euro Credit Strategies, we distinguish between three types of engagement. They are i) an engagement for awareness, ii) an engagement for change, and iii) a public policy and/or systemic engagement. Engagement for awareness is aimed at raising awareness on certain issues with a company and/or collecting more information on a specific ESG issue. Engagement for change, which could follow an engagement for awareness, has the goal of achieving a specific SMART goal. The third form of engagement relates to seeking an improvement in a public policy or a system relevant to wider capital markets

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Our engagement process defines four milestones:

1. Raise concern with the company;

2. Company acknowledges the issue;

3. Company sets out a strategy / agrees to improve;

4. Company implements the strategy. Â

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Our engagement could start at any of the first three milestones. When a milestone is reached, a document of proof is attached to the engagement case and the engagement will move on to the following milestone. When the fourth milestone is reached, the engagement is closed, but we continue to monitor the company. If at any stage the company refuses to cooperate, divestment has to be considered. To measure willingness to cooperate, we set specific timelines for the engagement.

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The Kempen Euro Credit Strategies, began an engagement with Bayer in 2018, following their acquisition of Monsanto. Through the acquisition, Bayer inherited several significant controversies in the field of genetically modified organisms (GMOs). The goal of our engagement is to get a formal and written statement from the company which states that they will not sue small holder farmers for the unintended use of Bayer licensed GMO crops. It also asks the company to set a target for the number of farmers that receive education on their crop protection products.

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In addition we have ongoing engagement cases with Volkswagen on its company culture, Cez on the use of thermal coal (you can find the engagement factsheet here), Glencore on climate action (you can find the engagement factsheet here) and Huntsman on ESG disclosure. In July 2018, Huntsman was upgraded from ‘CCC’ to ‘B’ by MSCI ESG, and the company’s Sustainability report, published in 2018, includes an overview of its progress towards alignment with the UN Global Compact Ten Principles for the first time.

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[1] The Kempen (Lux) Euro Credit Fund, Kempen (Lux) Euro Credit Fund Plus, Kempen (Lux) Euro Sustainable Credit Fund and Kempen (Lux) Euro High Yield Fund

*

Although Kempen Capital Management N.V.’s information providers, including without limitation, MSCI ESG Research LLC and its affiliates (the “ESG Parties”), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

ESG Report
Screening MSCI Research
Screening MSCI Research
UN Global Compact
Source
disclaimer
Kempen (Lux) Euro Credit Fund Plus (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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.