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 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 2020-05-31 (rebased)

No chart data available

Performance per 2020-05-31

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  Fund Benchmark
1 month 0.5 % 0.3 %
3 months -1.7 % -1.9 %
This year 1.0 % 0.9 %
2017 0.3 % -0.4 %
2018 -0.1 % 1.0 %
2019 6.7 % 6.8 %
1 year (on annual basis) 4.3 % 4.1 %
3 years (on annual basis) i 2.7 % 2.9 %
5 years (on annual basis) i 2.1 % 2.3 %
Since inception (on annual basis) i 3.6 % 3.9 %
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 131.24 M 2020-05-31
Share class size
EUR 4.15 M 2020-05-31
Number of shares
66,723 2020-05-31
Net Asset Value i
EUR 62.80 2020-07-07
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 2020-05-31

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  Fund Benchmark
Number of holdings 90 388
Duration i 8.3 8.3
Yield to maturity 0.3 % 0.2 %
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.

Market developments per 2020-05-31

The impact of the coronavirus continued to dominate the financial markets in May. Market sentiment improved as the number of new cases continues to fall in many countries and as a result of the massive stimulus from central banks and governments. The focus is now on how quickly countries will ease their lockdowns and what the impact on economic activity will be.

In Europe, the focus was mostly on the European Commission’s proposed recovery plan for assisting member states. The European Commission wants to raise 750 billion euros, of which 500 billion euros will be distributed in grants and 250 billion euros in loans. The package amounts to about 5.4% of the EU’s GDP, will be paid out over four years and needs to be approved by all 27 EU countries. The plan is based on a Franco-German initiative and can be seen as a step towards enhanced fiscal integration within the European Union. In response, the spread on Italian 10-year government bond yields, i.e. the difference versus German government bond yields, tightened by 43 basis points in May.

Earlier in the month, the German Constitutional Court ruled that the ECB’s bond-buying programme partly contravenes the German constitution. This came as a surprise. The court stipulated that the central bank needed to provide more information on the current bond-buying programmes within three months, otherwise the Bundesbank will no longer be permitted to participate in them.

The Eurozone’s economy contracted by 3.8% in the first quarter of 2020 versus the final quarter of 2019. The second quarter is expected to be significantly worse, given that individual economies will only reopen gradually. Those countries that had introduced the most stringent restrictions saw the largest drop in GDP. Italy, Spain and France noted a decrease of about 5%. However, the purchasing manager indices did show a marked improvement in the Eurozone in May, with the index rising from 16.9 to 30.5. This demonstrates that the low is already behind us.

Unemployment in the US reached 14.7%, its highest level since the Second World War. Over 20 million people lost their jobs in April. In May, markets started to price in negative interest rates for the Fed. Fed Chairman Powell warned of considerable downside risks in the economic outlook and that more monetary and fiscal stimulus may well be needed, but he also reiterated several times that the Fed remains averse to negative interest rates.

The trade war between the US and China also flared up again. China recently decided to buy fewer US agricultural products, as a result of which there is very little chance of it meeting the criteria laid down in last year’s agreement.

Portfolio developments per 2020-05-31

German 10-year government bond yields rose by 14 basis points to -0.45% in May. The higher German yields had a positive impact on the fund’s relative performance due to the underweight in the portfolio’s sensitivity to interest rates versus its benchmark. Inflation forecasts were also higher in May, making a positive contribution to the relative performance.

Country spreads tightened by 18 basis points at index level over May, driven by the European Commission’s proposed recovery plan. The largest tightening of spreads occurred in Italy, Portugal and Slovenia. Spreads on government-related paper, such as KFW, IBRD and EIB, also narrowed in May. Our small overweights in Slovenia, Spain, Ireland, Belgium and government-related paper contributed positively to the return, while our underweights in France and Portugal made a negative contribution.

Significant stimulus from central banks and governments will ease the economic impact of the coronavirus. It is difficult to estimate the total impact of the virus on the economy at the moment. 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.

   

               Green bonds as perc of total port

           Breakdown of green bonds

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 2020-05-31 (rebased)

No chart data available

Performance per 2020-05-31

Slide to see more
  Fund Benchmark
1 month 0.5 % 0.3 %
3 months -1.7 % -1.9 %
This year 1.0 % 0.9 %
2017 0.3 % -0.4 %
2018 -0.1 % 1.0 %
2019 6.7 % 6.8 %
1 year (on annual basis) 4.3 % 4.1 %
3 years (on annual basis) i 2.7 % 2.9 %
5 years (on annual basis) i 2.1 % 2.3 %
Since inception (on annual basis) i 3.6 % 3.9 %
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 0.55
Ex-date last dividend
2020-01-16
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 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 (2020-05-31)

Fund
Benchmark
34.9 %
> 10 year
31.8 %
23.3 %
7-10 year
18.8 %
19.9 %
0-3 year
19.9 %
13.5 %
3-5 year
16.2 %
8.4 %
5-7 year
13.4 %
Total
100 %
100 %

Top 10 holdings (2020-05-31)

3.9 %
0.400% Spanje 2017-22
3.6 %
2.750% Spanje 2014-24
3.3 %
0.350% Italie 2016-21
3.2 %
0.010% KFW 2019-27
3.1 %
1.350% Ierland 2018-31
3.1 %
1.850% Italie 2017-24
3.0 %
1.450% Italie 2015-22
2.5 %
1.500% Frankrijk 2018-50
2.4 %
2.375% Heta Asset Resolut 2012-23
2.4 %
1.250% Spanje 2020-30
Total
30.5 %

Geographic allocation (2020-05-31)

23.7 %
Italy
19.9 %
Spain
17.8 %
France
8.9 %
Germany
5.8 %
Austria
5.0 %
Ireland
4.6 %
Slovenia
4.5 %
Belgium
3.7 %
European M.C.F.
2.9 %
Netherlands
1.7 %
Finland
0.9 %
Latvia
0.7 %
Luxembourg
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
0.05 %
Expected ongoing charges i
0,32 %
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
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.
Depositary and custodian
J.P. Morgan Bank Luxembourg S.A.
Morningstar rating â„¢

Tradability

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Minimum subscription
Initial subscription €1
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 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.