Kempen (Lux) Euro 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).

Management team

Hans Kamminga, Kim Lubbers, Emma Weeder

Performance per 2018-07-31 (rebased)

No chart data available

Performance per 2018-07-31

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  Fund Benchmark
1 month -0.2 % -0.3 %
3 months -1.3 % -0.8 %
This year -0.3 % 0.2 %
2015 0.2 % 0.3 %
2016 3.6 % 4.0 %
2017 0.3 % -0.4 %
1 year (on annual basis) 0.8 % 1.1 %
3 years (on annual basis) i 1.2 % 1.2 %
5 years (on annual basis) i 2.4 % 2.9 %
Since inception (on annual basis) i 3.5 % 3.8 %
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 132.68 M 2018-07-31
Share class size
EUR 6.07 M 2018-07-31
Number of shares
102,543 2018-07-31
Net Asset Value i
EUR 58.85 2018-08-17
Morningstar rating â„¢

Fund characteristics per 2018-07-31

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  Fund Benchmark
Number of holdings 82 363
Duration i 6.7 7.6
Yield to maturity 1.0 % 0.8 %
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 2018-07-31

Yield markets experienced their most significant movement on 20 July, prompted by speculation in the market that the Bank of Japan was considering a change to its monetary policy. This triggered the largest increase in Japanese bond yields of the past two years. It also pushed up yields in the rest of the world. The Bank of Japan was subsequently forced to spend a large amount buying bonds in order to prevent further increases. Ultimately, the Japanese central bank made few alterations to its monetary policy at the end of July. However, it did announce that it would be more flexible in its bond buying and that it would permit Japanese 10-year bond yields to move within a broader range.

The trade war continued to play a major role in July. One positive result for the market came from the trade agreements made between Trump and Juncker, which came as a surprise. While they do not mean an end to the trade war, they are definitely a step in the right direction and will have a positive impact on economic sentiment in the Eurozone. The relationship between the US and China has not improved, however. Trump threatened to raise import tariffs on USD200 billion in Chinese goods, to which China responded with import tariffs on USD60 billion in US products.

In spite of the trade war, the US economy remains robust: it grew by 4.1% over the second quarter and other indicators continue to be positive. Consumers are optimistic about the future, the retail sector grew by 6.6% and the job market remains strong. The Eurozone economy looks to be weakening slightly. Economic growth over the second quarter was slightly worse than expected at 2.1%. Leading indicators do point to some stabilisation, however. Inflation figures were up slightly, with headline inflation increasing to 2.1% and core inflation to 1.1%.

As expected, the ECB made no changes to interest rates or its bond-buying programme at its July meeting. It confirmed that the bond-buying programme would be halved to EUR15 billion a month in October and halted completely as of December. Draghi did not wish to say much about the timing of the first interest rate increase, nor was any further clarity given on reinvestments.

There was relief in early July when Merkel reached a deal with the CSU on German immigration policy. During the preceding weeks, speculation was rife that it could herald the end of her fourth government. Some measure of calm has now returned to German politics.

Portfolio developments per 2018-07-31

German 10-year government bond yields rose by 14 basis points in July, partly triggered by speculation about the Japanese central bank’s monetary policy. The entire yield curve displayed a similar movement. Our underweight in the portfolio’s sensitivity to interest rates compared to the index contributed positively to the relative performance. Inflation-linked bonds performed slightly worse than nominals, mainly due to the lower oil price.

The differences in yields versus Germany shrank for all the Eurozone countries in July. In particular spreads on Spain, Slovenia and Portugal tightened, although spreads are currently nowhere near the lowest levels seen this year.

The position in government-related paper displayed a positive attribution as they outperformed government bonds. Government-related paper shows a strong correlation to swap spreads. Swap yields increased less sharply than bond yields, which led to a tighter swap spread.

The portfolio is positioned for higher bond yields and smaller differences in yields versus Germany. The Italian political situation has calmed down somewhat now and this allows for smaller spreads on government-related paper and peripheral EU government bonds. The sound economic data and gradual withdrawal of central banks continue to provide a boost for higher yields. Our focus will continue to be on the political situation in the Eurozone and the impact of the reduction in the ECB’s bond-buying programme.
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 2018-07-31 (rebased)

No chart data available

Performance per 2018-07-31

Slide to see more
  Fund Benchmark
1 month -0.2 % -0.3 %
3 months -1.3 % -0.8 %
This year -0.3 % 0.2 %
2015 0.2 % 0.3 %
2016 3.6 % 4.0 %
2017 0.3 % -0.4 %
1 year (on annual basis) 0.8 % 1.1 %
3 years (on annual basis) i 1.2 % 1.2 %
5 years (on annual basis) i 2.4 % 2.9 %
Since inception (on annual basis) i 3.5 % 3.8 %
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 0.60
Ex-date last dividend
2018-07-23
Number of distributions per year
2
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 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 (2018-07-31)

Fund
Benchmark
32.6 %
> 10 year
29.4 %
22.7 %
3-5 year
17.5 %
16.6 %
7-10 year
19.0 %
14.5 %
0-3 year
20.1 %
14.3 %
5-7 year
13.9 %
0.2 %
Cash
0.0 %
Totaal
101 %
100 %

Top 10 holdings (2018-07-31)

5.3 %
2.375% Hypo Alpe-Adria 2012-23
5.1 %
0.350% Buoni Poliennali Del Tes 2016-21
3.6 %
2.750% Spanje 2014-24
3.3 %
4.800% Portugal 2010-20
3.3 %
1.450% Buoni Poliennali Del Tes 2015-22
3.0 %
1.850% Italie 2017-24
2.9 %
2.200% Italie 2017-27
2.5 %
4.125% Slovenië 2010-20
2.3 %
3.875% Portugal 2014-30
2.3 %
1.400% Spanje 2018-28
Totaal
33.6 %

Geographic allocation (2018-07-31)

27.4 %
Italy
14.8 %
Spain
9.0 %
Austria
8.9 %
France
6.9 %
Portugal
6.7 %
Germany
6.0 %
Belgium
5.8 %
Slovenia
5.7 %
European M.C.F.
3.7 %
Ireland
3.0 %
Netherlands
1.2 %
Luxembourg
0.7 %
Finland
0.2 %
Cash
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

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Management fee i
0.20 %
Service fee i
0.07 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
0,32 %

Other costs

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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

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Share class
BN i
Investor type
Private
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
2013-05-02
Domicile
Luxembourg
May be offered to all investors in
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

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Minimum subscription
Initial subscription €1,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU0910061380
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. Our full voting records are available here.

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.