- 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 2019-10-31 (rebased)
Performance per 2019-10-31
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| Fund | Benchmark | |
|---|---|---|
| 1 month | -1.7 % | -1.5 % |
| 3 months | 3.6 % | 3.3 % |
| This year | 26.3 % | 24.4 % |
| Since inception (on annual basis) i | 26.3 % | 24.4 % |
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 17.85 M 2019-10-31 |
| Share class size | EUR 6.98 M 2019-10-31 |
| Number of shares | 5,529 2019-10-31 |
| Net Asset Value i | EUR 1,262.55 2019-11-20 |
Fund characteristics per 2019-10-31
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| Fund | Benchmark | |
|---|---|---|
| Number of holdings | 42 | 252 |
| Dividend yield i | 2.75 % | 3.25 % |
| Weighted average market capitalization i | EUR 33,536 M | EUR 33,291 M |
| P/E ratio i | 22.62 | 19.73 |
| Active share i | 62.19 % |
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.
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.
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?
Market developments per 2019-10-31
Our global listed infrastructure fund performed in line with the index in September. The index was down 1.5% in October, underperforming global equities as we saw a rotation out of some of the more defensive sectors.
The performance of European Utilities (up 2.7% in October) and Hong Kong (2.4%) was more than offset by mainly the US market as NA Pipelines (-4.1%), US Electric (-3.2%) and US Reits (-2.7%) were down for the month. The outperformance of the Fund was driven by the following clusters: European Trans/Comm, Hong Kong and EM Other, which was partly offset by underperformance in US Electric and US Reits.
On a stock level, the largest positive attribution for the Fund came from 1) Cellnex (+25bps) as it announced the purchase of UK tower company Aqiva and despite the large equity increase, 2) Airports of Thailand (+25bps) as it reported better than expected passenger numbers, mainly from China, and 3) China Gas (+22bps) which still benefited from the broker upgrades in September, driven by the expected completion of two Russian gas pipelines into China by December.
The largest negative attribution came from 1) Edison International (-32bps) as risk averse behavior in the wild fire season put pressure on the share price, we reduced our exposure pro-actively, limiting the impact on the Fund, 2) Williams (-15bps) on no specific company news, but the NA Pipeline sector was weak in general (see above), and 3) Tokyo Gas (-13bps) as management lowered the guidance for this year, driven by one-offs, but left its 2020 targets unchanged.
The performance of European Utilities (up 2.7% in October) and Hong Kong (2.4%) was more than offset by mainly the US market as NA Pipelines (-4.1%), US Electric (-3.2%) and US Reits (-2.7%) were down for the month. The outperformance of the Fund was driven by the following clusters: European Trans/Comm, Hong Kong and EM Other, which was partly offset by underperformance in US Electric and US Reits.
On a stock level, the largest positive attribution for the Fund came from 1) Cellnex (+25bps) as it announced the purchase of UK tower company Aqiva and despite the large equity increase, 2) Airports of Thailand (+25bps) as it reported better than expected passenger numbers, mainly from China, and 3) China Gas (+22bps) which still benefited from the broker upgrades in September, driven by the expected completion of two Russian gas pipelines into China by December.
The largest negative attribution came from 1) Edison International (-32bps) as risk averse behavior in the wild fire season put pressure on the share price, we reduced our exposure pro-actively, limiting the impact on the Fund, 2) Williams (-15bps) on no specific company news, but the NA Pipeline sector was weak in general (see above), and 3) Tokyo Gas (-13bps) as management lowered the guidance for this year, driven by one-offs, but left its 2020 targets unchanged.
Portfolio developments per 2019-10-31
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 macroeconomic exposure versus the benchmark.
In October, we sold our investment in Kansai, and reinvested the capital in Tokyo Gas. In addition, we reduced our position in Edison International.
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 macroeconomic exposure versus the benchmark.
In October, we sold our investment in Kansai, and reinvested the capital in Tokyo Gas. In addition, we reduced our position in Edison International.
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.
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.
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 2019-10-31 (rebased)
Performance per 2019-10-31
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| Fund | Benchmark | |
|---|---|---|
| 1 month | -1.7 % | -1.5 % |
| 3 months | 3.6 % | 3.3 % |
| This year | 26.3 % | 24.4 % |
| Since inception (on annual basis) i | 26.3 % | 24.4 % |
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.
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.
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 (2019-10-31)
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| Contribution i | Performance i | |
|---|---|---|
| China Gas Holdings (P Chip) | 0.22 % | 7.96 % |
| Airports of Thailand | 0.19 % | 6.02 % |
| Grupo Aeroportuario del Centro Norte | 0.12 % | 14.64 % |
| National Grid | 0.11 % | 4.77 % |
| ENN Energy Holdings (P Chip) | 0.07 % | 8.23 % |
Bottom 5 contribution (2019-10-31)
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| Contribution i | Performance i | |
|---|---|---|
| Edison | -0.56 % | -18.90 % |
| Williams Cos | -0.28 % | -9.49 % |
| Pembina Pipeline | -0.21 % | -6.67 % |
| American Tower Corp | -0.19 % | -3.66 % |
| Centerpoint Energy | -0.19 % | -5.84 % |
Geographic allocation (2019-10-31)
53.3 %
United States
6.8 %
Canada
6.2 %
Australia
4.1 %
Japan
3.5 %
Italy
3.4 %
Thailand
3.0 %
Bermuda
3.0 %
Spain
2.5 %
United Kingdom
2.5 %
France
2.4 %
Brazil
2.4 %
Philippines
2.1 %
Mexico
1.5 %
China
0.9 %
Cayman Islands
0.4 %
U.A.E.
0.4 %
Denmark
0.4 %
Switzerland
1.0 %
Cash
Total
100 %
Top 10 holdings (2019-10-31)
7.3 %
NextEra Energy
6.2 %
Transurban Group
5.5 %
American Tower Corp
4.4 %
American Electric Power
3.8 %
XCEL Energy
3.8 %
Public Services Enterprise Group
3.6 %
Eversource Energy
3.5 %
American Water Works Company
3.4 %
Airports of Thailand
3.3 %
CSX
Total
44.7 %
Sector allocation (2019-10-31)
45.5 %
Utilities
26.3 %
Industrial Goods & Services
12.3 %
Oil & Gas
7.6 %
The United States
3.0 %
Telecommunications
2.5 %
Construction & Materials
1.7 %
Travel & Leisure
1.0 %
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.
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.
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 |
Other costs
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| Upward swing factor i | 0.30 % |
| Downward swing factor i | 0.20 % |
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.
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.
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.
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.
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.
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.
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.
ESG Report
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.
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.
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?
