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

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 2019-03-31 (rebased)

No chart data available

Performance per 2019-03-31

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  Fund Benchmark
1 month 2.3 % 1.4 %
3 months 14.9 % 14.2 %
This year 14.9 % 14.2 %
2016 2.8 % 3.2 %
2017 13.2 % 19.1 %
2018 -18.0 % -15.9 %
1 year (on annual basis) -2.7 % -1.3 %
3 years (on annual basis) i 4.2 % 7.5 %
5 years (on annual basis) i 7.0 % 7.8 %
Since inception (on annual basis) i 10.0 % 6.8 %
On 23 October 2013 Kempen European Smallcap Fund (KESF) was merged with Kempen (Lux) European Small-cap Fund. In May 2009 the first retail class of the Fund was launched. The results shown of the period before May 2009 (date of first retail class) are those of KESF. KESF had a similar investment structure and cost structure, but had a different tax regime that could have influenced the returns shown. In November 2013 the rebate free class (BN) of Kempen (Lux) European Small-cap Fund was launched. The results shown of the period October 2013 - November 2013 are those of class B of the same fund. The higher management fee of class B has had an impact on the performance quoted. 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 and including the reinvestment of dividend that has been paid out. 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 172.55 M 2019-03-31
Share class size
EUR 46.87 M 2019-03-31
Number of shares
1,038,563 2019-03-31
Net Asset Value i
EUR 47.59 2019-04-18
Morningstar rating â„¢

Fund characteristics per 2019-03-31

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  Fund Benchmark
Number of holdings 39 992
Dividend yield i 2.63 % 2.67 %
Weighted average market capitalization i EUR 2,242 M EUR 2,854 M
P/E ratio i 16.48 14.85
Active share i 95.73 %
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 2019-03-31

In March the Fund (I-class) increased by 2.3% (net of fees), versus a 1.4% increase for the MSCI Europe small-cap index. Year to date, the Fund (I-class) increased by 14.9% (net of fees) versus a 14.2% increase of the benchmark.

Portfolio developments per 2019-03-31

In March we have expanded our portfolio with three new names: Sbanken, Hibernia and Sydbank.

The best performing companies were Ion Beam, I.M.A. Industria Macchine Automatiche and SimCorp. In a trading update Ion Beam (+29%) presented its full year results which were in line with the previously lowered expectations. Furthermore, the company announced that they will enter final negotiations for a multi room system in China. We see this as an important yet unusual announcement indicating ongoing favorable activity in the market. Increased activity and resulting contract awards are necessary to support the valuation of Ion Beam’s share price. However, in the past Ion Beam typically announced contract wins when they were signed as opposed to when they were about to enter final negotiations. All in all, the positive share price reaction clearly indicates that this announcement alleviated concerns that some investors have had. Following solid results that showed particular strength in Food and Pharma, I.M.A. Industria Macchine Automatiche’s (+19%) chairman targets €2bn sales in 4 years, suggesting high single digit annual revenue growth. During March SimCorp (+10%) announced three contract wins. Last three years SimCorp has won on average 10 contracts on an annual basis, so the company started this year very strong. These contract wins underline the favourable long-term growth prospects and strong market position of SimCorp.

Weakest performers were Implenia, Coats Group and Brembo. This month there were no significant press releases by Implenia (-11%) other than a contract win and the outcome of the company’s annual general meeting with all proposals being approved. Yet, the shares showed a marked decline in March. We attribute this decline to the company’s roadshow following last month’s results announcement and investors continuing to adjust exposures in their portfolios. Coats Group (-11%) shares pulled back after reaching new highs at the end of February on the back of solid results. Brembo (-5%) shares were under pressure from overall negative sentiment in the global automotive industry as illustrated by soft guidance for flat volumes in 2019.

ESG commentary
We are pleased to see the successful implementation of a low sugar program at AG Barr, a UK based manufacturer and distributor of soft drinks. Today over 99% of the AG Barr portfolio of manufactured soft drinks is outside the scope of the Soft Drinks Industry Levy (SDIL), which came into effect in 2018. The so-called ‘sugar tax’ was first announced in 2016, in line with the UK government commitment to tackling rising rates of obesity and type 2 diabetes. The SDIL would tax the soft drinks industry for total sugar content over 5g per 100ml and apply to drinks such as AG Barr’s Irn Bru. We have had engagement meetings with the company in 2017 and 2018 to discuss the company's response to consumer trends towards low sugar drinks and the potential impact of the sugar tax.
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 2019-03-31 (rebased)

No chart data available

Performance per 2019-03-31

Slide to see more
  Fund Benchmark
1 month 2.3 % 1.4 %
3 months 14.9 % 14.2 %
This year 14.9 % 14.2 %
2016 2.8 % 3.2 %
2017 13.2 % 19.1 %
2018 -18.0 % -15.9 %
1 year (on annual basis) -2.7 % -1.3 %
3 years (on annual basis) i 4.2 % 7.5 %
5 years (on annual basis) i 7.0 % 7.8 %
Since inception (on annual basis) i 10.0 % 6.8 %
On 23 October 2013 Kempen European Smallcap Fund (KESF) was merged with Kempen (Lux) European Small-cap Fund. In May 2009 the first retail class of the Fund was launched. The results shown of the period before May 2009 (date of first retail class) are those of KESF. KESF had a similar investment structure and cost structure, but had a different tax regime that could have influenced the returns shown. In November 2013 the rebate free class (BN) of Kempen (Lux) European Small-cap Fund was launched. The results shown of the period October 2013 - November 2013 are those of class B of the same fund. The higher management fee of class B has had an impact on the performance quoted. 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 and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

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Distributing
Yes
Last dividend
EUR 0.50
Ex-date last dividend
2019-01-21
Number of distributions per year
2
Dividend calendar

Risk analysis (ex post) per 2019-03-31

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  3 years Since inception
Maximum drawdown i -20.36 % -59.77 %
Tracking error i 5.13 % 8.00 %
Information ratio i -0.62 0.39
Beta i 0.97 1.04
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 (2019-03-31)

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  Contribution i Performance i
Industria Macchine Automatiche 0.65 % 18.61 %
Ion Beam Applications 0.47 % 29.43 %
SimCorp 0.32 % 9.85 %
Viscofan 0.29 % 8.59 %
BE Semiconductor Industries 0.23 % 7.82 %

Bottom 5 contribution (2019-03-31)

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  Contribution i Performance i
Implenia -0.26 % -11.05 %
Coats Group -0.23 % -11.34 %
Brembo Spa -0.17 % -4.98 %
Beazley -0.15 % -6.85 %
Cie Automotive -0.11 % -4.08 %

Geographic allocation (2019-03-31)

35.6 %
United Kingdom
10.8 %
Sweden
7.7 %
Germany
7.7 %
Netherlands
6.9 %
Italy
6.2 %
Spain
4.7 %
Switzerland
4.5 %
Ireland
4.2 %
Finland
3.9 %
Denmark
2.4 %
Cash
5.4 %
Overig
Total
100 %

Top 10 holdings (2019-03-31)

4.2 %
Huhtamaki
4.0 %
Greggs
3.8 %
Kingspan Group
3.8 %
Sweco
3.7 %
Industria Macchine Automatiche
3.7 %
Rotork
3.6 %
Safestore
3.5 %
Viscofan
3.5 %
Hilton Food Group
3.3 %
SimCorp
Total
37.0 %

Sector allocation (2019-03-31)

35.0 %
Industrial Goods & Services
11.6 %
Technology
9.1 %
Automobiles & Parts
8.5 %
Food & Beverage
6.3 %
Retail
6.1 %
Personal & Household Goods
4.6 %
Insurance
3.7 %
Health Care
3.6 %
England
11.6 %
Overig
Total
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
0.75 %
Service fee i
0.20 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
1 %

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
BN i
Investor type
Private
Distributing
Yes
Benchmark i
MSCI Europe Small Cap Total Return Index
Investment category
Small-caps
Universum
European Small- & Mid-caps
Inception date
2013-11-07
Domicile
Luxembourg
May be offered to all investors in
Luxembourg, 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.
Depositary and custodian
J.P. Morgan Bank Luxembourg S.A.
Morningstar rating â„¢

Tradability

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Minimum subscription
Initial subscriptions €1
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU0927663731
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.