- Kempen
- Kempen Lux Global Listed Infrastructure Fund Class I
Kempen (Lux) Global Listed Infrastructure Fund - Class I
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 “Benchmarkâ€) in the long-term, comprising capital gains or losses plus net dividend.
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 2020-10-31 (rebased)
Performance per 2020-10-31
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| Fund | Benchmark | |
|---|---|---|
| 1 month | 0.7 % | -0.0 % |
| 3 months | 1.1 % | -0.1 % |
| This year | -10.1 % | -15.4 % |
| 2019 | 28.3 % | 27.2 % |
| 1 year (on annual basis) | -8.7 % | -13.5 % |
| Since inception (on annual basis) i | 8.1 % | 4.1 % |
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
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| Total fund size | EUR 41.50 M 2020-10-31 |
| Share class size | EUR 15.69 M 2020-10-31 |
| Number of shares | 13,607 2020-10-31 |
| Net Asset Value i | EUR 1,206.59 2020-12-01 |
| 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 2020-10-31
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| Fund | Benchmark | |
|---|---|---|
| Number of holdings | 37 | 248 |
| Dividend yield i | 2.91 % | 3.46 % |
| Weighted average market capitalization i | EUR 34,540 M | EUR 33,201 M |
| P/E ratio i | 24.19 | |
| Active share i | 60.30 % |
Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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.
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.
More information?
Developments per 2020-10-31
The MSCI World Index continued its decline in October and lost 2.5%. We were pleased to see that the diversification benefits of Listed Infrastructure within a portfolio became visible again. The FTSE Global Core Infrastructure Index ended flat in October. Utilities outperformed. The operational performance remains robust, while a lot were able to beat estimates and raise FY guidance. On the other hand, as restrictions were implemented again in many countries following the second wave of COVID-19, transport infrastructure underperformed. With the Q3 results, various airport operators lowered the expected number of passengers next year as the recovery seems to take longer.
In October, the Fund outperformed the index by c.70bps (net return, Class I). As such, the Fund outperformed the benchmark by c.470bps (net return) YTD. Overall, the Fund is down 10.1% (net return, Class I) in the first ten months of 2020, while still being up 15% since inception (or almost 9% annually).
On a stock level, the biggest positive contribution came from:
1) China Gas which was up almost 9% in October as it benefited from China’s pledge (made the end of September) to be carbon neutral by 2060;
2) PSEG extended its strong performance of September and reported decent Q3 results on October 30th; and
3) NextEra’s share price gained following comments of its CEO that it will not embark on a hostile takeover (as it was rumored to be interested in Duke Energy a few days earlier), while the company reported strong Q3 results.
The biggest negative contribution came from:
1) West Japan Railway as sentiment towards Japanese rails deteriorated on the concerns of a second wave of Corona infections. All Japanese rails stock were down 13-15% in the month;
2) American Electric Power, which is not in the portfolio, raised its outlook with the Q3 results and it seems to have nearly fully recovered from the negative headlines regarding alleged lobbying of a peer in Ohio earlier this year; and
3) Transurban underperformance was the result of the 2nd wave/lock down in Melbourne which is 30% of the 2020 revenue.
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 October, we rotated from Airports of Thailand to Malaysia Airport, and sold SNAM to fund our position in Terna.
In October, the Fund outperformed the index by c.70bps (net return, Class I). As such, the Fund outperformed the benchmark by c.470bps (net return) YTD. Overall, the Fund is down 10.1% (net return, Class I) in the first ten months of 2020, while still being up 15% since inception (or almost 9% annually).
On a stock level, the biggest positive contribution came from:
1) China Gas which was up almost 9% in October as it benefited from China’s pledge (made the end of September) to be carbon neutral by 2060;
2) PSEG extended its strong performance of September and reported decent Q3 results on October 30th; and
3) NextEra’s share price gained following comments of its CEO that it will not embark on a hostile takeover (as it was rumored to be interested in Duke Energy a few days earlier), while the company reported strong Q3 results.
The biggest negative contribution came from:
1) West Japan Railway as sentiment towards Japanese rails deteriorated on the concerns of a second wave of Corona infections. All Japanese rails stock were down 13-15% in the month;
2) American Electric Power, which is not in the portfolio, raised its outlook with the Q3 results and it seems to have nearly fully recovered from the negative headlines regarding alleged lobbying of a peer in Ohio earlier this year; and
3) Transurban underperformance was the result of the 2nd wave/lock down in Melbourne which is 30% of the 2020 revenue.
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 October, we rotated from Airports of Thailand to Malaysia Airport, and sold SNAM to fund our position in Terna.
Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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.
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.
More information?
Performance per 2020-10-31 (rebased)
Performance per 2020-10-31
Slide to see more
| Fund | Benchmark | |
|---|---|---|
| 1 month | 0.7 % | -0.0 % |
| 3 months | 1.1 % | -0.1 % |
| This year | -10.1 % | -15.4 % |
| 2019 | 28.3 % | 27.2 % |
| 1 year (on annual basis) | -8.7 % | -13.5 % |
| Since inception (on annual basis) i | 8.1 % | 4.1 % |
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.
Dividends
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| Distributing | No |
Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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.
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.
More information?
Top 5 contribution (2020-10-31)
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| Contribution i | Performance i | |
|---|---|---|
| NextEra Energy | 0.48 % | 6.23 % |
| Public Services Enterprise Group | 0.28 % | 6.61 % |
| China Gas Holdings (P Chip) | 0.22 % | 8.61 % |
| Alliant Energy | 0.21 % | 8.48 % |
| Edison | 0.21 % | 10.97 % |
Bottom 5 contribution (2020-10-31)
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| Contribution i | Performance i | |
|---|---|---|
| Transurban Group | -0.45 % | -5.93 % |
| Union Pacific | -0.28 % | -9.39 % |
| West Japan Railway | -0.26 % | -12.51 % |
| American Tower Corp | -0.25 % | -4.33 % |
| Airports of Thailand | -0.14 % | -8.29 % |
Geographic allocation (2020-10-31)
55.5 %
United States
7.4 %
Australia
6.2 %
Canada
4.1 %
Spain
3.3 %
Japan
3.1 %
Philippines
3.1 %
United Kingdom
2.8 %
Italy
2.5 %
Bermuda
2.4 %
Brazil
2.4 %
France
2.3 %
China
2.2 %
Malaysia
1.6 %
Mexico
0.9 %
Cash
0.4 %
Thailand
Total
100 %
Top 10 holdings (2020-10-31)
8.0 %
NextEra Energy
7.4 %
Transurban Group
6.0 %
American Tower Corp
4.0 %
Public Services Enterprise Group
3.8 %
American Water Works Company
3.2 %
Entergy Corp
3.2 %
Eversource Energy
3.2 %
Canadian Pacific Railway
3.1 %
International Container Terminal Service
3.1 %
National Grid
Total
44.9 %
Sector allocation (2020-10-31)
43.0 %
Utilities
26.9 %
Industrial Goods & Services
13.5 %
Oil & Gas
8.4 %
The United States
2.9 %
Telecommunications
2.4 %
Construction & Materials
1.9 %
Travel & Leisure
0.9 %
Other
Total
100 %
Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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.
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.
More information?
Ongoing charges
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| Management fee i | 0.70 % |
| Service fee i | 0.20 % |
| Taxe d'abonnement i | 0.01 % |
| Expected ongoing charges i | 0.91 |
Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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.
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.
More information?
Share class details
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| Share class | I i |
| Investor type | Institutional |
| Distributing | No |
| Benchmark i | FTSE Global Core Infrastructure 50/50 Index |
| Investment category | Infrastructure |
| Universum | Global equities |
| Inception date | 2019-01-02 |
| Domicile | Luxembourg |
| May be offered to professional investors only in | Luxembourg, Switzerland, The Netherlands, United Kingdom |
| UCITS status i | Yes |
| Status | Open-end i |
| Base currency | EUR |
| Share class currency | 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: €50,000, additional subscriptions: €10,000 |
| Listed | no |
| Subscription/Redemption Frequency | Daily |
| ISIN i | LU1890810903 |
Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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.
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.
More information?
Factsheets
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Annual Reports
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Semi- Annual Reports
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Key Investor Information
Formal documents other
Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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.
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.
More information?
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.
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
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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.
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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.
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 Partiesâ€), 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
Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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.
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.
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Kempen & Co is a trade name of Van Lanschot Kempen Wealth Management NV. Both Van Lanschot Kempen Wealth Management NV and Kempen Capital Management NV are part of Van Lanschot Kempen NV