- Kempen
- Kempen Lux Global Listed Infrastructure Fund Class BN
Kempen (Lux) Global Listed Infrastructure Fund - Class BN
Profile
The Fund primarily aims to generate a return in excess of FTSE Global Core Infrastructure 50/50 (the “Benchmarkâ€) in the long-term, comprising capital gains or losses plus net dividend.
Performance per 2021-02-28 (rebased)
Performance per 2021-02-28
Fund | Benchmark | |
---|---|---|
1 month | -1.8 % | -0.8 % |
3 months | -3.0 % | -2.9 % |
This year | -2.6 % | -2.0 % |
2019 | 5.1 % | 5.6 % |
2020 | -6.8 % | -12.0 % |
1 year (on annual basis) | -5.0 % | -9.3 % |
Since inception (on annual basis) i | -3.0 % | -5.7 % |
Key figures
Total fund size | EUR 47.17 M 2021-02-28 |
Share class size | EUR 0.56 M 2021-02-28 |
Number of shares | 24,273 2021-02-28 |
Net Asset Value i | EUR 25.39 2021-04-09 |
Turnover rate | 75.72 % |
Fund characteristics per 2021-02-28
Fund | Benchmark | |
---|---|---|
Number of holdings | 40 | 247 |
Dividend yield i | 2.85 % | 3.21 % |
Weighted average market capitalization i | EUR 33,667 M | EUR 31,384 M |
P/E ratio i | 20.54 | |
Active share i | 58.81 % |
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 2021-02-28
In the second half of February, the focus for US utilities shifted to Texas as half the power generation was shut down due to winter storms – pushing up wholesale electricity pricing. On the back of the news, US Utilities with Texas exposure started to underperform due to worries about significantly increased fuel prices and wind farms not able to generate electricity. However, our holdings AEP and Nextera stated that there was no material earnings impact and reiterated its guidance respectively.
The European listed tower players remain dynamic. Following the announcement that American Tower bought Telxius (communication towers in Spain and Germany), Cellnex (which reported strong results at the end of February) announced two deals and a rights issue to fund future growth in the first two months of 2021, while Vantage Towers, a spin-off of Vodafone, has announced its intention to float.
We have stated before that the lower cost of capital and wall of money have pushed up valuations in the private market -well ahead of the listed market. The valuation difference was highlighted twice in February. Brookfield offered an almost 25% premium for Inter Pipeline (IPL CA) and a 27% premium has been offered to take ASTM (Italian and LATAM tollroads) private.
In February, the Kempen (Lux) Global Infrastructure Fund underperformed the index by c.100bps (net return, Class I). The fund lost 1.8% in absolute terms in February. On a stock level, the biggest positive contribution came from:
1) Malaysia Airports (+16%) benefited from the re-opening trade;
2) China Gas (+14%) recovered from a weak January on no specific news; and
3) West Japan (+15%) reported decent Q3 results at the end of January with management focused on costs.
The biggest negative contribution came from:
1) Adani Ports (+32%) which we do not own as the company grew its market share in the India container market via an acquisition; and
2) Equinix (-12%) which reported 7-8% growth guidance with its results which was below its long-term 8-10% range, while it was also impacted by macro drivers; and
3) American Water (-10%) reported a good set of results but was also not immune for the reflation trade.
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. 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 February, we rotated from Rumo in CCR in Brazil, and built up a position in TC Energy, funded by selling Pembina.
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 2021-02-28 (rebased)
Performance per 2021-02-28
Fund | Benchmark | |
---|---|---|
1 month | -1.8 % | -0.8 % |
3 months | -3.0 % | -2.9 % |
This year | -2.6 % | -2.0 % |
2019 | 5.1 % | 5.6 % |
2020 | -6.8 % | -12.0 % |
1 year (on annual basis) | -5.0 % | -9.3 % |
Since inception (on annual basis) i | -3.0 % | -5.7 % |
Dividends
Distributing | Yes |
Last dividend | EUR 0.25 |
Ex-date last dividend | 2021-01-14 |
Number of distributions per year | 2 |
Dividend calendar |
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 (2021-02-28)
Contribution i | Performance i | |
---|---|---|
Malaysia Airports | 0.45 % | 15.83 % |
China Gas Holdings (P Chip) | 0.32 % | 14.10 % |
Williams Cos | 0.26 % | 7.60 % |
West Japan Railway | 0.25 % | 15.23 % |
Canadian Pacific Railway | 0.21 % | 6.59 % |
Bottom 5 contribution (2021-02-28)
Contribution i | Performance i | |
---|---|---|
NextEra Energy | -0.68 % | -8.58 % |
American Water Works Company | -0.37 % | -10.28 % |
Equinix | -0.28 % | -11.92 % |
American Tower Corp | -0.26 % | -4.67 % |
CCR | -0.24 % | -13.52 % |
Geographic allocation (2021-02-28)
Top 10 holdings (2021-02-28)
Sector allocation (2021-02-28)
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.
Ongoing charges
Management fee i | 0.750 % |
Service fee i | 0.20 % |
Taxe d'abonnement i | 0.05 % |
Expected ongoing charges i | 1 % |
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
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 | France, 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
Minimum subscription | Initial subscription €1 |
Listed | no |
Subscription/Redemption Frequency | Daily |
ISIN i | LU1890810812 |
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.
Factsheets
Annual Reports
Semi- Annual Reports
Key Investor Information
Sustainability related disclosures
Formal documents other
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:
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ESG integration: Ensuring sustainability risks and opportunities are adequately considered in our investment analysis and processes.
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Exclusion & avoidance: Not investing in companies involved in controversial activities or conduct.
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Active ownership: Being responsible stewards of our clients’ capital and using our influence through engagement and voting to improve corporate behaviour on specific ESG issues and achieve positive change
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Positive impact: Investing with an objective to achieve positive real world outcomes and impact, such as contributing to the UN Sustainable Development Goals.
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To put our mission and vision into practice we engage with our investee companies on a wide array of strategic, financial, and ESG topics. As an active owner we use our influence to improve our investee companies’ ESG performance. This helps us address some of the most pressing and important sustainability issues facing business and the world. Our focus themes for engagement are: human rights, labour rights, climate change and governance.
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Through collaboration with other investors and industry think tanks we contribute to the development of principles and standards of corporate responsibility both at sector levels, as well as investee company level.
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Our full voting records are available here.
Climate change
As a long-term investor, we believe climate change represents a systemic risk facing the economy, society and environment. We want to consider the risks and opportunities this presents to our investments in the coming decades. We have therefore set a long-term commitment (2050), a mid-term ambition (2030) and short-term objectives (2025).
- 2050 commitment: Net-zero investor.  Â
- 2030 ambition: To align with a Paris Agreement pathway (listed and non-listed investments) and Dutch Klimaatakkoord.  Â
- 2025 objectives: To align with a pathway towards achieving the Paris Agreement (listed investments) and Dutch Klimaatakkoord goals.[1]
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The Kempen climate change policy can be found here (under climate change policy).
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[1]We use carbon intensity as a metric to come to the pathway of net-zero emissions. As we care about the direction of travel and reduction of carbon emissions in the economy, it might be that the actual reducing trend may deviate from the suggested average trend line. The pathway is derived from the pathway of the EU Benchmarks.
Our fund approach to responsible investment
Kempen’s ESG policy is fully implemented in our fund’s investment process across the three relevant pillars of: Exclusion, Integration and Active ownership.
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1. Exclusion
In line with the general Kempen policy, the fund excludes all companies on the KCM exclusion- or avoidance list. Companies on these lists are either involved in the production of controversial weapons, derive a significant portion of their revenues from the production or distribution of tobacco, or have been involved in serious controversies. In addition, we exclude pure coal players and pure players involved in tar sands, as these activities have an adverse impact on climate change.
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2. 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
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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. We reward companies that integrate climate risks and opportunities into their organisation, and are able to move towards a low-carbon economy.
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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.
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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.
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3. Active ownership
With regard to climate change, we engage generally and take a sector-specific approach for the most carbon-intensive companies and sectors (e.g. oil and gas, utilities), as these count for the largest part of the global carbon emissions.
Risks
For more information about the mid and long term risks associated with the investments:
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ESG Report




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.