- Kempen
- Kempen Lux Global High Dividend Fund Class I
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.
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, Marius Bakker
Performance per 2020-05-31 (rebased)
Performance per 2020-05-31
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| Fund | Benchmark | |
|---|---|---|
| 1 month | 1.3 % | 3.2 % |
| 3 months | -12.0 % | -0.4 % |
| This year | -22.3 % | -7.4 % |
| 2017 | 8.7 % | 7.5 % |
| 2018 | -5.9 % | -4.1 % |
| 2019 | 19.4 % | 30.0 % |
| 1 year (on annual basis) | -13.4 % | 7.0 % |
| 3 years (on annual basis) i | -2.4 % | 6.3 % |
| 5 years (on annual basis) i | 0.4 % | 5.5 % |
| Since inception (on annual basis) i | 5.9 % | 9.9 % |
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 295.10 M 2020-05-31 |
| Share class size | EUR 14.09 M 2020-05-31 |
| Number of shares | 8,214 2020-05-31 |
| Net Asset Value i | EUR 1,778.83 2020-07-07 |
| Turnover rate | 45.22 % |
| Morningstar rating â„¢ | |
| Morningstar Analyst rating | Silver |
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 2020-05-31
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| Fund | Benchmark | |
|---|---|---|
| Number of holdings | 97 | 1636 |
| Dividend yield i | 6.10 % | 2.45 % |
| Weighted average market capitalization i | EUR 40,285 M | EUR 212,465 M |
| P/E ratio i | 13.45 | 20.84 |
| Active share i | 93.41 % |
Kempen (Lux) Global High Dividend Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the 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 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/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.
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 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/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.
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Market developments per 2020-05-31
Compared to the previous months, May was a relatively quiet month for equity markets globally. They continued the upward path after the sharp rebound in April. In many countries the severe lockdown measures are being eased, which should help economies to gradually recover. The Fund booked a positive absolute performance but underperformed the index.
The Fund has so far failed to show its relatively defensive character during the market downturn. The attractive valuation of the portfolio in combination with the solid financial position of the companies we invest in should have provided a safety net. However, the uniqueness of this crisis has prevented the portfolio from showing its defensiveness so far. We see a clear schism in the market; where a large part of the market has been hit hard by the COVID-19 crisis, a significant part of the market (the part that largely pays no dividends) are priced as if they will be unaffected. We are confident however that the portfolio will show attractive risk return characteristics over the next 3 to 5 years, with an attractive and growing dividend income stream. We continue to diligently execute our investment process. As is the case with every crisis, it also offers attractive new opportunities. We have already added a number of new attractive companies to the portfolio and are confident that we will find more.
The most striking fact this year is that the ‘Quality Bubble’ has become even more extreme. A huge valuation dispersion between quality- and value stocks has been present for some time in the market, which has now reached levels never seen before. This month growth stocks strongly outperformed value stocks again, which was a headwind for the relative performance. You need to go back to the IT-bubble at the start of this century to find comparable valuation dispersions. Going forward, we see this as a huge opportunity when the market will focus more on attractively valued shares.
The Fund has so far failed to show its relatively defensive character during the market downturn. The attractive valuation of the portfolio in combination with the solid financial position of the companies we invest in should have provided a safety net. However, the uniqueness of this crisis has prevented the portfolio from showing its defensiveness so far. We see a clear schism in the market; where a large part of the market has been hit hard by the COVID-19 crisis, a significant part of the market (the part that largely pays no dividends) are priced as if they will be unaffected. We are confident however that the portfolio will show attractive risk return characteristics over the next 3 to 5 years, with an attractive and growing dividend income stream. We continue to diligently execute our investment process. As is the case with every crisis, it also offers attractive new opportunities. We have already added a number of new attractive companies to the portfolio and are confident that we will find more.
The most striking fact this year is that the ‘Quality Bubble’ has become even more extreme. A huge valuation dispersion between quality- and value stocks has been present for some time in the market, which has now reached levels never seen before. This month growth stocks strongly outperformed value stocks again, which was a headwind for the relative performance. You need to go back to the IT-bubble at the start of this century to find comparable valuation dispersions. Going forward, we see this as a huge opportunity when the market will focus more on attractively valued shares.
Portfolio developments per 2020-05-31
Next month, we will implement the quarterly rebalance of the Fund, as a result trading was limited in May. We sold our position in Simon Property Group. Shopping malls are obviously being hit severely by the Corona crisis. Although the economy is slowly reopening, Simon may see its rental income permanently decline by 20% as occupancy declines and tenants attempt to negotiate lower rents as traffic is permanently lower. Taking these developments into account the company no longer offered an attractive valuation. We used the proceeds to add to our position in Redwood Trust, as its valuation is very attractive after the weak share price performance.
In May, the Fund had both negative stock selection and sector allocation. In particular selection within communication services and real estate detracted from the relative performance. Sector allocation was negative as we are underweight the strongly outperforming information technology sector and overweight the energy sector, which lagged the market despite the oil price recovering sharply. The Fund benefited from positive stock selection within materials.
In our investment process, we spend a large portion of our time understanding where profitability should be on an over the cycle basis, as this is what determines the cash flows we will receive as a long-term shareholder. A firm may appear attractive based on its price to earnings ratio or other headline multiple, but if margins and/or revenue are high, this only gives you limited information about the future returns of an investment. In a diversified portfolio, we are always going to have individual names that disappoint or surprise to the upside. We believe that a value process of bottom up stock picking will lead to more winners than losers, as our long-term track record indicates. We continue to purchase our investments based on intrinsic value, while ensuring a margin of safety when we select our stocks.
After the sharp selloff of the equity market during the year, our return expectations for the broad market have increased. Valuation dispersion between, and within regions and sectors have further increased this year and are now close to the peak of the technology bubble (please see the slide below for the valuation difference of growth versus value). The Global Dividend strategy trades at an exceptional discount versus the market. Historically, this has led to a strong relative performance on the medium term. Also, the absolute valuation of the 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.
We currently expect a forward dividend yield of around 5% for the Fund. Obviously, this number is indicative and based on current figures with an outlook filled with uncertainties and therefore based on conservative estimates.
In May, the Fund had both negative stock selection and sector allocation. In particular selection within communication services and real estate detracted from the relative performance. Sector allocation was negative as we are underweight the strongly outperforming information technology sector and overweight the energy sector, which lagged the market despite the oil price recovering sharply. The Fund benefited from positive stock selection within materials.
In our investment process, we spend a large portion of our time understanding where profitability should be on an over the cycle basis, as this is what determines the cash flows we will receive as a long-term shareholder. A firm may appear attractive based on its price to earnings ratio or other headline multiple, but if margins and/or revenue are high, this only gives you limited information about the future returns of an investment. In a diversified portfolio, we are always going to have individual names that disappoint or surprise to the upside. We believe that a value process of bottom up stock picking will lead to more winners than losers, as our long-term track record indicates. We continue to purchase our investments based on intrinsic value, while ensuring a margin of safety when we select our stocks.
After the sharp selloff of the equity market during the year, our return expectations for the broad market have increased. Valuation dispersion between, and within regions and sectors have further increased this year and are now close to the peak of the technology bubble (please see the slide below for the valuation difference of growth versus value). The Global Dividend strategy trades at an exceptional discount versus the market. Historically, this has led to a strong relative performance on the medium term. Also, the absolute valuation of the 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.
We currently expect a forward dividend yield of around 5% for the Fund. Obviously, this number is indicative and based on current figures with an outlook filled with uncertainties and therefore based on conservative estimates.
Kempen (Lux) Global High Dividend Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the 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 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/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.
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 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/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.
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Performance per 2020-05-31 (rebased)
Performance per 2020-05-31
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| Fund | Benchmark | |
|---|---|---|
| 1 month | 1.3 % | 3.2 % |
| 3 months | -12.0 % | -0.4 % |
| This year | -22.3 % | -7.4 % |
| 2017 | 8.7 % | 7.5 % |
| 2018 | -5.9 % | -4.1 % |
| 2019 | 19.4 % | 30.0 % |
| 1 year (on annual basis) | -13.4 % | 7.0 % |
| 3 years (on annual basis) i | -2.4 % | 6.3 % |
| 5 years (on annual basis) i | 0.4 % | 5.5 % |
| Since inception (on annual basis) i | 5.9 % | 9.9 % |
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 2020-05-31
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| 3 years | Since inception | |
|---|---|---|
| Maximum drawdown i | -29.40 % | -29.40 % |
| Tracking error i | 6.67 % | 5.02 % |
| Information ratio i | -1.30 | -0.81 |
| Beta i | 1.04 | 0.81 |
Kempen (Lux) Global High Dividend Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the 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 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/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.
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 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/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.
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Top 5 contribution (2020-05-31)
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| Contribution i | Performance i | |
|---|---|---|
| Siemens | 0.20 % | 16.36 % |
| EDP - Energias de Portugal | 0.18 % | 15.04 % |
| SKF AB-B Shares | 0.17 % | 13.44 % |
| Vodafone Group | 0.17 % | 14.46 % |
| Rio Tinto | 0.16 % | 12.93 % |
Percentages shown for contributions and performances are based on Euros.
Bottom 5 contribution (2020-05-31)
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| Contribution i | Performance i | |
|---|---|---|
| Sun Hung Kai Properties | -0.21 % | -17.57 % |
| China Mobile | -0.14 % | -11.91 % |
| Hysan Development | -0.13 % | -19.82 % |
| Sino Land Company | -0.13 % | -17.96 % |
| Gilead Sciences | -0.12 % | -8.77 % |
Percentages shown for contributions and performances are based on Euros.
Geographic allocation (2020-05-31)
23.7 %
United States
9.1 %
United Kingdom
6.6 %
Japan
5.9 %
France
5.4 %
Netherlands
4.2 %
Hong Kong
3.9 %
Taiwan
3.8 %
Germany
3.6 %
Korea Republic Of
3.5 %
Switzerland
2.7 %
Australia
2.6 %
Sweden
2.5 %
Norway
2.5 %
Portugal
2.4 %
Spain
2.3 %
Canada
2.1 %
Russia
1.7 %
Singapore
1.2 %
Italy
1.2 %
Bermuda
1.1 %
South Africa
0.9 %
Luxembourg
0.7 %
Philippines
0.7 %
Austria
0.7 %
Finland
0.6 %
Brazil
3.1 %
Other
1.4 %
Cash
Total
100 %
Top 10 holdings (2020-05-31)
1.5 %
Ampol
1.4 %
SKF AB-B Shares
1.4 %
Valeo
1.4 %
Siemens
1.3 %
Cardinal Health
1.3 %
Vodafone Group
1.3 %
Equinor
1.3 %
Cisco
1.3 %
Schlumberger
1.3 %
LyondellBasell Industries
Total
13.5 %
Sector allocation (2020-05-31)
26.5 %
Financials
12.8 %
Oil & gas
11.5 %
Consumer goods
9.8 %
Utilities
9.5 %
Telecommunications
7.3 %
Industrials
6.2 %
Basic Materials
5.7 %
Technology
4.9 %
Health Care
4.1 %
Consumer services
1.8 %
Other
Total
100 %
The cash position is included in ‘Other’.
Kempen (Lux) Global High Dividend Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the 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 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/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.
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 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/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.
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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 % |
Kempen (Lux) Global High Dividend Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the 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 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/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.
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 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/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.
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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-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the 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 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/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.
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 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/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.
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Factsheets
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Annual Reports
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Semi- Annual Reports
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Key Investor Information
Formal documents other
Kempen (Lux) Global High Dividend Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the 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 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/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.
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 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/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.
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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:
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ESG integration: Ensuring sustainability risks and opportunities are adequately considered in our investment analysis and processes.
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Exclusion & avoidance: Not investing in companies involved in controversial activities or conduct.
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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
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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
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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.
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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.
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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.
Risks
Risks
For more information about the mid and long term risks associated with the investments:
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Although Kempen Capital Management N.V.’s information providers, including without limitation, MSCI ESG Research LLC and its affiliates (the “ESG Partiesâ€), 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 ESG Research
ESG integration in the EPV valuation model
Kempen (Lux) Global High Dividend Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the 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 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/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.
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 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/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.
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Kempen & Co is a trade name of Van Lanschot Kempen Wealth Management NV. Both Van Lanschot Kempen Wealth Management NV and Kempen Capital Management NV are part of Van Lanschot Kempen NV