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 expected dividend yield of 3.3% at the time the company is purchased for the first time. The portfolio contains around 100 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

Jorik van den Bos, Joris Franssen, Joost de Graaf, Dimitri Willems, Luc Plouvier

Performance per 2019-08-31 (rebased)

No chart data available

Performance per 2019-08-31

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  Fund Benchmark
1 month -4.2 % -1.0 %
3 months 0.2 % 6.2 %
This year 7.3 % 19.5 %
2016 15.4 % 10.7 %
2017 8.7 % 7.5 %
2018 -5.9 % -4.1 %
1 year (on annual basis) 0.3 % 5.9 %
3 years (on annual basis) i 6.4 % 10.0 %
5 years (on annual basis) i 6.5 % 10.0 %
Since inception (on annual basis) i 8.2 % 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

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Total fund size
EUR 314.53 M 2019-08-31
Share class size
EUR 9.94 M 2019-08-31
Number of shares
5,005 2019-08-31
Net Asset Value i
EUR 2,105.71 2019-09-17
Morningstar rating â„¢
Morningstar Analyst rating
Silver

Fund characteristics per 2019-08-31

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  Fund Benchmark
Number of holdings 94 1649
Dividend yield i 5.36 % 2.45 %
Weighted average market capitalization i EUR 42,385 M EUR 154,552 M
P/E ratio i 10.73 16.22
Active share i 93.81 %
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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Market developments per 2019-08-31

So far 2019 has been a challenging year for the Fund, the strategy has not been able to keep pace with the strong performance of the market and lags the dividend universe. With increased uncertainty about the economic development it seems that investors are searching for safety and earnings visibility. Investors are finding this visibility in two groups of companies. Firstly, there are the growth companies where investors are expecting continued growth, independent of economic developments. Secondly, there are the ‘defensives’ such as consumer staples, companies where the underlying business is less impacted by the economic cycle. Cyclical companies on the other hand are eschewed. This has resulted in a further increase in the valuation dispersion, which was already high at the start of the year.

Although we can see the rationale behind the search for safety, the price you pay (valuation) for this (perceived) safety is extremely high at the moment. In our view the low expected returns do not provide sufficient compensation, even taking into account the lower business risk. The high valuations in these parts of the market provide no margin of safety for disappointment, and hence are riskier than investors might think. Therefore we have only limited exposure to these two groups of companies.

On the other hand, within the more cyclical end of the market quality companies are sold off as investors are concerned about the short-term earnings development. We are willing to take a longer-term view, and always assess the earnings power of a company over the cycle rather than just the next two years. Because of this we currently find opportunities in quality companies that trade at a significant discount to their over the cycle earnings potentials. The discount provides us with a large margin of safety, and because of this we are willing to accept somewhat lower short-term visibility. The higher expected returns compensate for taking this ‘risk’. By spreading the portfolio across multiple of these opportunities with various underlying drivers also avoid concentration risk in the portfolio.

Portfolio developments per 2019-08-31

The Kempen Global Dividend strategy follows a disciplined valuation approach. We assess companies based on long term earnings power and seek a margin of safety in the price we pay when we select our investments. For almost 20 years, we have used this clear investment framework that requires a minimum dividend yield of 3% to ensure a portfolio with a high-income component and protection against overvalued companies. This approach has led to a strong long-term track-record, and we believe it will pay-off in the future as well.

The strong dispersion in valuation offers a unique opportunity. The Kempen Global Dividend strategy trades at an exceptional valuation discount versus the market. Historically, this has led to a strong relative performance on the medium-term. Also the absolute valuation of the Kempen Global Dividend strategy is compelling. In summary, the current environment offers the opportunity to buy a well-diversified portfolio with solid earnings power at an attractive valuation.

In August, expensive sectors (or subsectors) again performed better, while already more attractively valued sectors underperformed. Consumer staples, healthcare and (US) utilities performed very well, while energy, banks, and materials did poorly.

The Fund had both negative sector allocation and negative stock selection. Selection within consumer discretionary, real estate and energy detracted from the performance. Within consumer discretionary, US retailers L Brands and Tapestry fell strongly. Although the core Coach brand which is close to 90% of Tapestry’s profits performed well, the share price declined on the weak outlook for its second brand Kate Spade. L Brands was under pressure as the comparable sales growth for Victoria’s Secret declined.

Within the energy sector, Wood Group was weak. Although it repeated its full year outlook and announced an important disposal (resulting in reaching its deleveraging target), we were surprised to see the shares kept drifting down. Within real estate, our Hong Kong holding Hysan Development, Sun Hung Kai Properties and Sino Land came under pressure as a result of the continuing unrest in Hong Kong.

The Fund now has a forward yield of around 5.5%.
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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Performance per 2019-08-31 (rebased)

No chart data available

Performance per 2019-08-31

Slide to see more
  Fund Benchmark
1 month -4.2 % -1.0 %
3 months 0.2 % 6.2 %
This year 7.3 % 19.5 %
2016 15.4 % 10.7 %
2017 8.7 % 7.5 %
2018 -5.9 % -4.1 %
1 year (on annual basis) 0.3 % 5.9 %
3 years (on annual basis) i 6.4 % 10.0 %
5 years (on annual basis) i 6.5 % 10.0 %
Since inception (on annual basis) i 8.2 % 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

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Distributing
No

Risk analysis (ex post) per 2019-08-31

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  3 years Since inception
Maximum drawdown i -7.75 % -11.64 %
Tracking error i 4.71 % 4.32 %
Information ratio i -0.77 -0.59
Beta i 0.87 0.65
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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Top 5 contribution (2019-08-31)

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  Contribution i Performance i
Hennes & Mauritz -B- 0.13 % 10.23 %
Qualicorp 0.13 % 18.45 %
Unilever 0.11 % 8.72 %
Enel 0.08 % 6.37 %
Lite-On Technology 0.08 % 12.97 %
Percentages shown for contributions and performances are based on Euros.

Bottom 5 contribution (2019-08-31)

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  Contribution i Performance i
L Brands -0.43 % -34.68 %
Tapestry -0.41 % -32.50 %
Wood Group -0.38 % -26.77 %
Prudential Financial -0.23 % -19.10 %
MTN Group -0.17 % -12.46 %
Percentages shown for contributions and performances are based on Euros.

Geographic allocation (2019-08-31)

18.4 %
United States
13.3 %
United Kingdom
6.1 %
Netherlands
6.0 %
Japan
4.7 %
France
4.7 %
Germany
4.5 %
Hong Kong
3.6 %
Korea Republic Of
3.4 %
Taiwan
3.4 %
Russia
2.9 %
Canada
2.6 %
Sweden
2.5 %
Switzerland
2.4 %
Portugal
2.3 %
Norway
2.3 %
Australia
2.1 %
Brazil
2.0 %
Italy
1.9 %
Luxembourg
1.8 %
Bermuda
1.3 %
Finland
1.2 %
South Africa
0.7 %
Belgium
0.6 %
Philippines
0.6%
Singapore
2.4 %
Other
2.3 %
Cash
Total
100 %

Top 10 holdings (2019-08-31)

1.9 %
JPMorgan USD Liquidity VNAV Fund C
1.5 %
Lukoil (US)
1.5 %
LyondellBasell Industries
1.5 %
Gilead Sciences
1.4 %
Hennes & Mauritz -B-
1.4 %
FNF Group
1.4 %
Taiwan Semiconductor Manufacturing (US)
1.3 %
Enel
1.3 %
GlaxoSmithKline
1.3 %
Redwood Trust
Total
14.5 %

Sector allocation (2019-08-31)

27.5 %
Financials
11.9 %
Oil & gas
11.8 %
Telecommunications
8.0 %
Consumer services
7.7 %
Utilities
7.4 %
Basic Materials
7.4 %
Consumer goods
6.1 %
Health Care
5.9 %
Technology
3.6 %
Industrials
2.7 %
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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Ongoing charges

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Management fee i
0.70 %
Service fee i
0.20 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0,91 %

Other costs

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Upward swing factor i
0.20 %
Downward swing factor i
0.15 %
As of 14 January 2019 the swing factor has been adjusted from 0.25%/0.15% to 0.20%/0.15%.
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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Share class details

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Share class
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, Sweden, Switzerland, The Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Management company
Kempen Capital Management N.V.
Depositary and custodian
J.P. Morgan Bank Luxembourg S.A.
Morningstar rating â„¢
Morningstar Analyst rating
Silver

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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
Kempen (Lux) 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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Kempen's vision & mission

Kempen Capital Management is an asset manager that believes in stewardship and investment focusing on the long-term for the benefit of all stakeholders. Value creation is at the heart of the services we provide to our clients. We believe that being an engaged shareholder on environmental, social and governance (ESG) issues and retaining a long-term focus, is critical to helping our clients to preserve and create sustainable wealth that has positive real world impact and economic returns.

Kempen wide approach to responsible investment

We are committed to create sustainable alpha. The four pillars of our ESG-policy are:

  • ESG integration: Ensuring sustainability risks and opportunities are adequately considered in our investment analysis and processes.

  • Exclusion & avoidance: Not investing in companies involved in controversial activities or conduct.

  • Active ownership: Being responsible stewards of our clients’ capital and using our influence through engagement and voting to improve corporate behaviour on specific ESG issues and achieve positive change

  • Positive impact: Investing with an objective to achieve positive real world outcomes and impact, such as contributing to the UN Sustainable Development Goals.

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To put our mission and vision into practice we engage with our investee companies on a wide array of strategic, financial, and ESG topics. As an active owner we use our influence to improve our investee companies’ ESG performance.  This helps us address some of the most pressing and important sustainability issues facing business and the world. Our focus themes for engagement are: human rights, labour rights, climate change and governance.

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Through collaboration with other investors and industry think tanks we contribute to the development of principles and standards of corporate responsibility both at sector levels, as well as investee company level.

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Our full voting records are available here.

OUR FUND APPROACH TO RESPONSIBLE INVESTMENT

Kempen’s ESG policy is fully implemented in our fund’s investment process across the three relevant pillars of: Exclusion, Integration and Active ownership.

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1. Exclusion

The fund follows the clear and transparent exclusion framework we have developed. According to the framework the fund currently excludes companies involved in the production of controversial weapons and tobacco. Furthermore, the strategy avoids investments in companies that structurally violate ESG criteria, with no willingness to improve. In total 177 companies are excluded from the fund’s global equity universe.

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2. ESG integration

ESG criteria are an integral part of the investment process. The aim is to incorporate material ESG issues in our fundamental analysis. This means that portfolio managers perform an in-depth analysis of ESG data and material ESG risks and reflect them in the assumptions used in the valuation assessment. For example, as demonstrated in the chart on the right side, the ESG impact forms part of our Earnings Power Value (EPV) valuation model.

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3. Active ownership

The aim of the engagements our fund participates in is to use our influence as a shareholder to encourage the companies we invest in to improve policies and practices in specific ESG issues. A successful engagement reduces the ESG risk and as a result unlocks value in the interest of our clients. In 2018 we held over 200 company engagements and voted at 104 shareholder meetings.

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In order to lay out our guiding investment principles, we send a “welcome letter” to most of the companies we invest in. In this letter, we explain to the company why we made the decision to invest and what our long-term expectations are, including those in the areas of social and environmental responsibilities and corporate governance.

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Our fund also believes in the strength of collaborative engagement. Through cooperation with other investors and fund managers, we can increase the leverage of our engagement activities. In 2018, for example, we participated in the CIO Exchange Collaboration on Energy transition.

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Our engagement focus is on: climate change and energy efficiency, and corporate governance. For example recent activities include:Â

  • Shell: We engaged with senior management to set carbon targets with success as Shell announced that it will link its scope 1,2 and 3 carbon targets to its remuneration. You can find the engagement factsheet here.

  • Severstal: We are monitoring Severstal’s health & safety efforts and encouraging the company to establish health & safety best practices that set an example to other Russian steel producers. As a result of the engagement, the company is working on a revised policy and process on labour. You can find the engagement factsheet here.

  • China Mobile: We have teamed up with another investor to engage with China Mobile. Our ultimate goal is to improve the company’s capital allocation as the company has a very inefficient balance sheet. To achieve this goal, it is in our view crucial that the Board becomes more independent.

*

Although Kempen Capital Management N.V.’s information providers, including without limitation, MSCI ESG Research LLC and its affiliates (the “ESG Parties”), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

ESG Report
Screening MSCI Research
Screening MSCI Research
UN Global Compact
ESG integration in the EPV valuation model
ESG integration in the EPV valuation model
Source
disclaimer
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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.