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.

Management team

Jorik van den Bos, Joris Franssen, Joost de Graaf, Dimitri Willems, Luc Plouvier, Floris Oliemans

Performance per 2018-08-31 (rebased)

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Performance per 2018-08-31

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  Fund Benchmark
1 month -1.9 % -2.2 %
3 months 0.0 % 0.1 %
This year 0.0 % 0.3 %
2015 7.1 % 8.2 %
2016 3.1 % 2.6 %
2017 10.2 % 10.3 %
1 year (on annual basis) 3.8 % 4.9 %
3 years (on annual basis) i 4.4 % 4.6 %
5 years (on annual basis) i 6.3 % 7.7 %
Since inception (on annual basis) i 10.2 % 10.4 %
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 22.53 M 2018-08-31
Share class size
EUR 0.51 M 2018-08-31
Number of shares
259 2018-08-31
Net Asset Value i
EUR 1,995.78 2018-09-18
Morningstar rating â„¢
Morningstar Analyst rating
Silver

Fund characteristics per 2018-08-31

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  Fund Benchmark
Number of holdings 54 446
Dividend yield i 4.78 % 3.44 %
Weighted average market capitalization i EUR 39,340 M EUR 64,265 M
P/E ratio i 11.72 14.62
Active share i 81.89 %
Kempen (Lux) European High Dividend 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 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.

Market developments per 2018-08-31

August was a weak month for European stocks, which underperformed global markets. Fears about emerging markets, and its potential contagion, resulted in negative returns for European stocks. The Fund outperformed its benchmark for the month, and is performing in line with the benchmark on a year-to-date basis.

Portfolio developments per 2018-08-31

Our performance for the month was driven by strong stock selection, which was offset by weak sector allocation. Financials detracted from our performance. We are overweight the financial sector and fears about Turkey and its potential contagion had an impact on this sector. Telecom also underperformed the broad benchmark. We are also overweight this sector and this resulted in a negative sector allocation.

Our stock selection was strong in August. Our top three contributors for the month were John Wood Group, Aggreko and WPP. John Wood group, an oil services company, reported better than expected results. A recovery of the oil price is helping to increase demand. Aggreko, a supplier of temporary power, also benefitted from the increase in the oil price. Increased investments in oil and gas help demand for temporary power. Finally WPP, the world’s largest advertising agency, performed strongly. The company did not report any news for the month. Our two bottom contributors for the month were H&M and Vodafone Group. H&M, the Swedish retailer, performed poorly. There was no news for the month, but sentiment remains weak surrounding this company. Vodafone, the global telecom operator also performed poorly. The weakness in the telecom sector was broad based.

Our portfolio currently trades at a 12.6x P/E based on historical profitability, which supports a dividend yield of 5% for the Fund as a whole. We believe this makes it an attractive absolute and relative investment going forward. At a P/E of 12.6x investors in the Fund are getting a prospective earnings yield of 8%. We also expect this earnings stream to grow going forward, increasing returns further. The market is pricing in a high degree of disruption. We believe disruption is real, but that the pace at which it happens is lower than people expect. For more information on this topic please see our latest dividend letter. This can be found at https://www.kempen.com/en/news-and-knowledge/dividend-letter/dividend-letter-2018-july.

In a diversified portfolio of close to 50 companies, we are always going to have individual names that disappoint or surprise to the upside. We believe that a value process of bottom up stock picking will lead to more winners than losers. We continue to purchase our investments based on intrinsic value, while ensuring a margin of safety when we select our stocks.
Kempen (Lux) European High Dividend 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 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.

Performance per 2018-08-31 (rebased)

No chart data available

Performance per 2018-08-31

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  Fund Benchmark
1 month -1.9 % -2.2 %
3 months 0.0 % 0.1 %
This year 0.0 % 0.3 %
2015 7.1 % 8.2 %
2016 3.1 % 2.6 %
2017 10.2 % 10.3 %
1 year (on annual basis) 3.8 % 4.9 %
3 years (on annual basis) i 4.4 % 4.6 %
5 years (on annual basis) i 6.3 % 7.7 %
Since inception (on annual basis) i 10.2 % 10.4 %
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 2018-08-31

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  3 years Since inception
Maximum drawdown i -10.97 % -14.87 %
Tracking error i 2.68 % 2.69 %
Information ratio i -0.06 0.54
Beta i 0.86
Kempen (Lux) European High Dividend 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 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.

Top 5 contribution (2018-08-31)

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  Contribution i Performance i
Wood Group 0.24 % 11.47 %
Aggreko 0.17 % 12.43 %
WPP 0.14 % 6.87 %
Admiral 0.10 % 4.62 %
Tate & Lyle 0.08 % 7.05 %

Bottom 5 contribution (2018-08-31)

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  Contribution i Performance i
Hennes & Mauritz -B- -0.27 % -12.89 %
Vodafone Group -0.25 % -12.37 %
Mediobanca -0.22 % -9.77 %
Enel -0.21 % -10.69 %
Rio Tinto -0.21 % -10.96 %

Geographic allocation (2018-08-31)

26.6 %
United Kingdom
11.6 %
Netherlands
10.0 %
Germany
9.2 %
France
8.4 %
Sweden
4.7 %
Russia
4.5 %
Switzerland
4.2 %
Portugal
3.9 %
Italy
3.9 %
Norway
3.4 %
Belgium
0.9 %
Cash
8.9 %
Overig
Totaal
100 %

Top 10 holdings (2018-08-31)

2.5 %
National Grid
2.3 %
John Wood Group
2.3 %
Roche Holding
2.3 %
Nordea Bank AB
2.2 %
Svenska Handelsbanken
2.2 %
Admiral
2.2 %
Baloise
2.2 %
Galp Energia
2.2 %
Unilever
2.1 %
Lukoil (US)
Totaal
22.5 %

Sector allocation (2018-08-31)

27.7 %
Financials
11.6 %
Oil & gas
9.7 %
Utilities
9.5 %
Telecommunications
8.4 %
Consumer goods
8.0 %
Basic Materials
7.9 %
Consumer services
6.6 %
Industrials
6.4 %
Health Care
2.3 %
Other
1.9 %
Technology
Totaal
100 %
The cash position is included in ‘Other’.
Kempen (Lux) European High Dividend 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 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.

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
0.40 %
Downward swing factor i
0.15 %
As of 1 January 2018 the swing factor has been adjusted from 0.30%/0,30% to 0.40%/0.15%.
Kempen (Lux) European High Dividend 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 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.

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-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 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.
Kempen (Lux) European High Dividend 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 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 providesinsufficient 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.

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-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 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.