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 “Benchmark”) in the long-term, comprising capital gains or losses plus net dividend.

Management team

Thomas van der Meij, Jags Walia

Performance per 2019-04-30 (rebased)

No chart data available

Performance per 2019-04-30

Slide to see more
  Fund Benchmark
1 month 0.8 % 0.9 %
3 months 7.6 % 8.1 %
This year 15.3 % 16.0 %
Since inception (on annual basis) i 15.3 % 16.0 %
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

Slide to see more
Total fund size
EUR 9.29 M 2019-04-30
Share class size
EUR 5.77 M 2019-04-30
Number of shares
5,000 2019-04-30
Net Asset Value i
EUR 1,163.71 2019-05-24

Fund characteristics per 2019-04-30

Slide to see more
  Fund Benchmark
Number of holdings 48 227
Dividend yield i 2.86 % 3.34 %
Weighted average market capitalization i EUR 28,484 M EUR 30,665 M
P/E ratio i 21.02 19.00
Active share i 59.87 %
Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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.

Market developments per 2019-04-30

The infrastructure index was up 0.9% in April, continuing the positive performance of 15% in Q1. The performance of the Fund is in line with the index. Global utilities were up 1% in April, supported by Electric Utilities (+1.5%) and Water Utilities (+2.1%), partly offset by Gas Utilities (-2.1%). Transport stocks were up, except for ports (-3.4%) as mainly Chinese ports were impacted by news flow of the US-China trade war. Freight rail was up strongly (+6.4%), followed by airports (+2.3%) and toll roads (+2.1%). Communication infrastructure was slightly down with 40bps.

Largest positive attribution for the Fund came from 1) DP World (19bps), which gained 25% in April as it announced that China will invest USD3.4bn in two Dubai-based trading facilities, more than offsetting the China tariff news which is negatively impacting sentiment for the port operators in general, 2) Vinci (12bps) as it benefited from strong Q1 results, and remains one of the strong performance in Europe and still has to potential to re-rate further in our view, and 3) Canadian Pacific Railway (9bps) which also gained after its Q1 results. Although the results were weak due to extreme weather, management reiterated its bullish guidance.

In terms of relative performance of the clusters, our EM Other cluster, obviously supported by DP World, and Multi Utilities contributed the most. The latter was impacted by strong performance of American Water and Sempra Energy.

The largest negative attribution for the Fund was driven by 1) Kansai (-22bps) as the Japanese Nuclear Regulatory Authority said if nuclear reactors additional safety measures (i.e. protection against terrorist attacks) are not in place by end 2020 then the reactor can’t start. Obviously it is better to start one year later and be safe, but the bad news is that the earnings ramp later, meaning the dividend increase the market wanted will also be a year later. In addition, 2) Cheniere Energy (-16bps) underperformed, for which no specific news out and the company will report Q1 results early May, and 3) Aena (-10bps) which we don't own but was up 6.7% in April as the company increased its passenger guidance to 3.7% (was 2%).

The two clusters that contributed the least were NA Pipelines (-38bps) as Cheniere was down and Transcanada up because of one positive news item on their big Keystone XL project, and US Electric (-14bps).

Portfolio developments per 2019-04-30

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, North American 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 terms of portfolio changes we reduced our exposure to Sempra, and rotated into Centerpoint.
Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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 2019-04-30 (rebased)

No chart data available

Performance per 2019-04-30

Slide to see more
  Fund Benchmark
1 month 0.8 % 0.9 %
3 months 7.6 % 8.1 %
This year 15.3 % 16.0 %
Since inception (on annual basis) i 15.3 % 16.0 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

Slide to see more
Distributing
No
Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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 (2019-04-30)

Slide to see more
  Contribution i Performance i
DP World 0.28 % 23.69 %
Canadian Pacific Railway 0.14 % 8.27 %
Vinci 0.14 % 5.61 %
Union Pacific Corp 0.13 % 5.95 %
CSX Corp 0.10 % 6.61 %

Bottom 5 contribution (2019-04-30)

Slide to see more
  Contribution i Performance i
Kansai Elec Power -0.29 % -17.96 %
Cheniere Energy -0.13 % -5.70 %
China Gas Holdings (P Chip) -0.10 % -8.13 %
Tokyo Gas -0.09 % -5.72 %
Rumo S.A. -0.07 % -6.85 %

Geographic allocation (2019-04-30)

51.4 %
United States
7.7 %
Canada
6.2 %
Australia
4.4 %
Japan
3.5 %
France
3.0 %
United Kingdom
2.7 %
Denmark
2.3 %
Thailand
2.2 %
China
2.1 %
Cayman Islands
2.1 %
Brazil
2.1 %
Mexico
1.9 %
Italy
1.9 %
Philippines
1.3 %
U.A.E.
1.2 %
Switzerland
1.2 %
Malaysia
1.2 %
Spain
1.1 %
Bermuda
0.7 %
Cash
Total
100 %

Top 10 holdings (2019-04-30)

6.8 %
NextEra Energy Inc
6.2 %
Transurban Group
3.8 %
XCEL Energy
3.6 %
Public Services Enterprise Group
3.5 %
Eversource Energy
3.4 %
Williams Cos
3.1 %
Evergy
3.0 %
CMS Energy Corp
3.0 %
SBA Communications
2.8 %
Pembina Pipeline
Total
39.2 %

Sector allocation (2019-04-30)

45.1 %
Utilities
29.0 %
Industrial Goods & Services
12.5 %
Oil & Gas
7.5 %
The United States
2.6 %
Construction & Materials
1.4 %
Travel & Leisure
1.2 %
Telecommunications
0.7 %
Other
Total
100 %
Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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

Slide to see more
Management fee i
0.70 %
Service fee i
0.20 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0.91

Other costs

Slide to see more
Upward swing factor i
0.30 %
Downward swing factor i
0.20 %
Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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

Slide to see more
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, 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

Slide to see more
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-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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.

KCM Vision

Kempen Capital Management is an asset manager with a long-term investment approach. We strongly believe in engaged shareholdership that benefits all stakeholders. As a long-term responsible investor, we firmly believe that active ownership and shareholder engagement contribute to positive change across the board.

Our KCM wide approach to responsible investment

To put our vision into action we engage with our investment targets on a wide array of strategic, financial, environmental, social and governance (ESG) topics. Our long-term investment worldview paired with thorough analysis and an experienced and diverse ESG team allow us to use both voting and engagement as means to consistently encourage positive change. Through this process of constructive engagement, we are able to contribute to the development of principles and standards of corporate responsibility within companies that we invest in. Our full voting records are available here.

Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

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.