Kempen (Lux) Euro Government Fund - Class I

Profile

Kempen International Funds SICAV – Kempen (Lux) Euro Government Fund (the Fund) is designed and managed to provide the cornerstone investment to a large variety of investment portfolios. The objective of this actively managed fund is both capital protection as well as a potential upside for the investor. The Fund invests in fixed income euro denominated securities issued by governments, and by government related entities of the countries included in the Euro Government Index. These countries are all members of the Eurozone with an investment grade rating.

The Sub-Fund may also invest in bonds guaranteed by public European bodies provided that these entities have an investment grade Rating. The Fund aims to achieve a better long-term total return than its benchmark, the Bank of America Merrill Lynch Euro Government Index (the benchmark).

Management team

Hans Kamminga, Kim Lubbers, Emma Weeder

Performance per 2018-04-30 (rebased)

No chart data available

Performance per 2018-04-30

Slide to see more
  Fund Benchmark
1 month -0.3 % -0.4 %
3 months 1.3 % 1.4 %
This year 1.0 % 1.1 %
2015 0.2 % 0.3 %
2016 3.7 % 4.0 %
2017 0.3 % -0.4 %
3 years (on annual basis) i 0.9 % 0.8 %
5 years (on annual basis) i 2.3 % 2.6 %
Since inception (on annual basis) i 3.8 % 4.0 %
Before 1 August 2017 the Fund had a different name and investment policy: Kempen (Lux) Euro High Grade Government Fund and was allowed to only invest in bonds issued by Netherlands, Germany, Austria, France and Finland. On 28 February 2013, Kempen Euro High Grade Pool (KEHGP) was moved to Luxembourg and renamed Kempen (Lux) Euro High Grade Government Fund (the Fund). Up to 28 February 2013 the performance graph and performance table show the performance of KEHGP. Performance is shown after deduction of ongoing charges. 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

Slide to see more
Total fund size
EUR 136.97 M 2018-04-30
Number of shares
53,425 2018-04-30
Net Asset Value i
EUR 1,331.34 2018-05-24
Morningstar rating â„¢

Fund characteristics per 2018-04-30

Slide to see more
  Fund Benchmark
Number of holdings 83 367
Duration i 6.7 7.6
Yield to maturity 0.7 % 0.6 %
Kempen (Lux) Euro Government Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets.

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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Market developments per 2018-04-30

News of a potential trade war again played a major role on the markets in April. The US dollar weakened at the start of the month, but ultimately closed the month over 2% higher after fears of a trade war abated. The stronger economic data also contributed to this. The PMI was higher than expected, consumer confidence remains robust and data on industrial production and the housing market were also better than expected. Combined with higher than expected corporate earnings, this served to create a positive climate on the equity markets.

Oil prices increased by 7% in April and reached their highest level of the past three years. Surplus oil stocks have decreased thanks to OPEC imposing restrictions on production and demand for oil remains strong. Oil prices could rise further as a result of any sanctions against Iran. The higher oil prices, combined with concerns about higher inflation in the US, pushed up US 10-year government bond yields to 3% for the first time in four years. This increase triggered a comparable rise in European yields, although the increase in German bond yields was partly cancelled out by the ECB meeting on 26 April. The ECB left policy interest rates unchanged and made no alterations to the bond-purchasing programme. It is clear that policymakers have not yet made a decision on normalising ECB policy. Draghi also noted that the latest economic indicators point to the rate of growth slowing slightly.

Economic sentiment deteriorated again slightly in the Eurozone in April. Industrial production, retail and ZEW data were all worse than expected. The poor weather and stronger euro probably played a part in this in the first months of 2018. However, there are now signs of the data stabilising. Furthermore, the PMI index is still pointing to growth of 2.5% for 2018.

Portfolio developments per 2018-04-30

German 10-year government bond yields moved sideways in the first half of April, although they subsequently rose during the second half of the month. Across the month, German 10-year government bond yields noted an increase of 6 basis points.

German 2-year and 5-year government bond yields increased by a slightly smaller amount, causing a steeper yield curve. Our underweight in the portfolio’s sensitivity to yields against the index contributed positively to the relative performance. Inflation-linked bonds performed considerably better than nominals. This can be attributed to the sharp increase in oil prices.

Government-related paper outperformed government bonds in April, earning us a couple of basis points as a result. Spread movements varied from country to country. Spreads in Italy tightened in the wake of the general election in March, while spreads in Spain and Slovenia in fact widened. Core EU country spreads tightened again slightly, in spite of their already tight levels. Our large overweight in France therefore contributed negatively to the return.

The portfolio continues to be positioned for higher bond yields and tighter spreads, chiefly in peripheral EU countries. In spite of economic data in the Eurozone again being slightly worse than expected, they do still point to reasonable growth. US data remain robust and inflation looks to be picking up slightly there. Central banks will further scale back their stimulatory monetary policies in 2018. The European Central Bank (ECB) will buy only EUR30 billion per month in bonds up to and including September 2018, instead of the EUR60 billion it was buying up to last December. The US central bank will probably raise interest rates four times and continue to reduce its balance sheet in 2018.
Kempen (Lux) Euro Government Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets.

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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Performance per 2018-04-30 (rebased)

No chart data available

Performance per 2018-04-30

Slide to see more
  Fund Benchmark
1 month -0.3 % -0.4 %
3 months 1.3 % 1.4 %
This year 1.0 % 1.1 %
2015 0.2 % 0.3 %
2016 3.7 % 4.0 %
2017 0.3 % -0.4 %
3 years (on annual basis) i 0.9 % 0.8 %
5 years (on annual basis) i 2.3 % 2.6 %
Since inception (on annual basis) i 3.8 % 4.0 %
Before 1 August 2017 the Fund had a different name and investment policy: Kempen (Lux) Euro High Grade Government Fund and was allowed to only invest in bonds issued by Netherlands, Germany, Austria, France and Finland. On 28 February 2013, Kempen Euro High Grade Pool (KEHGP) was moved to Luxembourg and renamed Kempen (Lux) Euro High Grade Government Fund (the Fund). Up to 28 February 2013 the performance graph and performance table show the performance of KEHGP. Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

Slide to see more
Distributing
No
Kempen (Lux) Euro Government Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets.

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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Maturity profile (2018-04-30)

Fund
Benchmark
29.7 %
> 10 year
30.2 %
21.7 %
3-5 year
17.5 %
18.2 %
0-3 year
19.8 %
16.9 %
7-10 year
19.1 %
13.4 %
5-7 year
13.4 %
Totaal
100 %
100 %

Top 10 holdings (2018-04-30)

5.2 %
0.350% Buoni Poliennali Del Tes 2016-21
5.1 %
2.375% Hypo Alpe-Adria 2012-23
4.6 %
1.850% Italie 2017-24
4.1 %
1.450% Buoni Poliennali Del Tes 2015-22
4.0 %
1.050% Buoni Poliennali Del Tes 2014-19
3.4 %
2.750% Spanje 2014-24
3.4 %
4.800% Portugal 2010-20
2.4 %
4.125% Slovenië 2010-20
2.3 %
4.750% Italie 2013-28
2.2 %
0.650% Buoni Poliennali Del Tes 2015-20
Totaal
36.7 %

Geographic allocation (2018-04-30)

30.1 %
Italy
13.5 %
Spain
10.7 %
France
9.5 %
Austria
8.1 %
Germany
6.3 %
Slovenia
5.9 %
Portugal
5.2 %
Belgium
4.0 %
European M.C.F.
2.7 %
Finland
2.1 %
Ireland
1.5 %
Netherlands
0.4 %
Luxembourg
Totaal
100 %
Kempen (Lux) Euro Government Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets.

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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Ongoing charges

Slide to see more
Management fee i
0.20 %
Service fee i
0.07 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0.28 %

Other costs

Slide to see more
Upward swing factor i
0.05 %
Downward swing factor i
0.05 %
Kempen (Lux) Euro Government Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets.

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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Share class details

Slide to see more
Share class
I i
Investor type
Institutional
Distributing
No
Benchmark i
Bank of America Merrill Lynch Euro Government Index
Duration hedged
No
Investment category
Government bonds
Universum
Government bonds in euro
Inception date
2013-02-28
Domicile
Luxembourg
May be offered to professional investors only in
Belgium, Luxembourg, Switzerland, The Netherlands
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Management company
Kempen Capital Management N.V.
Custodian
J.P. Morgan Bank Luxembourg S.A.
Morningstar rating â„¢

Tradability

Slide to see more
Minimum subscription
Initial subscription: €50,000, additional subscriptions: €10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU0880055461
Kempen (Lux) Euro Government Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets.

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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
Kempen (Lux) Euro Government Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets.

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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

KCM Vision

Kempen Capital Management is an asset manager with a long-term investment approach. We strongly believe in engaged shareholdership that benefits all stakeholders. As a long-term responsible investor, we firmly believe that active ownership and shareholder engagement contribute to positive change across the board.

Our KCM wide approach to responsible investment

To put our vision into action we engage with our investment targets on a wide array of strategic, financial, environmental, social and governance (ESG) topics. Our long-term investment worldview paired with thorough analysis and an experienced and diverse ESG team allow us to use both voting and engagement as means to consistently encourage positive change. Through this process of constructive engagement, we are able to contribute to the development of principles and standards of corporate responsibility within companies that we invest in.

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

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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.