Kempen (Lux) Global High Dividend Fund - Class A

Profile

Kempen International Funds SICAV - Kempen (Lux) Global High Dividend Fund (the Fund) offers a diversified portfolio of listed companies worldwide with an above-average dividend yield at the time the company is purchased for the first time. The portfolio contains around 70 investments, which are approximately equally weighted.

The primary objective of the Fund is to achieve a structurally better long-term return, comprising capital gains plus net dividends, than the MSCI World Total Return Index.

Management team

Joris Franssen, Luc Plouvier, Marius Bakker, Robert van den Barselaar, Reineke Davidsz, Roderick van Zuylen

Performance per 2022-12-31 (rebased)

No chart data available

Performance per 2022-12-31

Slide to see more
  Fund Benchmark
1 month -4.0 % -7.6 %
3 months 9.0 % 0.8 %
This year -1.4 % -12.8 %
2019 18.4 % 30.0 %
2020 -11.3 % 6.3 %
2021 27.2 % 31.1 %
1 year (on annual basis) -1.4 % -12.8 %
3 years (on annual basis) i 3.6 % 6.7 %
5 years (on annual basis) i 4.2 % 8.7 %
Since inception (on annual basis) i 7.3 % 10.7 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future. As of 30 June 2018 a deviating Net Asset Value (NAV) is used for the calculation of the performance figures. This NAV is calculated based on closing prices of the Fund investments thereby deviating from the NAV which was originally issued and partly calculated based on snapshots (Asia & Pacific investments). The deviating NAV is used to make a better comparison with the benchmark, which is also solely based on closing prices of the investments.
More information can be found on the documents page of this fund

Key figures

Slide to see more
Total fund size
EUR 475.20 M 2022-12-31
Share class size
EUR 14.96 M 2022-12-31
Number of shares
263,799 2022-12-31
Net Asset Value i
EUR 59.24 2023-01-31
The turnover rate figure is per the end of the financial year of the fund and will be updated once a year.

Fund characteristics per 2022-12-31

Slide to see more
  Fund Benchmark
Number of holdings 68 1508
Dividend yield i 4.41 % 2.18 %
Weighted average market capitalization i EUR 57,333 M EUR 277,115 M
P/E ratio i 9.03 14.80
Active share i 94.21 %
Kempen (Lux) Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. The Fund is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. Van Lanschot Kempen Investment Management NV is the manager of the Fund. Van Lanschot Kempen Investment Management NV has a license as a manager and is supervised by the Netherlands Authority for the Financial Markets.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Subfund is registered in the register of the Netherlands Authority for the Financial Markets under the license of the Fund.
This information does not provide sufficient basis for an investment decision. You should therefore read the Key Information Document (available in Dutch, English and various other languages, see website ) and the prospectus (available in English). These documents as well as the Articles of Association, the annual report and semi-annual report are available free of charge at the offices of the Fund, located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, as well as at the offices of the representative in Switzerland and on the website of Van Lanschot Kempen Investment Management NV (www.kempen.com/nl/asset-management). The information on the website is (partly) available in Dutch and English.
The Sub-Fund is registered for offering in a limited number of countries. The countries where the Subfund is registered can be found on the website. The value of your investment may fluctuate. Results achieved in the past are no guarantee for the future. The result shown does not take into account commissions and costs that are charged when buying and selling items.

Developments per 2022-12-31

With one of the weakest December months on record, the stock market ended 2022 in style. Investor sentiment was driven by worries about a weakening economy. According to the International Monetary Fund (IMF) 2023 is going to be tougher on the global economy than the one we have left behind. The economies of the EU, the US and China are simultaneously slowing down. The IMF expects that about one third of the world economy will end up in a recession. Tech-related stocks had strongly negative returns. At the start of 2022, these stocks were priced for perfection. Now that the growth outlook of these companies are deteriorating, the stocks are experiencing a substantial derating. Given our disciplined valuation-driven approach to investing, we were able to sidestep much of the downturn in these tech-related companies. Investors have clearly changed their attitude towards value stocks. Value stocks in general did substantially better than growth stocks. In this environment, the performance of the Fund was ahead of the broader market. The Fund also outperformed the style index (Morningstar Developed Markets Dividend Yield > 3% Index).

Part of the strong performance in December was driven by the sale of the position in the depository receipts (GDR’s) of PhosAgro. In normal market circumstances, these GDR’s closely tracked the share price performance of the underlying Moscow-listed shares. After the Russian invasion of Ukraine the trading in these GDR’s was halted. International sanctions made it likely that we would not recoup any of the value of our holdings in PhosAgro. Late 2022 we got the opportunity to sell our position, which resulted in a substantial capital gain.

The sector that contributed most to the absolute performance of the Fund was the real estate sector (Sun Hung Kai Properties was up 10% in December). The sector that detracted most from the absolute performance of the Fund was the communication services sector. From a relative perspective we benefited from not owning tech-related stocks like Amazon, Apple, and Tesla. We also benefited from strong stock selection in the financial, energy and industrials sectors. The relative performance of the Fund was modestly impacted by stock selection within the consumer staples sector (Sysco).

One of the best contributors was Sumitomo Mitsui Financial Group (+16% in December). SMFG is one of the largest Japanese banking groups. It provides retail, corporate, and investment banking; asset management; securities trading; and lending. The Japanese Central bank announced in December that it would allow the yield on 10-year government bonds to rise to a maximum of 0.5%. Previously, the maximum was set at 0.25%. This change in central bank policy makes it much more attractive for banks to provide loans. As a result, earnings estimates for 2023 and 2024 are moving up substantially. Despite a 40% return (in JPY) over the past year, the shares are still not expensive. The shares trade at around 9 times consensus expected earnings for 2023. The shares have a dividend yield of 4.3%.

The worst performing stock in the portfolio was Sysco (-15% in December). The US based company is the world’s largest foodservice distributor and caters food and related non-food items to for example restaurants, schools and hospitals. The company is recovering from the covid-pandemic. In December, the Chief Financial Officer (CFO) of Sysco unexpectedly announced his retirement. Although there appears to be no direct impact on the business, investors were disappointed by the news. We still believe that Sysco will continue its long term track record of growing its earnings and dividends steadily over time. The current dividend yield of Sysco is around 2.6%.

In December, we built up positions in Knorr-Bremse and in Medtronic. Knorr-Bremse is the global leader in braking systems for commercial transit vehicles such as trains and buses. The company has a 50% market share in breaking systems for trains, metros and other light rail vehicles. Thanks to safety regulation, best product line up, and strong customer relationships, it is likely that KB will be able to maintain their market share for many years to come. Big accidents caused by failing breaking systems cause human harm, wreak havoc on the train maker’s safety reputation, and puts pressure on local transportation authorities. Customers are therefore more interested in having the best product and not so much in paying the lowest price. Besides the strong market position, we also like the substantial stream of after-market revenues (e.g., brakes wear out, systems need periodic revision). The strong market position and cash flows allow KB to reinvest in R&D, thereby increasing their technological lead. The shares had shed more than 50% of the market price over the last 2 years. Much of the decline can be attributed to China (Covid-lockdowns and increasing local competition), Russia (Ukraine invasion), and cost inflation, which caused a substantial decline in operating margins. The latest quarterly report showed that the company is making progress on each of these problem areas. Operating margins appear to be on the rise again. The high quality nature of the business is not reflected in the valuation of the shares. We could establish our position in Knorr-Bremse at a price/earnings ratio of around 14. The shares provide a dividend yield of 3.5%.

Medtronic is one of the largest medical technology companies in the world. It has four business lines, which are Cardiovascular (e.g., pacemakers, catheters, stents), Medical Surgical (e.g., surgical stapling devices, robotic-assisted surgical products, and inhalation products), Neuroscience (e.g., spinal cord stimulation, neuro stimulators, implants), and Diabetes (e.g., insulin pumps and monitoring systems). With this wide portfolio of products and an aging population, Medtronic will benefit from strong industry-wide growth. The shares have done poorly over the last years as a result of the covid-pandemic, which has led to a reduction in surgical procedures. Medtronic also suffers from hiccups in their supply chain and from input cost inflation. Over time we expect Medtronic to fully recover from these temporary setbacks. The shares trade at historically modest multiples of earnings (~14x versus 18x), and provide a dividend yield of ~ 3.5%. Once Medtronic recovers from the temporary setbacks, we expect the shares to benefit from growing earnings and multiple expansion.

To finance the new positions, we sold our shares in Principal Financial Group, Siemens, and Verizon Communications. Principal Financial Group is a US-based life insurance company that has changed its business model over the past years. Over time, the company has shifted its income stream from lumpy, traditional life insurance operations towards steady, fee generating activities (e.g. asset management). PFG has also been a strong capital allocator, with a track record of substantial dividends and share buybacks. The shares experienced a strong re-rating over the last months. Although this re-rating is fully justified, we no longer see sufficient upside to our fair value estimate.

We exited our position in Siemens. Over the first months of 2022, the shares had sold off substantially. Investors were worried about Siemens being exposed to Russia, about being a German company that would suffer from high energy prices, about falling demand and about suffering from supply chains issues. These worries proved to be unfound. Although Siemens did report a negative effect from its business in Russia, it showed strong results in many other parts of its business. It has been able to keep its supply chains intact and demand remained strong. The shares rebounded sharply in the final months of 2022. We sold the shares once they hit our conservative assessment of fair value. Especially since several cyclical companies have sold off over 2022, we see better opportunities elsewhere. We have therefore sold our position in Siemens.

We sold our shares in Verizon Communications. The U.S. telecom provider reported its third disappointing quarter in a row. Not only are they clearly losing customers to AT&T and T-Mobile US, they are also increasing their investments that come with the roll out of a 5G network. Free cash flows are therefore under pressure. These developments have made us reassess the defensive qualities of the business. The valuation is reasonable, but with potential for further potential disappointments ahead we decided to sell our relatively small position in Verizon.

We currently expect a dividend yield of around 4.7% for the Fund. This number is based on the consensus estimate of dividends paid out over the next 12 months. The Fund still trades at a strong discount versus the market (the average valuation of all the holdings in the Fund versus the broader equity market). Historically, this has led to a strong relative performance in the medium term.

Also, the absolute valuation of the strategy is compelling. We continue to focus on attractively valued companies, that have good capital discipline and generate positive cash flow through the cycle. In summary, the current environment offers the opportunity to buy a well-diversified portfolio with solid earnings power at an attractive valuation. In addition, ESG (Environmental, Social and Governance) is fully incorporated in our investment process.

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

Performance per 2022-12-31 (rebased)

No chart data available

Performance per 2022-12-31

Slide to see more
  Fund Benchmark
1 month -4.0 % -7.6 %
3 months 9.0 % 0.8 %
This year -1.4 % -12.8 %
2019 18.4 % 30.0 %
2020 -11.3 % 6.3 %
2021 27.2 % 31.1 %
1 year (on annual basis) -1.4 % -12.8 %
3 years (on annual basis) i 3.6 % 6.7 %
5 years (on annual basis) i 4.2 % 8.7 %
Since inception (on annual basis) i 7.3 % 10.7 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future. As of 30 June 2018 a deviating Net Asset Value (NAV) is used for the calculation of the performance figures. This NAV is calculated based on closing prices of the Fund investments thereby deviating from the NAV which was originally issued and partly calculated based on snapshots (Asia & Pacific investments). The deviating NAV is used to make a better comparison with the benchmark, which is also solely based on closing prices of the investments.

Dividends

Slide to see more
Distributing
No

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

Slide to see more
  3 years Since inception
Maximum drawdown i -29.54 % -29.54 %
Tracking error i 10.10 % 6.45 %
Information ratio i -0.31 -0.52
Beta i 0.95 0.90
Kempen (Lux) Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. The Fund is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. Van Lanschot Kempen Investment Management NV is the manager of the Fund. Van Lanschot Kempen Investment Management NV has a license as a manager and is supervised by the Netherlands Authority for the Financial Markets.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Subfund is registered in the register of the Netherlands Authority for the Financial Markets under the license of the Fund.
This information does not provide sufficient basis for an investment decision. You should therefore read the Key Information Document (available in Dutch, English and various other languages, see website ) and the prospectus (available in English). These documents as well as the Articles of Association, the annual report and semi-annual report are available free of charge at the offices of the Fund, located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, as well as at the offices of the representative in Switzerland and on the website of Van Lanschot Kempen Investment Management NV (www.kempen.com/nl/asset-management). The information on the website is (partly) available in Dutch and English.
The Sub-Fund is registered for offering in a limited number of countries. The countries where the Subfund is registered can be found on the website. The value of your investment may fluctuate. Results achieved in the past are no guarantee for the future. The result shown does not take into account commissions and costs that are charged when buying and selling items.

Top 5 contribution (2022-12-31)

Slide to see more
  Contribution i Performance i
PhosAgro GDR 0.40 % 16,444.89 %
Lukoil (US) 0.30 % 2,550.59 %
Sumitomo Mitsui Financial Group 0.18 % 15.63 %
Sun Hung Kai Properties 0.13 % 9.97 %
Ferguson 0.10 % 5.11 %
Percentages shown for contributions and performances are based on Euros.

Bottom 5 contribution (2022-12-31)

Slide to see more
  Contribution i Performance i
Sysco -0.30 % -14.62 %
Nexstar Media Group -0.18 % -10.92 %
Prudential Financial -0.18 % -11.18 %
Texas Instruments -0.18 % -11.74 %
Kinder Morgan -0.18 % -8.78 %
Percentages shown for contributions and performances are based on Euros.

Geographic allocation (2022-12-31)

26.2 %
United States
17.7 %
United Kingdom
7.8 %
Germany
7.0 %
Netherlands
5.6 %
Japan
5.4 %
France
3.8 %
Canada
3.6 %
Spain
3.0 %
Singapore
1.9 %
Cash
1.8 %
Korea Republic Of
1.6 %
Bermuda
1.5 %
Hong Kong
1.4 %
South Africa
1.4 %
Taiwan
1.4 %
Norway
1.1 %
Austria
1.0 %
Ireland
0.9 %
Belgium
0.9 %
Sweden
0.0 %
Russia
5.0 %
Other
Total
100 %

Top 10 holdings (2022-12-31)

2.2 %
Fresenius
2.2 %
BlackRock
2.1 %
Taylor Wimpey
2.1 %
Repsol
2.1 %
Sysco
2.1 %
Kinder Morgan
2.0 %
LyondellBasell Industries
2.0 %
Technip Energies
2.0 %
Shell
2.0 %
Ferguson
Total
20.9 %

Sector allocation (2022-12-31)

20.6 %
Financials
12.3 %
Energy
10.5 %
Telecommunications
10.4 %
Health Care
8.4 %
Industrials
8.1 %
Consumer Discretionary
8.1 %
Consumer Staples
6.7 %
Technology
5.8 %
Basic Materials
4.6 %
Utilities
2.3 %
Real estate
2.2 %
Other
Total
100 %
The cash position is included in ‘Other’.
Kempen (Lux) Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. The Fund is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. Van Lanschot Kempen Investment Management NV is the manager of the Fund. Van Lanschot Kempen Investment Management NV has a license as a manager and is supervised by the Netherlands Authority for the Financial Markets.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Subfund is registered in the register of the Netherlands Authority for the Financial Markets under the license of the Fund.
This information does not provide sufficient basis for an investment decision. You should therefore read the Key Information Document (available in Dutch, English and various other languages, see website ) and the prospectus (available in English). These documents as well as the Articles of Association, the annual report and semi-annual report are available free of charge at the offices of the Fund, located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, as well as at the offices of the representative in Switzerland and on the website of Van Lanschot Kempen Investment Management NV (www.kempen.com/nl/asset-management). The information on the website is (partly) available in Dutch and English.
The Sub-Fund is registered for offering in a limited number of countries. The countries where the Subfund is registered can be found on the website. The value of your investment may fluctuate. Results achieved in the past are no guarantee for the future. The result shown does not take into account commissions and costs that are charged when buying and selling items.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

Slide to see more
Management fee i
1.500 %
Service fee i
0.20 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
1,75 %
Kempen (Lux) Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. The Fund is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. Van Lanschot Kempen Investment Management NV is the manager of the Fund. Van Lanschot Kempen Investment Management NV has a license as a manager and is supervised by the Netherlands Authority for the Financial Markets.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Subfund is registered in the register of the Netherlands Authority for the Financial Markets under the license of the Fund.
This information does not provide sufficient basis for an investment decision. You should therefore read the Key Information Document (available in Dutch, English and various other languages, see website ) and the prospectus (available in English). These documents as well as the Articles of Association, the annual report and semi-annual report are available free of charge at the offices of the Fund, located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, as well as at the offices of the representative in Switzerland and on the website of Van Lanschot Kempen Investment Management NV (www.kempen.com/nl/asset-management). The information on the website is (partly) available in Dutch and English.
The Sub-Fund is registered for offering in a limited number of countries. The countries where the Subfund is registered can be found on the website. The value of your investment may fluctuate. Results achieved in the past are no guarantee for the future. The result shown does not take into account commissions and costs that are charged when buying and selling items.

Share class details

Slide to see more
Share class
A i
Investor type
Private
Distributing
No
Benchmark i
MSCI World Total Return Net Index (calculated in Euro)
Investment category
High Dividend Equity
Universe
Global equities
Inception date
2011-05-18
Domicile
Luxembourg
May be offered to all investors in
Austria, Belgium, Finland, France, Germany, Italy, Luxembourg, Netherlands, Sweden, Switzerland, United Kingdom
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, Luxembourg Branch

Tradability

Slide to see more
Minimum subscription
Initial subscription €1
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU0427929343
Kempen (Lux) Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. The Fund is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. Van Lanschot Kempen Investment Management NV is the manager of the Fund. Van Lanschot Kempen Investment Management NV has a license as a manager and is supervised by the Netherlands Authority for the Financial Markets.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Subfund is registered in the register of the Netherlands Authority for the Financial Markets under the license of the Fund.
This information does not provide sufficient basis for an investment decision. You should therefore read the Key Information Document (available in Dutch, English and various other languages, see website ) and the prospectus (available in English). These documents as well as the Articles of Association, the annual report and semi-annual report are available free of charge at the offices of the Fund, located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, as well as at the offices of the representative in Switzerland and on the website of Van Lanschot Kempen Investment Management NV (www.kempen.com/nl/asset-management). The information on the website is (partly) available in Dutch and English.
The Sub-Fund is registered for offering in a limited number of countries. The countries where the Subfund is registered can be found on the website. The value of your investment may fluctuate. Results achieved in the past are no guarantee for the future. The result shown does not take into account commissions and costs that are charged when buying and selling items.

Investment strategy

The Fund offers a diversified portfolio of listed companies worldwide with an above-average dividend yield, while at the same time complying with strict exclusion and sustainability criteria. Our ESG-policy, described in the ESG Policy & Process document, is aimed at the promotion of environmental and/or social characteristics. This ESG policy is implemented in our strategy’s investment process across four pillars: Exclusion, ESG Integration, Active ownership and Positive impact.Â

Before and after selecting the asset, we apply adequate (ESG) due diligence measures. This can help to enhance long-term risk adjusted returns for investors, in accordance with the investment objectives of the Fund. We  look at each company on a case-by-case basis, taking into account both material risks in a given industry and the company’s respective risk exposure, practices and disclosure. This includes:Â
- an assessment of good governance practices. The investee companies are rated for governance aspects using external research and internal assessments .Â
- the company’s exposure to past controversies and future ESG opportunities
Based on fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile and award a score (1-5).Â

Proportion of investments

Information about the proportion of investments with environmental or social characteristics is available in the annex II of this product. Â

Monitoring of environmental or social characteristics

The holdings are screened quarterly for compliance with Kempen’s ESG criteria. The screening process allows Kempen to monitor the ESG performance of all companies in the fund. It also encourages engagement on potential issues identified. Furthermore, the results of the screening feeds into quarterly challenging sessions between ESG specialists and portfolio managers. These sessions are used to assess whether ESG risks and opportunities are sufficiently reflected in the investment decision making process of Kempen.

Methodologies

Principal Adverse Impact Indicators are monitored at individual holding level and at the portfolio level.Â

Kempen ESG Score serves as input throughout the investment process (exclusion, integration in the valuation models, engagement). Scores are based on 21 ESG risk factors, which are selected based on their materiality per industry.Â

Carbon emission intensity is used as the key carbon metric. We calculate carbon intensity based on revenues (weighted average carbon intensity), which we use for our commitment, ambition and objectives.Â

EU Taxonomy alignment is measured by turnover, for which we use a combination of actual data from investee companies and estimates on EU Taxonomy alignment made by a third party provider.Â

Engagement Milestones are used in order to measure engagement success. All engagement contacts are recorded and classified: Milestone 1 (company is informed), Milestone 2 (company acknowledges request), Milestone 3 (company commits to improve), up until Milestone 4 (proof of improvement).

Data sources and processing

External data providers include (but are not limited to)Â
- Institutional Shareholder Services (ISS), used for proxy voting, governance research, carbon data and Sustainable Development Goals data;Â
- MSCI ESG Research: used for company ESG Ratings, product involvement data, principal adverse indicators and to assess the degree to which the investments are in environmentally sustainable economic activities under the EU Taxonomy, measured by turnover;Â
- Sustainalytics: used for ESG Risk Ratings and product involvement data.Â
Internal as well as external data is collected and processed in several data analytics (including FactSet, PowerBI, Tableau) and internal compliance systems (including ThinkFolio).

Fund carbon emission targets

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