Kempen (Lux) Global Listed Infrastructure Fund - Class AN

Profile

Kempen (Lux) Global Listed Infrastructure Fund aims to achieve for investors long-term capital growth. The Fund invests in equity shares of companies listed on the global stock exchanges. Van Lanschot Kempen Investment Management NV selects the investment funds and manages the portfolio, with the aim of achieving a higher return in the long-term than the FTSE Global Core Infrastructure 50/50.

The Fund will invest in an actively and professionally managed portfolio of listed companies worldwide, including emerging markets, whose principal business is in infrastructure. The sectors to invest in
include, amongst others, airports, toll roads, ports, oil & gas storage, telecom towers, satellites and (regulated) utilities. Financial derivative instruments such as options, warrants and
futures may be used for hedging purposes and for efficient portfolio management.

Management team

Jags Walia, Todor Ristov, Ludovico Cappelli

Performance per 2022-12-31 (rebased)

No chart data available

Performance per 2022-12-31

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  Fund Benchmark
1 month -5.8 % -5.7 %
3 months 1.1 % 0.1 %
This year 2.8 % 1.4 %
2019 28.2 % 27.2 %
2020 -6.8 % -12.0 %
2021 20.7 % 23.6 %
1 year (on annual basis) 2.8 % 1.4 %
3 years (on annual basis) i 4.9 % 3.3 %
Since inception (on annual basis) i 10.4 % 8.8 %
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.However, for the calculation of the performance of 30 November 2021 the originally issued NAV of 1 December 2021 was used as the deviating NAV could not be calculated due to technical circumstances. Also for the calculation of the performance of 31 December 2021 the originally issued NAV of 3 January 2022 was used as the deviating NAV could not be calculated due to technical circumstances.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

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Total fund size
EUR 153.08 M 2022-12-31
Share class size
EUR 107.69 M 2022-12-31
Number of shares
2,906,088 2022-12-31
Net Asset Value i
EUR 37.57 2023-01-27
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 2022-12-31

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  Fund Benchmark
Number of holdings 38 240
Dividend yield i 2.85 % 3.21 %
Weighted average market capitalization i EUR 43,180 M EUR 39,695 M
P/E ratio i 21.10 19.60
Active share i 55.39 %
Kempen (Lux) Global Listed Infrastructure 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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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.

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 Information 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 Van Lanschot Kempen Investment Management NV (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 2022-12-31

December was a very negative month for global equites, where MSCI World Index returned -7.5% over the fears of continuing interest rites hikes, inflation and recession fears. The FTSE Global Infrastructure was more resilient (-5.7%), once again showing the defensive nature of the asset class. All clusters traded lower than last month, except for Chinese companies which reacted on the news over the unlocking of Chinese economy.

The Fund performed in line with the benchmark, -5.8% in the month of December. For 2022 the fund finished the year in positive trajectory of +2.9% net of fees, realizing 1.5% alpha.

On a stock level, the biggest positive contribution in December came from:
1) Kansai Electric Power (+12%) a Japanese utility company that benefits from the restart of nuclear reactors in H12023 and the strong Japanese commitment to expand the useful life of the reactors;
2) Southern Company (+1.9%) American utility company planning to bring nuclear power generation online in 2023 and hence reducing the energy cost; and
3) Tokyo Gas (+4.4%) on no company specific news.

The biggest negative contributions came from:
1) Cheniere Energy (-17.4%) reacting on the sentiment around weak gas price and warmer winter in Europe;
2) Transurban (-9.5%) on no company specific news; and
3) Canadian Pacific (-11.5%), a Canadian railroad operator reacting on the lower freight volumes and recession worries.

The Kempen infrastructure investment strategy strikes a balance between qualitative, quantitative, sustainability analysis. Our experience and know-how in the area of infrastructure and legislation in combination with extensive data analysis, is converted into fact-based investment decision-making. Our unique valuation analysis and investment process focuses on the long term, carefully following megatrends such as digitization, urbanization and the energy transition. Next to the quantitative approach the investment strategy contains three equally weighted qualitative parameters that determine the warranted valuation: management added value, Infrastructure regulation / quality and ESG. The portfolio managers score each company covered on these three parameters. Companies that excel in ESG for example will be assigned a higher score and hence the warranted valuation for an investment increases.

Portfolio construction of the Strategy is based on cluster neutrality. This ensures a diversified portfolio and neutralizes currency and macro-economic exposure versus the benchmark.

Kempen (Lux) Global Listed Infrastructure 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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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.

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 Information 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 Van Lanschot Kempen Investment Management NV (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 2022-12-31 (rebased)

No chart data available

Performance per 2022-12-31

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  Fund Benchmark
1 month -5.8 % -5.7 %
3 months 1.1 % 0.1 %
This year 2.8 % 1.4 %
2019 28.2 % 27.2 %
2020 -6.8 % -12.0 %
2021 20.7 % 23.6 %
1 year (on annual basis) 2.8 % 1.4 %
3 years (on annual basis) i 4.9 % 3.3 %
Since inception (on annual basis) i 10.4 % 8.8 %
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.However, for the calculation of the performance of 30 November 2021 the originally issued NAV of 1 December 2021 was used as the deviating NAV could not be calculated due to technical circumstances. Also for the calculation of the performance of 31 December 2021 the originally issued NAV of 3 January 2022 was used as the deviating NAV could not be calculated due to technical circumstances.Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

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Distributing
No

Risk analysis (ex post) per 2022-12-31

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  3 years Since inception
Maximum drawdown i -20.99 % -20.99 %
Tracking error i 2.72 % 2.52 %
Information ratio i 0.60 0.60
Beta i 0.96 0.97
Kempen (Lux) Global Listed Infrastructure 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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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.

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 Information 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 Van Lanschot Kempen Investment Management NV (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.

Geographic allocation (2022-12-31)

56.7 %
United States
7.0 %
Australia
4.9 %
Japan
4.6 %
Spain
4.1 %
Canada
4.1 %
Mexico
3.4 %
Brazil
2.9 %
United Kingdom
2.9 %
Italy
2.9 %
Malaysia
2.2 %
China
2.0 %
Cash
1.9 %
France
0.5 %
Cayman Islands
Total
100 %

Top 10 holdings (2022-12-31)

7.5 %
NextEra Energy
5.9 %
Transurban Group
5.9 %
American Tower Corp
4.5 %
Southern Company
4.1 %
Canadian Pacific Railway
3.9 %
American Electric Power
3.7 %
Sempra Energy
3.5 %
WEC Energy Group
3.4 %
Rumo
3.3 %
Williams Cos
Total
45.6 %

Sector allocation (2022-12-31)

47.8 %
Utilities
29.2 %
Industrial Goods & Services
8.6 %
Oil & Gas
6.9 %
Real Estate
1.9 %
Construction & Materials
1.9 %
Telecommunications
1.7 %
Travel & Leisure
2.0 %
Other
Total
100 %
Kempen (Lux) Global Listed Infrastructure 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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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.

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 Information 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 Van Lanschot Kempen Investment Management NV (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

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Management fee i
0.750 %
Service fee i
0.20 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
1.00 %
Kempen (Lux) Global Listed Infrastructure 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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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.

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 Information 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 Van Lanschot Kempen Investment Management NV (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

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Share class
AN i
Investor type
Private
Distributing
No
Benchmark i
FTSE Global Core Infrastructure 50/50 Index
Investment category
Infrastructure
Universe
Global equities
Inception date
2019-01-02
Domicile
Luxembourg
May be offered to all investors in
Belgium, France, Luxembourg, Netherlands, Switzerland, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Management company
Van Lanschot Kempen Investment Management NV
Depositary and custodian
BNP Paribas, Luxembourg Branch

Tradability

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Minimum subscription
Initial subscription €1
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU1890810655
Kempen (Lux) Global Listed Infrastructure 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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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.

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 Information 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 Van Lanschot Kempen Investment Management NV (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.
This Fund falls under the scope of Article 6 SFDR, which means that that Fund neither promotes environmental and/or social characteristics nor has a sustainable investment objective. The sustainability-related disclosures for the Fund are available in the Fund Prospectus and under https://www.kempen.com/en/asset-management/esg , in line with Article 6 and 7 SFDR.
Kempen (Lux) Global Listed Infrastructure 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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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.

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 Information 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 Van Lanschot Kempen Investment Management NV (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 Listed Infrastructure 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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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.

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 Information 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 Van Lanschot Kempen Investment Management NV (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.