Kempen (Lux) European Property Fund - Class VLK-B

Profile

Kempen (Lux) European Property Fund (KLEPF) invests in a portfolio of listed European real estate companies. The aim of KLEPF is to achieve an above-average relative investment result. KLEPF is managed on a bottom-up stock selection basis.

The fund strategy focuses on exploiting over- and undervaluations of listed real estate companies in relation to the quality of the underlying real estate, the financial balance sheet, the corporate governance structure and the ability of the management team to add value to the real estate. The environmental, social and governance (ESG) criteria are an integral part of the investment process.

Management team

Jorrit Arissen, Egbert Nijmeijer, Lucas Vuurmans, Robert Stenger, Mihail Tonchev, Andreas Welter, Alex Williamson

Performance per 2022-12-31 (rebased)

No chart data available

Performance per 2022-12-31

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  Fund
1 month -0.5 %
3 months 7.2 %
This year -33.5 %
2019 32.8 %
2020 -8.0 %
2021 22.9 %
1 year (on annual basis) -33.5 %
3 years (on annual basis) i -9.1 %
5 years (on annual basis) i -1.8 %
Since inception (on annual basis) i 4.3 %
The results shown of the periods before 16 December 2022, the inception date of Kempen Lux European Property Fund class VL-B, are those of Kempen European Property Fund N.V. ISIN NL0009296649). Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The Total Expense Ratio before 16 December 2022 has been copied from Kempen European Property Fund N.V. The returns shown in the chart are indexed. The value of your investment may fluctuate. Results achieved in the past are 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 106.13 M 2022-12-31
Share class size
EUR 15.67 M 2022-12-31
Number of shares
1,225,168 2022-12-31
Net Asset Value i
EUR 15.05 2023-02-02

Fund characteristics per 2022-12-31

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  Fund
Number of holdings 30
Dividend yield i 4.33 %
Weighted average market capitalization i EUR 4,824 M
P/E ratio i 15.06
Active share i 52.97 %
Kempen (Lux) European Property Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. The Fund is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. Van Lanschot Kempen Investment Management NV is the manager of the Fund. Van Lanschot Kempen Investment Management NV has a license as a manager and is supervised by the Netherlands Authority for the Financial Markets.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Subfund is registered in the register of the Netherlands Authority for the Financial Markets under the license of the Fund.
This information does not provide sufficient basis for an investment decision. You should therefore read the Key Information Document (available in Dutch, English and various other languages, see website ) and the prospectus (available in English). These documents as well as the Articles of Association, the annual report and semi-annual report are available free of charge at the offices of the Fund, located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, as well as at the offices of the representative in Switzerland and on the website of Van Lanschot Kempen Investment Management NV (www.kempen.com/nl/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 Subfund is registered can be found on the website. The value of your investment may fluctuate. Results achieved in the past are no guarantee for the future. The result shown does not take into account commissions and costs that are charged when buying and selling items.

Developments per 2022-12-31

KLEPF posted a slightly negative absolute performance and a significant positive relative return in December. Cluster performance showed Switzerland (+2%) with the best absolute performance followed by the Nordics cluster (+1%). Euro Residential (-4%) showed the lowest return in Europe, followed by the UK (-3%). Most positive clusters in terms of relative performance were Euro Diversified, Euro Residential and the UK, while only the Nordics slightly detracted from relative performance.

The month of December saw European listed real estate with an -1% total return without much direction. European government yields finished the year at the highest point in years after the European central bank communicated further rate hikes despite slowing inflation. Hence, equity markets in general receded with the STOXX 600 falling >3%. YTD the listed real estate universe is underperforming the broader equity markets being down c36% compared to the STOXX 600 down c13%.

The Kempen real estate investment strategy strikes the balance between qualitative and quantitative analysis. Through application of data-analysis technology our Real Estate Team collects over 20 million relevant data points for >200,000 real estate buildings around the globe, processing this quantitative data in our data infrastructure and turning it into valuable fundamental investment information. The continuous increase in available data helps us make better assessments of the quality, value and risk of each real estate investment. This leads to better investment decisions and results in higher investment returns at lower risk for our clients.
Next to the quantitative approach the investment strategy contains three key qualitative parameters that determine the warranted valuation: management added value, balance sheet strength and ESG. The portfolio managers score each company covered on these three parameters. Companies that excel in ESG for example will be assigned a higher score and hence the warranted valuation for an investment increases.

Portfolio construction of the Strategy is based on cluster neutrality. The European portfolio has 5 clusters defined as homogeneous groups of real estate companies with similar underlying currency exposure. Examples are United Kingdom, European Residential and Switzerland. The portfolio weight of each cluster is approximately equal to the cluster’s benchmark weight. This ensures a diversified portfolio and neutralizes currency and macro-economic exposure versus the benchmark. KLEPF assigns its risk budget on the real estate portfolio level only.

During the month we only made incremental changes to our existing holdings based on relative expected returns.

Kempen (Lux) European Property Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. The Fund is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. Van Lanschot Kempen Investment Management NV is the manager of the Fund. Van Lanschot Kempen Investment Management NV has a license as a manager and is supervised by the Netherlands Authority for the Financial Markets.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Subfund is registered in the register of the Netherlands Authority for the Financial Markets under the license of the Fund.
This information does not provide sufficient basis for an investment decision. You should therefore read the Key Information Document (available in Dutch, English and various other languages, see website ) and the prospectus (available in English). These documents as well as the Articles of Association, the annual report and semi-annual report are available free of charge at the offices of the Fund, located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, as well as at the offices of the representative in Switzerland and on the website of Van Lanschot Kempen Investment Management NV (www.kempen.com/nl/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 Subfund is registered can be found on the website. The value of your investment may fluctuate. Results achieved in the past are no guarantee for the future. The result shown does not take into account commissions and costs that are charged when buying and selling items.

Performance per 2022-12-31 (rebased)

No chart data available

Performance per 2022-12-31

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  Fund
1 month -0.5 %
3 months 7.2 %
This year -33.5 %
2019 32.8 %
2020 -8.0 %
2021 22.9 %
1 year (on annual basis) -33.5 %
3 years (on annual basis) i -9.1 %
5 years (on annual basis) i -1.8 %
Since inception (on annual basis) i 4.3 %
The results shown of the periods before 16 December 2022, the inception date of Kempen Lux European Property Fund class VL-B, are those of Kempen European Property Fund N.V. ISIN NL0009296649). Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The Total Expense Ratio before 16 December 2022 has been copied from Kempen European Property Fund N.V. The returns shown in the chart are indexed. The value of your investment may fluctuate. Results achieved in the past are no guarantee for the future.

Dividends

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Distributing
Yes
Dividend calendar

Risk analysis (ex post) per 2022-12-31

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  3 years Since inception
Maximum drawdown i 100.00 % 100.00 %
Tracking error i 3.56 % 4.44 %
Information ratio i 0.97 -0.25
Beta i 0.97 1.02
Kempen (Lux) European Property Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. The Fund is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. Van Lanschot Kempen Investment Management NV is the manager of the Fund. Van Lanschot Kempen Investment Management NV has a license as a manager and is supervised by the Netherlands Authority for the Financial Markets.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Subfund is registered in the register of the Netherlands Authority for the Financial Markets under the license of the Fund.
This information does not provide sufficient basis for an investment decision. You should therefore read the Key Information Document (available in Dutch, English and various other languages, see website ) and the prospectus (available in English). These documents as well as the Articles of Association, the annual report and semi-annual report are available free of charge at the offices of the Fund, located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, as well as at the offices of the representative in Switzerland and on the website of Van Lanschot Kempen Investment Management NV (www.kempen.com/nl/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 Subfund is registered can be found on the website. The value of your investment may fluctuate. Results achieved in the past are no guarantee for the future. The result shown does not take into account commissions and costs that are charged when buying and selling items.

Geographic allocation (2022-12-31)

33.0 %
United Kingdom
16.1 %
Germany
14.3 %
Nordics
13.5 %
Belgium
10.6 %
Spain
9.5 %
Switzerland
2.1 %
France
1.7 %
The Netherlands
-0.9 %
Other
Total
100 %

Top 10 holdings (2022-12-31)

8.7 %
Segro
7.3 %
Vonovia SE
7.2 %
LEG Immobilien
6.2 %
Merlin Properties Socimi
5.8 %
Fabege
4.5 %
Warehouses De Pauw
4.2 %
Inmobiliaria Colonial SOCIMI
4.2 %
PSP Swiss Property
4.2 %
Derwent London
4.0 %
Mobimo
Total
56.2 %

Sector allocation (2022-12-31)

31.3 %
Industrials
28.5 %
Offices
24.3 %
Residential
8.6 %
Other
7.3 %
Retail
Total
100 %
Kempen (Lux) European Property Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. The Fund is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. Van Lanschot Kempen Investment Management NV is the manager of the Fund. Van Lanschot Kempen Investment Management NV has a license as a manager and is supervised by the Netherlands Authority for the Financial Markets.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Subfund is registered in the register of the Netherlands Authority for the Financial Markets under the license of the Fund.
This information does not provide sufficient basis for an investment decision. You should therefore read the Key Information Document (available in Dutch, English and various other languages, see website ) and the prospectus (available in English). These documents as well as the Articles of Association, the annual report and semi-annual report are available free of charge at the offices of the Fund, located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, as well as at the offices of the representative in Switzerland and on the website of Van Lanschot Kempen Investment Management NV (www.kempen.com/nl/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 Subfund is registered can be found on the website. The value of your investment may fluctuate. Results achieved in the past are no guarantee for the future. The result shown does not take into account commissions and costs that are charged when buying and selling items.

Ongoing charges

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Management fee i
0.460 %
Service fee i
0.20 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
0.71%
Kempen (Lux) European Property Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. The Fund is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. Van Lanschot Kempen Investment Management NV is the manager of the Fund. Van Lanschot Kempen Investment Management NV has a license as a manager and is supervised by the Netherlands Authority for the Financial Markets.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Subfund is registered in the register of the Netherlands Authority for the Financial Markets under the license of the Fund.
This information does not provide sufficient basis for an investment decision. You should therefore read the Key Information Document (available in Dutch, English and various other languages, see website ) and the prospectus (available in English). These documents as well as the Articles of Association, the annual report and semi-annual report are available free of charge at the offices of the Fund, located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, as well as at the offices of the representative in Switzerland and on the website of Van Lanschot Kempen Investment Management NV (www.kempen.com/nl/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 Subfund is registered can be found on the website. The value of your investment may fluctuate. Results achieved in the past are no guarantee for the future. The result shown does not take into account commissions and costs that are charged when buying and selling items.

Share class details

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Share class
VLK-B
Investor type
Institutional & Private
Distributing
Yes
Investment category
Real Estate
Inception date
2022-12-16
Domicile
Luxembourg
May be offered to all investors in
Belgium, Netherlands, Switzerland
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Management company
Van Lanschot Kempen Investment Management NV
Depositary and custodian
BNP Paribas S.A., Luxembourg Branch

Tradability

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Listed
no
ISIN i
LU2490701146
Kempen (Lux) European Property Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. The Fund is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. Van Lanschot Kempen Investment Management NV is the manager of the Fund. Van Lanschot Kempen Investment Management NV has a license as a manager and is supervised by the Netherlands Authority for the Financial Markets.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Subfund is registered in the register of the Netherlands Authority for the Financial Markets under the license of the Fund.
This information does not provide sufficient basis for an investment decision. You should therefore read the Key Information Document (available in Dutch, English and various other languages, see website ) and the prospectus (available in English). These documents as well as the Articles of Association, the annual report and semi-annual report are available free of charge at the offices of the Fund, located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, as well as at the offices of the representative in Switzerland and on the website of Van Lanschot Kempen Investment Management NV (www.kempen.com/nl/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 Subfund is registered can be found on the website. The value of your investment may fluctuate. Results achieved in the past are no guarantee for the future. The result shown does not take into account commissions and costs that are charged when buying and selling items.

No sustainable investment objective

The Kempen (Lux) European Property Fund  falls under the scope of article 8 of the SFDR, indicating that the fund promotes environmental and/or social characteristics. The fund does not have sustainable investment as its objective.Â

The Fund excludes companies through the application of strict exclusion criteria. These take into account international standards, such as the UN Global Compact framework, the OECD Guidelines for Multinational Enterprises, the UN Guiding Principles for Business and Human Rights, and our Principles for Responsible Investment commitments. The Fund applies additional exclusion criteria based on product involvement and business conduct.

Environmental or social characteristics of the financial product

The Fund promotes environmental characteristics related to:
• Climate change mitigation and climate change adaptation in line with the Paris Climate Agreement;Â
• Sustainable cities and communities.

The Fund promotes social characteristics related to:Â
• Decent work;Â
• Adequate living standards and wellbeing for end-users; Â
• Other social topics such as gender equality and broader diversity matters.

The environmental characteristics promoted by the Fund seek to contribute to achievement of the climate goals of the Paris Agreement and the National Climate Agreement of the Netherlands (‘Klimaatakkoord’). This decarbonization pathway encompasses short-term (2025) objectives, a mid-term (2030) ambition and a long-term commitment to be net zero by 2050. Although there has been no index designated as a reference benchmark, by 2025 the Fund aims to have a carbon intensity that is below the 7% reduction pathway, on a comply or explain basis

Investment strategy

The Fund primarily aims to generate a long-term total return in excess of the FTSE EPRA Nareit Developed Europe UCITS Daily Capped Index in euro, comprising capital gains or losses plus net dividend. 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).

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 Property Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. The Fund is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. Van Lanschot Kempen Investment Management NV is the manager of the Fund. Van Lanschot Kempen Investment Management NV has a license as a manager and is supervised by the Netherlands Authority for the Financial Markets.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Subfund is registered in the register of the Netherlands Authority for the Financial Markets under the license of the Fund.
This information does not provide sufficient basis for an investment decision. You should therefore read the Key Information Document (available in Dutch, English and various other languages, see website ) and the prospectus (available in English). These documents as well as the Articles of Association, the annual report and semi-annual report are available free of charge at the offices of the Fund, located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, as well as at the offices of the representative in Switzerland and on the website of Van Lanschot Kempen Investment Management NV (www.kempen.com/nl/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 Subfund is registered can be found on the website. The value of your investment may fluctuate. Results achieved in the past are no guarantee for the future. The result shown does not take into account commissions and costs that are charged when buying and selling items.
Kempen (Lux) European Property Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. The Fund is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. Van Lanschot Kempen Investment Management NV is the manager of the Fund. Van Lanschot Kempen Investment Management NV has a license as a manager and is supervised by the Netherlands Authority for the Financial Markets.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Subfund is registered in the register of the Netherlands Authority for the Financial Markets under the license of the Fund.
This information does not provide sufficient basis for an investment decision. You should therefore read the Key Information Document (available in Dutch, English and various other languages, see website ) and the prospectus (available in English). These documents as well as the Articles of Association, the annual report and semi-annual report are available free of charge at the offices of the Fund, located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, as well as at the offices of the representative in Switzerland and on the website of Van Lanschot Kempen Investment Management NV (www.kempen.com/nl/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 Subfund is registered can be found on the website. The value of your investment may fluctuate. Results achieved in the past are no guarantee for the future. The result shown does not take into account commissions and costs that are charged when buying and selling items.