Kempen (Lux) Global High Dividend Fund - Class I

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 2022-08-31 (rebased)

No chart data available

Performance per 2022-08-31

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  Fund Benchmark
1 month -2.3 % -2.8 %
3 months -3.5 % 0.6 %
This year -2.5 % -7.0 %
2019 19.4 % 30.0 %
2020 -10.5 % 6.3 %
2021 28.3 % 31.1 %
1 year (on annual basis) 3.6 % -0.3 %
3 years (on annual basis) i 7.6 % 12.1 %
5 years (on annual basis) i 6.2 % 11.5 %
Since inception (on annual basis) i 8.0 % 11.1 %
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

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Total fund size
EUR 442.27 M 2022-08-31
Share class size
EUR 35.47 M 2022-08-31
Number of shares
14,337 2022-08-31
Net Asset Value i
EUR 2,361.54 2022-10-04
Turnover rate
45.22 %
Morningstar rating â„¢
Morningstar Analyst rating
Bronze
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 2022-08-31

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  Fund Benchmark
Number of holdings 71 1515
Dividend yield i 4.45 % 2.08 %
Weighted average market capitalization i EUR 58,818 M EUR 374,174 M
P/E ratio i 8.85
Active share i 94.44 %
Kempen (Lux) Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/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 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.

Developments per 2022-08-31

August was a weak month for equities. Investors are more and more convinced that the global economy is in a recession or is heading towards one. In light of this slowdown, the general expectation was that central banks would reduce the speed at which interest rates are raised. Comments by central banks, most notably the Fed, clearly indicate that fighting inflation is on top of the priority list at the moment. Curbing inflation by increasing interest rates will further increase the possibility of a recession. Rising rates, lower growth, and still high inflation is a combination that makes investors more cautious on equities. Within this negative environment, KGDHF outperformed the broader market. The Fund modestly underperformed the style index (Morningstar Developed Markets Dividend Yield > 3% Index).

The sector that contributed most to the absolute and relative performance of the Fund was the energy sector. Driven by higher energy prices, stocks like Chesapeake Energy, BP, and Technip Energies performed well. The industrials sector detracted most from the absolute performance of the Fund. Especially European industrials performed poorly over the month of August, driven by recession fears, rising energy prices, and inflationary pressures. The worst performing sector from a relatively perspective was the communication services sector (WPP did poorly).

One of the largest contributors was Cardinal Health (+20% in August). Cardinal Health is an American company that focuses mainly on the distribution of pharmaceutical products. A part of the business is also involved with manufacturing, sourcing and distribution of branded and private label surgical and laboratory products. This division is loss-making at the moment. Recently, Elliott Advisors acquired a stake in Cardinal Health. This activist shareholder has been able to appoint 5 of the 11 board members. This provides Elliott with substantial power to change the strategic direction of the company. There are two obvious ways in which the activist can change the value of the company. The first way is to sell the loss-making medical division. Based on a recent transaction of a similar company, the potential price of Cardinal’s medical division could well be in excess of Cardinal’s market value. The second way to change the company for the better is to reorganize the distribution business. If Cardinal can improve its below average margins towards the margins that are achieved by direct peers, substantial value is created. In anticipation of a strong uplift in earnings, the shares have moved up substantially. Despite the strong price performance in August, the shares trade at 12 times expected 2023 earnings. The shares provide a dividend yield of around 3%.

One of the detractors from the Fund’s performance was Taylor Wimpey, declining 17%. Taylor Wimpey is one of the largest housebuilders in the UK by volume. There are three negatives that are driving the disappointing share price performance, which are inflation, rising interest rates, and deteriorating consumer confidence. The housebuilders have successfully battled with inflation for a couple of months now as building materials like cement, bricks, and wood have become more expensive. So far, most of the cost inflation could be passed on to the home buyers. However, investors are increasingly worried that consumers will see their budgets squeezed by higher cost of living (e.g. food and energy) and higher interest rates. We believe that the demand/supply balance in the UK housing market remains healthy, which creates a strong pricing tailwind for UK homebuilders. Recent company results were reassuring, and Taylor Wimpey’s 2022 profit guidance was raised. Both price/earnings ratio (6 times expected 2023 earnings) and dividend yield (~10%) indicate that the shares are offering good value at current levels.

Portfolio activity over August was limited. In July we started a position in Ferguson. This position was financed by selling our position in MSC Industrial Direct. Both companies are distributors. However, Ferguson has a better competitive position than MSCI Industrial Direct. This was not reflected in the share price.

We currently expect a dividend yield of around 4.9% 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. 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 Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/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 Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Performance per 2022-08-31 (rebased)

No chart data available

Performance per 2022-08-31

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  Fund Benchmark
1 month -2.3 % -2.8 %
3 months -3.5 % 0.6 %
This year -2.5 % -7.0 %
2019 19.4 % 30.0 %
2020 -10.5 % 6.3 %
2021 28.3 % 31.1 %
1 year (on annual basis) 3.6 % -0.3 %
3 years (on annual basis) i 7.6 % 12.1 %
5 years (on annual basis) i 6.2 % 11.5 %
Since inception (on annual basis) i 8.0 % 11.1 %
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

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Distributing
No

Risk analysis (ex post) per 2022-08-31

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  3 years Since inception
Maximum drawdown i -29.40 % -29.40 %
Tracking error i 9.83 % 6.17 %
Information ratio i -0.46 -0.49
Beta i 0.97 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. 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 Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/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 Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Top 5 contribution (2022-08-31)

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  Contribution i Performance i
Cardinal Health 0.30 % 20.40 %
Technip Energies 0.16 % 8.20 %
Yamaha Motor 0.13 % 10.80 %
Principal Financial Group 0.13 % 13.25 %
Repsol 0.12 % 7.09 %
Percentages shown for contributions and performances are based on Euros.

Bottom 5 contribution (2022-08-31)

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  Contribution i Performance i
Taylor Wimpey -0.35 % -17.38 %
GSK -0.27 % -22.58 %
WPP -0.26 % -18.33 %
Sanofi -0.22 % -15.46 %
Hennes & Mauritz B -0.17 % -16.50 %
Percentages shown for contributions and performances are based on Euros.

Geographic allocation (2022-08-31)

29.8 %
United States
16.5 %
United Kingdom
7.1 %
Germany
6.5 %
Netherlands
6.4 %
Japan
5.7 %
France
3.3 %
Spain
3.2 %
Singapore
3.2 %
Canada
18.3 %
Other
Total
100 %

Top 10 holdings (2022-08-31)

2.3 %
BlackRock
2.2 %
Shell
2.2 %
Singapore Telecommunications
2.2 %
Kinder Morgan
2.2 %
Technip Energies
1.9 %
Samsung Electronics Pref
1.9 %
Repsol
1.9 %
LyondellBasell Industries
1.9 %
Sysco
1.9 %
National Grid
Total
20.6 %

Sector allocation (2022-08-31)

20.2 %
Financials
13.1 %
Energy
11.0 %
Telecommunications
8.5 %
Industrials
8.2 %
Health Care
8.1 %
Consumer Staples
8.0 %
Consumer Discretionary
6.1 %
Technology
5.6 %
Basic Materials
5.4 %
Utilities
3.0 %
Real estate
2.9 %
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. 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 Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/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 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.

Environmental and/or social characteristics promoted

The Kempen Global High Dividend Fund (the “Fund”) falls under the scope of article 8 of the SFDR which means that the fund promotes environmental and/or social characteristics. This fund will invest in a broad range of companies, of which some will have sustainability objectives.

We commit to the goals of the Paris Agreement. This encompasses short-term objectives (2025), a mid-term ambition (2030) and a long-term commitment to be a net zero investor by 2050. By 2025, we aim to be aligned with a path to achieving the Paris Agreement and Dutch Klimaatakkoord. We follow the market reduction, which assumes a pathway in line with the EU Benchmarks.

Fund carbon emission targets

ESG Investment process

The promotion of environmental and/or social characteristics is achieved through the consistent implementation of the funds ESG policy. The ESG policy is fully implemented in our strategy’s investment process across the three relevant pillars of: Exclusion, ESG integration and Active ownership.

In the investment process we assess the ESG profile of a company. We look at each company on a case-by-case basis, taking into account material risks in a given industry in combination with the company’s respective risk exposure, practices and disclosure. This includes an assessment of good governance practices. The investee companies are rated for governance aspects using external research as well as making internal assessments. Furthermore, we look into the company’s exposure to past controversies and future ESG opportunities. Based on the fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile.

Exclusion

The Fund excludes companies through the application of strict exclusion criteria. These take into account international standards, such as UN Global Compact Framework, the OECD Guidelines for Multinational Enterprises, UN Guiding Principles for Business and Human Rights, and our Principles for Responsible Investment commitments. We have summarized how we integrated the principle adverse indicators in our ESG policy and process in the ESG Policy & Process document that can be found on our website.

Key figures

  Kempen criteria Additional criteria
Business conduct
Human Rights
Labour
Environment
Anti Corruption
Product involvement
Controversial Weapons
Tobacco
Thermal Coal
Tar Sands
Adult Entertainment
Alcohol
Animal Welfare & GMO
Gambling
Power Generation Nuclear
Power Generation Carbon Intensive
(Un)conventional Oil & Gas Extraction
Weaponry
Kempen (Lux) Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/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 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.

 

SWING FACTORS

An overview of the current swing factors are available here.

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) Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/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 Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Share class details

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Share class
I i
Investor type
Institutional
Distributing
No
Benchmark i
MSCI World Total Return Net Index (calculated in Euro)
Investment category
High Dividend Equity
Universum
Global equities
Inception date
2010-12-15
Domicile
Luxembourg
May be offered to professional investors only in
Belgium, Finland, France, Germany, Italy, Luxembourg, Norway, Sweden, Switzerland, The Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Administrator
BNP Paribas Securities Services S.C.A., Luxembourg branch
Management company
Kempen Capital Management N.V.
Depositary and custodian
BNP Paribas Securities Services S.C.A., Luxembourg branch
Morningstar rating â„¢
Morningstar Analyst rating
Bronze

Tradability

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Minimum subscription
Initial subscription: €50,000, additional subscriptions: €10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU0427929855
Kempen (Lux) Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/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 Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
Kempen (Lux) Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/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 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.