Kempen Lux Euro High Yield Fund Class AN

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. Attention: it is envisaged that this share class will be closed for further subscriptions once the Fund (all share classes combined) reaches a size of € 150 million. The discounted management fee of 32bps will remain for a period of 3 years starting at the launch of the share class, to facilitate the initial growth of the Fund. After this period the Board of Directors will decide on the conditions and future of this share class.

On September 1, 2020 this share class was renamed from LR to AN and the management fee has increased to 0,52%.

Management team

Alain van der Heijden, Joost de Graaf, Bart aan den Toorn, Harold van Acht, Lizelle du Plessis, Kim Lubbers, Tetiana Kharlamova, Arif Bagasrawalla

Performance per 2022-12-31 (rebased)

No chart data available

Performance per 2022-12-31

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  Fund Benchmark
1 month -1.0 % -0.8 %
3 months 4.7 % 4.8 %
This year -10.2 % -10.4 %
2019 11.0 % 10.1 %
2020 4.0 % 1.9 %
2021 1.4 % 2.1 %
1 year (on annual basis) -10.2 % -10.4 %
3 years (on annual basis) i -1.8 % -2.3 %
5 years (on annual basis) i 0.5 % -0.1 %
Since inception (on annual basis) i 0.9 % 0.2 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future. On September 1st 2020, the management fee of this share class was increased from 0.32% to 0.52%. Performance data until this date are based on the lower management fee.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 191.25 M 2022-12-31
Share class size
EUR 7.30 M 2022-12-31
Net Asset Value i
EUR 26.82 2023-01-31
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 2022-12-31

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  Fund Benchmark
Number of holdings 180 733
Duration i 3.7 3.4
Yield to maturity 5.7 % 6.0 %
Weighted rating BBB- BB+
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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.

Developments per 2022-12-31

In December, the spread of the ICE BofA High Yield Composite Index (Q964) tightened by 18 basis points to a level of 280 basis points over the swap curve. This is equivalent to approximately 340 basis points over the government bond curve. The index earned a total return of -0.81%. German 10-year government bond yields closed December at +2.56%, representing an increase of 64 basis points compared to the end of November 2022.

December proved to again be an interesting month for investors, rounding off a very challenging year for most asset classes. Inflation data improved, economic data continued to come in better than expectations and central bankers stepped up their hawkish comments. Furthermore, policy makers in China and Japan also surprised markets again with their decisions. So the news mix changed but the end result was again higher bond yields.To underscore how challenging 2022 was for most investors, according to Deutsche Bank Research, just 9 of the 38 non-currency assets in their sample made gains over 2022 as a whole, whilst in USD terms it was just 6 out of 38. The Investment Grade credit bond index (iBoxx Euro Corporates Index) lost 14.2% in 2022, its worst return on record. As most of the losses were rate driven, our ICE BofA High Yield Composite Index did clearly better with a -10.4% return.

Inflation data improved for the second or third month in a row, depending on the jurisdiction. The decline here is largely driven by year on year effects on the energy prices. The fourth quarter of 2021 already had unusually high energy prices. This means that prices are not rising any more from that base. In fact they are showing quite steep declines on the back of mild winter weather, especially in Europe. This is ‘good deflation’ and supports economic activity in most parts of the world.

Underlying inflationary forces remain strong however. US average hourly earnings increased by 5.1% in November on the back of a still healthy labour market. The unemployment rate stayed at 3.7%. At the time of writing of this report, the EU unemployment report for November was not yet in but expectations are for the rate to stay at 6.5%, the lowest level since the creation of the Euro. Also Eurozone GDP growth in Q3 came in higher than initially expected at 0.3% QoQ and 2.3% YoY.

Despite easing inflationary pressure, Central Bankers around the world kept up their hawkish tone with regard to interest rates. It is becoming clearer for market participants that a ‘pivot’ in 2023 is unlikely as central banks are afraid for second round effects. On top of that, economic activity that stays at reasonable healthy levels and record tight labour markets are hardly a recipe for central banks to resume their unorthodox policies.

This mix of news together with consistent inflow in the asset class continued to support credit spreads while government bond yields increased. The 10 year German government bond yield increased by 64 basis points, French OATs increased by 70 bps and Italian BTPs increased by 93 bps.

The November US CPI print on December 13th surprised on the downside by 20bps coming in at 7.1% vs. last month’s reading of 7.7%. This was the second consecutive month of a negative surprise, further indicating that the US had potentially passed peak inflation. Similar to the CPI, the November PCE showed signs of moderation at 5.5% vs 6.1% previously. Despite the encouraging inflation data however, the Fed remained hawkish at its December 15th meeting, with 17 out of 19 FOMC participating signaling a higher than earlier anticipated terminal rate (of 5.125%).

In Europe, consumer confidence in December jumped just over eight points to 108.3, the best showing since April. Consumers’ assessment of both the present situation and expected future conditions improved. The labor market differential (jobs plentiful, less hard to get) increased just over four points to 35.8, consistent with a still-tight jobs market

In China, policymakers basically scrapped all pandemic control measures and ended their zero-Covid policy. They seem to have opted for a big infection surge to take the remaining economic pain from covid in one go so that the economy can potentially show a powerful recovery from the second quarter onwards.

Finally, the biggest surprise came from Japan. At its Monetary Policy meeting on December 20, the BoJ shocked markets with a surprise tweak to its yield curve control (YCC) ranges. The central bank announced a widening of its 10 year government bond YCC band from +/- 25bps to +/- 50bps. On the back of the news, the Yen appreciated by +5%, and the Nikkei fell by 2.5% on the day. A lot of speculation started after this announcement on the underlying reasons for the policy change. The current BoJ governor Kuroda who has been the architect of the YCC strategy will retire in April.

We continue to maintain an underweight risk position from a beta perspective. During the month we kept our beta positioning largely unchanged. High spread dispersion continues to present interesting relative value opportunities.

High yield mirrored the strength in IG with a pickup in inflows to €250m from €120m the month before (~0.4% of AUM, JP Morgan data). We even saw Illiad placing a new 750m bond that was met with good demand. This, together with the positive technical, pushed spreads tighter. BBs (-0.7%) and Bs (-0.6%) performed roughly in line while CCCs underperformed (-1.8%). Over the whole of 2022, BBs (-9.1%) outperformed Bs (-9.8%) and CCCs (-14.7%). We wouldn’t be surprised to see a starker return divergence between BBs a Bs in 2023.

The portfolio delivered a return of -0.9% (gross). This was 9 basis points below the benchmark return of -0.81%. During the month, the portfolio’s sensitivity to market trends varied between 93% and 97% in beta terms. The portfolio’s conservative positioning in cash and Government bonds subtracted from relative performance due to the spread tightening. Our security selection could not compensate for this.

Our positioning in Capital Goods, telecommunications and personal & household goods had a positive contribution, while insurance and utilities contributed negatively this month. On an individual issuer level, the strategy saw a positive contribution from overweights in Crown Holdings and Ihover and our underweights in Faurecia and Vivion. Our underweights in Medical Properties Trust and Warner Music Group and our positioning in Ceconomy had a negative impact on performance.

In December, the Fund didn’t participate in new deals.

Outlook
Although credit spreads have tightened again, we remain on the cautious side. We see more risks on the horizon, including a prolonged Russian invasion, uncertainty regarding European energy supply and security, weaker global growth and stubbornly high inflation. We are still moderately bearish and think spreads could widen due to the weaker macro-economic environment, expectations for continued hiking by central banks and impact over time of Quantitative Tightening globally. Q3 2022 company results were solid but we fear that higher rates and a potential recession in both Europe and the US over the next 18 months are not adequately reflected in earnings and profit guidance at present. Spreads are too low to fully compensate for the risks that we have identified. The technical backdrop is not supportive with supply that needs to pay substantial NIPs to be able to print. For 2022, we expect spreads between rating categories to decompress. We are underweight the BB- segment as a result and have compensated this partly with an overweight position in IG rated subordinated paper. Lastly we are also underweight the longer end of the credit curve due to the expected impact of rising rates on longer dated maturities.

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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.

Performance per 2022-12-31 (rebased)

No chart data available

Performance per 2022-12-31

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  Fund Benchmark
1 month -1.0 % -0.8 %
3 months 4.7 % 4.8 %
This year -10.2 % -10.4 %
2019 11.0 % 10.1 %
2020 4.0 % 1.9 %
2021 1.4 % 2.1 %
1 year (on annual basis) -10.2 % -10.4 %
3 years (on annual basis) i -1.8 % -2.3 %
5 years (on annual basis) i 0.5 % -0.1 %
Since inception (on annual basis) i 0.9 % 0.2 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future. On September 1st 2020, the management fee of this share class was increased from 0.32% to 0.52%. Performance data until this date are based on the lower management fee.

Dividends

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Distributing
No
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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.

Maturity profile (2022-12-31)

Fund
Benchmark
28.7 %
3-5 year
34.7 %
26.8 %
5-7 year
19.5 %
22.2 %
0-3 year
36.4 %
8.6 %
> 10 year
4.2 %
8.4 %
7-10 year
5.4 %
5.3 %
Cash
0.0 %
Total
100 %
100 %

Sector allocation (2022-12-31)

30.6 %
Consumer Goods & Services
15.1 %
Industry
10.8 %
Telecom & Technology
9.9 %
Banks
7.3 %
Insurance
6.0 %
Other
4.8 %
Basic Materials
4.2 %
Utilities
3.7 %
Financial Services & Real estate
3.1 %
Health Care
2.6 %
Energy
1.8 %
Sovereign bonds
Total
100 %

Rating allocation (2022-12-31)

4.8 %
A
22.3 %
BBB
61.0 %
BB
3.0 %
B
3.6 %
Not Rated
5.3 %
Cash
Total
100 %

Top 10 holdings (2022-12-31)

2.6 %
5.375% Valeo 2022-27
2.1 %
1.250% Cellnex Finance 2021-29
1.6 %
4.875% RCI Banque 2022-28
1.5 %
0.000% Duitsland 2022-23
1.5 %
3.250% Ford Motor Credit Co LLC 2020-25
1.5 %
7.250% Faurecia 2022-26
1.4 %
2.330% Ford Motor 2019-25
1.4 %
1.000% Cellnex Finance 2021-27
1.3 %
2.875% Thyssenkrupp 2019-24
1.2 %
3.375% Schaeffler 2020-28
Total
16.2 %
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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
0.520 %
Service fee i
0.10 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
0.67 %
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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.

Share class details

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Share class
AN i
Investor type
Private
Distributing
No
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
Universe
Credits denominated in euro
Inception date
2017-07-31
Domicile
Luxembourg
May be offered to all investors in
Belgium, Luxembourg, Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Management company
Van Lanschot Kempen Investment Management NV
Depositary and custodian
BNP Paribas, Luxembourg Branch

Tradability

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Minimum subscription
Initial subscription: €1
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU1626446964
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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.

No sustainable investment objective

The Kempen (Lux) Euro High Yield Fund (‘’the Fund’’) falls under the scope of article 8 of the SFDR, indicating  the fund promotes environmental and/or social characteristics. The fund does not have sustainable investment as its objective.Â

The Fund excludes companies through the application of strict exclusion criteria. These take into account international standards, such as the UN Global Compact framework, the OECD Guidelines for Multinational Enterprises, the UN Guiding Principles for Business and Human Rights, and our Principles for Responsible Investment commitments. The Fund applies additional exclusion criteria based on product involvement and business conduct.

Environmental or social characteristics of the financial product

The Fund promotes environmental characteristics related to:
• Climate change mitigation and climate change adaptation in line with the Paris Climate Agreement; Â
• The protection of biodiversity and ecosystems; Â
• The transition to a circular economy.Â

The Fund promotes social characteristics related to:Â
• Decent work;Â
• Adequate living standards and wellbeing for end-users; Â
• Other social topics such as gender equality and broader diversity matters.  Â
 Â
The environmental characteristics promoted by the Fund seek to contribute to the achievement of the climate goals of the Paris Agreement and the National Climate Agreement of the Netherlands (‘Klimaatakkoord’). This decarbonization pathway encompasses short-term (2025) objectives, a mid-term (2030) ambition and a long-term commitment to be net zero by 2050. Although there has been no index designated as a reference benchmark, by 2025 the Sub-Fund aims to have a carbon intensity that is below the 7% reduction pathway. This pathway assumes a carbon intensity that is lower than ICE BofA High Yield Composite Index (the “Benchmark”) in 2019 with a subsequent 7% annual reduction.Â

Investment strategy

The Fund aims to generate a long-term return in excess of the BofA Merrill Lynch Composite Index (the “Benchmark”) comprising capital growth and income. The Fund complies with strict exclusion and sustainability criteria. Our ESG-policy, described in the ESG Policy & Process document, is aimed at the promotion of environmental and/or social characteristics. This ESG policy is implemented in our strategy’s investment process across four pillars: Exclusion, ESG Integration, Active ownership and Positive impact.Â

Before and after selecting the asset, we apply adequate (ESG) due diligence measures. This can help to enhance long-term risk adjusted returns for investors, in accordance with the investment objectives of the Fund. We  look at each company on a case-by-case basis, taking into account both material risks in a given industry and the company’s respective risk exposure, practices and disclosure. This includes:Â
- an assessment of good governance practices. The investee companies are rated for governance aspects using external research and internal assessments .Â
- the company’s exposure to past controversies and future ESG opportunities
Based on fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile and award a score (1-5).Â

Proportion of investments

Information about the proportion of investments with environmental or social characteristics is available in the annex II of this product. Â

Monitoring of environmental or social characteristics

The holdings are screened quarterly for compliance with Kempen’s ESG criteria. The screening process allows Kempen to monitor the ESG performance of all companies in the fund. It also encourages engagement on potential issues identified. Furthermore, the results of the screening feeds into quarterly challenging sessions between ESG specialists and portfolio managers. These sessions are used to assess whether ESG risks and opportunities are sufficiently reflected in the investment decision making process of Kempen.

Methodologies

Principal Adverse Impact Indicators are monitored at individual holding level and at the portfolio level.Â

Kempen ESG Score serves as input throughout the investment process (exclusion, integration in the valuation models, engagement). Scores are based on 21 ESG risk factors, which are selected based on their materiality per industry.Â

Carbon emission intensity is used as the key carbon metric. We calculate carbon intensity based on revenues (weighted average carbon intensity), which we use for our commitment, ambition and objectives.Â

EU Taxonomy alignment is measured by turnover, for which we use a combination of actual data from investee companies and estimates on EU Taxonomy alignment made by a third party provider.Â

Engagement Milestones are used in order to measure engagement success. All engagement contacts are recorded and classified: Milestone 1 (company is informed), Milestone 2 (company acknowledges request), Milestone 3 (company commits to improve), up until Milestone 4 (proof of improvement).

Data sources and processing

External data providers include (but are not limited to)Â
- Institutional Shareholder Services (ISS), used for proxy voting, governance research, carbon data and Sustainable Development Goals data;Â
- MSCI ESG Research: used for company ESG Ratings, product involvement data, principal adverse indicators and to assess the degree to which the investments are in environmentally sustainable economic activities under the EU Taxonomy, measured by turnover;Â
- Sustainalytics: used for ESG Risk Ratings and product involvement data.Â
Internal as well as external data is collected and processed in several data analytics (including FactSet, PowerBI, Tableau) and internal compliance systems (including ThinkFolio).

Fund carbon emission targets

Limitations to methodologies and data

Externally provided ESG data is far from perfect. Therefore we conduct rigorous due diligence of the data used in our ESG processes to ensure the limitations will not affect the environmental and social characteristics. To ensure data quality we regularly engage with portfolio companies and third party vendors. Limitations include, but are not limited to discrepancies between company reported data and data provided by third parties, inconsistencies across data vendors, market cap bias and modelling assumptions.

Due diligence

Before a company is invested in, Portfolio Managers perform a due diligence on potential ESG risks and principal adverse impact indicators, opportunities, as well as potential past controversies. ESG due diligence is integrated in the different stages of the investment process (screening of the investable universe, fundamental research & portfolio management). ESG specialists challenge the portfolio managers on the implementation of the ESG process on a quarterly basis.
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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.
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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.