- Kempen
- Kempen Lux European Sustainable Equity Fund Class I
Kempen Lux European Sustainable Equity Fund - Class I
Profile
Kempen (Lux) European Sustainable Equity Fund (KLESEF) is primarily set up for long-term investors and offers the opportunity to invest in a diversified portfolio of European listed shares of companies that are open to engaged share ownership and integrate environmental, social and governance criteria into their strategy. KLESEF strives to select investments with a focus on the long term and sustainable growth.
Investments in the KLESEF are screened by an independent data provider to assess whether the investments meet environmental, social and governance (ESG) criteria. KLESEF will only invest in companies with an ESG rating of at least BB or equivalent.
Investments in the KLESEF are screened by an independent data provider to assess whether the investments meet environmental, social and governance (ESG) criteria. KLESEF will only invest in companies with an ESG rating of at least BB or equivalent.
Management team
Ivo Kuiper, Herman Kleeven, Richard Klijnstra, Mark Oud, Martijn Kleinbussink, Raoul Martin
Performance per 2022-12-31 (rebased)
Performance per 2022-12-31
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| Fund | Benchmark | |
|---|---|---|
| 1 month | -4.2 % | -3.5 % |
| 3 months | 7.6 % | 9.5 % |
| This year | -18.4 % | -9.5 % |
| 2019 | 29.9 % | 26.0 % |
| 2020 | 5.1 % | -3.3 % |
| 2021 | 32.3 % | 25.1 % |
| 1 year (on annual basis) | -18.4 % | -9.5 % |
| 3 years (on annual basis) i | 4.3 % | 3.1 % |
| 5 years (on annual basis) i | 5.7 % | 4.3 % |
| Since inception (on annual basis) i | 5.8 % | 4.3 % |
The results shown of the periods before 16 December 2022, the inception date of Kempen (Lux) European Sustainable Equity Fund class I, are those of Kempen European Sustainable Equity Fund N.V. (ISIN NL0012512958). 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 Sustainable Equity 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 317.95 M 2022-12-31 |
| Share class size | EUR 184.90 M 2022-12-31 |
| Number of shares | 1,537,515 2022-12-31 |
| Net Asset Value i | EUR 130.47 2023-02-02 |
Fund characteristics per 2022-12-31
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| Fund | Benchmark | |
|---|---|---|
| Number of holdings | 32 | 426 |
| Dividend yield i | 2.59 % | 3.27 % |
| Weighted average market capitalization i | EUR 70,690 M | EUR 87,402 M |
| P/E ratio i | 17.40 | 11.40 |
Kempen (Lux) European Sustainable Equity Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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.
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.
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Other shareclasses
Developments per 2022-12-31
The I class of the Fund earned a net return of -4.2% in December versus a return on the MSCI Europe Index of -3.5%. This brings the net return over the year to -18.4% versus a return on the MSCI Europe Index of -9.5%.
Since its inception the Fund has outperformed the benchmark (5.8% versus 4.3% for the MSCI Europe Index), including on a 3-year basis (4.3% versus 3.1% for the MSCI Europe Index).
The consumer discretionary and materials sectors made the largest positive contributions to the return, while the biggest negative contribution came from the financial sector. The allocation effect was positive for the month and the selection effect negative.
Chr. Hansen, Novo Nordisk and Mowi accounted for the largest positive contributions to the result. Chr. Hansen – a supplier of bacteria cultures – has announced plans to merge with Novozymes. Each Chr. Hansen share will be converted into approximately 1.5 Novozymes shares once the merger has been completed. As of the date of the announcement, this implied a premium of 49% for Chr. Hansen equities. We recognise the logic of combining Chr. Hansen’s microbe expertise with the enzyme expertise of Novozymes. The merger will create a world leader in biological solutions. The proposal still needs to be put to the shareholders of both companies for approval.
SAP, ASML and London Stock Exchange made the biggest negative contributions to the result. The London Stock Exchange – an operator of financial market infrastructure, including the LSE itself - and Microsoft are starting a 10-year partnership. As part of this, US software giant Microsoft has taken an equity interest of about 4% in the London Stock Exchange. The partnership is expected to increase LSE’s revenue growth considerably over time. In addition, LSE and Microsoft have agreed to co-invest in the roadmap for product development for the Workspace data platform.
No changes were made to the portfolio in December.
***
What kind of companies do we seek?
We seek profitable companies undergoing structural growth that will create shareholder value in the long term alongside a clear social mandate.
The best results are achieved if the interests of all the stakeholders are aligned. This requires not only products and services but also operations to be in line with the wishes and requirements of society (licence to operate). Moreover, the companies need to have sufficient opportunities for growth to be able to invest at an attractive return (innovation and expansion). In order to sustain earnings growth over the long term, companies need to enjoy sustainable competitive advantages compared to existing and new competitors (strong strategic position).
The role of management
We expect management to pursue a long-term strategy in addition to conducting sound day-to-day management. The risks and opportunities relating to ESG need to be clearly incorporated, backed up by sensible investment plans that respond to long-term trends and match the company’s strategic positioning and growth opportunities.
Quality and valuation
We believe the selected companies are above-average quality in terms of strategy and operations and are capable of creating long-term value for all stakeholders. Depending on the absolute valuation of their equities, they could form an interesting long-term addition to the portfolio.
Since its inception the Fund has outperformed the benchmark (5.8% versus 4.3% for the MSCI Europe Index), including on a 3-year basis (4.3% versus 3.1% for the MSCI Europe Index).
The consumer discretionary and materials sectors made the largest positive contributions to the return, while the biggest negative contribution came from the financial sector. The allocation effect was positive for the month and the selection effect negative.
Chr. Hansen, Novo Nordisk and Mowi accounted for the largest positive contributions to the result. Chr. Hansen – a supplier of bacteria cultures – has announced plans to merge with Novozymes. Each Chr. Hansen share will be converted into approximately 1.5 Novozymes shares once the merger has been completed. As of the date of the announcement, this implied a premium of 49% for Chr. Hansen equities. We recognise the logic of combining Chr. Hansen’s microbe expertise with the enzyme expertise of Novozymes. The merger will create a world leader in biological solutions. The proposal still needs to be put to the shareholders of both companies for approval.
SAP, ASML and London Stock Exchange made the biggest negative contributions to the result. The London Stock Exchange – an operator of financial market infrastructure, including the LSE itself - and Microsoft are starting a 10-year partnership. As part of this, US software giant Microsoft has taken an equity interest of about 4% in the London Stock Exchange. The partnership is expected to increase LSE’s revenue growth considerably over time. In addition, LSE and Microsoft have agreed to co-invest in the roadmap for product development for the Workspace data platform.
No changes were made to the portfolio in December.
***
What kind of companies do we seek?
We seek profitable companies undergoing structural growth that will create shareholder value in the long term alongside a clear social mandate.
The best results are achieved if the interests of all the stakeholders are aligned. This requires not only products and services but also operations to be in line with the wishes and requirements of society (licence to operate). Moreover, the companies need to have sufficient opportunities for growth to be able to invest at an attractive return (innovation and expansion). In order to sustain earnings growth over the long term, companies need to enjoy sustainable competitive advantages compared to existing and new competitors (strong strategic position).
The role of management
We expect management to pursue a long-term strategy in addition to conducting sound day-to-day management. The risks and opportunities relating to ESG need to be clearly incorporated, backed up by sensible investment plans that respond to long-term trends and match the company’s strategic positioning and growth opportunities.
Quality and valuation
We believe the selected companies are above-average quality in terms of strategy and operations and are capable of creating long-term value for all stakeholders. Depending on the absolute valuation of their equities, they could form an interesting long-term addition to the portfolio.
ESG
ESG MSCI ratings
The portfolio has an overweight in the leaders (AAA/AA) and does not invest in the laggards (B/CCC).
Source: MSCI
KCM versus Sustainalytics ESG risk rating
The portfolio is not invested in companies with a high or severe ESG risk according to the KCM risk rating.
Source: Sustainalytics. KLESEF* according to KCM ESG risk rating, KLESEF** and MSCI Europe according to Sustainalytics ESG risk rating
SDG Solutions Exposure
The SDG Solutions Assessment identifies a product or service category’s contribution or obstruction towards attaining each of 15 individual sustainability objectives. A company has a score between -10 (significant obstruction) and +10 (significant contribution). The SDG Solutions score for the portfolio is
2.973312 versus 0.664233 for the benchmark
Source: ISS
Kempen (Lux) European Sustainable Equity Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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.
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.
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Other shareclasses
Performance per 2022-12-31 (rebased)
Performance per 2022-12-31
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| Fund | Benchmark | |
|---|---|---|
| 1 month | -4.2 % | -3.5 % |
| 3 months | 7.6 % | 9.5 % |
| This year | -18.4 % | -9.5 % |
| 2019 | 29.9 % | 26.0 % |
| 2020 | 5.1 % | -3.3 % |
| 2021 | 32.3 % | 25.1 % |
| 1 year (on annual basis) | -18.4 % | -9.5 % |
| 3 years (on annual basis) i | 4.3 % | 3.1 % |
| 5 years (on annual basis) i | 5.7 % | 4.3 % |
| Since inception (on annual basis) i | 5.8 % | 4.3 % |
The results shown of the periods before 16 December 2022, the inception date of Kempen (Lux) European Sustainable Equity Fund class I, are those of Kempen European Sustainable Equity Fund N.V. (ISIN NL0012512958). 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 Sustainable Equity 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 | No |
Risk analysis (ex post) per 2022-12-31
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| 3 years | Since inception | |
|---|---|---|
| Maximum drawdown i | -22.23 % | -22.23 % |
| Tracking error i | 6.12 % | 5.26 % |
| Information ratio i | 0.20 | 0.28 |
| Beta i | 0.96 | 0.97 |
Kempen (Lux) European Sustainable Equity Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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.
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.
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Other shareclasses
Geographic allocation (2022-12-31)
29.0 %
United Kingdom
16.3 %
Germany
13.1 %
Netherlands
10.9 %
Denmark
9.6 %
France
9.4 %
Switzerland
4.3 %
Sweden
3.8 %
Ireland
2.7 %
Norway
0.9 %
Cash
Total
100 %
Top 10 holdings (2022-12-31)
4.8 %
Novo Nordisk
4.7 %
EssilorLuxottica
4.6 %
SAP
4.6 %
AstraZeneca
4.4 %
ASML
4.4 %
Allianz
4.3 %
Siemens Healthineers
4.3 %
Assa Abloy
3.8 %
Nationale Nederlanden Group
3.8 %
Roche Holding
Total
43.6 %
Sector allocation (2022-12-31)
26.9 %
Health Care
15.4 %
Industrials
14.5 %
Financials
11.9 %
Consumer Staples
11.3 %
Technology
8.1 %
Consumer Discretionary
8.1 %
Basic Materials
2.0 %
Telecommunications
1.9 %
Other
Total
100 %
Kempen (Lux) European Sustainable Equity Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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.
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.
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Ongoing charges
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| Management fee i | 0.700 % |
| Service fee i | 0.20 % |
| Taxe d'abonnement i | 0.01 % |
| Expected ongoing charges i | 0.91% |
Kempen (Lux) European Sustainable Equity Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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.
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.
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Share class details
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| Share class | I i |
| Investor type | Institutional |
| Distributing | No |
| Benchmark i | MSCI Europe Net Total Return Index |
| Investment category | Sustainable Equity |
| Inception date | 2022-12-16 |
| Domicile | Luxembourg |
| May be offered to professional investors only in | Austria, Belgium, Denmark, Finland, France, Germany, Netherlands, Norway, Sweden, 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 | LU2490700338 |
Kempen (Lux) European Sustainable Equity Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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.
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.
More information?
Other shareclasses
No sustainable investment objective
The Kempen (Lux) European Sustainable Equity Fund (the “Fundâ€) falls under the scope of article 8 of the SFDR which means that the Fund promotes environmental and/or social characteristics. While it does not have as its objective a sustainable investment, it will have a minimum proportion of 4% of sustainable investments. The Fund considers principle adverse impact on sustainability factors.
The product excludes at least 20% of the investment universe 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. Furthermore, the Fund excludes companies with low ESG ratings.
The Fund uses a combination of principal adverse impact indicators and exclusion criteria to ensure the sustainable investments do not significantly harm any of the sustainable investment objectives. Furthermore, we monitor the number of severe controversies and take this broad set of indicators into account in the portfolio construction, when integrating ESG factors and when executing our active ownership activities.Â
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
• The protection of biodiversity and ecosystems; Â
• The transition to a circular economy.Â
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. Â
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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 EU Paris Aligned (EU PAB) pathway. This pathway assumes a carbon intensity that is 50% lower than the MSCI Europe Total Return Net Index (the “Benchmarkâ€) in 2019 with a subsequent 7% annual reduction. Â
• Climate change mitigation and climate change adaptation in line with the Paris Climate Agreement; Â
• The protection of biodiversity and ecosystems; Â
• The transition to a circular economy.Â
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. Â
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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 EU Paris Aligned (EU PAB) pathway. This pathway assumes a carbon intensity that is 50% lower than the MSCI Europe Total Return Net Index (the “Benchmarkâ€) in 2019 with a subsequent 7% annual reduction. Â
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Investment strategy
The Fund primarily aims to generate a better long-term total return than the MSCI Europe Net TR 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).
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).
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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).
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).
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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).
- 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).
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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 Sustainable Equity Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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.
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.
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Kempen (Lux) European Sustainable Equity Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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.
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.
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