- Kempen
- Kempen Lux Euro High Grade Government Fund Class J
Kempen (Lux) Euro Government Fund - Class J
Profile
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).
Performance per 2019-01-31 (rebased)
Performance per 2019-01-31
Fund | Benchmark | |
---|---|---|
1 month | 1.0 % | 1.1 % |
3 months | 2.3 % | 2.6 % |
This year | 1.0 % | 1.1 % |
2016 | 3.7 % | 4.0 % |
2017 | 0.3 % | -0.4 % |
2018 | -0.0 % | 1.0 % |
1 year (on annual basis) | 1.3 % | 2.4 % |
3 years (on annual basis) i | 1.0 % | 1.1 % |
5 years (on annual basis) i | 2.5 % | 3.0 % |
Since inception (on annual basis) i | 3.5 % | 3.8 % |
Key figures
Total fund size | EUR 130.46 M 2019-01-31 |
Share class size | EUR 55.85 M 2019-01-31 |
Number of shares | 47,289 2019-01-31 |
Net Asset Value i | EUR 1,177.66 2019-02-18 |
Morningstar rating â„¢ | |
Fund characteristics per 2019-01-31
Fund | Benchmark | |
---|---|---|
Number of holdings | 82 | 364 |
Duration i | 6.7 | 7.6 |
Yield to maturity | 0.9 % | 0.7 % |
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 2019-01-31
One major reason for the lower bond yields and higher equity prices was the more cautious tone being adopted by central banks. Equity markets viewed this as support, as the impression had previously been that the Fed, the US system of central banks, would continue to raise interest rates for too long. In October, the market was still pricing in three interest rate hikes by the Fed in 2019. In January, however, prices even briefly priced in a cut to interest rates. This was understandable. In December, Fed chairman Jay Powell continued to claim that the reduction in the Fed’s balance sheet would happen on automatic pilot and that further step-by-step increments in interest rates were likely. Powell adopted a more nuanced tone in January though. The Fed now intends to be patient on further interest rate hikes and the reduction of the balance sheet will now depend on how economic data evolve. ECB President Draghi was also being cautious at the end of January and pointing to the downward risks in the Eurozone economy. There is very little chance of Draghi raising interest rates again before he relinquishes the post of ECB president later this year.
The economic data reinforced the picture of a weakening economy. There are increasing signs that global economic growth is weakening, particularly in Europe and in China. Examples include the economic recession in Italy, the falling IFO business climate index in Germany and Chinese car sales that in December were down 16% on a year earlier. Indicators that measure the extent to which economic data match the forecasts plunged deep into the red in most regions. Several factors seem to be behind the weakening growth, including a slowdown in growth in China, the uncertainty surrounding the Brexit, the difficult trade relations between the US and China and the impact of monetary tightening.
Differences in yields decreased in the Eurozone in January. Peripheral and soft-core Eurozone countries, such as France and Belgium, saw the difference in yield with Germany shrink. The weakening growth does prompt some fresh concerns about Italy. Italian economic indicators weakened further. Will Italy have to implement further cut-backs in order to compensate for worse-than-expected growth?
Portfolio developments per 2019-01-31
Spain, Portugal, Ireland and Belgium saw their spreads versus Germany tighten and the slight overweight position in these countries contributed positively. The underweight in France yielded a slightly negative contribution. Supranational institutions again made a small positive contribution. It is noticeable that the differences in long-term yields for countries such as Italy and France versus Germany barely tightened and in fact were more likely to widen slightly. The market is cautious. We reduced the fund’s position in the peripheral EU countries towards the end of the month. We again added a green bond to the portfolio in January via participation in the new bond issue by SNCF Reseau.
The portfolio continues to be positioned for higher bond yields and smaller differences in yield versus Germany. There is a great deal of uncertainty surrounding the outlook for growth, but we believe that a reasonably weak economic scenario has already been priced in to bond yields and that economic growth will ultimately continue. The opportunities for an economic upturn in the Eurozone are being underestimated. The central banks are providing a boost to higher bond yields by reducing their quantitative easing.
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 2019-01-31 (rebased)
Performance per 2019-01-31
Fund | Benchmark | |
---|---|---|
1 month | 1.0 % | 1.1 % |
3 months | 2.3 % | 2.6 % |
This year | 1.0 % | 1.1 % |
2016 | 3.7 % | 4.0 % |
2017 | 0.3 % | -0.4 % |
2018 | -0.0 % | 1.0 % |
1 year (on annual basis) | 1.3 % | 2.4 % |
3 years (on annual basis) i | 1.0 % | 1.1 % |
5 years (on annual basis) i | 2.5 % | 3.0 % |
Since inception (on annual basis) i | 3.5 % | 3.8 % |
Dividends
Distributing | Yes |
Last dividend | EUR 24.00 |
Ex-date last dividend | 2019-01-21 |
Number of distributions per year | 1 |
Dividend calendar |
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 (2019-01-31)
Top 10 holdings (2019-01-31)
Geographic allocation (2019-01-31)
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
Management fee i | 0.20 % |
Service fee i | 0.07 % |
Taxe d'abonnement i | 0.01 % |
Expected ongoing charges i | 0,28 % |
Other costs
Upward swing factor i | 0.05 % |
Downward swing factor i | 0.05 % |
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
Share class | J |
Investor type | Institutional |
Distributing | Yes |
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
Minimum subscription | Initial subscription: €50,000, additional subscriptions: €10,000 |
Listed | no |
Subscription/Redemption Frequency | Daily |
ISIN i | LU0880056436 |
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.
Factsheets
Annual Reports
Semi- Annual Reports
Key Investor Information
Formal documents other
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. Our full voting records are available here.
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.