- Kempen
- Kempen Lux European High Dividend Fund Class I
Kempen (Lux) European High Dividend Fund - Class I
Profile
Kempen International Funds SICAV - Kempen (Lux) European High Dividend Fund (the Fund) offers a diversified portfolio of European listed companies with an expected dividend yield of minimal 2.75% at the time the company is purchased for the first time. The Fund invests in companies that are listed or do business in geographical Europe including Eastern Europe and Russia. The portfolio contains around 55 investments, which are approximately equally weighted.
The Fund primarily aims to generate a better long-term total return than the MSCI Europe Total Return Index (net dividends reinvested), comprising capital gains or losses plus net dividend.
The Fund primarily aims to generate a better long-term total return than the MSCI Europe Total Return Index (net dividends reinvested), comprising capital gains or losses plus net dividend.
Management team
Jorik van den Bos, Joris Franssen, Joost de Graaf, Dimitri Willems, Luc Plouvier, Floris Oliemans
Performance per 2019-02-28 (rebased)
Performance per 2019-02-28
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| Fund | Benchmark | |
|---|---|---|
| 1 month | 3.1 % | 4.2 % |
| 3 months | 2.3 % | 4.5 % |
| This year | 8.9 % | 10.6 % |
| 2016 | 3.1 % | 2.6 % |
| 2017 | 10.2 % | 10.3 % |
| 2018 | -8.2 % | -10.6 % |
| 1 year (on annual basis) | 1.6 % | 1.3 % |
| 3 years (on annual basis) i | 6.7 % | 6.9 % |
| 5 years (on annual basis) i | 3.9 % | 4.7 % |
| Since inception (on annual basis) i | 9.5 % | 9.5 % |
Performance is shown after deduction of ongoing charges. 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 22.34 M 2019-02-28 |
| Share class size | EUR 0.61 M 2019-02-28 |
| Number of shares | 306 2019-02-28 |
| Net Asset Value i | EUR 2,013.78 2019-03-18 |
| Morningstar rating â„¢ | |
| Morningstar Analyst rating | Silver |
Fund characteristics per 2019-02-28
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| Fund | Benchmark | |
|---|---|---|
| Number of holdings | 55 | 439 |
| Dividend yield i | 5.04 % | 3.63 % |
| Weighted average market capitalization i | EUR 41,510 M | EUR 66,598 M |
| P/E ratio i | 11.34 | |
| Active share i | 79.89 % |
Kempen (Lux) European High Dividend Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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 Netherlands Authority for the Financial Markets.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).
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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).
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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
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Market developments per 2019-02-28
February was another good month for European equities. After the January rally, shares continued their upward path. Year-to-date European equities have now gained what one would normally expect for an average year. The Fund lagged the strong equity market, which is not uncommon for a more defensive value oriented strategy.
The market was still in a positive mood because of the same reasons mentioned in January. In particular the announcement by the Fed (about a slower path of potential interest rate hikes) still helped the market. In addition, the earnings season has been better than expected.
Every sector ended the month in the plus, with communication services (includes telecom) and utilities lagging the strong market. The best performing sectors were healthcare, industrials and financials.
As mentioned, the Fund lagged the strong market, as both sector allocation and stock selection detracted from the performance. In particular selection within consumer discretionary and communication services was negative this month. Within consumer discretionary retailers Dixons Carphone and H&M were weak without specific news. Within communication services, Publicis (disappointing results) and WPP (sector peer pulled down by Publicis) lagged. Selection within financials was strong as ING, Lloyds Banking Group and Mediobanca performed well after good results.
Allocation was negative mainly because of its allocation the communication services sector and utilities. When markets are up, these more defensive sectors normally will lag the market.
The market was still in a positive mood because of the same reasons mentioned in January. In particular the announcement by the Fed (about a slower path of potential interest rate hikes) still helped the market. In addition, the earnings season has been better than expected.
Every sector ended the month in the plus, with communication services (includes telecom) and utilities lagging the strong market. The best performing sectors were healthcare, industrials and financials.
As mentioned, the Fund lagged the strong market, as both sector allocation and stock selection detracted from the performance. In particular selection within consumer discretionary and communication services was negative this month. Within consumer discretionary retailers Dixons Carphone and H&M were weak without specific news. Within communication services, Publicis (disappointing results) and WPP (sector peer pulled down by Publicis) lagged. Selection within financials was strong as ING, Lloyds Banking Group and Mediobanca performed well after good results.
Allocation was negative mainly because of its allocation the communication services sector and utilities. When markets are up, these more defensive sectors normally will lag the market.
Portfolio developments per 2019-02-28
In December we implemented the quarterly rebalance, therefore trading was limited this month. In March we will implement the first rebalance of 2019.
We believe overall global stock market valuations are elevated, although the European markets still offer some pockets of attractively valued opportunities. A company may appear attractive based on its price to earnings ratio or other headline multiple, but if margins and/or revenues are high, this only gives you limited information about the future returns of an investment. In our investment process we spent a large portion of our time understanding where profitability should be on an over the cycle basis, as this is what determines the cash flows we will receive as a long term shareholder.
Our focus is on finding companies with sustainable dividends that can be bought at a discount to our estimate of intrinsic value. We base our estimate on the Earnings Power Value (EPV) framework of the Columbia Business School. EPV allows us to separate the three valuation components: asset value, earnings power and growth value. This framework improves our ability to analyze what we are paying for, and gives insight into whether a stock is priced with a margin of safety. In addition, ESG (Environmental, Social and Governance) is fully incorporated in our investment process.
The Fund now has a forward yield of around 5.5%.
We believe overall global stock market valuations are elevated, although the European markets still offer some pockets of attractively valued opportunities. A company may appear attractive based on its price to earnings ratio or other headline multiple, but if margins and/or revenues are high, this only gives you limited information about the future returns of an investment. In our investment process we spent a large portion of our time understanding where profitability should be on an over the cycle basis, as this is what determines the cash flows we will receive as a long term shareholder.
Our focus is on finding companies with sustainable dividends that can be bought at a discount to our estimate of intrinsic value. We base our estimate on the Earnings Power Value (EPV) framework of the Columbia Business School. EPV allows us to separate the three valuation components: asset value, earnings power and growth value. This framework improves our ability to analyze what we are paying for, and gives insight into whether a stock is priced with a margin of safety. In addition, ESG (Environmental, Social and Governance) is fully incorporated in our investment process.
The Fund now has a forward yield of around 5.5%.
Kempen (Lux) European High Dividend Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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 Netherlands Authority for the Financial Markets.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).
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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).
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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
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Performance per 2019-02-28 (rebased)
Performance per 2019-02-28
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| Fund | Benchmark | |
|---|---|---|
| 1 month | 3.1 % | 4.2 % |
| 3 months | 2.3 % | 4.5 % |
| This year | 8.9 % | 10.6 % |
| 2016 | 3.1 % | 2.6 % |
| 2017 | 10.2 % | 10.3 % |
| 2018 | -8.2 % | -10.6 % |
| 1 year (on annual basis) | 1.6 % | 1.3 % |
| 3 years (on annual basis) i | 6.7 % | 6.9 % |
| 5 years (on annual basis) i | 3.9 % | 4.7 % |
| Since inception (on annual basis) i | 9.5 % | 9.5 % |
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.
Dividends
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| Distributing | No |
Risk analysis (ex post) per 2019-02-28
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| 3 years | Since inception | |
|---|---|---|
| Maximum drawdown i | -9.99 % | -14.87 % |
| Tracking error i | 2.72 % | 2.74 % |
| Information ratio i | -0.05 | 0.01 |
| Beta i | 0.89 |
Kempen (Lux) European High Dividend Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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 Netherlands Authority for the Financial Markets.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).
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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).
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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
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Top 5 contribution (2019-02-28)
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| Contribution i | Performance i | |
|---|---|---|
| Arcadis | 0.40 % | 30.57 % |
| Lloyds TSB | 0.25 % | 11.82 % |
| ING Groep | 0.25 % | 12.80 % |
| AXA | 0.20 % | 10.13 % |
| Mediobanca | 0.20 % | 16.14 % |
Bottom 5 contribution (2019-02-28)
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| Contribution i | Performance i | |
|---|---|---|
| Publicis Group | -0.11 % | -8.57 % |
| Centrica | -0.09 % | -7.00 % |
| Nokia | -0.07 % | -3.49 % |
| BT Group | -0.07 % | -5.87 % |
| WPP | -0.06 % | -3.26 % |
Geographic allocation (2019-02-28)
26.7 %
United Kingdom
10.9 %
Netherlands
10.6 %
France
7.9 %
Germany
5.9 %
Sweden
4.5 %
Russia
4.3 %
Switzerland
4.0 %
Portugal
3.9 %
Norway
3.6 %
Italy
3.5 %
Belgium
3.5 %
Denmark
3.3 %
Finland
2.3 %
Cash
5.1 %
Overig
Totaal
100 %
Top 10 holdings (2019-02-28)
2.4 %
Rio Tinto
2.3 %
Lloyds TSB
2.3 %
EasyJet
2.2 %
Enel
2.2 %
Baloise
2.2 %
AXA
2.2 %
National Grid
2.1 %
ING Groep
2.1 %
Lukoil (US)
2.1 %
Admiral
Totaal
22.0 %
Sector allocation (2019-02-28)
27.4 %
Financials
12.8 %
Oil & gas
9.2 %
Consumer goods
8.8 %
Basic Materials
8.6 %
Utilities
8.5 %
Telecommunications
8.3 %
Consumer services
6.2 %
Health Care
4.7 %
Industrials
3.5 %
Other
2.1 %
Technology
Totaal
100 %
The cash position is included in ‘Other’.
Kempen (Lux) European High Dividend Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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 Netherlands Authority for the Financial Markets.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).
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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).
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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
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Ongoing charges
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| Management fee i | 0.70 % |
| Service fee i | 0.20 % |
| Taxe d'abonnement i | 0.01 % |
| Expected ongoing charges i | 0,91 % |
Other costs
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| Upward swing factor i | 0.30 % |
| Downward swing factor i | 0.15 % |
As of 14 January 2019 the swing factor has been adjusted from 0.40%/0,15% to 0.30%/0.15%.
Kempen (Lux) European High Dividend Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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 Netherlands Authority for the Financial Markets.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).
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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).
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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
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Share class details
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| Share class | I i |
| Investor type | Institutional |
| Distributing | No |
| Benchmark i | MSCI Europe Total Return Net Index (calculated in Euro) |
| Investment category | High Dividend Equity |
| Universum | European equities |
| Inception date | 2011-08-25 |
| Domicile | Luxembourg |
| May be offered to professional investors only in | Belgium, Finland, France, Germany, Italy, Luxembourg, Sweden, Switzerland, 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. |
| Custodian | J.P. Morgan Bank Luxembourg S.A. |
| Morningstar rating â„¢ | |
| Morningstar Analyst rating | Silver |
Tradability
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| Minimum subscription | Initial subscription: €50.000, additional subscriptions: €10,000 |
| Listed | no |
| Subscription/Redemption Frequency | Daily |
| ISIN i | LU0427930275 |
Kempen (Lux) European High Dividend Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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 Netherlands Authority for the Financial Markets.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).
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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).
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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
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Factsheets
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Annual Reports
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Semi- Annual Reports
Key Investor Information
Voting records
Formal documents other
Kempen (Lux) European High Dividend Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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 Netherlands Authority for the Financial Markets.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).
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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).
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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
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KCM Vision
Kempen Capital Management is an asset manager with a long-term investment approach. We strongly believe in engaged shareholdership that benefits all stakeholders. As a long-term responsible investor, we firmly believe that active ownership and shareholder engagement contribute to positive change across the board.
Our KCM wide approach to responsible investment
To put our vision into action we engage with our investment targets on a wide array of strategic, financial, environmental, social and governance (ESG) topics. Our long-term investment worldview paired with thorough analysis and an experienced and diverse ESG team allow us to use both voting and engagement as means to consistently encourage positive change. Through this process of constructive engagement, we are able to contribute to the development of principles and standards of corporate responsibility within companies that we invest in. Our full voting records are available here.
Our fund approach to Responsible Investment
- ESG is integrated in our investment process.
- Portfolio managers (PM's) have access to ESG research via the database from MSCI ESG Research and via FactSet.
- Prior to investment, our PM's assess the ESG performance of the company. If material ESG concerns are identified, this can result in the decision to quantify the ESG risks into the investment model, to engage with a company or to avoid investment.
- In case of engagement, the PM and the Responsible Investment Department will start a dialogue with the company. The aim of the engagement is to use our influence as a shareholder to encourage positive change.
- During the quarterly re-balancing process the PM's monitor the ESG performance of the holdings.
Kempen (Lux) European High Dividend Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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 Netherlands Authority for the Financial Markets.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).
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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.
The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).
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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
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