Kempen Lux Euro Sustainable Credit Fund - Class BN

Profile

Kempen International Funds SICAV - Kempen (Lux) Euro Sustainable Credit Fund (the Fund) invests primarily in credits that have an investment grade rating (of minimal BBB-) and are denominated in Euros. In addition, these companies must comply with strict sustainability criteria. The Fund may invest a small part in credits that are not included in the benchmark.

The benchmark, the Markit iBoxx Euro Corporates Index, only includes bonds with an investment grade rating. 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 and investment risks are continuously monitored. Investments are selected on the basis of extensive analysis of the terms and conditions of the bond issues.

In the interest of the shareholders it has been decided to soft open the Fund as per 28 June 2018. As per June 2018 the Fund will continue to accept daily inflow below EUR 10 million from all investors. For investments greater than EUR 10 million please contact the Fund’s relationship manager. Redemptions will still be possible. More information about the soft open can be found in the Notice to shareholders in the tab Documents.

 

       

Management team

Alain van der Heijden, Harold van Acht

Performance per 2020-10-31 (rebased)

No chart data available

Performance per 2020-10-31

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  Fund Benchmark
1 month 0.7 % 0.8 %
3 months 1.2 % 1.3 %
This year 2.4 % 1.5 %
2017 2.2 % 2.4 %
2018 -0.9 % -1.3 %
2019 6.2 % 6.3 %
1 year (on annual basis) 2.0 % 1.2 %
3 years (on annual basis) i 2.4 % 2.0 %
5 years (on annual basis) i 2.9 % 2.7 %
Since inception (on annual basis) i 2.6 % 2.3 %
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 960.17 M 2020-10-31
Share class size
EUR 50.87 M 2020-10-31
Number of shares
1,962,492 2020-10-31
Net Asset Value i
EUR 26.18 2020-11-30
Turnover rate
227.38 %
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 2020-10-31

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  Fund Benchmark
Number of holdings 290 3101
Duration i 5.4 5.3
Yield to maturity 0.4 %
Weighted rating A- A-
Kempen (Lux) Euro Sustainable Credit 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 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

Developments per 2020-10-31

In October, the spread on the iBoxx Euro Corporate Index tightened by 8 basis points to 120 basis points above the government bond curve and 93 basis points over de swap curve. The index earned an absolute return of +0.79%. German 10-year government bond yields closed October at -0.62%, representing a decrease of 10 basis points compared to the end of September.

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 continued to increase in October. This is again forcing governmental authorities to reinstate restrictions on social activity. The risk of further lock down measures materialised in the month of October. Especially in Europe governments were forced to implement new restrictive measures. The measures that are so far implemented are aimed at reducing the level of social interaction. Governments have in some countries implemented curfews. But in most cases measures have been limited to closing bars and restaurants, restrictions on visiting cultural & sport events, put limitations on the group sizes that are allowed and restrict travelling. Whether additional measures will be needed very much depends on the effectiveness of these measures. We continue to believe that the likelihood of a broad based 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 again experiencing a deterioration in economic activity, putting additional pressure on already weakened credit profiles.

On the monetary policy front, the ECB left its monetary policy unchanged as expected. But the ECB clearly hinted at additional policy measures. And the need for additional monetary easing is clear. The economic recovery is losing momentum more rapidly than the ECB expected, due to renewed lockdowns. According to ECB-president Lagarde economic indicators are softening significantly, implying a clear deterioration of the near-term outlook. In its September economic projections, the ECB foresaw GDP growth of 8.4% QoQ in the third quarter (after the -15% plunge in the first half of the year), to be followed by 3.1% QoQ in the final quarter. Even though the growth rate for the third quarter may surprise somewhat positively, the growth rate for the fourth quarter looks way to optimistic, as Lagarde acknowledged. With renewed lockdowns in most eurozone countries, negative growth in the fourth quarter looks very well possible. The inflation picture also looks weak. Headline inflation was -0.3% in September and will likely stay negative into early next year. As this is partly due to temporary factors, such as a drop in oil prices, a VAT cut in Germany and the timing of the clothing sale season, the ECB argues that this is not deflation. But core inflation dropped to only 0.2% in September, far below the ECB’s target of below, but close to 2%. Furthermore, the ECB’s Bank Lending Survey showed that banks have tightened credit standards for firms an households.

Thus, recalibration is on the way. Lagarde left all options open. All tools are under consideration both in terms of levels as in terms of composition. Still, an increase in the PEPP looks most likely. With a vaccine coming available somewhere next year, the corona pandemic should be temporary, as such a temporary tool as the PEPP looks most suitable. An increase with EUR 500 billion could be announced in December. This will also have an impact on inflation expectations and nominal yields. We do expect that nominal yields will remain low. Lower real yields would give additional support to the economy.

In the US all eyes are on the outcome of the presidential elections. Whether Biden or Trump will win is likely to be a close call. More important for markets is whether the new president will have a majority in the Senate and Congress. Especially in case Biden would win without taking the senate the hopes in a massive stimulus package might be proven idle.

On the corporate front October was dominated by the release of 3rd quarter earnings. Generally speaking the earnings season provided a record in earnings-beats relative to expectations. However the absolute decline in earnings was again large and continuous to weigh on fundamentals. On average the outlooks for the remainder of 2020 remained largely unchanged. The only sectors that showed tangible improvements in EBIT expectations compared to earlier this year were the automotive and basic resources sector. For the auto sector it is mainly the very strong recovery of the car market in China that resulted in much better results and a more positive outlook. Obviously the dispersion in sectors is large, and Oil & Gas and Travel & Leisure sectors saw their expectations decline even further.

During the month, bonds issued by companies operating in the retail, construction, automotive and industrial sectors outperformed. By contrast, bonds issued by companies operating in the banking, insurance, oil & gas sectors and technology sector underperformed. In particular, subordinated bonds issued by banks and insurers again underperformed. Oil is year to date the worst performing sector.

The supply of new bonds eased in October in line with seasonal patterns as earnings announcements and a pick up in risk aversion lowered issuance of new bonds. The total amount of Euro denominated investment grade issuance was EUR 40.4 billion in October, a drop of close to EUR 15 billion or 25% from September levels and 33% lower than the same month last year. Non-financial sector companies issued EUR 22 billion in new bonds last month, while financial sector companies issued EUR 18 billion in new bonds. During the first ten months of this year, a total of EUR 580 billion of bonds was issued. This represents a 6% increase compared to the year-earlier period.

During the month, the portfolio’s sensitivity to market trends varied between 100% and 105%. The portfolio therefore held a slight overweight positioning in terms of market risk.

Our positioning in the health care, banks and non-bank financial services sectors performed relatively well in October. In contrast, our positioning in the utilities and food & beverage sectors contributed negatively. Our liquidity position (in the form of cash and government bonds) also had a negative impact.

At individual company level, positive contributions came from the overweights in Groupe Bruxelles Lambert, that continued to benefit from the fact that it got a credit rating of A1, CNH Industrial and Aeroports de Paris. In contrast, the overweights in Frankfurt Airport, and underweights in AB Inbev and Volkswagen contributed negatively.

In October, the Fund participated in new issues from amongst others Dublin Airport, subordinated bonds issued by Veolia and Iberdrola, a new issue from Swedish residential property company Akelius, from Austrian office owner CA Immobilien and a new issue from La Banque Postale.

The Fund also increased its weight in green bonds via adding in a green bond from Daimler. Next to Daimler also Volkswagen implemented a green bond program and has issued a green bond. In addition to these German manufacturers multiple other companies in the sector have submitted green bond program that will allow them to issue green bonds in the near future We expect this trend amongst car makers to continue as they are going through the transformation of increasing the number of electric vehicles in their model line up.

Outlook
Despite the ongoing flare up in the number of Covid-19 infections, we remain mildly constructive on the market. We are however more concerned on the economic growth expectations mainly in Europe. We expect economic growth momentum to slow down. Companies remain very much bond holder focussed. This supports the fundamental quality. Finally, the technical backdrop still 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 Sustainable Credit 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 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

Performance per 2020-10-31 (rebased)

No chart data available

Performance per 2020-10-31

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  Fund Benchmark
1 month 0.7 % 0.8 %
3 months 1.2 % 1.3 %
This year 2.4 % 1.5 %
2017 2.2 % 2.4 %
2018 -0.9 % -1.3 %
2019 6.2 % 6.3 %
1 year (on annual basis) 2.0 % 1.2 %
3 years (on annual basis) i 2.4 % 2.0 %
5 years (on annual basis) i 2.9 % 2.7 %
Since inception (on annual basis) i 2.6 % 2.3 %
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 0.19
Ex-date last dividend
2020-07-17
Number of distributions per year
2
Dividend calendar
Kempen (Lux) Euro Sustainable Credit 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 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

Maturity profile (2020-10-31)

Fund
Benchmark
25.4 %
5-7 year
21.8 %
20.5 %
3-5 year
25.5 %
20.4 %
0-3 year
25.4 %
17.4 %
7-10 year
16.7 %
12.5 %
> 10 year
10.6 %
3.9 %
Cash
0.0 %
Total
100 %
100 %

Sector allocation (2020-10-31)

28.5 %
Banks
14.1 %
Consumer Goods & Services
10.3 %
Utilities
9.2 %
Telecom & Technology
8.1 %
Industry
7.3 %
Health Care
6.9 %
Financial Services & Real estate
4.2 %
Sovereign bonds
3.8 %
Insurance
3.8 %
Other
2.7 %
Energy
1.3 %
Basic Materials
Total
100 %
The cash position is included in ‘Other’.

Rating allocation (2020-10-31)

Fund
Benchmark
4.2 %
AAA
0.4 %
3.6 %
AA
10.4 %
37.0 %
A
39.0 %
48.1 %
BBB
50.2 %
2.6 %
BB
0.0 %
0.6 %
Not Rated
0.0 %
3.9 %
Cash
0.0 %
Total
100 %
100 %
The rating allocation of the Fund is based on the Bloomberg Composite method. The rating allocation of the benchmark is based on the rating allocation used by provider Markit iBoxx.

Top 10 holdings (2020-10-31)

1.7 %
0.375% KFW 2015-30
1.4 %
4.750% Duitsland 2003-34
1.3 %
0.000% BMW Finance 2020-23
1.2 %
1.500% Enexis 2015-23
1.1 %
0.500% Duitsland 2016-26
1.1 %
0.736% Bank of America 2017-22
1.1 %
1.600% AT&T 2020-28
0.9 %
0.750% PSA Banque France 2018-23
0.9 %
1.375% Terna 2017-27
0.9 %
1.950% American Honda 2020-24
Total
11.5 %
Kempen (Lux) Euro Sustainable Credit 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 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
0.32 %
Service fee i
0.10 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
0,47 %
Kempen (Lux) Euro Sustainable Credit 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 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

Share class details

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Share class
BN i
Investor type
Private
Distributing
Yes
Benchmark i
Markit iBoxx Euro Corporates Index
Duration hedged
No
Investment category
Credits
Universum
European credits
Inception date
2014-09-25
Domicile
Luxembourg
May be offered to all investors in
Belgium, France, Luxembourg, The Netherlands, United Kingdom
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
LU0979490850
Kempen (Lux) Euro Sustainable Credit 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 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.
Kempen (Lux) Euro Sustainable Credit 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 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

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.6

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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 (Lux) Euro Sustainable Credit Fund primarily aims to generate a long-term return in excess of the Markit iBoxx Euro Corporates Index (the “Benchmark”), comprising capital growth and income, by investing in corporate bonds issued by companies which comply with strict sustainability criteria.

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We strive to invest in companies that have a lower carbon intensity than their sector peers, or in companies that are willing and able to considerably lower their carbon intensity to a level below their sector peers – ideally in line with the Paris goals. We encourage this via continuing engagements with companies, clients, investors and other stakeholders.

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Kempen’s ESG policy is implemented in our fund’s investment process by the following pillars: Exclusion, Integration and Active ownership.

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Exclusion & Avoidance

In line with the general Kempen policy, the Kempen (Lux) Euro Sustainable Credit Fund excludes all companies on the KCM Exclusion- or Avoidance list.

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Companies that ‘Fail’ marked against the criteria of the United Nations Global Compact or those companies that attract a red flag on the MSCI ESG impact monitor are excluded.

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Companies scoring an MSCI ESG rating CCC are excluded. Companies that score a MSCI ESG rating of B are excluded on a comply or explain basis.

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The Kempen (Lux) Euro Sustainable Credit Fund also excludes companies based on additional sustainability criteria as listed in the table below.

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More information on our exclusion criteria and thresholds can be found here.

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EXCLUSION CRITERIA KEMPEN (LUX) EURO SUSTAINABLE CREDIT FUND

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KEMPEN CRITERIA

ADDITIONAL SUSTAINABILITY CRITERIA

Business Conduct

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x    Human Rights

v

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x    Labour

v

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x    Environment

v

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x    Anti-corruption

v

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Product Involvement

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x    Controversial Weapons

v

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x    Tobacco

v

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x    Adult Entertainment

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v

x    Alcohol

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v

x    Animal Welfare & GMO

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v

x    Gambling

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v

x    Power Generation Nuclear

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v

x    Power Generation Carbon Intensive

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v

x    Thermal Coal

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v

x    (Un)conventional Oil & Gas Extraction

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v

x    Weaponry

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v

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ESG Integration

The assessment of companies’ ESG profiles is an integral part of our investment process. We assess each company on a case-by-case basis, taking into account material risks in a given industry in combination with the company’s respective risk exposure, practices and disclosure.

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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.

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Active Ownership

As active investors we perform comprehensive engagements with our portfolio companies with the objective to unlock value and reduce risk.

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Our engagement process defines clear objectives of which the progress and result is tracked and well documented. If at any stage the company refuses to cooperate, divestment has to be considered.

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Engagement examples can be found here

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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
Febelfin
Label ISR
Screening MSCI ESG Research
Screening MSCI ESG Research
UN global impact
Bron EN
disclaimer
Kempen (Lux) Euro Sustainable Credit 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 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.