Kempen (Lux) Global Listed Infrastructure Fund - Class BN

Profile

Kempen International Funds SICAV - Kempen (Lux) Global Listed Infrastructure Fund (the Fund) has the objective to offer Investors the opportunity to invest in an actively and professionally managed portfolio of listed infrastructure companies globally.

The Fund primarily aims to generate a return in excess of FTSE Global Core Infrastructure 50/50 (the “Benchmark”) in the long-term, comprising capital gains or losses plus net dividend.

Management team

Thomas van der Meij, Jags Walia

Performance per 2020-06-30 (rebased)

No chart data available

Performance per 2020-06-30

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  Fund Benchmark
1 month -1.4 % -3.0 %
3 months 10.8 % 7.7 %
This year -8.8 % -13.4 %
2019 5.1 % 5.6 %
Since inception (on annual basis) i -4.1 % -8.5 %
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 33.62 M 2020-06-30
Share class size
EUR 0.33 M 2020-06-30
Number of shares
13,955 2020-06-30
Net Asset Value i
EUR 22.84 2020-08-03
Turnover rate
75.72 %
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 2020-06-30

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  Fund Benchmark
Number of holdings 38 248
Dividend yield i 3.13 % 3.65 %
Weighted average market capitalization i EUR 36,333 M EUR 33,064 M
P/E ratio i 23.48 21.08
Active share i 58.96 %
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. 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.

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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, 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 2020-06-30

With June being over, we are halfway our three year track-record! We have been invested since early 2019, experienced a strong bull-market in the first year, followed by a much more volatile 2020 given COVID-19 and the potential economic consequences. We are proud that the fund is still up in absolute terms since inception and that we have been able to show strong relative performance. Although the track-record is arguably short, the fund has been able to outperform in both down- and up-markets, while the sector has been more defensive than equities in general.

In June, the FTSE Global Listed Infrastructure 50/50 index was down 2.9%, erasing the gain in May, while the Kempen (Lux) Global Infrastructure Fund outperformed the index by c.150bps (net return). As such, the fund outperformed the index by c.430bps (net return) since the start of the year. Overall, the fund is down 8.7% (net return) in 1H20

On a stock level, the biggest positive contribution came from 1) ICT (+51bps) as EU and US were easing restrictions, the shipping volumes / port traffic were not getting hit as hard as feared in Q2, 2) Cellnex (+24bps) was also up 7% as ADIA, one of its main shareholders, increased its stake in the company to 7%, and 3) Snam (+15bps) joined a consortium to reach a deal with the Abu Dhabi National Oil Company (ADNOC), to buy a 49% stake in 38 pipelines in the UAE. The deal is valued at $10.1bn.

The biggest negative contribution came from 1) China Gas’s (-25bps) share price fell 12% post its FY results as investors are worried about the negative free cash flow, growth deceleration and new LPG micro-pipeline network business, 2) West Japan (-14bps) as demand has been impacted by COVID-19, and FirstEnergy (-14bps) traded lower on no specific company news.

The Kempen infrastructure investment strategy strikes the balance between qualitative and quantitative 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 key 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. The Global portfolio has 12 clusters. Examples are Australia, NA Pipelines and European utilities. The portfolio weight of each cluster is approximately equal to the cluster’s benchmark weight. This ensures a diversified portfolio and neutralizes currency and macro-economic exposure versus the benchmark.

In June, we reduced our exposure to ENN Energy in China and Pembina in Canada, and used the proceeds to invest in China Gas and Enbridge.

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. 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.

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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, 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 2020-06-30 (rebased)

No chart data available

Performance per 2020-06-30

Slide to see more
  Fund Benchmark
1 month -1.4 % -3.0 %
3 months 10.8 % 7.7 %
This year -8.8 % -13.4 %
2019 5.1 % 5.6 %
Since inception (on annual basis) i -4.1 % -8.5 %
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
Yes
Last dividend
EUR 0.25
Ex-date last dividend
2020-01-16
Number of distributions per year
2
Dividend calendar
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. 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.

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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, 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 (2020-06-30)

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  Contribution i Performance i
International Container Terminal Service 0.49 % 17.39 %
Cellnex Telecom 0.21 % 6.62 %
Transurban Group 0.16 % 2.71 %
National Grid 0.15 % 5.85 %
Snam 0.13 % 6.98 %

Bottom 5 contribution (2020-06-30)

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  Contribution i Performance i
NextEra Energy -0.49 % -6.42 %
China Gas Holdings (P Chip) -0.40 % -12.52 %
Firstenergy Corp. -0.29 % -8.94 %
West Japan Railway -0.20 % -13.42 %
Williams Cos -0.20 % -5.71 %

Geographic allocation (2020-06-30)

54.1 %
United States
7.3 %
Australia
6.2 %
Canada
3.8 %
Japan
3.4 %
Italy
3.4 %
Spain
3.1 %
Philippines
2.8 %
United Kingdom
2.6 %
Thailand
2.6 %
Bermuda
2.3 %
Brazil
2.2 %
China
2.2 %
France
2.0 %
Mexico
0.4 %
Cayman Islands
1.4 %
Cash
Total
100 %

Top 10 holdings (2020-06-30)

7.5 %
NextEra Energy
7.3 %
Transurban Group
6.6 %
American Tower Corp
3.8 %
XCEL Energy
3.6 %
American Water Works Company
3.6 %
Public Services Enterprise Group
3.6 %
Firstenergy Corp.
3.5 %
Union Pacific
3.4 %
Williams Cos
3.2 %
CMS Energy
Total
46.0 %

Sector allocation (2020-06-30)

43.3 %
Utilities
28.0 %
Industrial Goods & Services
11.3 %
Oil & Gas
9.2 %
The United States
2.9 %
Telecommunications
2.2 %
Construction & Materials
1.6 %
Travel & Leisure
1.4 %
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. 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.

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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, 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

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Management fee i
0.75 %
Service fee i
0.20 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
1 %
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. 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.

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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, 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

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Share class
BN i
Investor type
Private
Distributing
Yes
Benchmark i
FTSE Global Core Infrastructure 50/50 Index
Investment category
Infrastructure
Universum
Global equities
Inception date
2019-08-01
Domicile
Luxembourg
May be offered to all investors in
Luxembourg, 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.

Tradability

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Minimum subscription
Initial subscription €1
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU1890810812
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. 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.

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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, 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 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. 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.

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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, 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's vision & mission

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

Kempen wide approach to responsible investment

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

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

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

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

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

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

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

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Our full voting records are available here.

Our fund approach to responsible investment

Kempen’s ESG policy is fully implemented in our fund’s investment process with the key pillar being our approach to ESG integration.

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1. ESG integration

The Kempen Global Listed Infrastructure Fund has purposefully designed its investment process to systematically embed ESG risks and opportunities since inception.

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The investment philosophy of the fund is to generate long-term alpha using three simple pillars – Optimizing the Risk/Return equation, Management Quality, and ESG performance. As part of the ESG pillar, our fund is positioned to benefit from developments arising from action on climate change, including the ambitions laid out in COP24 in late 2018 (pressing towards 1.5OC), and from support for several of the 17 UN Sustainable Development Goals set out in 2015.

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Some high-level examples of how the portfolio integrates ESG considerations include:Â

  • Environmental - Our low carbon investments in the Energy, Utilities and Transportation sectors are consistent with Article 8 of COP21, which encourages stakeholders to participate in the energy transition and Article 2 of COP21, which encourage low carbon investments.

  • Social – Our portfolio’s investments in Utilities (renewables capacity), Power transmission (addressing energy poverty), and Transportation (Road & Rail infrastructure) are all consistent with UN Sustainable Development Goal 7 relating to Clean Energy, and Goal 9 relating to the build out of resilient Infrastructure.

  • Governance - Finally, Governance structures, alignment, and governance history, contribute directly into our framework for assessing management quality. This is integrated into every single investment we have, across all sectors.

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Our team brings with it extensive experience in successfully engaging with companies on ESG issues, connections with broad ESG networks that include a number of NGOs (Green Peace, Human Rights Watch, Amnesty International), and recognition from opinion leaders on sustainability issues such as 45th Vice President of the United States, Al Gore.

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 Parties”), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
ESG Report
Screening MSCI ESG Research
Screening MSCI ESG Research
UN global impact
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disclaimer
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. 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.

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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, 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.