Kempen has decided to discontinue its active government bond funds. The return of capital to investors resulting from the discontinuation of the Kempen (Lux) Euro Government Fund will take place on 31 August 2020. Read the official announcement here.

Kempen (Lux) Euro High Grade Government Fund - Class BN

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).

On August 31, 2020 Kempen (Lux) Euro Government Fund will be liquidated. The fund will be closed for subscriptions as from July 8, 2020. If you do not wish to participate in the liquidation, you may redeem until the respective cut-off time on August 26, 2020. You can find more information here: https://www.kempen.com/news-and-knowledge/persberichten-2020/kempen-to-discontinue-its-active-government-bond-funds

Management team

Hans Kamminga, Kim Lubbers

Performance per 2020-06-30 (rebased)

No chart data available

Performance per 2020-06-30

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  Fund Benchmark
1 month 1.1 % 1.0 %
3 months 2.2 % 1.7 %
This year 2.1 % 1.9 %
2017 0.3 % -0.4 %
2018 -0.0 % 1.0 %
2019 6.7 % 6.8 %
1 year (on annual basis) 3.1 % 2.7 %
3 years (on annual basis) i 3.3 % 3.6 %
5 years (on annual basis) i 2.8 % 3.0 %
Since inception (on annual basis) i 3.7 % 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 and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 132.74 M 2020-06-30
Share class size
EUR 42.14 M 2020-06-30
Number of shares
33,645 2020-06-30
Net Asset Value i
EUR 1,270.92 2020-08-07
Turnover rate
91.46 %
Morningstar rating â„¢
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 2020-06-30

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  Fund Benchmark
Number of holdings 95 401
Duration i 8.3 8.5
Yield to maturity 0.2 % 0.1 %
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 Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 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/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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Developments per 2020-06-30

In June, investors were confronted with the conflicting impact of an improved outlook and a sharp increase in the number of new coronavirus cases around the world. Optimism prevailed in the end; the MSCI Global Equity Index gained 2.5% and spreads on investment grade and high yield corporate bonds and emerging market debt tightened. Yields on long and short-term government bonds barely moved. The optimism was mainly felt in the first week of June. Concerns about the coronavirus grew as the month progressed.

At the end of May, the European Commission proposed the creation of a recovery fund to assist member states. Initial proposals were for the fund to contain EUR750 billion, of which EUR500 billion was to be distributed in grants and EUR250 billion in loans. The plan is yet to be approved, partly due to the reluctance of the Frugal Four (Austria, Sweden, Norway and the Netherlands). The signs are that a fund will indeed ultimately be created but that it will be slightly smaller, i.e. less than approximately 5.4% of the EU’s GDP. At the same time, irrespective of the amount involved, it will constitute an enormous step towards integrating European budgetary policies.

The ECB boosted its stimulus packages on 4 June by increasing its Pandemic Emergency Purchase Programme (PEPP) from EUR600bn to EUR1,350bn, while also extending it until at least the end of June 2021. The commotion surrounding the German Constitutional Court’s ruling on the old purchasing programme (PSPP) seems to have abated for the time being. The ECB has shared unpublished documents that reveal its efforts to underpin the PSPP’s proportionality. The US Fed marked time and seems set on maintaining interest rates above 0%. Fed Chairman Jerome Powell expressed his surprise at the rapid recovery in the US, but stressed the persisting uncertainty and demonstrated his willingness to introduce further stimulatory measures. In the US there are even calls to turn to yield curve control, just as the Bank of Japan has been doing since the end of 2016, but the Fed seems to prefer to enhance forward guidance if necessary.

Data on the spread of the coronavirus in North and South America are a growing cause for concern. The number of cases in Europe is clearly falling. Economic indicators around the world are pointing to a sharp V-shaped recovery. Purchasing manager indices for industry, a gauge of confidence among these companies, shot up in May and June from April’s unprecedented lows. As of June these indices are already back over 50, which points to growth, in nine of the 35 countries we monitor. Retail sales are also noting sound positive data year-on-year in e.g. Germany, the Netherlands and France. Unemployment in Europe, where governments generally opted to help businesses keep people in work, has only risen marginally from 7.1% in March to 7.3% in April.

It is worth noting two things in relation to all these positive data. The first is the recovery, which although it may look spectacular now is not sustainable. The easing of social restrictions is quickly generating high growth figures from the previous very low levels, but some activities, such as tourism or major events, cannot yet be restarted or only to a certain extent. Growth percentages are therefore likely to flatten again. A second point is that the impact of monetary and fiscal stimulation is currently at its peak in many countries. This impact can really only move in one direction: downwards.

German 10-year government bond yields remained more or less unchanged in June at -0.45%. Yield curves in most countries were slightly steeper at the end of the month, with long-term yields up marginally and short-term yields generally lower. The higher inflation expectations of just under 15bps over the next ten years contributed positively to the fund’s relative performance. This did result in a further decrease in real interest rates, however. Country spreads in the Eurozone tightened by a further 5bps following on from the contraction of 18bps in May. Spreads in Italy and Ireland narrowed the most, while Portugal lagged slightly behind the other countries this month.

Spreads on government-related paper, such as KFW, IBRD and EIB, also tightened again slightly in June. Our small overweights in Slovenia, Spain, Ireland, Belgium and government-related paper made a positive contribution to the result. Our underweight in France contributed negatively. In the portfolio we mainly took profit on government-related paper and the overweights in Austria and Slovenia.

Portfolio policy remains unchanged. Bond yields are likely to stay low for longer. The portfolio is also positioned for tighter spreads on (semi-) core countries and government-related paper. The economic recovery triggered by the easing of lockdown restrictions in Europe and elsewhere and the significant stimulus from central banks and governments offer a morehopeful perspective for the next few months, but the virus will continue to cause uncertainty.

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 Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 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/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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Performance per 2020-06-30 (rebased)

No chart data available

Performance per 2020-06-30

Slide to see more
  Fund Benchmark
1 month 1.1 % 1.0 %
3 months 2.2 % 1.7 %
This year 2.1 % 1.9 %
2017 0.3 % -0.4 %
2018 -0.0 % 1.0 %
2019 6.7 % 6.8 %
1 year (on annual basis) 3.1 % 2.7 %
3 years (on annual basis) i 3.3 % 3.6 %
5 years (on annual basis) i 2.8 % 3.0 %
Since inception (on annual basis) i 3.7 % 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 and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

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Distributing
Yes
Last dividend
EUR 22.50
Ex-date last dividend
2020-01-16
Number of distributions per year
1
Dividend calendar
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 Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 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/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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Maturity profile (2020-06-30)

Fund
Benchmark
36.1 %
> 10 year
32.8 %
19.7 %
7-10 year
18.7 %
18.8 %
0-3 year
18.7 %
14.4 %
3-5 year
16.3 %
10.8 %
5-7 year
13.4 %
0.1 %
Cash
0.0 %
Total
100 %
100 %

Top 10 holdings (2020-06-30)

3.7 %
0.400% Spanje 2017-22
3.5 %
2.750% Spanje 2014-24
3.3 %
0.350% Italie 2016-21
3.2 %
1.350% Ierland 2018-31
3.1 %
1.850% Italie 2017-24
3.0 %
1.450% Italie 2015-22
2.6 %
0.200% Slovenië 2020-23
2.6 %
1.250% Belgie 2018-33
2.5 %
1.500% Frankrijk 2018-50
2.4 %
0.010% KFW 2019-27
Total
29.9 %

Geographic allocation (2020-06-30)

24.1 %
Italy
19.4 %
Spain
17.4 %
France
10.1 %
Germany
5.5 %
Ireland
5.0 %
Belgium
4.9 %
Austria
3.7 %
European M.C.F.
3.3 %
Slovenia
3.2 %
Netherlands
1.7 %
Finland
0.9 %
Latvia
0.7 %
Luxembourg
0.1 %
Cash
Total
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 Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 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/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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
0.20 %
Service fee i
0.07 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0,28 %
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 Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 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/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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Share class details

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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.
Depositary and custodian
J.P. Morgan Bank Luxembourg S.A.
Morningstar rating â„¢

Tradability

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Minimum subscription
Initial subscription: €50,000, additional subscriptions: €10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU0880056436
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 Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 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/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. 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 Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 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/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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

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.

OUR FUND APPROACH TO RESPONSIBLE INVESTMENT

The ESG policy is fully implemented into the investment process of the Euro Government Strategy, with the key pillars in our approach being: Exclusion and ESG integration.

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1.   Exclusion

The fund follows the clear and transparent exclusion framework developed by Kempen. This includes exclusions for controversial weapon producers and the screening out of countries and companies based on UN Global Compact criteria. Such exclusions are reviewed as part of a quarterly process.

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2.    ESG integration

ESG analysis is undertaken both pre-investment and as part of our portfolio monitoring activities. Portfolio managers perform an in-depth analysis of ESG data, and ESG risks and opportunities are taken into account when selecting and monitoring governments and government-related issuers.

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First, as shown in the figure on the right side, ESG factors are a crucial part of the fundamental analysis used to generate a country score. The relative country valuation process includes several fundamental qualitative indicators covering each section of ESG. The portfolio managers assess the materiality of the ESG issue and its implications for the credit profile of the issuer.

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Second, the fund performs a quarterly screening using research provided by MSCI ESG. Kempen’s Responsible Investment team conducts the screening, and a review of the ESG ratings of bonds in the portfolio along with discussions on ESG rating developments are conducted by the Euro Government team.

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The following items are discussed on a quarterly basis:

• A review of the ESG ratings of bonds in the portfolio;

• A discussion on any developments / changes in the ESG ratings;

• Screening for controversies using MSCI ESG research;

• Exclusions, as detailed above.

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Finally, we are an active player in the market of green bonds and have a green bond policy which outlines the guidelines we adhere to defining a green bond. The Euro Government strategy will invest in green bonds rather than a ‘normal bond’ if the two bonds have the same risk/return characteristics.

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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
qo
Screening MSCI ESG Research
Screening MSCI ESG Research
Bron EN
Disclaimer
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 Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 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/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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.