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.

Management team

Jorrit Arissen, Egbert Nijmeijer, Lucas Vuurmans, Robert Stenger, Mihail Tonchev, Andreas Welter, Alex Williamson

Performance per 2022-04-30 (rebased)

No chart data available

Performance per 2022-04-30

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  Fund Benchmark
1 month 0.1 % -0.3 %
3 months 2.1 % 2.4 %
This year -2.1 % -2.1 %
2019 27.8 % 24.2 %
2020 -18.4 % -16.6 %
2021 33.7 % 35.7 %
1 year (on annual basis) 15.6 % 16.0 %
3 years (on annual basis) i 5.1 % 6.0 %
5 years (on annual basis) i 6.1 % 5.8 %
Since inception (on annual basis) i 8.7 % 7.7 %
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. However, for the calculation of the performance of 31 December 2021 the originally issued NAV of 3 January 2022 was used as the deviating NAV could not be calculated due to technical circumstances.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 272.72 M 2022-04-30
Share class size
EUR 54.79 M 2022-04-30
Number of shares
45,519 2022-04-30
Net Asset Value i
EUR 1,159.73 2022-05-16
Morningstar rating â„¢
The turnover rate figure is per the end of the financial year of the fund and will be updated once a year.

Fund characteristics per 2022-04-30

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  Fund Benchmark
Number of holdings 51 380
Dividend yield i 3.38 % 3.22 %
Weighted average market capitalization i EUR 18,355 M EUR 23,501 M
P/E ratio i 25.28
Active share i 71.82 %
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 Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Developments per 2022-04-30

The Fund posted a negative return in April but outperformed the benchmark. Outperformance was broad based with noteworthy highlights being the US Triple Net cluster as well as US Housing and J-REITs. In the US Triple Net Lease cluster, it was our overweight position in gaming landlord giant VICI Properties that drove the strong outperformance as the company has cleared all its hurdles (including securing well priced debt financing in a volatile time for interest rates) for its MGM Growth Properties acquisition. In US Housing, outperformance was in part due to reassuring first quarter results from both companies acting in the manufactured housing segment (our overweight) increasing their full year outlook, mixed results in the large cap coastal apartment REITs (our underweight) and catch up from the single-family rental REITs (our overweight). In Singapore, we experienced negative performance over the month largely due to our overweight position in Keppel DC REIT, as it reported rising energy costs impacting its Distribution-per-unit “DPU” guidance. However, as the landlord is only responsible for the common spaces, the impact looks to be materially less than the company intimately estimated.

April saw a bit of a reversal for Global Real Estate with the benchmark falling just under 4% in local currency, after a strong 5% move in March. As inflation and global interest rate moves continue to be in the spotlight, volatility remains higher than usual. We reiterate that whilst the situation is as volatile as ever, real estate is a local business, and barring outright further military expansion, we believe that the worst-case scenario for global developed listed real estate is relatively minor in the near future.

The month of April marked the commencement of earnings season. Initial earnings coming out of the Nordics region generally show strong inflation pass-through on rental growth and thus far limited impact from energy price increases. This is because many of the companies in the region can reinvoice the energy bills to the tenants, and with the common space energy bill being immaterial for those landlords with high occupancy, the overall surplus ratio (gross to net rent) impact appears limited, especially as the first quarter is traditionally the toughest with respect to energy costs due to the winter. We do, however, factor in our models an increase in operating costs for the 4th quarter of 2022 and the first quarter of 2023 as we suspect that the energy price increases will continue to be sustained in absence of any resolution to the ongoing geopolitical issues and supply chain issues. Early earnings in the US also showcase a strong return to activity particularly in US Housing where same property growth is in the double digits. US Triple Net Lease is also seeing continue strong acquisitions activity despite higher cost of capital at the moment. This of course has an effect on the deal accretion which will be lower than in the past, and in part explains the weak absolute performance of this cluster year-to-date.

China’s Zero Covid policy is also beginning to rattle disproportionately Hong Kong based landlords with assets in China. After two years of success in the containment of COVID, China is struggling to dampen the spread of the Omicron variant with its Zero Case COVID policy. In particular, its two main cities Beijing and Shanghai are currently dealing with all the negative impacts of the strict lockdowns both in economic and social terms. Our overweight position in Hang Lung Properties is excessively volatile and has recently given up much of its year-to-date outperformance. We believe that the impact will be temporary as China has proved time and again its discipline in handling outbreaks with some severe short-term pain (in lockdowns) followed by early re-openings.

At the end of the month, Italian commercial landlord Coima Res received a tender offer for all shares by its long term strategic shareholder, the Qatar Investment Authority. The offer is €10/share and it represents a 22% discount to its year end EPRA Net Tangible Assets “NTA” but a near 39% premium to the undisturbed share price. This is another listed office vehicle being privatized and joins Irish landlord Hibernia and German office landlord Alstria as high quality office landlords that were privatized earlier in the year. The tender offers unlock short term value for the equity shareholders with the promise of significantly higher longer term shareholder value for their new private shareholders. It’s a public to private arbitrage that we see continuing, particularly in out-of-favor sectors such as offices.

We saw this arbitrage continue across the pond in the US as well. US student housing landlord American Campus Communities received a takeover bid from Blackstone at 14% premium to last unaffected share price and around NAV. Blackstone continues its shopping spree as it also agreed to acquire PS Business Parks in a cash transaction of $187.5 ($7.6bn total value) or a 12% premium to the last closing price. The takeover candidate had assembled a portfolio of industrial assets as well as suburban and flex office assets. It is possible that the angle of the deal is in the value-add/reconversion or land assembly play.

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.

During April we initiated an engagement with large US headquartered logistics real estate landlord Prologis on its environmental practices, particularly focusing on its majority Scope 3 emissions. We will continue to check for updates and look forward to further progress as the company has good bargaining power to influence its tenants’ emissions. We also launched an engagement with Swedish logistics landlord Catena, to help improve its executive remuneration program. The initial feedback has been positive and we look forward to further discussions with the board of the company.

Portfolio construction of the Strategy is based on cluster neutrality. The Global portfolio has 18 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 portfolio level only.

During April we only made incremental changes to our existing holdings based on relative expected returns. In Australia, we rotated from Vicinity to Shopping Center of Australasia due to a quick share price recovery in the riskier enclosed mall name. In US Triple Net, we trimmed our position in WP Carey in favor of Broadstone and EPR Properties. We see Broadstone once again as attractive based on its healthy acquisition pipeline in attractive sectors (restaurants, healthcare and industrial). With respect to EPR, the Covid-challenged theatre space (and other experiential locations) are also appearing as good value as box office figures ramp up to near pre-pandemic levels. However, the true value of EPR lies in its well located theatres, as per the relatively high property score that we calculate based on our proprietary data model.

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 Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Performance per 2022-04-30 (rebased)

No chart data available

Performance per 2022-04-30

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  Fund Benchmark
1 month 0.1 % -0.3 %
3 months 2.1 % 2.4 %
This year -2.1 % -2.1 %
2019 27.8 % 24.2 %
2020 -18.4 % -16.6 %
2021 33.7 % 35.7 %
1 year (on annual basis) 15.6 % 16.0 %
3 years (on annual basis) i 5.1 % 6.0 %
5 years (on annual basis) i 6.1 % 5.8 %
Since inception (on annual basis) i 8.7 % 7.7 %
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. However, for the calculation of the performance of 31 December 2021 the originally issued NAV of 3 January 2022 was used as the deviating NAV could not be calculated due to technical circumstances.

Dividends

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Distributing
Yes
Last dividend
EUR 43.60
Ex-date last dividend
2022-01-13
Dividend calendar

Risk analysis (ex post) per 2022-04-30

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  3 years Since inception
Maximum drawdown i -27.70 % -22.06 %
Tracking error i 2.66 % 2.17 %
Information ratio i -0.36 0.45
Beta i 0.94 0.97
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 Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Top 5 contribution (2022-04-30)

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  Contribution i Performance i
VICI Properties 0.34 % 10.47 %
Rexford Industrial Realty 0.27 % 10.41 %
Sun Communities 0.18 % 5.64 %
Park Hotel & Resorts 0.16 % 7.32 %
Invitation Homes 0.16 % 4.52 %

Bottom 5 contribution (2022-04-30)

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  Contribution i Performance i
Omega Healthcare -0.31 % -11.48 %
Alexandria Real Estate -0.21 % -4.58 %
Fabege AB -0.19 % -13.43 %
Highwoods Properties -0.15 % -5.92 %
Keppel DC REIT -0.15 % -6.19 %

Geographic allocation (2022-04-30)

62.2 %
United States
8.7 %
Japan
4.5 %
United Kingdom
4.4 %
Hong Kong
4.0 %
Australia
3.8 %
Spain
3.1 %
Singapore
2.7 %
Germany
2.6 %
Canada
2.0 %
Nordics
1.2 %
Other
0.9 %
Switzerland
Total
100 %
On basis of country of exchange of the investments. The cash position is included in ‘Other’.

Top 10 holdings (2022-04-30)

5.6 %
Equinix
4.0 %
Alexandria Real Estate
3.8 %
Prologis
3.7 %
Invitation Homes
3.6 %
VICI Properties
3.4 %
Avalonbay Communities
3.3 %
Sun Communities
3.0 %
Mitsui Fudosan
2.9 %
Terreno Realty Corp
2.8 %
CubeSmart
Total
36.2 %

Sector allocation (2022-04-30)

24.6 %
Industrials
21.0 %
Other
20.6 %
Offices
19.4 %
Residential
14.4 %
Retail
Total
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 Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Environmental and/or social characteristics promoted

The Kempen Global Property Fund, the Kempen (Lux) Global Property Fund and the Kempen European Property Fund ( (the “Funds”) fall under the scope of article 8 of the SFDR which means that the Funds promote environmental and/or social characteristics. This Sub-Fund will invest in a broad range of companies, of which some will have sustainability objectives.

The Fund commits to the climate goals of the Paris Agreement, thereby contributing to the Sustainable Development Goals Affordable and Clean Energy (SDG 7) and Sustainable Cities and Communities (SDG 11). The climate goals commitment 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

Morningstar sustainability rating

ESG Label

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

In line with the general Kempen policy, the Global Property Fund and the European Property Fund excludes all companies on the KCM Exclusion- and Avoidance list. Companies that ‘Fail’ or are on ‘Watchlist’ marked against the criteria of the United Nations Global Compact are excluded.

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
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 Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

 

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 %
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 Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

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, Germany, Luxembourg, Switzerland, The Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Administrator
BNP Paribas Securities Services S.C.A., Luxembourg branch
Management company
Kempen Capital Management NV
Depositary and custodian
BNP Paribas Securities Services S.C.A., Luxembourg branch
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-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 Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The 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 Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.