Kempen (Lux) Global High Dividend Fund - Class ZJ

Profile

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

The primary objective of the Fund is to achieve a structurally better long-term return, comprising capital gains plus net dividends, than the MSCI World Total Return Index. Shares in class ZJ are only available for distributors selected by the administrator, who place orders on behalf of their clients.

Management team

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

Performance per 2022-05-31 (rebased)

No chart data available

Performance per 2022-05-31

Slide to see more
  Fund Benchmark
1 month 1.6 % -1.4 %
3 months 3.6 % -1.1 %
This year 1.3 % -7.6 %
2019 20.2 % 30.0 %
2020 -9.9 % 6.3 %
2021 29.3 % 31.1 %
1 year (on annual basis) 10.7 % 8.6 %
3 years (on annual basis) i 9.7 % 14.1 %
Since inception (on annual basis) i 7.9 % 11.1 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.
More information can be found on the documents page of this fund

Key figures

Slide to see more
Total fund size
EUR 448.86 M 2022-05-31
Share class size
EUR 73.47 M 2022-05-31
Number of shares
62,114 2022-05-31
Net Asset Value i
EUR 1,094.68 2022-07-06
Turnover rate
45.22 %
The turnover rate figure is per the end of the financial year of the fund and will be updated once a year.

Fund characteristics per 2022-05-31

Slide to see more
  Fund Benchmark
Number of holdings 73 1538
Dividend yield i 4.15 % 1.90 %
Weighted average market capitalization i EUR 60,596 M EUR 339,235 M
P/E ratio i 9.58
Active share i 94.40 %
Kempen (Lux) Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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.

Developments per 2022-05-31

May was a positive month for the Fund in an absolute sense. The performance slightly lagged the performance of our investment universe (defined as Morningstar Developed Markets DY > 3%). However, the Fund was substantially ahead of the MSCI World index. Besides strong stock selection, the relative performance versus the broader market index was also driven by a positive allocation effect. We hold a relatively sizable position in energy, a sector that was up more than 10% in May. Energy markets continue to be tight, and it does not look like that this situation is going to change any time soon. It was therefore no surprise that the energy sector contributed most to the absolute performance of the Fund. For example, Shell and Chesapeake performed well. The consumer staples sector detracted modestly from our absolute performance (PepsiCo. was down). The sector that added most to the relative performance was the consumer discretionary sector (BMW performed well). All sectors attributed positively to the overall performance of the Fund.

One of the contributors was ING Group (+19% in May). ING reported better than expected earnings numbers. This was despite 800 million euro of Russia-related impairments. Investors were positively surprised by the announcement of nearly 900 million euro in dividends and nearly 400 million euro in share repurchases. These capital returns are approximately 3% on the current market capitalization. This shows that ING is in a strong financial position. Despite the run-up of the shares over the last couple of weeks, the shares still only trade at 8 times expected 2023 earnings.

One of the detractors from performance was AvalonBay Communities, declining 10%. AvalonBay Communities is an apartment REIT based in the US. The company has a portfolio of around 87,000 apartment units. With rising interest rates, investors worry about a potential downturn in the US housing market. However, we are less worried about these developments. Recent data shows that wages are going up and that rents are up strongly as well. AvalonBay has a dividend yield of approximately 3.2%. We believe that this yield is well-protected by AvalonBay’s ability to adjust rents to inflationary developments. We also think the company’s development pipeline will add value thanks to relatively high rental yields on newly developed apartments.

In May we completed our purchase of Western Forest Products. Western Forest Products is an integrated forest products company and a coastal woodland operator located in British Columbia, Canada. The Company's activities include timber harvesting, reforestation, sawmilling logs into lumber and wood chips, value-added remanufacturing, and producing pulp. The company’s free cash flows have been increasing sharply as a result of rapidly rising prices for their products (e.g. lumber). Part of this free cash flow is used to pay for a 25% dividend increase. As a result, the shares now have a dividend yield that is significantly above our 2% dividend yield threshold. Western Forest Products are also buying back shares. We are in active dialogue with the company on how the free cash flows can be used to further enhance shareholder value.

In addition to Western Forest Products, we have started a position in Komatsu. This is a Japanese mining and construction equipment manufacturer. Products include excavators, dump trucks, and bulldozers. For a number of years, the mining cycle has been weak. Commodities had come down and therefore miners did not invest in new equipment. Commodities have been going up, which is now triggering an upswing in the mining capex cycle. Combined with a weak Japanese yen, we believe that earnings will be stronger than is generally expected. The shares trade on a modest 12 times consensus earnings and provide a dividend yield of almost 3%.

We currently expect a dividend yield of around 4.5% for the Fund. This number is based on the consensus estimate of dividends paid out over the next 12 months. Based on those estimates the annual growth in dividends for the Fund will be approximately 6%. The Fund still trades at a strong discount versus the market (the average valuation of all the holdings in the Fund versus the broader equity market). Historically, this has led to a strong relative performance in the medium term. Also, the absolute valuation of the strategy is compelling. We continue to focus on attractively valued companies, that have good capital discipline and generate positive cash flow through the cycle. In summary, the current environment offers the opportunity to buy a well-diversified portfolio with solid earnings power at an attractive valuation. In addition, ESG (Environmental, Social and Governance) is fully incorporated in our investment process.

Kempen (Lux) Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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.

Performance per 2022-05-31 (rebased)

No chart data available

Performance per 2022-05-31

Slide to see more
  Fund Benchmark
1 month 1.6 % -1.4 %
3 months 3.6 % -1.1 %
This year 1.3 % -7.6 %
2019 20.2 % 30.0 %
2020 -9.9 % 6.3 %
2021 29.3 % 31.1 %
1 year (on annual basis) 10.7 % 8.6 %
3 years (on annual basis) i 9.7 % 14.1 %
Since inception (on annual basis) i 7.9 % 11.1 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

Slide to see more
Distributing
Yes
Last dividend
EUR 9.50
Ex-date last dividend
2022-03-17
Number of distributions per year
4
Dividend calendar

Risk analysis (ex post) per 2022-05-31

Slide to see more
  3 years Since inception
Maximum drawdown i -29.34 % -29.34 %
Tracking error i 9.80 % 9.03 %
Information ratio i -0.45 -0.35
Beta i 1.03 0.98
Kempen (Lux) Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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.

Top 5 contribution (2022-05-31)

Slide to see more
  Contribution i Performance i
ING Groep 0.28 % 18.72 %
Shell 0.20 % 8.98 %
Chesapeake Energy 0.17 % 19.40 %
Technip Energies 0.17 % 8.00 %
Equinor 0.15 % 10.92 %
Percentages shown for contributions and performances are based on Euros.

Bottom 5 contribution (2022-05-31)

Slide to see more
  Contribution i Performance i
Avalonbay Communities -0.14 % -9.97 %
Cisco -0.14 % -9.42 %
WPP -0.13 % -9.83 %
Singapore Telecommunications -0.12 % -7.25 %
RELX -0.10 % -6.25 %
Percentages shown for contributions and performances are based on Euros.

Geographic allocation (2022-05-31)

29.4 %
United States
17.5 %
United Kingdom
7.2 %
Netherlands
7.1 %
Germany
6.6 %
Japan
6.1 %
France
3.1 %
Spain
3.0 %
Canada
2.5 %
Singapore
2.4 %
Korea Republic Of
2.3 %
Taiwan
12.8 %
Other
Total
100 %

Top 10 holdings (2022-05-31)

2.2 %
Kinder Morgan
2.2 %
Shell
2.1 %
Technip Energies
2.1 %
BlackRock
2.1 %
Repsol
2.1 %
LyondellBasell Industries
2.0 %
Rio Tinto
2.0 %
Samsung Electronics Pref
2.0 %
Bridgestone
2.0 %
Sysco
Total
20.8 %

Sector allocation (2022-05-31)

19.4 %
Financials
12.6 %
Energy
11.4 %
Telecommunications
9.4 %
Health Care
8.6 %
Industrials
7.9 %
Consumer Staples
7.6 %
Consumer Discretionary
6.7 %
Utilities
6.6 %
Technology
4.6 %
Basic Materials
2.8 %
Real estate
2.4 %
Other
Total
100 %
The cash position is included in ‘Other’.
Kempen (Lux) Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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.

Environmental and/or social characteristics promoted

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

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

Fund carbon emission targets

ESG Investment process

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

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

Exclusion

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

Key figures

  Kempen criteria Additional criteria
Business conduct
Human Rights
Labour
Environment
Anti Corruption
Product involvement
Controversial Weapons
Tobacco
Thermal Coal
Tar Sands
Adult Entertainment
Alcohol
Animal Welfare & GMO
Gambling
Power Generation Nuclear
Power Generation Carbon Intensive
(Un)conventional Oil & Gas Extraction
Weaponry
Kempen (Lux) Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

Slide to see more
Service fee i
0.20 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0,21 %
Kempen (Lux) Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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.

Share class details

Slide to see more
Share class
ZJ
Investor type
Institutional
Distributing
Yes
Benchmark i
MSCI World Total Return Net Index (calculated in Euro)
Investment category
High Dividend Equity
Universum
Global equities
Inception date
2018-09-03
Domicile
Luxembourg
May be offered to professional investors only in
Luxembourg, The Netherlands
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Administrator
BNP Paribas Securities Services S.C.A., Luxembourg branch
Management company
Kempen Capital Management N.V.
Depositary and custodian
BNP Paribas Securities Services S.C.A., Luxembourg branch

Tradability

Slide to see more
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU1816221482
Kempen (Lux) Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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.
Kempen (Lux) Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg 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.