Kempen (Lux) Global Listed Infrastructure Fund - Class J-GBP

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 2022-04-30 (rebased)

No chart data available

Performance per 2022-04-30

No performance data available
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 135.55 M 2022-04-30
Share class size
GBP 1.77 M 2022-04-30
Number of shares
1,692 2022-04-30
Net Asset Value i
GBP 1,035.45 2022-05-20
Turnover rate
75.72 %

Fund characteristics per 2022-04-30

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  Fund Benchmark
Number of holdings 36 238
Dividend yield i 2.45 % 2.80 %
Weighted average market capitalization i EUR 45,322 M EUR 41,059 M
P/E ratio i 21.42
Active share i 54.33 %

Developments per 2022-04-30

Following the strong performance of the listed infrastructure sector in March, the FTSE Global Core Infrastructure 50/50 index continued its upward trend in April – albeit more modest with +1.6% (vs. -3.3% for the MSCI World Index). The positive performance in April was mainly driven by Europe, Australia and Japan, while the strengthening of the dollar contributed too.

The Fund, was up 0.8% in April, lacking the benchmark by c.80bps (net). Despite the underperformance last month, the Fund is still ahead of the benchmark YTD, while generating a 7.9% absolute (net) return in the first four month of 2022. Strong share price development of Pipeline stocks in the US, but also by Emerging Market infrastructure companies and Utilities in Europe contributed mainly to the overall return YTD.

On a stock level, the biggest positive contribution in April came from:
1) Williams (+8%) which performed strongly into its Q1 results as gas prices remain elevated;
2) Entergy (+7%) reported its Q1 results at the end of April with positive equity and securitization progress; and
3) Tokyo Gas (10%) on no company specific news.

The biggest negative contributions came from
1) Atlantia (+21%) which we don’t own as it received a EUR 23/share offer by the Benetton family and Blackstone to take the company private;
2) NextEra (-12%) traded lower as the investigation of Department of Commerce regarding anticircumvention of solar panels weighs on renewable companies in the US, including NextEra. NextEra potentially has to delay 2.1-2.8GW of solar and storage projects, but reiterated its 2022 and mid-term guidance; and
3) Union Pacific (-10%) reported decent Q1 results, but pressure from rising fuel prices in 2022 and recent service challenges impacted share price in April.

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.

Performance per 2022-04-30 (rebased)

No chart data available

Performance per 2022-04-30

No performance data available
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

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Distributing
Yes
Number of distributions per year
4
Dividend calendar

Top 5 contribution (2022-04-30)

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  Contribution i Performance i
Transurban Group 0.35 % 5.58 %
Williams Cos 0.29 % 8.25 %
Entergy Corp 0.24 % 7.46 %
Xcel Energy 0.20 % 7.15 %
American Electric Power 0.20 % 4.82 %

Bottom 5 contribution (2022-04-30)

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  Contribution i Performance i
NextEra Energy -0.74 % -11.57 %
Union Pacific -0.41 % -9.56 %
Aena SME -0.29 % -9.65 %
CCR -0.16 % -7.70 %
West Japan Railway -0.15 % -6.47 %

Geographic allocation (2022-04-30)

57.2 %
United States
6.7 %
Australia
6.3 %
Spain
4.0 %
Japan
3.8 %
Canada
3.3 %
Philippines
2.8 %
Malaysia
2.7 %
United Kingdom
2.5 %
France
2.4 %
Mexico
2.4 %
China
2.1 %
Brazil
3.7 %
Other
Total
100 %

Top 10 holdings (2022-04-30)

6.7 %
Transurban Group
5.8 %
NextEra Energy
4.6 %
American Electric Power
4.3 %
Sempra Energy
4.2 %
American Tower Corp
3.7 %
Union Pacific
3.6 %
Williams Cos
3.6 %
Entergy Corp
3.6 %
Cheniere Energy
3.4 %
WEC Energy Group
Total
43.6 %

Sector allocation (2022-04-30)

45.9 %
Utilities
30.0 %
Industrial Goods & Services
8.8 %
Oil & Gas
7.4 %
Real Estate
2.5 %
Construction & Materials
2.4 %
Travel & Leisure
2.4 %
Telecommunications
0.6 %
Other
Total
100 %

Environmental and/or social characteristics promoted

The Kempen Global Listed Infrastructure Fund (the “Fund”) falls under the scope of article 8 of the SFDR which means that the Sub-Fund promotes environmental and/or social characteristics. By investing in infrastructure companies, clients benefit from exposure to a niche sector that offers predictable cash flows, inflation protection and diversification. The Fund believes that this asset class will enjoy secular growth, driven by digitalization, demographic changes and the energy transition.

The sector plays a key role in facilitating the global move towards a lower carbon eneRgy system (with Sustainable Development Goals Clean Energy (SDG 7) and Climate Action (SDG 13). The Fund therefore commits to the climate goals of the Paris Agreement and Dutch Climate Accord. This encompasses short-term (2025) objectives, a mid-term (2030) ambition and a long-term commitment to be net zero by 2050.

Fund carbon emission targets

ESG Investment process

The promotion of environmental and/or social characteristics is achieved through the consistent implementation of the funds ESG policy. The ESG policy is fully implemented in our strategy’s investment process across the three relevant pillars of: Exclusion, ESG integration and Active ownership.

In the investment process we assess the ESG profile of a company. We look at each company on a case-by-case basis, taking into account material risks in a given industry in combination with the company’s respective risk exposure, practices and disclosure. This includes an assessment of good governance practices. The investee companies are rated for governance aspects using external research as well as making internal assessments.Furthermore, we look into the company’s exposure to past controversies and future ESG opportunities. Based on the fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile and award a score (1-5). We apply adequate due diligence measures when selecting the assets and such due diligence measures take into account sustainability risk and ESG related risks as it could help to enhance long-term risk adjusted returns for investors, in accordance with the investment objectives of the Fund.

Exclusion

The Fund applies exclusion criteria. These take into account international standards, such as UN Global Compact Framework, the OECD Guidelines for Multinational Enterprises, UN Guiding Principles for Business and Human Rights, and our Principles for Responsible Investment commitments. The Fund applies additional exclusion criteria based on product involvement and business conduct.

Key figures

  Kempen criteria Additional criteria
Business conduct
Human Rights
Labour
Environment
Anti Corruption
Product involvement
Controversial Weapons
Tobacco
Thermal Coal
Tar Sands
Adult Entertainment
Alcohol
Animal Welfare & GMO
Gambling
Power Generation Nuclear
Power Generation Carbon Intensive
(Un)conventional Oil & Gas Extraction
Weaponry

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
0.700 %
Service fee i
0.20 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0.91%

Share class details

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Share class
J-GBP
Investor type
Institutional
Distributing
Yes
Benchmark i
FTSE Global Core Infrastructure 50/50 Index
Investment category
Infrastructure
Universum
Global equities
Inception date
2022-03-22
Domicile
Luxembourg
May be offered to professional investors only in
Luxembourg, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
GBP
Administrator
BNP Paribas Securities Services S.C.A., Luxembourg branch
Management company
Kempen Capital Management N.V.
Depositary and custodian
BNP Paribas Securities Services S.C.A., Luxembourg branch

Tradability

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Minimum subscription
Initial subscription: €50,000 additional subscriptions: €10,000
Listed
no
ISIN i
LU1890811208