- Kempen
- Kempen Lux Global Property Fund Class J
Kempen (Lux) Global Property Fund - Class J
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.
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 2019-04-30 (rebased)
Performance per 2019-04-30
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| Fund | Benchmark | |
|---|---|---|
| 1 month | -0.2 % | -1.1 % |
| 3 months | 6.2 % | 4.4 % |
| This year | 17.6 % | 15.3 % |
| 2016 | 9.1 % | 7.2 % |
| 2017 | 0.3 % | -3.1 % |
| 2018 | -2.0 % | -0.9 % |
| 1 year (on annual basis) | 17.8 % | 18.2 % |
| 3 years (on annual basis) i | 7.7 % | 6.0 % |
| Since inception (on annual basis) i | 11.2 % | 8.9 % |
Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future.
As of 30 June 2018 a deviating Net Asset Value (NAV) is used for the calculation of the performance figures. This NAV is calculated based on closing prices of the Fund investments thereby deviating from the NAV which was originally issued and partly calculated based on snapshots (Asia & Pacific investments). The deviating NAV is used to make a better comparison with the benchmark, which is also solely based on closing prices of the investments.
More information can be found on the documents page of this fund
Key figures
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| Total fund size | EUR 111.81 M 2019-04-30 |
| Share class size | EUR 47.04 M 2019-04-30 |
| Number of shares | 40,790 2019-04-30 |
| Net Asset Value i | EUR 1,180.50 2019-05-23 |
| Morningstar rating â„¢ | |
Fund characteristics per 2019-04-30
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| Fund | Benchmark | |
|---|---|---|
| Number of holdings | 46 | 336 |
| Dividend yield i | 3.33 % | 3.77 % |
| Weighted average market capitalization i | EUR 14,762 M | EUR 13,875 M |
| P/E ratio i | 24.38 | 23.32 |
| Active share i | 70.75 % |
Kempen (Lux) Global Property 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 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.
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.
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Market developments per 2019-04-30
The Fund posted a more or less flat return during April, significantly outperforming its benchmark. The benchmark return came in at approximately -1%.
Several real estate clusters contributed to the relative return with most coming from Hong Kong and the United Kingdom. In the UK the recently added overweight position in student housing fund Unite Group PLC added to the relative performance. In addition, Grainger PLC attributed to the relative returns. There was no company specific news flow. Returns were driven by the quality of these real estate platforms generating healthy income growth at still reasonable valuations. In the cluster Hong Kong the Fund’s position in Wharf REIC attributed the most to relative returns. Wharf REIC has two very high quality and dominant malls in the Hong Kong harbor. Footfall and retail spending are increasing in these malls as China mainland tourist spending is recovering in Hong Kong supported by better exchange rates for Chinese tourists versus the Hong Kong dollar.
First quarter 2019 results figures are being published by real estate companies currently. The published results generally live-up to our modelled figures and few surprises were noted so far. In general that means approximately 2-3% like-for-like rental growth supporting current real estate valuations and contributing to our expected total return of approximately 8.5% for global real estate markets.
Corporate activity is still healthy with several companies raising equity. Australian office fund Dexus (an investment of the Kempen Global Real Estate strategy) raised AUD900mn of equity to buy a 75% stake in a mixed-use (office, retail, hotel) development in the prime CBD (central business district) of Melbourne. With Dexus share price trading at a premium to Dexus’ fund NAV (net asset value) the equity raise is accretive to shareholders. The development also contributes to Dexus’ growing position in the attractive CBD of Melbourne. Finally, the development is well underwritten based on our research. We are therefore supportive of this transaction.
Capital markets also remain in good shape as indicated by GLP’s (Global Logistics Properties) consideration to raise USD3bn in an IPO later this year. It would value the GLP logistics portfolio at USD20bn. GLP was compiled through three transactions in 2015 and 2016 (IndCor, Industrial Income Trust and Hillwood) and is structured in closed end funds with numerous institutional investors as limited partners. Bringing this fund to the market further improves and expands the quality of the US listed Logistics real estate cluster.
Several real estate clusters contributed to the relative return with most coming from Hong Kong and the United Kingdom. In the UK the recently added overweight position in student housing fund Unite Group PLC added to the relative performance. In addition, Grainger PLC attributed to the relative returns. There was no company specific news flow. Returns were driven by the quality of these real estate platforms generating healthy income growth at still reasonable valuations. In the cluster Hong Kong the Fund’s position in Wharf REIC attributed the most to relative returns. Wharf REIC has two very high quality and dominant malls in the Hong Kong harbor. Footfall and retail spending are increasing in these malls as China mainland tourist spending is recovering in Hong Kong supported by better exchange rates for Chinese tourists versus the Hong Kong dollar.
First quarter 2019 results figures are being published by real estate companies currently. The published results generally live-up to our modelled figures and few surprises were noted so far. In general that means approximately 2-3% like-for-like rental growth supporting current real estate valuations and contributing to our expected total return of approximately 8.5% for global real estate markets.
Corporate activity is still healthy with several companies raising equity. Australian office fund Dexus (an investment of the Kempen Global Real Estate strategy) raised AUD900mn of equity to buy a 75% stake in a mixed-use (office, retail, hotel) development in the prime CBD (central business district) of Melbourne. With Dexus share price trading at a premium to Dexus’ fund NAV (net asset value) the equity raise is accretive to shareholders. The development also contributes to Dexus’ growing position in the attractive CBD of Melbourne. Finally, the development is well underwritten based on our research. We are therefore supportive of this transaction.
Capital markets also remain in good shape as indicated by GLP’s (Global Logistics Properties) consideration to raise USD3bn in an IPO later this year. It would value the GLP logistics portfolio at USD20bn. GLP was compiled through three transactions in 2015 and 2016 (IndCor, Industrial Income Trust and Hillwood) and is structured in closed end funds with numerous institutional investors as limited partners. Bringing this fund to the market further improves and expands the quality of the US listed Logistics real estate cluster.
Portfolio developments per 2019-04-30
The Kempen real estate investment strategy strikes the balance between qualitative and quantitative analysis. Through application of data-analysis technology our Real Estate Team collects over 20 million relevant data points for 200,000 real estate buildings around the globe, processing this quantitative data in our data infrastructure and turning it into valuable fundamental investment information. The continuous increase in available data helps us make better assessments of the quality, value and risk of each real estate investment. This leads to better investment decisions and results in higher investment returns at lower risk for our clients.
Next to the quantitative approach the investment strategy contains three key qualitative parameters that determine the warranted valuation: management added value, balance sheet strength 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 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 macroeconomic exposure versus the benchmark. The Fund assigns its risk budget on the real estate portfolio level only.
During the month changes were made to the portfolio. In the cluster US residential the position in Invitation Homes was increased at the expense of Essex. In the UK cluster weight was added to Unite Group by selling down Safestore and Segro. In the cluster Switzerland the weight of Mobimo was reduced and proceeds reinvested into PSP Swiss Property. These changes were valuation driven.
Next to the quantitative approach the investment strategy contains three key qualitative parameters that determine the warranted valuation: management added value, balance sheet strength 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 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 macroeconomic exposure versus the benchmark. The Fund assigns its risk budget on the real estate portfolio level only.
During the month changes were made to the portfolio. In the cluster US residential the position in Invitation Homes was increased at the expense of Essex. In the UK cluster weight was added to Unite Group by selling down Safestore and Segro. In the cluster Switzerland the weight of Mobimo was reduced and proceeds reinvested into PSP Swiss Property. These changes were valuation driven.
Kempen (Lux) Global Property 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 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.
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.
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Performance per 2019-04-30 (rebased)
Performance per 2019-04-30
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| Fund | Benchmark | |
|---|---|---|
| 1 month | -0.2 % | -1.1 % |
| 3 months | 6.2 % | 4.4 % |
| This year | 17.6 % | 15.3 % |
| 2016 | 9.1 % | 7.2 % |
| 2017 | 0.3 % | -3.1 % |
| 2018 | -2.0 % | -0.9 % |
| 1 year (on annual basis) | 17.8 % | 18.2 % |
| 3 years (on annual basis) i | 7.7 % | 6.0 % |
| Since inception (on annual basis) i | 11.2 % | 8.9 % |
Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future.
As of 30 June 2018 a deviating Net Asset Value (NAV) is used for the calculation of the performance figures. This NAV is calculated based on closing prices of the Fund investments thereby deviating from the NAV which was originally issued and partly calculated based on snapshots (Asia & Pacific investments). The deviating NAV is used to make a better comparison with the benchmark, which is also solely based on closing prices of the investments.
Dividends
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| Distributing | Yes |
| Last dividend | EUR 40.00 |
| Ex-date last dividend | 2019-01-21 |
| Dividend calendar |
Risk analysis (ex post) per 2019-04-30
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| 3 years | Since inception | |
|---|---|---|
| Maximum drawdown i | -10.40 % | -12.90 % |
| Tracking error i | 1.60 % | 1.70 % |
| Information ratio i | 1.06 | 1.35 |
| Beta i | 1.01 |
Kempen (Lux) Global Property 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 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.
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.
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Top 5 contribution (2019-04-30)
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| Contribution i | Performance i | |
|---|---|---|
| Prologis | 0.33 % | 6.79 % |
| Grainger Trust | 0.15 % | 6.73 % |
| Unibail-Rodamco-Westfield | 0.12 % | 4.82 % |
| Wharf Real Estate | 0.11 % | 4.86 % |
| Host Hotels & Resorts | 0.07 % | 1.91 % |
Bottom 5 contribution (2019-04-30)
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| Contribution i | Performance i | |
|---|---|---|
| Deutsche Wohnen | -0.28 % | -7.32 % |
| Simon Property Group | -0.21 % | -4.50 % |
| Mitsubishi Estate | -0.14 % | -6.75 % |
| Boardwalk Real Estate Investment Trust | -0.13 % | -4.91 % |
| Tokyu Fudosan | -0.13 % | -5.72 % |
Geographic allocation (2019-04-30)
53.2 %
United States
10.6 %
Japan
8.5 %
Hong Kong
4.8 %
United Kingdom
4.7 %
Australia
3.7 %
Germany
3.0 %
France
2.8 %
The Netherlands
2.6 %
Canada
2.6 %
Singapore
1.7 %
Nordics
0.9 %
Switzerland
0.8 %
Other
0.3 %
Belgium
Total
100 %
On basis of country of exchange of the investments.
The cash position is included in ‘Other’.
Top 10 holdings (2019-04-30)
4.9 %
Prologis
4.6 %
Simon Property Group
4.4 %
Avalonbay Communities
3.8 %
Public Storage
3.3 %
Host Hotels & Resorts
3.2 %
Deutsche Wohnen
3.1 %
Dexus
3.1 %
Mid-America Apartment Communities
3.0 %
Gecina
3.0 %
National Retail Properties
Total
36.3 %
Sector allocation (2019-04-30)
24.2 %
Offices
24.0 %
Residential
20.1 %
Retail
16.2 %
Industrials
15.4 %
Other
Total
100 %
On basis of 'look through' data.
The cash position is not included.
Kempen (Lux) Global Property 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 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.
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.
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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 | 0.25 % |
| 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-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 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.
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.
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Share class details
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| Share class | J |
| Investor type | Institutional |
| Distributing | Yes |
| Benchmark i | FTSE EPRA/NAREIT Developed Index |
| Investment category | Real Estate |
| Universum | Global real estate equities |
| Inception date | 2015-11-12 |
| Domicile | Luxembourg |
| May be offered to professional investors only in | Finland, 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. |
| Morningstar rating â„¢ | |
Tradability
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| Minimum subscription | Initial subscription: €50,000, additional subscriptions: €10,000 |
| Listed | no |
| Subscription/Redemption Frequency | Daily |
| ISIN i | LU1127955455 |
Kempen (Lux) Global Property 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 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.
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.
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Factsheets
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Annual Reports
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Semi- Annual Reports
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Key Investor Information
ESG Publications
Voting records
Formal documents other
Kempen (Lux) Global Property 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 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.
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.
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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.
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-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 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.
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.
More information?
