Kempen Lux European High Dividend Fund - Class AX1-USD

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 40 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

Joris Franssen, Luc Plouvier, Marius Bakker, Robert van den Barselaar, Reineke Davidsz, Roderick van Zuylen

Performance per 2022-12-31 (rebased)

No chart data available

Performance per 2022-12-31

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  Fund Benchmark
1 month 1.5 % 0.0 %
3 months 22.2 % 19.3 %
This year -11.6 % -15.1 %
2020 42.4 % 42.3 %
2021 14.9 % 16.3 %
1 year (on annual basis) -11.6 % -15.1 %
Since inception (on annual basis) i 14.3 % 13.1 %
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 18.38 M 2022-12-31
Share class size
USD 0.00 M 2022-12-31
Number of shares
40 2022-12-31
Net Asset Value i
USD 39.40 2023-01-30
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 2022-12-31

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  Fund Benchmark
Number of holdings 43 426
Dividend yield i 5.42 % 3.27 %
Weighted average market capitalization i EUR 47,211 M EUR 87,402 M
P/E ratio i 7.42 11.40
Active share i 86.33 %
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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of Van Lanschot Kempen Investment Management NV (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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Developments per 2022-12-31

December was a weak month for equities. Investor sentiment was driven by worries about a weakening economy. According to the International Monetary Fund (IMF) 2023 is going to be tougher on the global economy than the one we have left behind. The economies of the EU, the US and China are simultaneously slowing down. The IMF expects that about one third of the world economy will end up in a recession. Although technology stocks are a relatively modest part of the European stock market, the strongly negative returns in this sector pulled back the performance of the market. At the start of 2022, these stocks were priced for perfection. Now that the growth outlook of these companies are deteriorating, the stocks are experiencing a substantial derating. Given our disciplined valuation-driven approach to investing, we were able to sidestep much of the downturn in these tech-related companies. Investors have clearly changed their attitude towards value stocks. Value stocks in general did substantially better than growth stocks. In this environment, the performance of the Fund was ahead of the broader market. The Fund also outperformed the style index (Morningstar Developed Europe Dividend Yield > 2.5% Index).

Part of the strong performance in December was driven by the sale of the position in the depository receipts (GDR’s) of PhosAgro. In normal market circumstances, these GDR’s closely tracked the share price performance of the underlying Moscow-listed shares. After the Russian invasion of Ukraine the trading in these GDR’s was halted. International sanctions made it likely that we would not recoup any of the value of our holdings in PhosAgro. Late 2022 we got the opportunity to sell our position, which resulted in a substantial capital gain.

The sector that contributed most to the absolute and relative performance of the Fund was the industrials sector (ALD was up 16% in December). The relative performance was also benefited from strong stock selection within the healthcare sector. The sector that detracted most from the absolute and relative performance of the Fund was the consumer discretionary sector (Autoliv performed poorly).

One of the top contributors was ALD (auto-leasing). Earlier in 2022, ALD announced the acquisition of LeasePlan, which would almost double the size of the company. To finance this acquisition, ALD announced a rights issue in November. The rights issue was a success and the transaction will proceed as planned. An important reason for a lowly rated share price had been the limited free float of the shares. I.e., Societe Generale owned 80% of ALD, which made it hard for institutional investors to buy a sizable position in ALD. After the rights issue, the free float will be substantially higher. Societe Generale’s ownership has been reduced to just over 50% of ALD. On our estimates, earnings per share could be 1.65 EUR within the next two years, which would leave the shares trading at less than 7 times earnings. For a market-leading company in and a strong management team, the shares are substantially undervalued. With the increased liquidity in the shares, we believe that the shares will benefit from a strong re-rating over the next two years.

One of the detractors from performance was Autoliv (-16% in December). Autoliv is the world market leader in passive automotive safety products like airbags and seatbelts. After a strong run earlier in 2022, investors have become concerned about the runup in Chinese Covid-infection. They are also concerned that Autoliv’s customers (i.e., auto manufacturers) will take longer to ramp up auto production. Although we carefully monitor the situation, we believe that our thesis is still intact. We expect that the company will be benefiting from a strong recovery in the automobile market. A strong uplift for automobiles will be driving a strong uplift in demand for Autoliv’s safety products. By raising prices and controlling costs, Autoliv is able to show a strong recovery in profitability. At the current price, the shares trade at a 3.4% dividend yield. If the earnings of Autoliv continue to grow as expected, we believe that the shares remain substantially undervalued.

In December, we built up a position in Knorr-Bremse. Knorr-Bremse is the global leader in braking systems for commercial transit vehicles such as trains and buses. The company has a 50% market share in breaking systems for trains, metros and other light rail vehicles. Thanks to safety regulation, best product line up, and strong customer relationships, it is likely that KB will be able to maintain their market share for many years to come. Big accidents caused by failing breaking systems cause human harm, wreak havoc on the train maker’s safety reputation, and puts pressure on local transportation authorities. Customers are therefore more interested in having the best product and not so much in paying the lowest price. Besides the strong market position, we also like the substantial stream of after-market revenues (e.g., brakes wear out, systems need periodic revision). The strong market position and cash flows allow KB to reinvest in R&D, thereby increasing their technological lead. The shares had shed more than 50% of the market price over the last 2 years. Much of the decline can be attributed to China (Covid-lockdowns and increasing local competition), Russia (Ukraine invasion), and cost inflation, which caused a substantial decline in operating margins. The latest quarterly report showed that the company is making progress on each of these problem areas. Operating margins appear to be on the rise again. The high quality nature of the business is not reflected in the valuation of the shares. We could establish our position in Knorr-Bremse at a price/earnings ratio of around 14. The shares provide a dividend yield of 3.5%.

To finance the new position, we sold our shares in Siemens. Over the first months of 2022, the shares had sold off substantially. Investors were worried about Siemens being exposed to Russia, about being a German company that would suffer from high energy prices, about falling demand and about suffering from supply chains issues. These worries proved to be unfound. Although Siemens did report a negative effect from its business in Russia, it showed strong results in many other parts of its business. It has been able to keep its supply chains intact and demand remained strong. The shares rebounded sharply in the final months of 2022. We sold the shares once they hit our conservative assessment of fair value. Especially since several cyclical companies have sold off over 2022, we see better opportunities elsewhere. We have therefore sold our position in Siemens.

We currently expect a dividend yield of around 5.6% for the Fund. This number is based on the consensus estimate of dividends paid out over the next 12 months. The Fund still trades at a strong discount versus the market (the average valuation of all the holdings in the Fund versus the broader equity market). Historically, this has led to a strong relative performance in the medium term. Also, the absolute valuation of the strategy is compelling. We continue to focus on attractively valued companies, that have good capital discipline and generate positive cash flows through the cycle. In summary, the current environment offers the opportunity to buy a well-diversified portfolio with solid earnings power at an attractive valuation. In addition, ESG (Environmental, Social and Governance) is fully incorporated in our investment process.

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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of Van Lanschot Kempen Investment Management NV (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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Performance per 2022-12-31 (rebased)

No chart data available

Performance per 2022-12-31

Slide to see more
  Fund Benchmark
1 month 1.5 % 0.0 %
3 months 22.2 % 19.3 %
This year -11.6 % -15.1 %
2020 42.4 % 42.3 %
2021 14.9 % 16.3 %
1 year (on annual basis) -11.6 % -15.1 %
Since inception (on annual basis) i 14.3 % 13.1 %
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
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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of Van Lanschot Kempen Investment Management NV (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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Top 5 contribution (2022-12-31)

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  Contribution i Performance i
PhosAgro GDR 0.66 % 16,444.80 %
ALD 0.38 % 16.48 %
Sanofi 0.12 % 3.89 %
ABN AMRO Bank 0.11 % 5.64 %
Siemens 0.05 % 1.64 %

Bottom 5 contribution (2022-12-31)

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  Contribution i Performance i
Autoliv -0.41 % -16.42 %
Equinor -0.28 % -9.38 %
Vodafone Group -0.22 % -10.62 %
WPP -0.19 % -7.66 %
Deutsche Post -0.18 % -7.01 %

Geographic allocation (2022-12-31)

26.7 %
United Kingdom
17.6 %
France
12.4 %
Germany
8.8 %
Netherlands
5.1 %
Spain
4.2 %
Belgium
3.4 %
Switzerland
3.3 %
Sweden
2.7 %
Norway
2.6 %
Austria
2.4 %
Cash
2.3 %
Greece
2.1 %
United States
1.3 %
Italy
5.0 %
Other
Total
100 %

Top 10 holdings (2022-12-31)

3.5 %
ALD
3.1 %
Sanofi
2.9 %
Unilever PLC
2.9 %
Reckitt Benckiser
2.8 %
BMW
2.8 %
Allianz
2.7 %
Equinor
2.7 %
Repsol
2.7 %
Fresenius
2.7 %
Rio Tinto
Total
28.9 %

Sector allocation (2022-12-31)

26.1 %
Financials
13.0 %
Energy
10.7 %
Telecommunications
10.3 %
Industrials
9.8 %
Health Care
9.0 %
Consumer Discretionary
8.3 %
Consumer Staples
5.3 %
Basic Materials
4.5 %
Utilities
3.2 %
Other
Total
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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of Van Lanschot Kempen Investment Management NV (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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
0.940 %
Service fee i
0.20 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
1.19%
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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of Van Lanschot Kempen Investment Management NV (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. 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
AX1-USD
Investor type
Private
Distributing
No
Benchmark i
MSCI Europe Total Return Net Index
Investment category
High Dividend Equity
Universe
European equities
Inception date
2020-03-27
Domicile
Luxembourg
May be offered to all investors in
Luxembourg
May be offered to professional investors only in
Singapore
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
USD
Management company
Van Lanschot Kempen Investment Management NV
Depositary and custodian
BNP Paribas, Luxembourg Branch

Tradability

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Minimum subscription
Initial subscription USD 1
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU2133597380
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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of Van Lanschot Kempen Investment Management NV (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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Investment strategy

The Fund offers an actively and professionally managed diversified portfolio of European listed companies with an expected dividend yield,  while at the same time complying with exclusion and sustainability criteria. Our ESG-policy, described in the ESG Policy & Process document, is aimed at the promotion of environmental and/or social characteristics. This ESG policy is implemented in our strategy’s investment process across four pillars: Exclusion, ESG Integration, Active ownership and Positive impact.Â

Before and after selecting the asset, we apply adequate (ESG) due diligence measures. This can help to enhance long-term risk adjusted returns for investors, in accordance with the investment objectives of the Fund. We  look at each company on a case-by-case basis, taking into account both material risks in a given industry and the company’s respective risk exposure, practices and disclosure. This includes:Â
- an assessment of good governance practices. The investee companies are rated for governance aspects using external research and internal assessments .Â
- the company’s exposure to past controversies and future ESG opportunities
Based on fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile and award a score (1-5).Â

Proportion of investments

Information about the proportion of investments with environmental or social characteristics is available in the annex II of this product. Â

Monitoring of environmental or social characteristics

The holdings are screened quarterly for compliance with Kempen’s ESG criteria. The screening process allows Kempen to monitor the ESG performance of all companies in the fund. It also encourages engagement on potential issues identified. Furthermore, the results of the screening feeds into quarterly challenging sessions between ESG specialists and portfolio managers. These sessions are used to assess whether ESG risks and opportunities are sufficiently reflected in the investment decision making process of Kempen.

Methodologies

Principal Adverse Impact Indicators are monitored at individual holding level and at the portfolio level.Â

Kempen ESG Score serves as input throughout the investment process (exclusion, integration in the valuation models, engagement). Scores are based on 21 ESG risk factors, which are selected based on their materiality per industry.Â

Carbon emission intensity is used as the key carbon metric. We calculate carbon intensity based on revenues (weighted average carbon intensity), which we use for our commitment, ambition and objectives.Â

EU Taxonomy alignment is measured by turnover, for which we use a combination of actual data from investee companies and estimates on EU Taxonomy alignment made by a third party provider.Â

Engagement Milestones are used in order to measure engagement success. All engagement contacts are recorded and classified: Milestone 1 (company is informed), Milestone 2 (company acknowledges request), Milestone 3 (company commits to improve), up until Milestone 4 (proof of improvement).

Data sources and processing

External data providers include (but are not limited to)Â
- Institutional Shareholder Services (ISS), used for proxy voting, governance research, carbon data and Sustainable Development Goals data;Â
- MSCI ESG Research: used for company ESG Ratings, product involvement data, principal adverse indicators and to assess the degree to which the investments are in environmentally sustainable economic activities under the EU Taxonomy, measured by turnover;Â
- Sustainalytics: used for ESG Risk Ratings and product involvement data.Â
Internal as well as external data is collected and processed in several data analytics (including FactSet, PowerBI, Tableau) and internal compliance systems (including ThinkFolio).

Fund carbon emission targets

Limitations to methodologies and data

Externally provided ESG data is far from perfect. Therefore we conduct rigorous due diligence of the data used in our ESG processes to ensure the limitations will not affect the environmental and social characteristics. To ensure data quality we regularly engage with portfolio companies and third party vendors. Limitations include, but are not limited to discrepancies between company reported data and data provided by third parties, inconsistencies across data vendors, market cap bias and modelling assumptions.

Due diligence

Before a company is invested in, Portfolio Managers perform a due diligence on potential ESG risks and principal adverse impact indicators, opportunities, as well as potential past controversies. ESG due diligence is integrated in the different stages of the investment process (screening of the investable universe, fundamental research & portfolio management). ESG specialists challenge the portfolio managers on the implementation of the ESG process on a quarterly basis.
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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of Van Lanschot Kempen Investment Management NV (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. 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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of Van Lanschot Kempen Investment Management NV (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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.