Kempen (Lux) European Small-cap Fund - Class B
Profile
Kempen International Funds SICAV - Kempen (Lux) European Small-cap Fund (the Fund) aims to generate strong long-term investment results by investing in a concentrated portfolio of small European companies. The Fund is managed on the basis of a bottom-up stock picking strategy that focuses on the identification of high quality companies and special situations. High quality companies have a proven and sustainable competitive advantage which is characterised by strong returns on invested capital, while special situations include companies that will benefit from a restructuring of their cost base or capital structure, a change in management, or for example, new regulation.
The fund manager believes that consistent investment results can be achieved using its investment philosophy that focuses on earnings as a key driver of stock prices in the long run, and change within a company as a catalyst. The Fund only invests when risk and reward are asymmetrically related.
The fund manager believes that consistent investment results can be achieved using its investment philosophy that focuses on earnings as a key driver of stock prices in the long run, and change within a company as a catalyst. The Fund only invests when risk and reward are asymmetrically related.
Management team
Mark McCullough, Tommy Bryson, Analysts: Kathleen Dewandeleer, Karen McGrath, Michael Gray
Performance per 2017-07-31 (rebased)
Performance per 2017-07-31
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| Fund | Benchmark | |
|---|---|---|
| 1 month | -1.4 % | 1.1 % |
| 3 months | -3.4 % | -0.4 % |
| This year | 8.8 % | 11.7 % |
| 2014 | 7.2 % | 6.3 % |
| 2015 | 21.8 % | 24.3 % |
| 2016 | 2.0 % | 3.2 % |
| 3 years (on annual basis) i | 13.4 % | 13.4 % |
| 5 years (on annual basis) i | 15.2 % | 17.8 % |
| 10 years (on annual basis) | 5.6 % | 5.6 % |
| Since inception (on annual basis) i | 10.8 % | 7.3 % |
On 23 October 2013 Kempen European Smallcap Fund (KESF) was merged with Kempen (Lux) European Smallcap Fund (the Fund). In May 2009 the first private class of the Fund was launched. The results shown of the periods before 15 May 2009 (date of first private class) are those of KESF. The results shown of the periode 15 May 2009 - 23 October 2013 are those of class A of the Fund. as of 23 October 2013 the results shown are those of class B of the Fund. KESF had a similar investment and cost structure, but had 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 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 349.82 M
2017-07-31
|
| Number of shares |
69,690
2017-07-31
|
| Net Asset Value i |
EUR 46.66
2017-08-17
|
| Morningstar rating â„¢ |
|
| Morningstar Analyst rating |
Neutral
|
Fund characteristics per 2017-07-31
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| Fund | Benchmark | |
|---|---|---|
| Number of holdings | 33 | 989 |
| Dividend yield i | 2.48 % | 2.42 % |
| Weighted average market capitalization i | EUR 2,503 M | EUR 2,797 M |
| P/E ratio i | 22.02 | 13.97 |
| Active share i | 96.40 % |
Kempen (Lux) European Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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. The management company has entrusted, under its control and responsibility, Kempen Capital Management (UK) Ltd. with the execution of the investment policy of the Subfund. This investment firm is subject to regulation of the Financial Conduct Authority and registered under no. 166063.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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.
More information?
Market developments per 2017-07-31
The portfolio decreased in July and underperformed the benchmark. The best performing positions were Besi, Moncler and DIA. IBA, Kingspan and Belimo were the worst performers. IBA, the market leader in proton therapy, issued a profit warning which was driven mainly by issues on the customer side (building and licensing permits). The long term prospects for proton therapy remain very bright.
The European small cap index increased by 1.1% in July. On the economic front Europe is continuing to show signs of recovery. The Eurozone PMI showed solid growth, its highest since before the financial crisis hit in 2007. France’s 2nd quarter GDP was steady with 0.5% growth. President Macron’s goal is to cut corporate and capital gains taxes as well as focusing on close ties with Merkel. Rising sentiment in Europe led the IMF to upgrade Eurozone growth this year from 1.7% to 1.9%. With the most populist parties defeated, Europe is looking steadier.
The Netherlands, Spain and Portugal were the best performing countries during the month while Belgium, Switzerland and the UK were the weakest. From a sector perspective, consumer staples, consumer discretionary and information technology were the strongest performers with healthcare, industrials and materials lagging.
The European small cap index increased by 1.1% in July. On the economic front Europe is continuing to show signs of recovery. The Eurozone PMI showed solid growth, its highest since before the financial crisis hit in 2007. France’s 2nd quarter GDP was steady with 0.5% growth. President Macron’s goal is to cut corporate and capital gains taxes as well as focusing on close ties with Merkel. Rising sentiment in Europe led the IMF to upgrade Eurozone growth this year from 1.7% to 1.9%. With the most populist parties defeated, Europe is looking steadier.
The Netherlands, Spain and Portugal were the best performing countries during the month while Belgium, Switzerland and the UK were the weakest. From a sector perspective, consumer staples, consumer discretionary and information technology were the strongest performers with healthcare, industrials and materials lagging.
Portfolio developments per 2017-07-31
There were no new purchases or sales in July.
This month we saw the UK and France introducing plans to ban the sale of Diesel and Petrol cars by 2040, in a bid to encourage people to buy electric vehicles. This follows on from Norway, which is the leader in the use of electric cars in Europe and aims to move to electric-only vehicles by 2025. Both Germany and India have proposed similar measures with a target of 2030. With this brings significate challenges and also opportunities. Companies in our portfolio are already adapting to the opportunities such as Mekonomen opening workshops fully focused on electric cars and Duerr’s continuing relationship with Tesla. Long term investing is very much aligned with assessing if the companies we hold understand the climate related risks ahead.
Looking forward, market focus will likely remain on politics – namely the continuing evolution of Brexit negotiations and the upcoming German elections. Given the greater domestic focus of European small-caps we believe the asset class is well placed to benefit from the tailwind of macroeconomic improvement. In our opinion the Fund is well positioned to outperform due to the winning combination of quality companies at attractive valuations. As bottom up stock pickers, we continue to see good opportunities in the European small-cap space.
This month we saw the UK and France introducing plans to ban the sale of Diesel and Petrol cars by 2040, in a bid to encourage people to buy electric vehicles. This follows on from Norway, which is the leader in the use of electric cars in Europe and aims to move to electric-only vehicles by 2025. Both Germany and India have proposed similar measures with a target of 2030. With this brings significate challenges and also opportunities. Companies in our portfolio are already adapting to the opportunities such as Mekonomen opening workshops fully focused on electric cars and Duerr’s continuing relationship with Tesla. Long term investing is very much aligned with assessing if the companies we hold understand the climate related risks ahead.
Looking forward, market focus will likely remain on politics – namely the continuing evolution of Brexit negotiations and the upcoming German elections. Given the greater domestic focus of European small-caps we believe the asset class is well placed to benefit from the tailwind of macroeconomic improvement. In our opinion the Fund is well positioned to outperform due to the winning combination of quality companies at attractive valuations. As bottom up stock pickers, we continue to see good opportunities in the European small-cap space.
Kempen (Lux) European Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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. The management company has entrusted, under its control and responsibility, Kempen Capital Management (UK) Ltd. with the execution of the investment policy of the Subfund. This investment firm is subject to regulation of the Financial Conduct Authority and registered under no. 166063.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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.
More information?
Performance per 2017-07-31 (rebased)
Performance per 2017-07-31
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| Fund | Benchmark | |
|---|---|---|
| 1 month | -1.4 % | 1.1 % |
| 3 months | -3.4 % | -0.4 % |
| This year | 8.8 % | 11.7 % |
| 2014 | 7.2 % | 6.3 % |
| 2015 | 21.8 % | 24.3 % |
| 2016 | 2.0 % | 3.2 % |
| 3 years (on annual basis) i | 13.4 % | 13.4 % |
| 5 years (on annual basis) i | 15.2 % | 17.8 % |
| 10 years (on annual basis) | 5.6 % | 5.6 % |
| Since inception (on annual basis) i | 10.8 % | 7.3 % |
On 23 October 2013 Kempen European Smallcap Fund (KESF) was merged with Kempen (Lux) European Smallcap Fund (the Fund). In May 2009 the first private class of the Fund was launched. The results shown of the periods before 15 May 2009 (date of first private class) are those of KESF. The results shown of the periode 15 May 2009 - 23 October 2013 are those of class A of the Fund. as of 23 October 2013 the results shown are those of class B of the Fund. KESF had a similar investment and cost structure, but had 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 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 |
2017-07-24
|
| Number of distributions per year |
2
|
| Dividend calendar |
Risk analysis (ex post) per 2017-07-31
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| 3 years | Since inception | |
|---|---|---|
| Maximum drawdown i | -9.05 % | -59.77 % |
| Tracking error i | 5.14 % | 8.19 % |
| Information ratio i | -0.01 | 0.43 |
| Beta i | 0.92 | 1.04 |
Kempen (Lux) European Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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. The management company has entrusted, under its control and responsibility, Kempen Capital Management (UK) Ltd. with the execution of the investment policy of the Subfund. This investment firm is subject to regulation of the Financial Conduct Authority and registered under no. 166063.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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.
More information?
Top 5 contribution (2017-07-31)
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| Contribution i | Performance i | |
|---|---|---|
| BE Semiconductor | 0.58 % | 17.41 % |
| Moncler | 0.41 % | 10.73 % |
| Distrib Intl Alimentacion | 0.27 % | 8.80 % |
| Aurelius | 0.24 % | 5.84 % |
| Industria Maccine Automatic | 0.19 % | 4.12 % |
Bottom 5 contribution (2017-07-31)
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| Contribution i | Performance i | |
|---|---|---|
| Ion Beam Applications | -1.39 % | -37.95 % |
| Kingspan Group | -0.29 % | -6.44 % |
| Belimo | -0.23 % | -6.82 % |
| Sweco AB | -0.17 % | -4.46 % |
| Hill & Smith | -0.15 % | -4.66 % |
Geographic allocation (2017-07-31)
21.6 %
United Kingdom
13.2 %
Switzerland
12.5 %
Italy
12.0 %
Germany
9.2 %
Spain
8.2 %
Sweden
7.5 %
Finland
4.3 %
Ireland
3.9 %
The Netherlands
4.5 %
Others
3.1 %
Cash
Totaal
100 %
Top 10 holdings (2017-07-31)
4.7 %
Industria Maccine Automatic
4.3 %
Dignity
4.3 %
Kingspan Group
4.2 %
Moncler
4.2 %
Aurelius
4.0 %
Duerr
3.9 %
BE Semiconductor
3.8 %
Sweco
3.5 %
Brembo Spa
3.4 %
Greggs
Totaal
40.4 %
Sector allocation (2017-07-31)
30.3 %
Industrial Goods & Services
20.0 %
Retail
8.8 %
Automobiles & Parts
7.7 %
Technology
7.4 %
Health Care
6.9 %
Personal & Household Goods
5.0 %
Construction & Materials
4.2 %
Financial Services
6.6 %
Other
3.1 %
Cash
Totaal
100 %
Kempen (Lux) European Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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. The management company has entrusted, under its control and responsibility, Kempen Capital Management (UK) Ltd. with the execution of the investment policy of the Subfund. This investment firm is subject to regulation of the Financial Conduct Authority and registered under no. 166063.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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.
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Ongoing charges
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| Management fee i |
1.50 %
|
| Service fee i |
0.20 %
|
| Taxe d'abonnement i |
0.05 %
|
| Expected ongoing charges i |
1,75 %
|
Other costs
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| Upward swing factor i |
0.45 %
|
| Downward swing factor i |
0.45 %
|
| More about our swing pricing policy | |
Kempen (Lux) European Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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. The management company has entrusted, under its control and responsibility, Kempen Capital Management (UK) Ltd. with the execution of the investment policy of the Subfund. This investment firm is subject to regulation of the Financial Conduct Authority and registered under no. 166063.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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.
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Share class details
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| Share class |
B
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 |
2013-10-23
|
| Domicile |
Luxembourg
|
| Registered in |
Belgium, 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.
|
| Custodian |
J.P. Morgan Bank Luxembourg S.A.
|
| Morningstar rating â„¢ |
|
| Morningstar Analyst rating |
Neutral
|
Tradability
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| Minimum subscription |
Initial subscription €1,000
|
| Listed |
no
|
| Pricing frequency |
Daily
|
| ISIN i |
LU0943634971
|
Kempen (Lux) European Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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. The management company has entrusted, under its control and responsibility, Kempen Capital Management (UK) Ltd. with the execution of the investment policy of the Subfund. This investment firm is subject to regulation of the Financial Conduct Authority and registered under no. 166063.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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.
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Factsheets
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Annual Reports
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Semi- Annual Reports
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Prospectus
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Formal documents other
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Kempen (Lux) European Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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. The management company has entrusted, under its control and responsibility, Kempen Capital Management (UK) Ltd. with the execution of the investment policy of the Subfund. This investment firm is subject to regulation of the Financial Conduct Authority and registered under no. 166063.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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.
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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.
Fund approach to Responsible Investment
Exclude
Screen on controversies using MSCI ESG research.
Excludes investment in entities involved in the production of controversial weapons, such as cluster munitions, anti-personnel mines, nuclear warheads, chemical and biological weapons.
Integrate
We will only invest in companies that have either a Provisional or Pass rating
We undertake our own fundamental ESG research on each company then an independent sustainability consultant applies the scores which drive the rating.
If a company receives a Fail rating then we will not invest
Engage
ESG engagement can enhance performance through increasing upside and mitigating downside risk.
We believe that all companies face material ESG issues and that it is important to address these before investment.
As long-term shareholders it is our fiduciary duty to consistently encourage positive change through engagement and exercising our proxy voting rights.
Kempen (Lux) European Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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. The management company has entrusted, under its control and responsibility, Kempen Capital Management (UK) Ltd. with the execution of the investment policy of the Subfund. This investment firm is subject to regulation of the Financial Conduct Authority and registered under no. 166063.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. 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.
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