Kempen Lux Euro Sustainable Credit Fund - Class IX

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.

Management team

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

Performance per 2021-12-31 (rebased)

No chart data available

Performance per 2021-12-31

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  Fund Benchmark
1 month -0.2 % -0.1 %
3 months -0.6 % -0.7 %
This year -1.2 % -1.1 %
2020 2.5 % 1.9 %
1 year (on annual basis) -1.2 % -1.1 %
Since inception (on annual basis) i 0.7 % 0.4 %
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 937.83 M 2021-12-31
Share class size
EUR 556.51 M 2021-12-31
Number of shares
549,119 2021-12-31
Net Asset Value i
EUR 1,007.66 2022-01-21
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 2021-12-31

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  Fund Benchmark
Number of holdings 302 3383
Duration i 5.5 5.3
Yield to maturity 0.7 %
Weighted rating A- BBB+
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 60, avenue J.F. Kennedy, L-1855, 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 2021-12-31

In December, the iBoxx Euro Corporates Index tightened by 13 basis points to a level of 57 basis points over the swap curve. This is equivalent to 98 basis points over the government bond curve. The index earned a total return of -0.11%. German 10-year government bond yields closed December at -0.18%, representing an increase of 17 basis points compared to the end of November.

December was a surprisingly good month for credit markets after the sell-off in November. This was caused by several factors. Primary activity was limited as is normally the case in December. Demand for credit paper however remained strong and this provided a positive technical backdrop for spreads to tighten. Furthermore, although Omicron did cause corona infection rates to spike, several studies showed that the variant seems to be far less deadly than earlier variants. This helped risk sentiment as well. Lastly, another explanation given was that the expected speedier tightening by the FED would prevent inflation getting out of hand which would allow overall rates to stay low in the intermediate timeframe. We see this as an overly optimistic scenario.

Inflation data stayed at high levels in Europe and the US during the month. They even increased further from already elevated levels. In November US CPI climbed to 6.8% YoY from 6.2% a month earlier, the fastest pace in 40 years. Core CPI also increased further, from 4.6% to 4.9% YoY. In Europe, CPI increased to 4.9% from 4.1% while core CPI also increased further to 2.6% YoY from 2% the month before. Also more and more companies announced substantial price increases to keep their margins in check. Ikea for example raised prices on average by 9% to offset the impact of higher input costs. Furthermore, the US labor market remains very tight further stoking inflationary forces. Average hourly earnings increased by almost 5% YoY in November. Note that this still doesn’t cover the overall CPI increase.

Economic activity remained at a high and expanding level in the US and Europe although they were slightly lower than the month before. The US ISM manufacturing index came in at 58.7 vs 61.1 in November. In Europe, the Euro Area Composite PMI was largely flat at 53.3. At the end of the month, economic activity seemed to be negatively affected by the consequences of the high omicron infection rate. This caused employee shortages in various industries as many workers had to go into quarantine or self-isolate. Also demand weakened somewhat as consumers decided to limit their activities to reduce the chance of being infected.

Government bond yields increased in December after tightening in November. This largely happened during the last 10 days of the month and continued during the first week of January. Bund yields widened by 17 bps, OATs by 18 bps and BTPs by 20 bps. Over the whole of 2021, bund yields widened by 39 bps, OATs by 53 bps and BTPs by 63 bps.

In credit, primary markets activity was limited in December. At €4.9 billion gross, activity was almost half last year’s €9.6 billion. The split between financials and corporates was €1 billion / €3.9 billion. Net supply amounted to minus €21.7 billion. The turmoil on the credit markets in November had a spill-over effect on issuance plans in early December. Many corporates decided to wait for more stable markets which materialized in the second half of December. However, at that point activity in the credit markets already levelled off substantially in anticipation of the holiday period. As a result issuance plans were postponed till January.

Euro investment grade saw issuance of €487 billion gross / €210 billion net in 2021 broken down into €268 billion gross / €139 billion net from Financials and €219 billion gross / €71 billion net from Non-Financials. Financials issuance set new records, supported by continued MREL senior issuance, above-expectation preferred senior and bank LT2 volumes, and extremely heavy REITs supply. By contrast, this was the lowest Non-Financial volume in eight years in both gross and net terms. Also covered bond issuance activity was significantly lower than in the preceding years.

The demand for credit remained solid in December with approximately €2 billion inflow in EUR IG, based on JP Morgan data. CSPP purchases in December were however clearly lower than in the preceding months (€2.6 billion vs €5- 5.5 billion average in the months before). The PEPP purchases were €49 billion in December. This was also clearly lower than in November (€68 billion) and significantly lower than the approximately €80 billion on average in the May – July period. In December, the ECB announced its intention to completely stop with the PEPP after the March 2022 end of the program. No new program was announced although the ECB kept the flexibility to initiate new asset buying programs. This was a bit more hawkish outcome than expected by the market.

In December, Financial Services, Infrastructure and Industrial Goods & Services were the underperforming sectors. Automobiles & Parts and Insurance were the best performing sectors.

The portfolio delivered a return of -0.14% (gross). This was 3 basis points below the benchmark return of -0.11%. During the month, the portfolio’s sensitivity to market trends varied between 101% and 104%. The portfolio therefore held an overweight positioning in terms of market risk in combination with a relatively high cash balance, government bonds and Supranationals. With spreads contracting substantially this defensive positioning had a slight negative impact on our relative returns. It explained all of the relative underperformance. The contribution to the relative return by sector was small but in general positive. Also the relative return contribution by issuer was small both on the positive side as on the negative side.

In December, the Fund participated in new deals from Orange and Aroundtown amongst others. On the financials side, we participated in Westpac NZ. We continue to take a conservative approach towards participating in new issues as new issue premiums are limited and all in valuations are stretched.

Outlook
Despite increasing uncertainty caused by higher inflation, rising COVID-19 infection rates and the rapid transmission of the Omicron variant, we remain mildly constructive on the market. US and European economic data remains strong but growth rates are slowing. Companies’ 2021 results are in general strong. However we are currently seeing more aggressive shareholder friendly behaviour, with more companies increasing dividends, launching substantial share buyback programmes or engaging in M&A. With spreads still near all time lows, valuations are considered expensive. The technical backdrop continues to remain supportive for now with the ECB continuing to actively buy corporate bonds and emphasising that actual tapering of assets purchased will be done in a gradual manner. However, as we have seen in the US, this outlook can change quite quickly.

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 60, avenue J.F. Kennedy, L-1855, 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 2021-12-31 (rebased)

No chart data available

Performance per 2021-12-31

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  Fund Benchmark
1 month -0.2 % -0.1 %
3 months -0.6 % -0.7 %
This year -1.2 % -1.1 %
2020 2.5 % 1.9 %
1 year (on annual basis) -1.2 % -1.1 %
Since inception (on annual basis) i 0.7 % 0.4 %
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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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 60, avenue J.F. Kennedy, L-1855, 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 (2021-12-31)

Fund
Benchmark
30.2 %
5-7 year
20.1 %
23.9 %
3-5 year
27.2 %
15.9 %
7-10 year
16.4 %
15.7 %
0-3 year
25.7 %
10.9 %
> 10 year
10.6 %
3.4 %
Cash
0.0 %
Total
100 %
100 %

Sector allocation (2021-12-31)

31.8 %
Banks
14.3 %
Consumer Goods & Services
9.9 %
Telecom & Technology
8.6 %
Utilities
8.4 %
Financial Services & Real estate
7.8 %
Health Care
7.4 %
Industry
4.9 %
Insurance
3.4 %
Other
3.1 %
Energy
0.6 %
Basic Materials
Total
100 %
The cash position is included in ‘Other’.

Rating allocation (2021-12-31)

Fund
Benchmark
2.8 %
AAA
0.3 %
7.0 %
AA
7.9 %
42.0 %
A
38.9 %
38.4 %
BBB
52.9 %
4.7 %
BB
0.0 %
1.8 %
Not Rated
0.0 %
3.4 %
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 (2021-12-31)

1.5 %
0.050% Sparebank 1 Boligkredit 2021-28
1.5 %
0.500% FCA Bank Ireland 2020-23
1.4 %
1.500% Enexis 2015-23
1.3 %
0.625% BPCE 2020-25
1.1 %
0.125% Toyota Motor Credit Corp 2021-27
1.1 %
2.125% BNP Paribas 2019-27
0.9 %
0.000% Clearstream Banking 2020-25
0.8 %
1.200% Procter & Gamble 2018-28
0.8 %
1.750% Great-West Life 2016-26
0.7 %
0.500% Pepsico 2020-28
Total
11.0 %
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 60, avenue J.F. Kennedy, L-1855, 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
0.290 %
Service fee i
0.10 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0,40 %
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 60, avenue J.F. Kennedy, L-1855, 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
IX
Investor type
Institutional
Benchmark i
Markit iBoxx Euro Corporates Index
Duration hedged
No
Investment category
Credits
Universum
European credits
Inception date
2020-03-03
Domicile
Luxembourg
May be offered to professional investors only in
Luxembourg, The Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Administrator
BNP Paribas Securities Services S.C.A., Luxembourg branch
Management company
Kempen Capital Management N.V.
Depositary and custodian
BNP Paribas Securities Services S.C.A., Luxembourg branch

Tradability

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Minimum subscription
Initial subscription: €50,000 additional subscriptions: €10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU2115422920
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 60, avenue J.F. Kennedy, L-1855, 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 60, avenue J.F. Kennedy, L-1855, 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 en
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 60, avenue J.F. Kennedy, L-1855, 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.