Kempen (Lux) Global Property Fund - Class AN

Profile

Kempen International Funds SICAV - Kempen (Lux) Global Property Fund (the Fund) has the objective to achieve strong relative investment results by investing in a concentrated portfolio of listed global property companies.

The Fund is managed on the basis of a bottom-up stock picking approach. The Fund's strategy is to exploit mispricings between the valuation of property companies in relation to the quality of their real estate portfolios, balance sheets, corporate governance and management capability to add value to the property portfolio.

Management team

Matthijs Storm, Egbert Nijmeijer, Lucas Vuurmans, Anna Niegowska, Jorrit Arissen, Dan Petrisor

Performance per 2018-04-30 (rebased)

No chart data available

Performance per 2018-04-30

Slide to see more
  Fund Benchmark
1 month 3.9 % 3.8 %
3 months 1.3 % 0.4 %
This year -2.2 % -3.3 %
2015 13.2 % 10.5 %
2016 9.0 % 7.2 %
2017 0.2 % -3.1 %
3 years (on annual basis) i 2.8 % 0.2 %
Since inception (on annual basis) i 9.2 % 6.4 %
Before 1 October 2014 the Fund had a different name and investment policy: Kempen (Lux) European Property Fund. The Fund also had a different ISIN code. As a result the performance before 1 October 2014 is not representative and will therefore not be shown. Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future. For the calculation of the performance figures a deviant net asset value (NAV) is used. The NAV is calculated based on the closing prices of the Fund investments per 29 March 2018, in contrast of the original NAV issued, that partly is calculated based on the closing prices of 2 April 2018 (North America) and calculated based on ‘snapshots’ prices of 3 April 2018 (Asian and Pacific investments). The deviating NAV is used for better comparison with the benchmark that is also calculated based on the closing prices of the investments.
More information can be found on the documents page of this fund

Key figures

Slide to see more
Total fund size
EUR 69.40 M 2018-04-30
Number of shares
30,361 2018-04-30
Net Asset Value i
EUR 65.37 2018-05-18
Morningstar rating â„¢

Fund characteristics per 2018-04-30

Slide to see more
  Fund Benchmark
Number of holdings 47 331
Dividend yield i 3.85 % 4.00 %
Weighted average market capitalization i EUR 13,028 M EUR 11,132 M
P/E ratio i 14.86 14.57
Active share i 71.61 %
Kempen (Lux) Global Property 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.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Market developments per 2018-04-30

In a rising Global real estate market the Fund outperformed its benchmark. Relative performance was generated in US industrials through a position in DCT Industrial, which received a take-over bid and rose 20%. Relative performance was also generated in US offices where portfolio holding Corporate Office outperformed after positive market news on the Washington DC office market. In Hong Kong relative performance was lost with portfolio Henderson Land posting flat returns and unable to keep up with the rising Hong Kong market.

April was a good month for Global real estate securities again, helped by corporate activity and healthy operating results. The public/private real estate market disconnect where public real estate trades at a much higher implied cap rate (or lower valuation) than the private markets continues to drive takeovers from private capital into the public arena or public companies taking over their lower-valued public peers. Most recent example in April was the take-over bid by Prologis for DCT Industrial. Prologis uses it rich share price valuation, abundance of cash, and strong access to capital to bid for DCT. And although we agree on DCT’s high quality industrial portfolio with strong positioning in coastal markets, the bid price at an implied cap rate of 4.2% feels rich to us. The Kempen Global Real Estate strategies had an overweight position in DCT and profited from the bid with shares jumping 20%. Prologis lagged the market somewhat which feels like right as one can question the capital discipline of the Prologis management team on this deal.

First quarter results meanwhile started with most real estate companies around the world continuing to report healthy like-for-like net operating income growth driven by healthy demand and a supply side that is very much under control.

Portfolio developments per 2018-04-30

Portfolio construction of the Fund is based on cluster neutrality. The Global portfolio has 19 clusters defined as homogeneous groups of real estate companies with similar underlying currency exposure. Examples are Australia, US offices and Switzerland. 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. The Fund assigns its risk budget on the real estate company level and is positioned towards companies with strong balance sheets and management teams with proven track records in NAV creation, and avoids property developers without stable income from an investment portfolio.

In the cluster Australia we continued to move weight from Scentre into GPT. During the month we also sold our remaining position in LaSalle Hotel Properties after it received a takeover bid from Pebblebrook. There is no valuation upside left for us in LaSalle.
Kempen (Lux) Global Property 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.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Performance per 2018-04-30 (rebased)

No chart data available

Performance per 2018-04-30

Slide to see more
  Fund Benchmark
1 month 3.9 % 3.8 %
3 months 1.3 % 0.4 %
This year -2.2 % -3.3 %
2015 13.2 % 10.5 %
2016 9.0 % 7.2 %
2017 0.2 % -3.1 %
3 years (on annual basis) i 2.8 % 0.2 %
Since inception (on annual basis) i 9.2 % 6.4 %
Before 1 October 2014 the Fund had a different name and investment policy: Kempen (Lux) European Property Fund. The Fund also had a different ISIN code. As a result the performance before 1 October 2014 is not representative and will therefore not be shown. Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future. For the calculation of the performance figures a deviant net asset value (NAV) is used. The NAV is calculated based on the closing prices of the Fund investments per 29 March 2018, in contrast of the original NAV issued, that partly is calculated based on the closing prices of 2 April 2018 (North America) and calculated based on ‘snapshots’ prices of 3 April 2018 (Asian and Pacific investments). The deviating NAV is used for better comparison with the benchmark that is also calculated based on the closing prices of the investments.

Dividends

Slide to see more
Distributing
No

Risk analysis (ex post) per 2018-04-30

Slide to see more
  3 years Since inception
Maximum drawdown i -10.60 % -12.93 %
Tracking error i 1.59 % 1.60 %
Information ratio i 1.66 1.78
Beta i 0.99 1.01
Kempen (Lux) Global Property 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.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Top 5 contribution (2018-04-30)

Slide to see more
  Contribution i Performance i
DCT Industrial Trust 0.51 % 18.47 %
Mitsubishi Estate 0.34 % 10.12 %
Host Hotels & Resorts 0.21 % 6.00 %
Unibail Rodamco 0.21 % 7.13 %
Simon Property Group 0.20 % 3.10 %

Bottom 5 contribution (2018-04-30)

Slide to see more
  Contribution i Performance i
Healthcare Trust of America -0.08 % -2.68 %
National Retail Properties -0.02 % -0.09 %
Henderson Land Development -0.01 % -0.30 %
GBL J REIT -0.01 % -2.51 %
ADO Properties -0.00 % -1.19 %

Geographic allocation (2018-04-30)

51.6 %
Verenigde Staten
11.1 %
Japan
8.0 %
Hongkong
5.3 %
Verenigd Koninkrijk
4.6 %
Australië
4.0 %
Duitsland
3.5 %
Overig
3.5 %
Nederland
3.1 %
Frankrijk
2.7 %
Canada
2.6 %
Singapore
Totaal
100 %
On basis of country of exchange of the investments. The cash position is included in ‘Other’.

Top 10 holdings (2018-04-30)

6.5 %
Simon Property Group
3.8 %
Host Hotels & Resorts
3.6 %
Mitsubishi Estate
3.5 %
Deutsche Wohnen
3.4 %
Public Storage
3.2 %
Avalonbay Communities
3.2 %
DCT Industrial Trust
3.2 %
Health Care Property
3.1 %
Regency Centers
3.1 %
Gecina
Totaal
36.7 %

Sector allocation (2018-04-30)

28.6 %
Detailhandel
25.9 %
Kantoren
18.7 %
Woningen
13.6 %
Overig
13.2 %
Industriële waarden
Totaal
100 %
On basis of 'look through' data. The cash position is not included.
Kempen (Lux) Global Property 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.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Ongoing charges

Slide to see more
Management fee i
0.75 %
Service fee i
0.20 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
1 %

Other costs

Slide to see more
Upward swing factor i
0.25 %
Downward swing factor i
0.20 %
As of 1 January 2018 the swing factor has been adjusted from 0.25%/0.25% to 0.25%/0.20%.
Kempen (Lux) Global Property 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.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Share class details

Slide to see more
Share class
AN i
Investor type
Private
Distributing
No
Benchmark i
FTSE EPRA/NAREIT Developed Index
Investment category
Real Estate
Universum
Global real estate equities
Inception date
2013-11-26
Domicile
Luxembourg
May be offered to all investors 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.
Custodian
J.P. Morgan Bank Luxembourg S.A.
Morningstar rating â„¢

Tradability

Slide to see more
Minimum subscription
Initial subscription €1,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU1114192054
Kempen (Lux) Global Property 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.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
Kempen (Lux) Global Property 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.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

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 fund approach to Responsible Investment

ESG is fully integrated in our investment process for the real estate funds. We believe financial and sustainability returns are indivisible and that those companies that can find the right balance between all stakeholders will drive value. In our investment framework there are three key aspects we look at in determining the warranted valuation: management value add, balance sheet and ESG. We are willing to pay up for those companies that excel in ESG. This believe is underpinned by academic literature.

We track the CO2 intensity for all companies in our universe and use this information to for our assumption for capital expenditure in valuing the real estate portfolio. We do not only invest in the ESG leaders but also in the laggards as we the potential value to be unlocked by providing capital to those who need it the most is massive

Kempen (Lux) Global Property 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.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.