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 2018-03-31 (rebased)

No chart data available

Performance per 2018-03-31

Slide to see more
  Fund Benchmark
1 month 1.5 % 1.6 %
3 months 1.3 % 1.4 %
This year 1.3 % 1.4 %
2015 0.2 % 0.3 %
2016 3.6 % 4.0 %
2017 0.3 % -0.4 %
3 years (on annual basis) i 0.6 % 0.5 %
5 years (on annual basis) i 2.5 % 3.0 %
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 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

Slide to see more
Total fund size
EUR 127.52 M 2018-03-31
Number of shares
88,965 2018-03-31
Net Asset Value i
EUR 60.75 2018-04-19
Morningstar rating â„¢

Fund characteristics per 2018-03-31

Slide to see more
  Fund Benchmark
Number of holdings 72 367
Duration i 6.7 7.5
Yield to maturity 0.6 % 0.5 %
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 2018-03-31

In March, markets were dominated by fears of a trade war. On 1 March, President Trump announced that tariffs were to be levied on imports of steel and aluminium, and on 22 March that import tariffs amounting to USD 50 billion were to be introduced on goods from China. This pushed down bond yields in the US and Europe. In spite of these developments, the Fed, now led by Powell, raised interest rates by 25 basis points in March, as had generally been expected. The Fed also adjusted growth and inflation forecasts upwards; three interest rate hikes are now predicted in 2019.

The ECB left policy interest rates unchanged in March, but it seems to be preparing to scale back its bond-buying programme later this year. In its policy statement, the previously included passage on the option to expand the size and duration of QE was omitted; this was a unanimous decision. During the month several of the ECB members made more monetary expansion-minded comments, which indicates that the highly expansionary monetary policy will be brought to a gradual end.

A general election was held in Italy on 4 March. No single party or coalition obtained a majority of votes, but the results did show gains for populist parties. It will be difficult to form a government without a single party or coalition holding a majority. Negotiations are due to begin in early April. There was better news from Germany: SPD members voted in favour of a coalition together with the CDU/CSU. This means that a large coalition will be formed to govern Germany for the next four years.

Eurozone data was slightly worse than expected again this month. Retail figures in Germany were lower than expected and several leading indicators were down. Current levels remain in line with growth in excess of 2% in the Eurozone, but indicators are pointing to a slight slowdown in growth. US macro-economic indicators were mixed. Job market figures and industrial production were good and economic growth over the fourth quarter was adjusted upwards. Yet inflation is not yet picking up properly and wage growth was lower than expected.

Portfolio developments per 2018-03-31

The fear of a trade war and the slight deterioration in economic indicators in the Eurozone pushed down German 10-year government bond yields by 16 basis points to 0.50%. German 2-year and 5-year government bond yields declined by fewer basis points, which generated a flatter yield curve. Our underweight in the portfolio’s duration against the index contributed negatively to the relative performance. Inflation-linked bonds performed slightly less well than nominals.

Our positions in government-related paper lost a couple of basis points in March. Government spreads tightened sharply again in March, especially in the peripheral EU countries. The Spanish spread was boosted by an upgrade of the S&P rating from BBB+ to A-, with a positive outlook. The overweights in Slovenia and Italy also contributed positively, while our underweight in Portugal cost us a couple of basis points. Core country spreads also tightened further in spite of the already tight levels. Our large underweight in France consequently made a negative contribution to the return.

The portfolio continues to be positioned for higher bond yields and tighter spreads, chiefly in peripheral EU countries. Although economic indicators in the Eurozone were slightly worse than expected, they still point to reasonable levels of growth. US indicators remain robust and inflation does seem to be picking up slightly there. Central banks will further taper their stimulatory policies in 2018. Up to and including September 2018, the European Central Bank (ECB) will continue to buy only EUR30 billion per month in bonds, 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 2018-03-31 (rebased)

No chart data available

Performance per 2018-03-31

Slide to see more
  Fund Benchmark
1 month 1.5 % 1.6 %
3 months 1.3 % 1.4 %
This year 1.3 % 1.4 %
2015 0.2 % 0.3 %
2016 3.6 % 4.0 %
2017 0.3 % -0.4 %
3 years (on annual basis) i 0.6 % 0.5 %
5 years (on annual basis) i 2.5 % 3.0 %
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 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

Slide to see more
Distributing
Yes
Last dividend
EUR 0.50
Ex-date last dividend
2018-01-22
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 (2018-03-31)

Fund
Benchmark
28.9 %
> 10 years
0.0 %
21.0 %
3-5 years
0.0 %
19.5 %
0-3 years
0.0 %
16.7 %
7-10 years
0.0 %
14.1 %
5-7 years
0.0 %
0.0 %
0-3 year
23.6 %
0.0 %
3-5 year
26.5 %
0.0 %
5-7 year
21.3 %
0.0 %
7-10 year
20.1 %
0.0 %
> 10 year
8.6 %
Totaal
100 %
100 %

Top 10 holdings (2018-03-31)

5.5 %
2.375% Hypo Alpe-Adria 2012-23
5.0 %
1.850% Italie 2017-24
4.8 %
0.350% Italie 2017-20
4.8 %
0.350% Buoni Poliennali Del Tes 2016-21
4.4 %
1.450% Buoni Poliennali Del Tes 2015-22
4.3 %
1.050% Buoni Poliennali Del Tes 2014-19
3.7 %
2.750% Spanje 2014-24
2.7 %
3.500% Frankrijk 2010-26
2.6 %
4.125% Slovenië 2010-20
2.5 %
4.750% Italie 2013-28
Totaal
40.1 %

Geographic allocation (2018-03-31)

34.9 %
Italy
13.5 %
France
11.8 %
Spain
8.3 %
Austria
7.3 %
Germany
5.9 %
Slovenia
5.4 %
Belgium
3.9 %
European M.C.F.
2.9 %
Finland
2.3 %
Portugal
2.3 %
Ireland
1.6 %
Netherlands
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
0.05 %
Expected ongoing charges i
0,32 %

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
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

Slide to see more
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.

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.