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 2019-07-31 (rebased)

No chart data available

Performance per 2019-07-31

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  Fund Benchmark
1 month 1.5 % 1.4 %
3 months 3.4 % 3.2 %
This year 3.4 % 3.2 %
Since inception (on annual basis) i 3.4 % 3.2 %
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 492.18 M 2019-07-31
Share class size
EUR 227.55 M 2019-07-31
Number of shares
179,853 2019-07-31
Net Asset Value i
EUR 1,271.76 2019-08-22

Fund characteristics per 2019-07-31

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  Fund Benchmark
Number of holdings 281 2604
Duration i 4.6 5.1
Yield to maturity 0.4 % 0.5 %
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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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 2019-07-31

In July, the spread on the iBoxx Euro Corporate Index tightened by 19 basis points to 106 basis points above the government bond curve. The index earned an absolute return of +1.42%. German 10-year government bond yields closed July at -0.44%, a decrease of 11 basis points compared to the end of June.

The trend of declining government bond yields continued during July, primarily driven by data that shows global economic growth is slowing and expectations that central banks will subsequently adopt more accommodative monetary stances. In Europe, Mario Draghi again conveyed a dovish tone when communicating the results of the ECB’s governing council meeting in July. Whilst the ECB refrained from implementing any new specific measures, Draghi indicated that the Eurosystem Committees have been tasked with looking at various options to ensure that inflation expectations do not weaken further. Such options include the launch of new asset purchase programs, as well as the use of mitigating measures to neutralise the potential negative effects of further interest rate cuts on the profitability of the Eurozone banking system.

In the United States, the Federal Reserve decided to cut interest rates by 25 basis points and halt its program of balance sheet reduction as of the 1st of August. The latter step had initially been targeted for the end of September. Investors were surprised by Chairman Powell’s statement that the interest rate cut reflected a “mid-cycle adjustment” and did not herald the start of a sustained cycle of further interest rate reductions. Furthermore, the fact that two Fed officials voted against the decision to lower interest rates, suggests that the market’s anticipations for multiple interest rate cuts until the end of 2020 may be misplaced.

The ongoing failure to reach an amicable conclusion to the protracted China/US trade negotiations is a major contributor to heightened concerns amongst investors about the future health of the global economy. President Trump’s decision to apply import tariffs of 10 percent on a further USD 300 billion of goods exported from China to the US exacerbated these concerns. One question markets are grappling with is the extent to which still relatively robust services sectors can continue to expand whilst manufacturing sectors in many regions of the world are in a state of contraction. There is a clear risk that the services sector will also begin to slow down if, and when, manufacturing companies begin to implement large scale layoffs to right-size their production to lower levels of demand. In addition to the China/US trade negotiations, there are other (geo-)political risks negatively impacting investor sentiment. These include the potential for a hard Brexit in October, turmoil in Hong Kong related to its citizens’ demands for greater democracy, business unfriendly policies being adopted by the new Mexican president, as well as escalating trade tensions between Japan and South Korea.

Second quarter earnings results from the US and European banks that have thus far reported suggest asset quality continues to hold up relatively well. Management teams did cite, however, increasing pressure on their net interest income and margins, as yields on their loan and securities portfolios decline in the face of heightened competition in the origination of loans and the sharp decline in underlying yields on government and corporate bonds. At the same time, especially in Europe, it is still challenging for retail banks to pass through negative interest rates on the deposits of their retail customers.

The combination of declining sales, particularly of passenger vehicles, and rising freight and raw material costs, contributed to disappointing second quarter earnings from a number of cyclical companies operating in the chemicals, automotive and industrial goods & services sectors. Nonetheless, the earnings trajectory amongst non-financial companies remains decidely mixed, with companies operating in the telecom, utilities, food & beverage, and health care sectors posting solid results and clearly outperforming companies active in themore cyclical sectors.

The supply of new bonds was EUR 35 billion in July. This represented a decrease of approximately 48% compared to June but a 20% increase in volume compared to the year-earlier period. Non-financial sector companies issued EUR 18 billion in new bonds last month, while financial sector companies issued EUR 17 billion in new bonds. New bonds totalling EUR 327 billion were issued in the first seven months of this year, representing an increase of 25% compared to the same period last year.

Portfolio developments per 2019-07-31

During the month the portfolio’s sensitivity to market trends varied between 102% and 107%. The portfolio therefore held an overweight positioning in terms of market risk.

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

Our pair trades contributed negatively. The long position in BP versus the short position in ENI, as well as the long position in Lloyds subordinated versus the short position in Barclays subordinated contributed negatively. The negative basis trades in Renault and Leonardo had a positive impact. By contrast, the negative basis trade in BASF had a negative impact. Our short positions in Daimler and Swiss Re contributed positively. At the end of the month, the global exposure of the Fund was 114%.

At individual company level, positive contributions came from the overweights in Volkswagen, AB Inbev, Fiserv, Fidelity National Information Services, Euronet and Heidelberg Cement. In contrast, the overweights in Morgan Stanley and Huntsman, as well as the underweights in Banco Santander, Mylan and British American Tobacco (excluded) contributed negatively to the return.

In July, the Fund participated in new bond issues from Merck, La Banque Postale, A2A, ALD and Italgas.

Outlook
Given the significant tightening in spreads since the beginning of this year, as well as increasing signs that the global economy is slowing, we intend to maintain a relatively defensive positioning in the portfolio. Prospects for a revival of the ECB’s corporate bond buying program, and ongoing inflows into the investment grade credits asset class are, however, the main reasons why we will not establish a meaningfully underweight positioning.
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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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 2019-07-31 (rebased)

No chart data available

Performance per 2019-07-31

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  Fund Benchmark
1 month 1.5 % 1.4 %
3 months 3.4 % 3.2 %
This year 3.4 % 3.2 %
Since inception (on annual basis) i 3.4 % 3.2 %

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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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 (2019-07-31)

Fund
Benchmark
30.1 %
3-5 year
27.7 %
20.5 %
5-7 year
20.6 %
19.3 %
0-3 year
25.2 %
18.6 %
7-10 year
18.0 %
11.7 %
> 10 year
8.5 %
Total
100 %
100 %

Sector allocation (2019-07-31)

30.8 %
Banks
11.9 %
Other
10.5 %
Consumer Goods & Services
8.6 %
Telecom & Technology
8.0 %
Industry
7.7 %
Utilities
7.1 %
Health Care
6.6 %
Financial Services & Real estate
2.9 %
Insurance
2.7 %
Sovereign bonds
1.3 %
Energy
1.0 %
Basic Materials
0.5 %
Asset Backed Securities
0.4 %
Supranational
0.4 %
Index CDS
0.4 %
Index CDS
Total
101 %
The cash position is included in ‘Other’.

Rating allocation (2019-07-31)

Fund
Benchmark
2.7 %
AAA
0.4 %
2.3 %
AA
11.1 %
39.7 %
A
39.3 %
50.3 %
BBB
49.2 %
3.1 %
BB
0.0 %
2.0 %
Not Rated
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 (2019-07-31)

2.1 %
1.250% KFW 2016-36
1.5 %
1.250% Renault 2019-25
1.2 %
0.632% Becton Dickinson 2019-23
0.9 %
2.500% Volkswagen Bank 2019-26
0.9 %
0.875% Merck Fin Services 2019-31
0.8 %
0.500% Banque Fed Cred Mutuel 2018-22
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
Total
10.6 %
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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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
0.35 %
Service fee i
0.10 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0,46 %

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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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
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: €100,000,000, 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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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.