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, Rik den Hartog, Harold van Acht, Sipke Moes, Luuk Cummins, Pim van Mourik Broekman, Quirijn Landman, Marco Zanotto

Performance per 2020-05-31 (rebased)

No chart data available

Performance per 2020-05-31

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  Fund Benchmark
1 month 0.2 % 0.2 %
3 months -2.5 % -3.3 %
This year -1.6 % -2.5 %
2017 2.2 % 2.4 %
2018 -0.9 % -1.3 %
2019 6.2 % 6.3 %
1 year (on annual basis) 0.5 % -0.2 %
3 years (on annual basis) i 1.6 % 1.2 %
5 years (on annual basis) i 2.0 % 1.6 %
Since inception (on annual basis) i 2.1 % 1.8 %
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 841.20 M 2020-05-31
Share class size
EUR 104.15 M 2020-05-31
Number of shares
4,149,359 2020-05-31
Net Asset Value i
EUR 25.48 2020-07-07
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 2020-05-31

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  Fund Benchmark
Number of holdings 300 2942
Duration i 5.3 5.2
Yield to maturity 1.2 % 1.2 %
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.

Market developments per 2020-05-31

In May, the spread on the iBoxx Euro Corporate Index tightened by 17 basis points to 176 basis points above the government bond curve. The index earned an absolute return of +0.19%. German 10-year government bond yields closed May at -0.45%, an increase of 14 basis points compared to the end of April.

Investor sentiment further strengthened during the month, primarily driven by three developments. First, the rate of new Corona-cases, particularly in many developed markets, has decreased materially. This is allowing governments the freedom to open up more sectors of the economy, without immediately jeopardising the stability of their domestic healthcare systems. Thus far, measures to loosen “lock-downs” have not resulted in a meaningful increase in the number of infected persons. This has led markets to believe that the second quarter of 2020 will be the trough for economic growth and corporate profitability and that as the year further progresses a solid recovery in economic activity is likely to take place. Notable exceptions to the favourable trends in new infection cases are seen in countries like Brazil and Mexico.

The second development that contributed to the improvement of investor sentiment was the joint proposal by France and Germany for the European Union to raise EUR 500 billion with which to support those countries most negatively impacted by the Corona crisis. Subsequently, the European Commission launched a plan that would see the European Union raise as much as EUR 750 billion through bond issuance. Proceeds from the issuance would be primarily dispersed as grants – rather than loans –to the most negatively affected countries. Whilst the so-called “frugal four” countries of Sweden, Denmark, Austria and the Netherlands have voiced their displeasure with the concept of grants as opposed to loans, they appear ready to negotiate to find some form of compromise. Particularly the willingness of Germany to strengthen the European Union’s fiscal capabilities has greatly alleviated fears that Italy, and to a lesser degree, Spain would at some point experience a debt-spiral that could threaten the integrity of the Eurozone. The joint France-German proposal followed an earlier agreement amongst Eurozone member states to allow members to borrow as much as EUR 500 billion from the ESM with limited conditionality.

Finally, investors expect the ECB to further increase its Pandemic Emergency Purchase program. This is based on the fact that the ECB is already on track to deplete the initial amount of EUR 750 billion by October of this year based on its current rate of purchases. In addition, there is speculation that the ECB may broaden the range of bonds it purchases under the program to include “fallen angels”.

There has been a notable pick-up in the number of companies issuing equity to shore up their balance sheets. Initially, after the severity of the Covid-19 virus outbreak became apparent, many companies enhanced their liquidity profile by issuing bonds or drawing down on credit facilities. These measures, in some cases, only resulted in the addition of more debt and increased leverage at companies. By raising equity, liquidity is being enhanced, albeit in a manner that keeps leverage at reasonable levels. The increased number of equity issues further highlights the trend that bondholder interests are now being emphasized at the expense of near-term shareholder interests. Companies announcing equity raises during the month included UK-based caterer Compass Group, US pharmaceutical and medical equipment group Becton Dickinson, global steel manufacturer Arcelor Mittal and Germany-based semiconductor producer Infineon Technologies.

During the month, bonds issued by companies in the automotive and basic resources sector outperformed. By contrast, bonds issued by companies operating in the media, technology and food & beverage sectors underperformed.

The supply of new bonds was EUR 78 billion in May, representing a 4% decrease compared to April but a 90% increase compared to the year-earlier period. Non-financial sector companies issued EUR 57 billion in new bonds last month, while financial sector companies issued EUR 21 billion in new bonds. During the first five months of the year, a total of EUR 321 billion of bonds was issued. This represents a 43% increase compared to the year-earlier period.

Portfolio developments per 2020-05-31

During the month the portfolio’s sensitivity to market trends varied between 91% and 100%. The portfolio therefore held an underweight positioning in terms of market risk.

Our positioning in the industrial goods & services, chemicals and food & beverage sectors performed relatively well in May. In contrast, our positioning in the banks, oil & gas and personal & household goods services sectors contributed negatively. Our liquidity position (in the form of cash and government bonds) had a positive impact.

At individual company level, positive contributions came from the overweights in Firmenich, Total, CNH Industrial, ALD and Merck, as well as from our underweights in General Electric (excluded) and AB Inbev (excluded). By contrast, our overweights in VF Corporation and Medtronic, as well as our underweights in BP (excluded) and Royal Dutch Shell (excluded) contributed negatively.

In May, the Fund participated in new bond issues from CPI Property Group, Nordea, Verizon, Telefonica, Equinor, Daimler, ING, Continental, Kojamo, AT&T, ABN AMRO, Firmenich and Eurogrid.

The bond issued by Germany-based electricity transmission grid operator Eurogrid was a so-called “green bond”. Proceeds from this bond will be used to fund the connection of a number of large offshore windparks in Germany to the German high voltage grid.

Outlook
We have become more constructive on the market as a result of recent data that suggests economic growth has bottomed and that the rate of new Corona virus infections in developed markets has slowed significantly. Furthermore, we view favorably the trend of more companies issuing equity to restore balance sheet strength and the overall greater emphasis being placed on bondholder interests. Finally, the technical backdrop remains very robust as a result of ongoing inflows into the asset class and the ECB’s willingness and ability to pump liquidity into the 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 2020-05-31 (rebased)

No chart data available

Performance per 2020-05-31

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  Fund Benchmark
1 month 0.2 % 0.2 %
3 months -2.5 % -3.3 %
This year -1.6 % -2.5 %
2017 2.2 % 2.4 %
2018 -0.9 % -1.3 %
2019 6.2 % 6.3 %
1 year (on annual basis) 0.5 % -0.2 %
3 years (on annual basis) i 1.6 % 1.2 %
5 years (on annual basis) i 2.0 % 1.6 %
Since inception (on annual basis) i 2.1 % 1.8 %
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
2020-01-16
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 (2020-05-31)

Fund
Benchmark
24.3 %
3-5 year
27.5 %
23.9 %
5-7 year
20.7 %
21.2 %
0-3 year
25.2 %
18.5 %
7-10 year
17.0 %
11.0 %
> 10 year
9.5 %
1.1 %
Cash
0.0 %
Total
100 %
100 %

Sector allocation (2020-05-31)

29.5 %
Banks
14.7 %
Consumer Goods & Services
12.1 %
Utilities
9.7 %
Telecom & Technology
8.0 %
Industry
7.2 %
Health Care
6.9 %
Financial Services & Real estate
4.0 %
Insurance
3.2 %
Energy
2.1 %
Sovereign bonds
1.7 %
Basic Materials
0.9 %
Other
0.1 %
Asset Backed Securities
Total
100 %
The cash position is included in ‘Other’.

Rating allocation (2020-05-31)

Fund
Benchmark
2.1 %
AAA
0.4 %
4.0 %
AA
10.6 %
37.0 %
A
39.4 %
51.6 %
BBB
49.6 %
3.3 %
BB
0.0 %
0.9 %
Not Rated
0.0 %
1.1 %
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 (2020-05-31)

1.8 %
0.375% KFW 2015-30
1.4 %
3.875% Eurogrid 2010-20
1.3 %
1.500% Enexis 2015-23
1.2 %
0.736% Bank of America 2017-22
1.1 %
0.637% Morgan Stanley 2019-24
1.1 %
0.875% Equinor 2015-23
1.0 %
0.750% PSA Banque France 2018-23
0.9 %
1.375% Terna 2017-27
0.9 %
1.875% Groupe Bruxelles Lambert 2018-25
0.9 %
0.625% BPCE 2018-23
Total
11.6 %
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.