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 2018-01-31 (rebased)

No chart data available

Performance per 2018-01-31

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  Fund Benchmark
1 month -0.3 % -0.3 %
3 months -0.6 % -0.9 %
This year -0.3 % -0.3 %
2015 0.2 % 0.3 %
2016 3.6 % 4.0 %
2017 0.3 % -0.4 %
3 years (on annual basis) i 0.5 % 0.4 %
5 years (on annual basis) i 2.5 % 3.0 %
Since inception (on annual basis) i 3.7 % 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 122.51 M 2018-01-31
Number of shares
88,160 2018-01-31
Net Asset Value i
EUR 59.67 2018-02-16
Morningstar rating â„¢

Fund characteristics per 2018-01-31

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  Fund Benchmark
Number of holdings 68 366
Duration i 6.9 7.4
Yield to maturity 0.8 % 0.7 %
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., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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 2018-01-31

The rise in bond yields in all the major markets was a dominant theme in January. The higher yields are mainly due to the improving outlook for growth. The upturn in growth is visible in many parts of the world and the IMF has raised its growth forecasts for the global economy. The recovery in the Eurozone persisted, with consumer and manufacturing confidence reaching their highest levels of the past few years.

The positive economic growth has raised expectations about interest rate increases by central banks over the next few years. Several central bankers have expressed their confidence that inflation will reach target levels. There was even speculation that the ECB would adjust its outlook at its meeting on 25 January. This did not happen, but an attempt by ECB President Draghi not to trigger expectations of higher interest rates failed. Eurozone yields rose by 5 basis points around the time of his press conference.

Optimism about the economy also had an impact on other markets. Equity indices rose, depending on the region by 2-6%. Credit spreads on corporate bonds tightened to historically-low levels. Commodity prices increased by an average of 7-9%, while the oil price was up by 7%. Higher yields and flatter curves have not yet led to doubts as to whether the growth is tenable. Credit spreads tightened on government bonds issued by peripheral Eurozone countries. There were several reasons for this in addition to the economy. In Germany, there was reassuring news on the political front. There is a high chance of a coalition being formed between the CDU, CSU and SDP. The SDP held a conference on 21 January, at which the party voted in favour of joining the negotiations. The financial markets are pleased at the prospect of Angela Merkel’s administration continuing. Spain’s improved credit rating also helped: Fitch raised its rating from BBB+ to A- and Standard & Poor’s also indicated it was considering upgrading its rating. The final factor is that Italy’s general election on 4 March is less of a cause for concern now that most populist parties have modified their tone. Membership of the EMU is no longer up for discussion. The euro profited from all this and rose nearly 4% against the US dollar.

Portfolio developments per 2018-01-31

Most bond markets noted negative returns in January. In the Eurozone, it was mainly 5-year and 10-year bond yields that increased. German 10-year bond yields rose by over 20 basis points. Thirty-year yields followed suit with an increase of 10 basis points, leading to the difference between 10-year and 30-year bond yields narrowing by about 10 basis points. This flattening of the curve in the Eurozone occurred in the US and UK as well. The underweight in the portfolio’s sensitivity to interest rates against the index contributed positively to the portfolio’s relative return. Inflation-linked bonds mimicked nominals, in spite of a further increase in commodity prices.

Our positions in government-related paper again lost some ground in January. The overweights in Spain, Italy, Ireland and Slovenia contributed positively, thanks to spreads tightening in these countries compared to the core EU countries and specifically Germany. Our underweights in France and Portugal yielded a negative contribution to the return, as spreads tightened in these countries as well.

The portfolio continues to be positioned for higher bond yields. Economic data remain robust in the Eurozone and US. The central banks will further taper their stimulatory policies in 2018. Up until and including September 2018, the European Central Bank (ECB) will continue to buy only EUR30 billion a month in bonds, instead of the EUR60 billion a month it was buying up to December 2017. The US central bank will raise interest rates three, probably four times and further reduce its balance sheet in 2018. Sound growth combined with the tightening of monetary policy by the central banks point to a gradual increase in bond yields.
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., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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 2018-01-31 (rebased)

No chart data available

Performance per 2018-01-31

Slide to see more
  Fund Benchmark
1 month -0.3 % -0.3 %
3 months -0.6 % -0.9 %
This year -0.3 % -0.3 %
2015 0.2 % 0.3 %
2016 3.6 % 4.0 %
2017 0.3 % -0.4 %
3 years (on annual basis) i 0.5 % 0.4 %
5 years (on annual basis) i 2.5 % 3.0 %
Since inception (on annual basis) i 3.7 % 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 0.50
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., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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 (2018-01-31)

Fund
Benchmark
30.1 %
> 10 years
0.0 %
21.9 %
3-5 years
0.0 %
20.0 %
0-3 years
0.0 %
14.3 %
5-7 years
0.0 %
13.6 %
7-10 years
0.0 %
0.2 %
Cash
0.0 %
0.0 %
0-3 year
20.9 %
0.0 %
3-5 year
17.3 %
0.0 %
5-7 year
13.9 %
0.0 %
7-10 year
18.8 %
0.0 %
> 10 year
29.1 %
Totaal
100 %
100 %

Top 10 holdings (2018-01-31)

5.6 %
2.375% Hypo Alpe-Adria 2012-23
5.1 %
1.850% Italie 2017-24
4.9 %
0.350% Italie 2017-20
4.9 %
0.350% Buoni Poliennali Del Tes 2016-21
4.5 %
1.450% Buoni Poliennali Del Tes 2015-22
4.4 %
1.050% Buoni Poliennali Del Tes 2014-19
3.8 %
2.750% Spanje 2014-24
2.7 %
0.800% Belgie 2018-28
2.7 %
3.500% Frankrijk 2010-26
2.6 %
4.125% Slovenië 2010-20
Totaal
41.2 %

Geographic allocation (2018-01-31)

35.6 %
Italy
14.4 %
France
10.9 %
Spain
9.2 %
Austria
8.5 %
Germany
5.6 %
Belgium
4.2 %
Slovenia
3.4 %
European M.C.F.
2.5 %
Ireland
2.2 %
Luxembourg
2.0 %
Netherlands
1.3 %
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., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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.