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 2021-01-31 (rebased)

No chart data available

Performance per 2021-01-31

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  Fund Benchmark
1 month -0.2 % -0.1 %
3 months 0.9 % 1.0 %
This year -0.2 % -0.1 %
2018 -0.9 % -1.3 %
2019 6.2 % 6.3 %
2020 3.6 % 2.7 %
1 year (on annual basis) 2.2 % 1.4 %
3 years (on annual basis) i 3.0 % 2.6 %
5 years (on annual basis) i 3.0 % 2.8 %
Since inception (on annual basis) i 2.7 % 2.4 %
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 1,024.26 M 2021-01-31
Share class size
EUR 49.96 M 2021-01-31
Number of shares
1,921,110 2021-01-31
Net Asset Value i
EUR 25.87 2021-03-04
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 2021-01-31

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  Fund Benchmark
Number of holdings 288 3127
Duration i 5.5 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 2021-01-31

In January, the spread on the iBoxx Euro Corporate Index tightened by 2 basis points to 98 basis points above the government bond curve and 71 basis points over de swap curve. The index earned an absolute return of -0.15%. German 10-year government bond yields closed January at -0.52%, representing an increase of 5 basis points compared to the end of December.

In January we saw a further continuation of the measures related to containing the COVID-19 virus. The increase in infections with new, and in some cases more infectious virus strains is causing concerns and is forcing countries to extent the lockdowns or even increase measures. The effect of the lock downs on the economy is mainly visible in the services sector. We saw that reflected in a further drop in services PMI’s in January. At the same time manufacturing activity is still holding up very well. As certain parts of the economy continue to be strong. The delays in the vaccine roll-out also dampen the near term economic outlook. Production disruptions with the AstraZeneca vaccine resulted in further delays in the vaccination program in Europe. However more countries are now speeding up there programs, with the UK leading the pack in Europe with per end of January already reaching 14.1% of the population vaccinated with one shot. The increase in vaccinations is improving the outlook for a more permanent recovery in the second half of this year as social distancing measures will gradually be removed. Especially in the combination with large fiscal and monetary stimulus.

On the fiscal side support continuous to be strong. In the US, the democrats managed to get a majority in the Senate, after they won 2 republican seats. This will now give the democratic party the majority in both the house and the senate, increasing the changes of further stimulation packages for the US economy. After the inauguration, president Biden announced a proposal for a further increase in the COVID relief package of $1.9 trillion.

Also central banks remain very accommodative. Central bank meetings last month re-iterated previous views. As expected, the European Central Bank (ECB) did not take any new measures for its monetary policy. The thread in the press conference afterwards was vague in terms such as "we strive for favourable financing conditions" and "we take a holistic approach". This vagueness implies that the central bankers keep their hands free to adjust their policy in the future if they think this is necessary. If that happens, it will likely be more monetary easing rather than less. The January FOMC meeting provided few surprises. The FED highlighted that vaccine developments will be critical to the path of the economy. The FED did signal that the economic outlook has improved for this year in response to vaccines and fiscal policy developments. Nonetheless, the central bank continued to echo the dovish rhetoric on inflation and reiterated that it was "premature" to contemplate the possible timeline for tapering of asset purchases.

Company earnings season kicked off in January. In the US 52% of the S&P companies have reported, showing a record high number of beats (85%). The size of those beats are roughly in line with last quarter at 17%, which is close to the highest on record. Also in Europe companies have, in majority, reported better results than expected. Still it did not always result in the market rewarding these better than expected earnings. In most cases estimates have continued to lag the macro data. Also the worry of further lockdowns and the impact that will have on results in the coming period reduced market enthusiasm somewhat.

The supportive combination of inflows, relatively limited net supply and ECB buying, resulted in strong demand for credit in January. Economic data was a bit mixed, and there was a consistent theme of underperformance in COVID exposed names – airlines and airports in particular were notably wider. But weakness was generally company specific. A new round of Italian political instability had only a minor impact on Italian spreads; while Italian financials did sell off in the second half of the month, Italian names ended January broadly in line with other European banks. The bond buying programs of central banks are providing support to the market. The ECB buying of corporate bonds continued in January with slightly over €5 billion in purchases. We expect the CSPP to continue to provide a strong tailwind in 2021 as the ECB will have the ability to increase their efforts to almost €100 billion in corporate bond buying in 2021 via the CSPP and via the PEPP program even more is possible if needed.

In January subordinated financials were the underperformers with a widening of 4 basis points. Despite the limited supply in the sector, financials generally widened with Italian banks like for instance Unicredit and Intesa amongst the worst performers. Also the subordinated debt heavy insurance sector widened by 8 basis points.

For corporates, COVID exposed travel names, notably EasyJet (64 basis points wider), suffered as did names with a lot of subordinated debt, and it seemed that single name concerns were more important than sector, rating or duration leading to a mixed set returns. Media, basic resources, personal & household goods and retail outperformed the index.

The supply of new bonds in January was substantial, but not materially different from previous years. Corporates issued for €31.8 billion in new bonds. Financials supply was slow with only €25.9 billion. This represents a drop of 44% compared to the €45.4 billion that was issued in January last year. Noteworthy was the relatively large supply in hybrids. There was € 7 billion issued in January, considerably more than the €2 billion that was issued in January last year. In fact, hybrids have already exceeded the sum of issuance of the first 4 months of last year. Another noteworthy fact is the ongoing drop in new issue premia. As demand for bonds remains very high and secondary liquidity low, investor are increasingly looking at the new issue market to buy bonds resulting in often no or in some cases even negative new issue premium.

During the month, the portfolio’s sensitivity to market trends varied between 105% and 110%. The portfolio therefore held an overweight positioning in terms of market risk.

Our positioning in automobiles & parts, financial services and industrial goods performed relatively well in January. Our position in telecommunications and utilities detracted from performance. This was mainly driven by the overweight exposures we have in longer dated bonds of AT&T and Verizon that underperformed the market. Also the overweight in Terna did cost a bit of performance.

At individual company level, positive contributions came from the overweight in Exor, Peugeot and Daimler. Our overweight in National Grid and CNH also did well. As a result of the weakness in the more COVID related names our overweight in Frankfurt Airport underperformed. As did our underweight in General Electric.

In January the Fund participated in new deals from amongst others ING and hybrid issues from Abertis and Total.

Outlook
We remain mildly constructive on the market. Although we see the significant positive effect that a working vaccine will progressively have on the economy in the longer term, we do remain concerned on the near term economic growth expectations. We expect economic growth momentum to continue to be weak in the near term, but have a positive view on a 3-6 month horizon with a recovery expected by the end Q2. Companies remain very much bond holder focussed. This supports the fundamental quality. However after the rally in 2020 valuations are starting to look expensive. Finally, the technical backdrop still remains very robust as a result of the ECB’s willingness and ability to provide liquidity to the government and corporate bond markets combined with limited net supply.

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 2021-01-31 (rebased)

No chart data available

Performance per 2021-01-31

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  Fund Benchmark
1 month -0.2 % -0.1 %
3 months 0.9 % 1.0 %
This year -0.2 % -0.1 %
2018 -0.9 % -1.3 %
2019 6.2 % 6.3 %
2020 3.6 % 2.7 %
1 year (on annual basis) 2.2 % 1.4 %
3 years (on annual basis) i 3.0 % 2.6 %
5 years (on annual basis) i 3.0 % 2.8 %
Since inception (on annual basis) i 2.7 % 2.4 %
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 0.16
Ex-date last dividend
2021-01-14
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 (2021-01-31)

Fund
Benchmark
27.3 %
5-7 year
22.3 %
23.7 %
3-5 year
25.7 %
18.6 %
7-10 year
16.5 %
16.9 %
0-3 year
25.0 %
12.0 %
> 10 year
10.5 %
1.6 %
Cash
0.0 %
Total
100 %
100 %

Sector allocation (2021-01-31)

29.8 %
Banks
13.0 %
Consumer Goods & Services
11.5 %
Utilities
10.6 %
Telecom & Technology
8.6 %
Financial Services & Real estate
8.2 %
Health Care
8.1 %
Industry
4.1 %
Insurance
2.1 %
Energy
1.7 %
Sovereign bonds
1.2 %
Other
1.1 %
Basic Materials
Total
100 %
The cash position is included in ‘Other’.

Rating allocation (2021-01-31)

Fund
Benchmark
1.7 %
AAA
0.3 %
5.2 %
AA
10.1 %
38.4 %
A
38.7 %
47.5 %
BBB
51.0 %
5.0 %
BB
0.0 %
0.7 %
Not Rated
0.0 %
1.6 %
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 (2021-01-31)

1.3 %
0.000% BMW Finance 2020-23
1.2 %
1.600% AT&T 2020-28
1.2 %
1.500% Enexis 2015-23
1.0 %
0.736% Bank of America 2017-22
1.0 %
0.375% KFW 2015-30
0.9 %
0.750% PSA Banque France 2018-23
0.9 %
1.375% Terna 2017-27
0.9 %
1.950% American Honda 2020-24
0.9 %
1.090% JP Morgan Chase 2019-27
0.9 %
2.250% Veolia Env. 2020-2169 PERP
Total
10.4 %
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
0.320 %
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.

Climate change

As a long-term investor, we believe climate change represents a systemic risk facing the economy, society and environment. We want to consider the risks and opportunities this presents to our investments in the coming decades. We have therefore set a long-term commitment (2050), a mid-term ambition (2030) and short-term objectives (2025).

  • 2050 commitment: Net-zero investor.  Â
  • 2030 ambition: To align with a Paris Agreement pathway (listed and non-listed investments) and Dutch Klimaatakkoord.  Â
  • 2025 objectives: To align with a pathway towards achieving the Paris Agreement (listed investments) and Dutch Klimaatakkoord goals.[1]

The Kempen climate change policy can be found here (under climate change policy).

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[1]We use carbon intensity as a metric to come to the pathway of net-zero emissions. As we care about the direction of travel and reduction of carbon emissions in the economy, it might be that the actual reducing trend may deviate from the suggested average trend line. The pathway is derived from the pathway of the EU Benchmarks.

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 aim to align with a pathway towards achieving the Paris Agreement and Dutch Klimaatakkoord goals for our portfolio, as well as the EU Climate Transition Benchmark[2].

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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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[2] The EU Benchmarks consists of two climate benchmarks, Climate Transition Benchmark and Paris Aligned Benchmark, which have the aim to reach net-zero emissions by 2050 - in line with the 1.5?C scenarios from the IPCC. As we care about the direction of travel and reduction of carbon emissions in the economy, it might be that the actual reducing trend may deviate from the average pathway. We use carbon intensity (based on Revenues) as the forward looking climate metric.

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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 FOR KEMPEN SUSTAINABLE GLOBAL HIGH DIVIDEND FUND

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KEMPEN CRITERIA

ADDITIONAL SUSTAINABILITY CRITERIA

Corporate conduct

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x     Human rights

V

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x     Labour rights

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     Thermal Coal

V

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x     Tar Sands

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     Nuclear power

       generation

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V

x     Carbon-intensive

       power generation

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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

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.