Kempen Lux Euro Credit Fund Plus - Class IX

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 2020-05-31 (rebased)

No chart data available

Performance per 2020-05-31

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  Fund Benchmark
1 month 0.3 % 0.2 %
3 months -2.5 % -3.3 %
This year -1.5 % -2.5 %
2019 2.8 % 2.6 %
1 year (on annual basis) 1.0 % -0.2 %
Since inception (on annual basis) i 1.2 % -0.0 %
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 387.75 M 2020-05-31
Share class size
EUR 146.08 M 2020-05-31
Number of shares
117,909 2020-05-31
Net Asset Value i
EUR 1,253.49 2020-07-02
Turnover rate
199.47 %
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 2020-05-31

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  Fund Benchmark
Number of holdings 300 2942
Duration i 5.0 5.2
Yield to maturity 1.2 % 1.2 %
Weighted rating A- A-
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 2020-05-31

In May, the spread on the iBoxx Euro Corporate Index tightened by 17 basis points to 176 basis points above the government bond curve. The index earned an absolute return of +0.19%. German 10-year government bond yields closed May at -0.45%, an increase of 14 basis points compared to the end of April.

Investor sentiment further strengthened during the month, primarily driven by three developments. First, the rate of new Corona-cases, particularly in many developed markets, has decreased materially. This is allowing governments the freedom to open up more sectors of the economy, without immediately jeopardising the stability of their domestic healthcare systems. Thus far, measures to loosen “lock-downs” have not resulted in a meaningful increase in the number of infected persons. This has led markets to believe that the second quarter of 2020 will be the trough for economic growth and corporate profitability and that as the year further progresses a solid recovery in economic activity is likely to take place. Notable exceptions to the favourable trends in new infection cases are seen in countries like Brazil and Mexico.

The second development that contributed to the improvement of investor sentiment was the joint proposal by France and Germany for the European Union to raise EUR 500 billion with which to support those countries most negatively impacted by the Corona crisis. Subsequently, the European Commission launched a plan that would see the European Union raise as much as EUR 750 billion through bond issuance. Proceeds from the issuance would be primarily dispersed as grants – rather than loans –to the most negatively affected countries. Whilst the so-called “frugal four” countries of Sweden, Denmark, Austria and the Netherlands have voiced their displeasure with the concept of grants as opposed to loans, they appear ready to negotiate to find some form of compromise. Particularly the willingness of Germany to strengthen the European Union’s fiscal capabilities has greatly alleviated fears that Italy, and to a lesser degree, Spain would at some point experience a debt-spiral that could threaten the integrity of the Eurozone. The joint France-German proposal followed an earlier agreement amongst Eurozone member states to allow members to borrow as much as EUR 500 billion from the ESM with limited conditionality.

Finally, investors expect the ECB to further increase its Pandemic Emergency Purchase program. This is based on the fact that the ECB is already on track to deplete the initial amount of EUR 750 billion by October of this year based on its current rate of purchases. In addition, there is speculation that the ECB may broaden the range of bonds it purchases under the program to include “fallen angels”.

There has been a notable pick-up in the number of companies issuing equity to shore up their balance sheets. Initially, after the severity of the Covid-19 virus outbreak became apparent, many companies enhanced their liquidity profile by issuing bonds or drawing down on credit facilities. These measures, in some cases, only resulted in the addition of more debt and increased leverage at companies. By raising equity, liquidity is being enhanced, albeit in a manner that keeps leverage at reasonable levels. The increased number of equity issues further highlights the trend that bondholder interests are now being emphasized at the expense of near-term shareholder interests. Companies announcing equity raises during the month included UK-based caterer Compass Group, US pharmaceutical and medical equipment group Becton Dickinson, global steel manufacturer Arcelor Mittal and Germany-based semiconductor producer Infineon Technologies.

During the month, bonds issued by companies in the automotive and basic resources sector outperformed. By contrast, bonds issued by companies operating in the media, technology and food & beverage sectors underperformed.

The supply of new bonds was EUR 78 billion in May, representing a 4% decrease compared to April but a 90% increase compared to the year-earlier period. Non-financial sector companies issued EUR 57 billion in new bonds last month, while financial sector companies issued EUR 21 billion in new bonds. During the first five months of the year, a total of EUR 321 billion of bonds was issued. This represents a 43% increase compared to the year-earlier period.

Portfolio developments per 2020-05-31

During the month the portfolio’s sensitivity to market trends varied between 103% and 109%. The portfolio therefore held an overweight positioning in terms of market risk.

Our positioning in the automotive, food & beverage and non-bank financial services sectors performed relatively well in May. In contrast, our positioning in the banks, personal & household goods and health care sectors contributed negatively. Our liquidity position (in the shape of cash and government bonds) had a neutral impact.

Our negative basis trades made a positive contribution. Particularly the negative basis trades in Continental and Michelin performed well. By contrast, our negative basis trade in Veolia Environnement contributed negatively. Our short positions in Daimler and BMW contributed negatively. At the end of the month, the global exposure of the Fund was 111%.

At individual company level, positive contributions came from the overweights in AB Inbev, ALD, CNH Industrial and Wintershall Dea, as well as from our underweights in IBM and Vodafone. Our decision to close out our underweights in Daimler and ENI by participating in new bond issues from these companies during the month also contributed to performance. In contrast, the overweights in General Electric, VF Corporation and TVO, as well as our underweights in BP and Royal Dutch Shell contributed negatively to the return.

In May, the Fund participated in new bond issues from CPI Property Group, Nordea, Eurogrid, ENI, Verizon, Telefonica, Equinor, Daimler, ING, Continental, Kojamo, AT&T, ABN AMRO, Firmenich and Scania.

Outlook
We have become more constructive on the market as a result of recent data that suggests economic growth has bottomed and that the rate of new Corona virus infections in developed markets has slowed significantly. Furthermore, we view favorably the trend of more companies issuing equity to restore balance sheet strength and the overall greater emphasis being placed on bondholder interests. Finally, the technical backdrop remains very robust as a result of ongoing inflows into the asset class and the ECB’s willingness and ability to pump liquidity into the bond markets.
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 2020-05-31 (rebased)

No chart data available

Performance per 2020-05-31

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  Fund Benchmark
1 month 0.3 % 0.2 %
3 months -2.5 % -3.3 %
This year -1.5 % -2.5 %
2019 2.8 % 2.6 %
1 year (on annual basis) 1.0 % -0.2 %
Since inception (on annual basis) i 1.2 % -0.0 %

Dividends

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Distributing
No
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 (2020-05-31)

Fund
Benchmark
26.1 %
3-5 year
27.5 %
25.6 %
5-7 year
20.7 %
17.7 %
0-3 year
25.2 %
16.5 %
7-10 year
17.0 %
13.0 %
> 10 year
9.5 %
1.0 %
Cash
0.0 %
Total
100 %
100 %

Sector allocation (2020-05-31)

29.4 %
Banks
15.1 %
Consumer Goods & Services
9.8 %
Utilities
9.7 %
Telecom & Technology
8.5 %
Industry
7.4 %
Financial Services & Real estate
5.4 %
Health Care
4.1 %
Insurance
3.5 %
Energy
3.0 %
Basic Materials
2.1 %
Other
1.6 %
Sovereign bonds
0.6 %
Asset Backed Securities
Total
100 %
The cash position is included in ‘Other’.

Rating allocation (2020-05-31)

Fund
Benchmark
1.6 %
AAA
0.4 %
2.3 %
AA
10.6 %
33.6 %
A
39.4 %
56.1 %
BBB
49.6 %
3.7 %
BB
0.0 %
1.7 %
Not Rated
0.0 %
1.0 %
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 (2020-05-31)

1.6 %
1.250% KFW 2016-36
1.1 %
2.875% Anheuser-Busch 2020-32
1.1 %
1.338% Wells Fargo 2020-25
0.9 %
0.637% Morgan Stanley 2019-24
0.9 %
0.375% Caixabank 2020-25
0.9 %
2.500% Volkswagen Bank 2019-26
0.9 %
0.375% ALD 2019-23
0.8 %
0.000% Enel 2019-24
0.8 %
1.500% FIS 2019-27
0.8 %
0.375% DSV Panalpina 2020-27
Total
9.8 %
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.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
0.35 %
Service fee i
0.10 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0,46 %
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
IX
Investor type
Institutional
Distributing
No
Benchmark i
Markit iBoxx Euro Corporates Index
Duration hedged
No
Investment category
Credits
Universum
Credits
Inception date
2019-05-23
Domicile
Luxembourg
May be offered to professional investors only in
Luxembourg, 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
J.P. Morgan Bank Luxembourg S.A.

Tradability

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Minimum subscription
Initial subscription: €500,000,000, additional subscriptions: €10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU1954213408
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

Risks

For more information about the mid and long term risks associated with the investments:

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*

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 ESG Research
Screening MSCI ESG Research
UN global impact
Bron EN
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.