Kempen (Lux) global High Dividend Fund - Class I - GBP

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, Floris Oliemans

Performance per 2018-09-30 (rebased)

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Performance per 2018-09-30

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  Fund Benchmark
1 month 0.9 % 0.2 %
3 months 2.9 % 6.3 %
This year 2.4 % 9.4 %
2015 1.5 % 4.9 %
2016 33.7 % 28.3 %
2017 13.1 % 11.7 %
1 year (on annual basis) 6.9 % 14.4 %
3 years (on annual basis) i 17.8 % 19.2 %
5 years (on annual basis) i 10.8 % 14.1 %
Since inception (on annual basis) i 10.2 % 12.1 %
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 453.65 M 2018-09-30
Share class size
GBP 168.57 M 2018-09-30
Number of shares
96,917 2018-09-30
Net Asset Value i
GBP 1,695.48 2018-11-12
Morningstar rating â„¢
Morningstar Analyst rating
Silver

Fund characteristics per 2018-09-30

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  Fund Benchmark
Number of holdings 97 1639
Dividend yield i 4.90 % 2.28 %
Weighted average market capitalization i EUR 44,851 M EUR 146,119 M
P/E ratio i 10.74 18.04
Active share i 93.45 %
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 2018-09-30

September was another positive month for global equity markets, adding to the strong year-to-date performance of global markets. The Fund outperformed the MSCI World Index, although the Fund continues to lag its benchmark on a year to date basis.

Our performance for the month was driven by negative sector allocation but positive stock selection. Particularly within consumer discretionary, selection was strong. H&M rose with 37% in Euro terms in September (after a weak performance so far this year) after the like-for like sales were better than expected. Also within the financials and energy sectors, selection added to the performance. Within financials, Axa and MS&AD Insurance performed well. The energy sector benefitted as the oil price rose further and reached 3-year highs in September. In particular our emerging markets names in the energy sector rose sharply, Lukoil and CNOOC. The strongest sector was energy, while real estate was the weakest. Year-to-date information technology is the strongest performing sector.

Portfolio developments per 2018-09-30

At the end of September our quarterly rebalance was implemented. Four positions where completely sold, while five new names were added. Merck and Cisco were sold after the dividend yield fell below our 3% threshold after the strong share price performances. Also Itochu and New York Community Bancorp where sold. Itochu had performed well and the valuation was not attractive anymore, while for NY Community Bancorp we had a more attractive alternative with Huntington Bancshares. In addition, we added: Copa Holdings (an airline company in Latin America), BASF (a German well diversified chemical company), Samsung Electronic pref shares (Consumer Electronic Conglomerate) and Babcock International (an UK firm that provides support services to the public-sector institutions like the Ministry of Defense).

The year-to-date underperformance is unfortunate but valuation spreads are nearing record levels. Although price to earnings multiples are a simplistic means of assessing future performance, on an aggregate level they are predictive of returns. Our portfolio currently trades at a 12 times P/E based on historical profitability, which supports a dividend yield of 5.1% for the Fund as a whole. We believe this makes it an attractive absolute and relative investment going forward. The same cannot be said of the market as a whole. The MSCI World Index trades at a historical PE of over 18 times and a dividend yield of 2.5%. While the benchmark as whole may have slightly higher earnings growth, this cannot compensate for the large divergence in valuations. At a PE of 12 times, investors in the Fund are getting a prospective earnings yield of over 8% (vs the benchmark of 5.4%). The market is pricing in a high degree of disruption. We believe disruption is real, but that the pace at which it happens is lower than people expect. In a diversified portfolio of close to 100 companies, 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.
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 2018-09-30 (rebased)

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Performance per 2018-09-30

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  Fund Benchmark
1 month 0.9 % 0.2 %
3 months 2.9 % 6.3 %
This year 2.4 % 9.4 %
2015 1.5 % 4.9 %
2016 33.7 % 28.3 %
2017 13.1 % 11.7 %
1 year (on annual basis) 6.9 % 14.4 %
3 years (on annual basis) i 17.8 % 19.2 %
5 years (on annual basis) i 10.8 % 14.1 %
Since inception (on annual basis) i 10.2 % 12.1 %
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 2018-09-30

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  3 years Since inception
Maximum drawdown i -6.14 % -10.37 %
Tracking error i 4.34 % 4.15 %
Information ratio i -0.34 -0.45
Beta i 0.88 0.86
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 (2018-09-30)

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  Contribution i Performance i
Hennes & Mauritz -B- 0.36 % 37.15 %
CNOOC 0.17 % 14.63 %
Mediobanca 0.13 % 7.27 %
L Brands 0.13 % 14.22 %
Lukoil (US) 0.13 % 11.31 %
Percentages shown for contributions and performances are based on Euros.

Bottom 5 contribution (2018-09-30)

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  Contribution i Performance i
WPP -0.14 % -11.61 %
Triton -0.13 % -11.75 %
LyondellBasell Industries -0.12 % -8.16 %
Publicis Group -0.07 % -7.07 %
EDP - Energias de Portugal -0.06 % -5.56 %
Percentages shown for contributions and performances are based on Euros.

Geographic allocation (2018-09-30)

18.2 %
United States
14.2 %
United Kingdom
7.1 %
Netherlands
5.3 %
Hong Kong
4.5 %
Japan
4.4 %
Germany
4.0 %
Canada
3.6 %
Korea Republic Of
3.5 %
Australia
3.4 %
France
3.2 %
Russia
3.1 %
Taiwan
2.3 %
Switzerland
2.3 %
Finland
2.3 %
Norway
2.2 %
Portugal
2.1 %
Bermuda
1.9 %
Brazil
1.7 %
Italy
1.5 %
Luxembourg
1.3 %
Sweden
0.9 %
South Africa
0.7 %
Philippines
0.6 %
Belgium
0.6 %
Israel
0.6 %
Spain
0.5 %
Panama
1.1 %
Other
2.7 %
Cash
Totaal
100 %

Top 10 holdings (2018-09-30)

1.5 %
Gilead Sciences
1.5 %
JP Morgan Liquidity Funds US Dollar
1.5 %
LyondellBasell Industries
1.5 %
Exxon Mobil
1.3 %
Hennes & Mauritz -B-
1.3 %
CNOOC
1.2 %
Lukoil (US)
1.2 %
Centrica
1.2 %
Telefonica Brasil (US)
1.2 %
SK Telecom (US)
Totaal
13.4 %

Sector allocation (2018-09-30)

29.7 %
Financials
12.2 %
Telecommunications
10.5 %
Oil & gas
8.3 %
Utilities
8.0 %
Consumer services
7.6 %
Basic Materials
6.9 %
Consumer goods
5.5 %
Technology
5.1 %
Health Care
3.2 %
Other
2.9 %
Industrials
Totaal
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
0.25 %
Downward swing factor i
0.15 %
The swingfactor is applicable if the sum of in and outflow (end trading day) is more than a pre defined percentage ( the so called ‘threshold’) of the fund size. The level of the threshold can vary; investors can request KCM for information about the thresholds that were applied in the past. As of 1 January 2018 the swing factor has been adjusted from 0.25%/0.25% to 0.25%/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 - GBP 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
2013-01-30
Domicile
Luxembourg
May be offered to professional investors only in
Luxembourg, Switzerland, The Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
GBP
Management company
Kempen Capital Management N.V.
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
LU0873662356
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.

KCM Vision

Kempen Capital Management is an asset manager with a long-term investment approach. We strongly believe in engaged shareholdership that benefits all stakeholders. As a long-term responsible investor, we firmly believe that active ownership and shareholder engagement contribute to positive change across the board.

Our KCM wide approach to responsible investment

To put our vision into action we engage with our investment targets on a wide array of strategic, financial, environmental, social and governance (ESG) topics. Our long-term investment worldview paired with thorough analysis and an experienced and diverse ESG team allow us to use both voting and engagement as means to consistently encourage positive change. Through this process of constructive engagement, we are able to contribute to the development of principles and standards of corporate responsibility within companies that we invest in. Our full voting records are available here.

Our fund approach to Responsible Investment

  • ESG is integrated in our investment process.
  • Portfolio managers (PM's) have access to ESG research via the database from MSCI ESG Research and via FactSet.
  • Prior to investment, our PM's assess the ESG performance of the company. If material ESG concerns are identified, this can result in the decision to quantify the ESG risks into the investment model, to engage with a company or to avoid investment.
  • In case of engagement, the PM and the Responsible Investment Department will start a dialogue with the company. The aim of the engagement is to use our influence as a shareholder to encourage positive change.
  • During the quarterly re-balancing process the PM's monitor the ESG performance of the holdings.

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.