Kempen (Lux) European Small-cap Fund - Class I

Profile

Kempen International Funds SICAV – the Kempen (Lux) European Small-cap Fund (the Fund) manages a bottom-up investment process to a concentrated portfolio containing relatively high-quality, small European businesses, with the aim of earning an attractive return in the long term. Quality companies have a proven and sustainable competitive edge that expresses itself in a high return on the invested capital and above-average earnings growth, and the fund manager believes that consistent investment results can be achieved via an investment philosophy that focuses on these aspects. The Fund only invests in companies with an asymmetrical risk/reward ratio.

Management team

Michiel van Dijk, Erwin Dut, Sander van Oort; Ingmar Schaefer

Performance per 2019-02-28 (rebased)

No chart data available

Performance per 2019-02-28

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  Fund Benchmark
1 month 5.2 % 3.4 %
3 months 6.4 % 5.4 %
This year 12.4 % 12.7 %
2016 2.9 % 3.2 %
2017 13.3 % 19.1 %
2018 -17.9 % -15.9 %
1 year (on annual basis) -5.2 % -4.2 %
3 years (on annual basis) i 4.9 % 8.2 %
5 years (on annual basis) i 6.2 % 7.4 %
Since inception (on annual basis) i 10.2 % 6.8 %
On 23 October 2013 Kempen European Smallcap Fund (KESF) was merged with Kempen (Lux) European Small-cap Fund (the Fund). In March 2010 the first institutional class of the Fund was launched. The results shown of the period before March 2010 (date of first institutional class) are those of KESF. KESF had a similar investment structure, a higher cost structure and a different tax regime that could have influenced the returns shown. Until 31 May 2011 the benchmark of the Fund was the HSBC Smaller European Companies Index. As of 31 May 2011 until 28 February 2017 the benchmark of the Fund was the MSCI Europe Small Cap Total Return Index, of which the constituents are adjusted by reducing the UK component by 50%. 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 172.11 M 2019-02-28
Share class size
EUR 112.76 M 2019-02-28
Number of shares
45,312 2019-02-28
Net Asset Value i
EUR 2,529.31 2019-03-18
Morningstar rating â„¢

Fund characteristics per 2019-02-28

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  Fund Benchmark
Number of holdings 36 993
Dividend yield i 2.66 % 2.68 %
Weighted average market capitalization i EUR 2,180 M EUR 2,738 M
P/E ratio i 17.28
Active share i 96.02 %
Kempen (Lux) European Small-cap 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 2019-02-28

In February the Fund (I-class) increased by 5.2% (after costs), versus a 3.4% increase for the MSCI Europe small-cap index. Year to date, the Fund (I-class) increased by 12.4% (after costs) versus a 12.7% increase of the benchmark.

Portfolio developments per 2019-02-28

In January we have expanded our portfolio with one new name: SAF Holland. During February we increased the weight of this name and added another two names to our portfolio: Euronext and Vesuvius. In addition, we have completely sold our positions in Amer Sports and Aurelius.

The best performing companies were Greggs, Sweco and Kingspan Group. In a trading update Greggs (+18%) announced a 14% increase in revenue for the period until 16 February of which +9.6% like-for-like sales growth in the company managed shops. Although partly helped by an easy comparison basis, the strong start of the year will cause the underlying profit before tax to exceed previous expectations. Sweco (+16%) reported solid organic growth and earnings above market expectations. Sweco’s most important market, Sweden, showed a strong recovery after a weak Q3. Kingspan Group (+16%), the global leader in high performance insulation reported a good and well received set of full year results. Revenue grew by 21% in 2018 and EBITDA improved by 18% vs the prior year.

Weakest performers were Mekonomen, Ion Beam and Sabre Insurance Group. Mekonomen (-7%) already prewarned in January. The final results were in line. The company proposes to not pay a dividend given the leverage on its balance sheet. Ion Beam (-6%), the world’s leading provider of proton therapy solutions, provided a trading update ahead of the company’s full year results release on March 21. While some orders will not be included in FY2018, the company confirmed its earlier profit guidance and continues its path to sustained profitability. Sabre Insurance Group (-3%) had its stock trading flattish for most of the month. The stock ended the month on a weak note without company specific newsflow.

ESG commentary
Exercising voting rights is an essential part of responsible investment and active shareholdership and constitutes a powerful tool of engagement. At Kempen we often take the opportunity to comment on Annual General Meetings (AGM) agendas, engage with management around controversial items, and in some cases attend the meeting in person. In anticipation of the 2019 proxy voting season we have improved the Kempen voting and governance policy, reflecting insights we gained from internal working groups, participation in industry-wide investor think tanks, as well as by observing governance trends across jurisdictions. Some of the major adjustments include increased frequency of auditor rotation in regard to EU audit legislation, stricter director independence criteria, a broader definition of board diversity, remuneration guidelines around major corporate transactions, as well as the improvement of shareholder rights.
Kempen (Lux) European Small-cap 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 2019-02-28 (rebased)

No chart data available

Performance per 2019-02-28

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  Fund Benchmark
1 month 5.2 % 3.4 %
3 months 6.4 % 5.4 %
This year 12.4 % 12.7 %
2016 2.9 % 3.2 %
2017 13.3 % 19.1 %
2018 -17.9 % -15.9 %
1 year (on annual basis) -5.2 % -4.2 %
3 years (on annual basis) i 4.9 % 8.2 %
5 years (on annual basis) i 6.2 % 7.4 %
Since inception (on annual basis) i 10.2 % 6.8 %
On 23 October 2013 Kempen European Smallcap Fund (KESF) was merged with Kempen (Lux) European Small-cap Fund (the Fund). In March 2010 the first institutional class of the Fund was launched. The results shown of the period before March 2010 (date of first institutional class) are those of KESF. KESF had a similar investment structure, a higher cost structure and a different tax regime that could have influenced the returns shown. Until 31 May 2011 the benchmark of the Fund was the HSBC Smaller European Companies Index. As of 31 May 2011 until 28 February 2017 the benchmark of the Fund was the MSCI Europe Small Cap Total Return Index, of which the constituents are adjusted by reducing the UK component by 50%. 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 -20.31 % -59.77 %
Tracking error i 5.09 % 8.02 %
Information ratio i -0.65 0.42
Beta i 0.97
Kempen (Lux) European Small-cap 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 (2019-02-28)

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  Contribution i Performance i
Greggs 0.75 % 17.29 %
Kingspan Group 0.61 % 16.15 %
Sweco AB 0.60 % 16.27 %
SimCorp 0.46 % 14.96 %
Huhtamaki 0.45 % 11.02 %

Bottom 5 contribution (2019-02-28)

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  Contribution i Performance i
Mekonomen -0.13 % -6.85 %
Sabre Insurance Group -0.10 % -3.46 %
Ion Beam Applications -0.10 % -6.05 %
Industria Macchine Automatiche -0.09 % -3.02 %
Fabege -0.09 % -7.38 %

Geographic allocation (2019-02-28)

37.7 %
United Kingdom
10.9 %
Sweden
7.8 %
Germany
7.3 %
Netherlands
7.1 %
Italy
6.7 %
Switzerland
6.1 %
Spain
4.3 %
Finland
4.2 %
Ireland
3.3 %
Denmark
1.5 %
Cash
3.1 %
Overig
Totaal
100 %

Top 10 holdings (2019-02-28)

4.5 %
Greggs
4.3 %
Huhtamaki
4.2 %
Kingspan Group
4.1 %
Safestore
3.9 %
Rotork
3.8 %
Sweco
3.7 %
Industria Macchine Automatiche
3.5 %
Hill & Smith
3.5 %
Hilton Food Group
3.4 %
AddTech
Totaal
38.8 %

Sector allocation (2019-02-28)

35.8 %
Industrial Goods & Services
12.0 %
Technology
9.4 %
Automobiles & Parts
8.3 %
Food & Beverage
6.9 %
Retail
6.8 %
Personal & Household Goods
4.8 %
Insurance
4.1 %
England
4.0 %
Health Care
8.0 %
Overig
Totaal
100 %
Kempen (Lux) European Small-cap 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
0.45 %
Downward swing factor i
0.25 %
As of 14 January 2019 the swing factor has been adjusted from 0.50%/0.30% to 0.45%/0.25%.
Kempen (Lux) European Small-cap 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 Small Cap Total Return Index
Investment category
Small-caps
Universum
European Small- & Mid-caps
Inception date
2010-03-09
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„¢

Tradability

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Minimum subscription
Initial subscription: €50,000, additional subscriptions: €10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU0427931919
Kempen (Lux) European Small-cap 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 Small-cap 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.

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

Exclude

Exclude investment in entities involved in the production tobacco and of controversial weapons, such as cluster munitions, anti-personnel mines, nuclear warheads, chemical and biological weapons

For the sustainable strategies exclude adult entertainment, alcohol, animal testing, fur, gambling, GMO, nuclear energy, thermal coal and weaponry.

Integrate

We undertake our own fundamental ESG research on each company

Then an independent sustainability consultant checks the scores which drives the rating

We will only invest in companies that have either a Provisional or Pass rating

If a company receives a Fail rating then we will not invest

Engage

ESG engagement can enhance performance through increasing upside potential and mitigating downside risk

We believe that all companies face ESG issues and that it is important to address these before and during investment

As long-term shareholders it is our fiduciary duty to consistently encourage positive change through engagement and exercising proxy voting rights

Kempen (Lux) European Small-cap 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.