Kempen Lux Euro High Yield Fund Class J

Profile

Kempen International Funds SICAV – Kempen (Lux) Euro High Yield Fund (the Fund) invests primarily in credits that do not have an investment grade rating (lower than BBB-) and are denominated in Euros. The Fund may deviate from the benchmark, the BofA Merrill Lynch Composite Index, which only includes financial instruments with a minimal rating of BB- (known as ‘High Yield’).

The Fund aims to earn a higher total long term return than the benchmark by implementing an active investment policy. In order to achieve this, a diversified portfolio is constructed while investment risks are continuously monitored. Investments are selected on the basis of an extensive analysis of the terms and conditions of the bond issues.

Management team

Alain van der Heijden, Rik den Hartog, Harold van Acht, Sipke Moes, Luuk Cummins, Pim van Mourik Broekman, Quirijn Landman, Marco Zanotto. (Team untill 30 September 2020. For more information about the team, see News & Knowledge at www.kempen.com)

Performance per 2020-09-30 (rebased)

No chart data available

Performance per 2020-09-30

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  Fund Benchmark
1 month -0.8 % -0.8 %
3 months 2.3 % 2.2 %
This year 4.9 % 4.8 %
Since inception (on annual basis) i 4.9 % 4.8 %
Performance is shown after deduction of ongoing charges. 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 248.49 M 2020-09-30
Share class size
EUR 0.30 M 2020-09-30
Number of shares
285 2020-09-30
Turnover rate
448.28 %
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 2020-09-30

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  Fund Benchmark
Number of holdings 168 654
Duration i 4.1 4.2
Yield to maturity 2.5 %
Kempen (Lux) Euro High Yield 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).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Developments per 2020-09-30

In September, the spread on the ML Q964 Index widened by 31 basis points to 293 basis points above the swap curve. The index earned an absolute return of -0.78%. German 10-year government bond yields closed September at -0.52%, representing a decrease of 12 basis points compared to the end of August.

After a number of months during the summer season when it appeared that developed countries had gotten control over the Covid-19 virus, the number of infections in numerous countries has increased markedly in recent weeks. This is forcing governmental authorities to reinstate restrictions on social activity. Whilst there is a risk that further “lockdown” measures will be implemented in the coming months, as temperatures drop and people are forced to spend more time indoors, the likelihood of a full “lockdown” being implemented is still relatively low. This is because governments are keen to avoid a repeat of the severe decline in economic activity that occurred in the second quarter, given its disastrous consequences for employment, fiscal deficits and the financial solidity of businesses. Furthermore, the manufacturing sector is much better positioned this time around to maintain production levels whilst operating in a manner that safeguards the health of their employees. Having said this, segments of the economy that are most dependent on people socially interacting with each other, particularly airlines, restaurants and the broader travel & leisure sector, are likely to experience a deterioration in economic activity in the coming months, putting additional pressure on already weakened credit profiles.

On the monetary policy front, data released by the Federal Open Market Committee of the US Federal Reserve indicates that members collectively do not expect to raise interest rates during the next three years. This suggests that, despite tentative signs of economic improvement in the US (e.g. the unemployment rate is now at 7.9% from a peak level of 14.7% in April), monetary policy will remain extremely loose for the foreseeable future. In Europe, there was a surprisingly high uptake by banks in the second targeted longer-term refinancing operations (TLTRO) carried out by the ECB. After already taking up EUR 1.3 trillion in June, 388 European banks took up a further EUR 175bln this time around. Under the terms of the TLTRO program banks can borrow at a rate of -1.0% and either stall the money as a deposit with the ECB at -0.5% or, for example, buy government securities at higher yields.

President Trump’s dismissive comments about accepting the outcome of the upcoming US presidential election and agreeing to a peaceful transfer of power raised further concerns in the market about a protracted legal battle taking place following the election to decide an eventual winner. This contributed to the more risk-averse sentiment amongst investors during the month.

On the corporate front, France-based retail property group Unibail-Rodamco announced it would raise as much as EUR 3.5bln in fresh equity as part of a restructuring program that aims to restore balance sheet strength and reduce leverage by cutting capital expenditure and divesting as much as EUR 4bln of assets. Elsewhere, struggling cruise line operator Carnival indicated that it would raise a further USD 1bln in equity to shore up its balance sheet. As a result of its fleet of ships effectively being idle, the company is burning through roughly USD 770mln per month in cash. In a similar manner, UK-based Rolls-Royce, which is suffering from the sharp decline in long-haul air traffic activity was reportedly in discussions with two sovereign wealth funds about a potential equity raise to shore up its liquidity.

In contrast to previous months, investment grade-rated corporate hybrid bonds outperformed senior unsecured and secured bonds issued by BB-territory rated non-financial companies.

At the end of September, the number of bonds that make up the ML Q964 benchmark increased by 17 to 653, while the number of companies increased by 2 to 264. Bonds entering the benchmark included a EUR 300mln corporate hybrid bond from Netherlands-based dairy co-operative FrieslandCampina, a EUR 1.25bln lower tier-2 bond from Germany-based insurance group Munich Re, a EUR 500mln senior unsecured bond from France-based nuclear services group Orano and a EUR 950mln senior secured bond from Virgin Media O2.

The amount of bonds issued by non-financial institutions in the European high yield market during September was EUR 13.1 billion. This level of issuance represented a nearly fourfold increase compared to the previous month and a 30% increase compared to the year-earlier period. During the first nine months of 2020 a total of EUR 70.7 billion of bonds were issued by non-financial institutions in the European high yield market. This represents a 30% increase compared to the year-earlier period.

During the month the portfolio’s sensitivity to market trends varied between 109% and 113%. The portfolio therefore held an overweight positioning in terms of market risk.

Our positioning in the automotive, chemicals and retail sectors performed relatively well in September. In contrast our positioning in the industrial goods & services, oil & gas and healthcare sectors contributed negatively. Our liquidity position had a positive contribution.

At individual company level, positive contributions came from the overweights in Volkswagen, Huntsman Corporation and Auchan, as well as from our underweights in Ford, Gestamp and Accor. In contrast, the overweights in Rolls-Royce, Telecom Italia and TVO, as well as our underweights in Fluor, Corestate Capital, ams AG and Carnival Corporation contributed negatively.

During the month, the Fund participated in new bond issues from EDF (corporate hybrid), Bevlux, Virgin Media O2, CPI Property Group (corporate hybrid), ZF Friedrichshafen and SPCM.

Outlook
We remain relatively constructive on the market for a number of reasons. First, valuations have become slightly more attractive following the spread widening experienced during September. Second, data continues to suggest that economic growth has bottomed. Third, management teams are prioritizing bondholder interests over near-term shareholder interests, as highlighted by the ongoing trend of rights issues. Fourth, the technical backdrop remains very robust as a result of the ECB’s willingness and ability to pump liquidity into the government and corporate bond markets.

Kempen (Lux) Euro High Yield 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).

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 2020-09-30 (rebased)

No chart data available

Performance per 2020-09-30

Slide to see more
  Fund Benchmark
1 month -0.8 % -0.8 %
3 months 2.3 % 2.2 %
This year 4.9 % 4.8 %
Since inception (on annual basis) i 4.9 % 4.8 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

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Distributing
Yes
Number of distributions per year
1
Dividend calendar
Kempen (Lux) Euro High Yield 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).

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 (2020-09-30)

Fund
Benchmark
37.2 %
3-5 year
35.0 %
21.3 %
5-7 year
24.9 %
15.4 %
7-10 year
13.9 %
12.7 %
0-3 year
20.6 %
10.5 %
> 10 year
5.6 %
2.8 %
Cash
0.0 %
Total
100 %
100 %

Sector allocation (2020-09-30)

32.8 %
Consumer Goods & Services
22.4 %
Industry
8.9 %
Telecom & Technology
7.8 %
Banks
6.5 %
Financial Services & Real estate
6.3 %
Basic Materials
4.2 %
Insurance
2.9 %
Other
2.8 %
Health Care
2.8 %
Utilities
2.7 %
Energy
Total
100 %

Rating allocation (2020-09-30)

1.8 %
A
19.5 %
BBB
73.1 %
BB
2.4 %
B
0.4 %
Not Rated
2.8 %
Cash
Total
100 %

Top 10 holdings (2020-09-30)

2.3 %
0.750% Crown Euro 2019-23
2.1 %
1.250% Renault 2019-25
1.8 %
3.000% Netflix 2020-25
1.7 %
1.000% Arcelormittal 2019-23
1.7 %
2.250% Kraft Heinz Foods 2016-28
1.7 %
1.514% Ford Motor Credit 2019-23
1.6 %
3.625% Netflix 2019-30
1.5 %
1.500% Valeo 2018-25
1.5 %
4.000% Telecom Italia 2019-24
1.5 %
2.875% Schaeffler 2019-27
Total
17.4 %
Kempen (Lux) Euro High Yield 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).

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
0.52 %
Service fee i
0.10 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0.63 %
Kempen (Lux) Euro High Yield 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).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Share class details

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Share class
J
Investor type
Institutional
Distributing
Yes
Benchmark i
BofA Merrill Lynch Composite Index
Reference index i
BofA Merrill Lynch BB-B High Yield Constrained Index
Duration hedged
No
Investment category
Credits
Universum
Credits denominated in euro
Inception date
2020-04-30
Domicile
Luxembourg
May be offered to professional investors only in
Luxembourg, 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.

Tradability

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Minimum subscription
Initial subscription: €50,000, additional subscriptions: €10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU1624254394
Kempen (Lux) Euro High Yield 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).

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 High Yield 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).

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.

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OUR FUND APPROACH TO RESPONSIBLE INVESTMENT

Kempen’s ESG policy is fully implemented in our fund’s investment process across the three relevant pillars of:  Exclusion, Integration and Active ownership.

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1. Exclusion

In line with the general Kempen policy, the Kempen Euro Credit Strategies[1] exclude all companies on the KCM exclusion- or avoidance list. Companies on these lists are either involved in the production of controversial weapons, they derive a significant portion of their revenues from the production or distribution of tobacco, or have been involved in serious controversies.

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2. ESG Integration

Responsible Investment in the Kempen Euro Credit Strategies is not limited to the exclusion of companies. Rather, ESG criteria are an integral part of the investment process. To form a fundamental opinion on a company, the portfolio managers assess the business profile, the financial profile and the ESG profile. Research provided by MSCI ESG Research LLC is used as a basis for the ESG assessment.  Â

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A low score on ESG criteria can result in the demand for an additional premium on the company’s bonds and/or initiation of an engagement with the issuer. If ESG risks are deemed too severe, an investment in the company will be avoided and/or existing holdings will be sold.

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On a quarterly basis, the Kempen Responsible Investment team screens the holdings of the Kempen Euro Credit Strategies, and discusses the findings with the portfolio managers. Special attention is paid to companies scoring an MSCI ESG rating of B or lower, those with a ‘fail’ marked against the criteria of the UN Global Compact or those companies that attract a red flag on the MSCI ESG impact monitor. Companies in carbon intensive sectors are also given special attention.

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3. Active Ownership

For our Kempen Euro Credit Strategies, we distinguish between three types of engagement. They are i) an engagement for awareness, ii) an engagement for change, and iii) a public policy and/or systemic engagement. Engagement for awareness is aimed at raising awareness on certain issues with a company and/or collecting more information on a specific ESG issue. Engagement for change, which could follow an engagement for awareness, has the goal of achieving a specific SMART goal. The third form of engagement relates to seeking an improvement in a public policy or a system relevant to wider capital markets

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Our engagement process defines four milestones:

1. Raise concern with the company;

2. Company acknowledges the issue;

3. Company sets out a strategy / agrees to improve;

4. Company implements the strategy. Â

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Our engagement could start at any of the first three milestones. When a milestone is reached, a document of proof is attached to the engagement case and the engagement will move on to the following milestone. When the fourth milestone is reached, the engagement is closed, but we continue to monitor the company. If at any stage the company refuses to cooperate, divestment has to be considered. To measure willingness to cooperate, we set specific timelines for the engagement.

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The Kempen Euro Credit Strategies, began an engagement with Bayer in 2018, following their acquisition of Monsanto. Through the acquisition, Bayer inherited several significant controversies in the field of genetically modified organisms (GMOs). The goal of our engagement is to get a formal and written statement from the company which states that they will not sue small holder farmers for the unintended use of Bayer licensed GMO crops. It also asks the company to set a target for the number of farmers that receive education on their crop protection products.

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In addition we have ongoing engagement cases with Volkswagen on its company culture, Cez on the use of thermal coal (you can find the engagement factsheet here), Glencore on climate action (you can find the engagement factsheet here) and Huntsman on ESG disclosure. In July 2018, Huntsman was upgraded from ‘CCC’ to ‘B’ by MSCI ESG, and the company’s Sustainability report, published in 2018, includes an overview of its progress towards alignment with the UN Global Compact Ten Principles for the first time.

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[1] The Kempen (Lux) Euro Credit Fund, Kempen (Lux) Euro Credit Fund Plus, Kempen (Lux) Euro Sustainable Credit Fund and Kempen (Lux) Euro High Yield Fund

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
Screening MSCI ESG Research
Screening MSCI ESG Research
UN global impact
Bron EN
disclaimer
Kempen (Lux) Euro High Yield 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).

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.