Kempen (Lux) Global Property Fund Class I - GBP

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, Anna Niegowska, Robert Stenger, Mihail Tonchev

Performance per 2021-02-28 (rebased)

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Performance per 2021-02-28

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  Fund Benchmark
1 month 0.8 % 1.9 %
3 months -0.4 % 1.7 %
This year -1.0 % 0.6 %
2018 -0.7 % 0.2 %
2019 20.8 % 17.2 %
2020 -13.8 % -11.8 %
1 year (on annual basis) -10.7 % -7.6 %
3 years (on annual basis) i 3.7 % 4.4 %
5 years (on annual basis) i 5.5 % 5.1 %
Since inception (on annual basis) i 8.1 % 6.9 %
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.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 173.26 M 2021-02-28
Share class size
GBP 0.09 M 2021-02-28
Number of shares
89 2021-02-28
Net Asset Value i
GBP 1,080.31 2021-04-13
Turnover rate
215.53 %
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 2021-02-28

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  Fund Benchmark
Number of holdings 53 338
Dividend yield i 3.32 % 3.63 %
Weighted average market capitalization i EUR 10,111 M EUR 13,269 M
P/E ratio i 30.50
Active share i 74.90 %
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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/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.

Developments per 2021-02-28

The Fund posted a positive return in February but underperformed the benchmark. Underperformance stemmed largely from Hong Kong and the US Triple Net REIT cluster. With respect to Hong Kong, we observed a clear “re-opening” trade as the government continued to relax isolation measures. We are exposed to that via our overweight position in Hysan Properties but it was not enough to offset some of the other less favored names which rose over the month. In the US Triple Net Lease cluster we saw weakness in our overweight position in Broadstone Net Lease around its earnings as investors had perhaps hoped for a larger number of acquisitions on this newly listed company. However after understanding that the muted “per-share growth” from acquisitions is largely a timing issue rather than a problem with the opportunity set, the stock has resumed its steady path upwards. An outperforming cluster over the month was US Offices where the overweight position in sunbelt exposed Piedmont Office Realty reversed its January underperformance and resumed its outperformance benefiting from the pandemic led move of office demand shifting into the US sunbelt at the expense of the traditional gateway urban coastal markets.

February was a mixed month for listed real estate around the globe. A clear sentiment-led re-opening rotation was once-again observed over the month. The speed of vaccination in certain countries such as the United Kingdom and the United States had definitely worked to boost the mood and confidence in a potential broader based reopening by the end of the year. The positive news over easing of social isolation measures clearly worked in the favor of cluster such as US Hotels which returned 23% in February, and US Retail which was up 17%. On the other hand, the safer clusters which had benefited during the worst times of the pandemic such as European Residential, the Nordics, Switzerland and US Logistics and Storage were negative during the month returning -5%, -3%, -3% and -1% respectively. Whilst we remain vigilant in fine-tuning the timing of the improving in fundamentals for certain clusters such as hotels, we are steering away from any seismic shifts in our assumptions as we had done this exercise well in advance when the vaccine was announced last November.

February also saw the start of the full year 2020 results. In general we did not see any big surprises with retail performing very weak, logistics performing strong and residential yet to report. On the office side are seeing interesting dispersions across the globe. Offices in the Nordics have been exceptionally resilient with small drops in leasing velocity and hardly any rental weakness. This can partially be explained by the large government exposure as a player in the office real estate markets. On the other hand, we have seen certain gateway cities in the US such as San Francisco or Toronto in Canada where the sub-leasing of office space has risen to very high levels thus opening a discussion over a nervousness in tenants which are right sizing their space demand in a post pandemic new-normal. What has clearly stood out is that in the regional markets held up better than expected as rents are lower and the tenant are less international and therefore probably less quick to act on changing economic conditions. Looking at CBD vs more fringe areas the fringe areas slightly outperformed. Here we continue to express our view that in a new normal scenario, most of the high growth office tenants will still prefer to be next to large urban population centers, but it is more likely that they will locate their space closer to the fringes rather than the very center of the city. We believe that this is where space is more abundant, commuting can be more sustainable, and access to cultural events in the core can still be pragmatic.

On the European Continent, in February we saw two equity raises in the Belgian markets. WDP raised €200m of equity through an ABB to strengthen the balance sheet and increase its external growth potential. Xior announced a 5-for-1 rights issue of up to €179m with the aim to also strengthen the balance sheet and prepare for further external growth.

February saw a temporary conclusion to the Entra bidding war. After Castellum withdrew its offer for Entra earlier in the month, SBB I Norden let its offer lapse too later on in the month. We suspected this scenario from the very moment that Balder began aggressively acquiring shares last year, hence were nimble in exiting most of the position when the stock was significantly outperforming the rest of the Nordics cluster. With the withdrawal of acquisition offers, Entra remains listed but with a significantly reduced float meaning trading in and out can be more difficult with much of the shares taken up by strategic investors such as Castellum and Balder. This has caused for the stock to underperform the rest of the Nordics making it somewhat attractive once again on a relative basis.

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 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.

ESG is of high importance to our investment process. During February we held a constructive meeting with UK diversified real estate landlord Land Securities with a strong focus on the environmental pathway framework. We have refined our investment process to better assess the transition to a sustainable economy in line with clearly defined policy targets (rather than assess the snapshot in a given point in time). We believe that this way we can be best positioned to achieve the GHG emission targets and create alpha actively along the way. As a reminder, we pride ourselves on being amongst the very first movers in ESG within the real assets industry as we have been integrating it into our investment process since 2011, hence any marginal changes are more fine-tuning than a major shift in approach or philosophy.

During February we made several changes to the portfolio. In Euro residential we trimmed our position in TAG Immobilien and reinvested into Finnish residential specialist Kojamo. We saw the relative value appearing after an earnings print which did not excite investors, but which we had largely expected. In the Nordics, we sold our position in Pandox, which outperformed significantly on an up-tick in the confidence of reopening alongside a strong financial position to weather the remaining of the stock. We reinvested the proceeds in Fabege, which experienced some weakness after its results once again showed a slowdown in leasing velocity in Stockholm. We had been adjusting the long-term growth spread between Stockholm and the regional markets well in advance, and thus believe that this move has been overdone and are happy to increase our position in Fabege at these levels. In Japan, after strong performance we reduced our position in logistics player Daiwa House and reinvested in Orix JREIT. Orix share price has been lagging given that its hotel exposure (14%) is impacted by the newly announced lockdown in Japan and subsequent suspension of government subsidies to stimulate travel across Japan (the so called Go To Campaign). In Hong Kong, we took advantage of the “reopening” led strength in Hysan to trim the position and reinvest in Swire Properties. In the US we were active in selling Extra Space storage in favor of CubeSmart, as well as trimming Americold and reinvesting into Rexford Industrial.

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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/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.

Performance per 2021-02-28 (rebased)

No chart data available

Performance per 2021-02-28

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  Fund Benchmark
1 month 0.8 % 1.9 %
3 months -0.4 % 1.7 %
This year -1.0 % 0.6 %
2018 -0.7 % 0.2 %
2019 20.8 % 17.2 %
2020 -13.8 % -11.8 %
1 year (on annual basis) -10.7 % -7.6 %
3 years (on annual basis) i 3.7 % 4.4 %
5 years (on annual basis) i 5.5 % 5.1 %
Since inception (on annual basis) i 8.1 % 6.9 %
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.

Dividends

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Distributing
No

Risk analysis (ex post) per 2021-02-28

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  3 years Since inception
Maximum drawdown i -26.01 % -26.01 %
Tracking error i 2.58 % 2.17 %
Information ratio i -0.27 0.55
Beta i 0.94
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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/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.

Top 5 contribution (2021-02-28)

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  Contribution i Performance i
Welltower 0.47 % 12.79 %
Federal Realty Investment Trust 0.46 % 15.60 %
Host Hotels & Resorts 0.45 % 22.33 %
Avalonbay Communities 0.31 % 7.47 %
Hysan Development 0.28 % 16.79 %

Bottom 5 contribution (2021-02-28)

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  Contribution i Performance i
Kojamo OYJ -0.27 % -9.63 %
Equinix -0.25 % -11.92 %
Mapletree Logistics Trust -0.14 % -5.97 %
Fabege AB -0.14 % -6.61 %
Tag Immobilien -0.11 % -7.08 %

Geographic allocation (2021-02-28)

53.7 %
United States
11.8 %
Japan
5.9 %
Hong Kong
5.1 %
United Kingdom
4.7 %
Nordics
3.8 %
Belgium
3.7 %
Australia
3.1 %
Singapore
2.6 %
Canada
2.3 %
Germany
1.3 %
Ireland
1.1 %
Switzerland
1.0 %
Other
Total
100 %
On basis of country of exchange of the investments. The cash position is included in ‘Other’.

Top 10 holdings (2021-02-28)

4.0 %
Avalonbay Communities
3.5 %
Invitation Homes
3.4 %
Welltower
3.3 %
Mitsui Fudosan
3.2 %
Federal Realty Investment Trust
3.2 %
Equity Lifestyle Properties
2.8 %
CubeSmart
2.7 %
STAG Industrial
2.7 %
Hang Lung Properties
2.7 %
Highwoods Properties
Total
31.6 %

Sector allocation (2021-02-28)

31.4 %
Industrials
20.3 %
Offices
19.7 %
Residential
14.5 %
Other
14.1 %
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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/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.

 

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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/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.

Share class details

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Share class
I - GBP i
Investor type
Institutional
Distributing
No
Benchmark i
FTSE EPRA/NAREIT Developed Index
Investment category
Real Estate
Universum
Global real estate equities
Inception date
2018-10-30
Domicile
Luxembourg
May be offered to professional investors only in
Luxembourg, The Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
GBP
Management company
Kempen Capital Management NV
Depositary and custodian
J.P. Morgan Bank Luxembourg S.A.

Tradability

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Minimum subscription
Initial subscription £50,000, additional subscriptions £10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU1894636262
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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/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.
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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/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.

Kempen's vision & mission

Kempen Capital Management is an asset manager that believes in stewardship and investment focusing on the long-term for the benefit of all stakeholders. Value creation is at the heart of the services we provide to our clients. We believe that being an engaged shareholder on environmental, social and governance (ESG) issues and retaining a long-term focus, is critical to helping our clients to preserve and create sustainable wealth that has positive real world impact and economic returns.

Kempen wide approach to responsible investment

We are committed to create sustainable alpha. The four pillars of our ESG-policy are:

  • ESG integration: Ensuring sustainability risks and opportunities are adequately considered in our investment analysis and processes.

  • Exclusion & avoidance: Not investing in companies involved in controversial activities or conduct.

  • Active ownership: Being responsible stewards of our clients’ capital and using our influence through engagement and voting to improve corporate behaviour on specific ESG issues and achieve positive change

  • Positive impact: Investing with an objective to achieve positive real world outcomes and impact, such as contributing to the UN Sustainable Development Goals.Â

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To put our mission and vision into practice we engage with our investee companies on a wide array of strategic, financial, and ESG topics. As an active owner we use our influence to improve our investee companies’ ESG performance.  This helps us address some of the most pressing and important sustainability issues facing business and the world. Our focus themes for engagement are: human rights, labour rights, climate change and governance.Â

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Through collaboration with other investors and industry think tanks we contribute to the development of principles and standards of corporate responsibility both at sector levels, as well as investee company level.

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Our full voting records are available here.

Climate change

As a long-term investor, we believe climate change represents a systemic risk facing the economy, society and environment. We want to consider the risks and opportunities this presents to our investments in the coming decades. We have therefore set a long-term commitment (2050), a mid-term ambition (2030) and short-term objectives (2025).

  • 2050 commitment: Net-zero investor.
  • 2030 ambition: To align with a Paris Agreement pathway (listed and non-listed investments) and Dutch Klimaatakkoord.
  • 2025 objectives: To align with a pathway towards achieving the Paris Agreement (listed investments) and Dutch Klimaatakkoord goals.[1]

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The Kempen climate change policy can be found here (under climate change policy).

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[1]We use carbon intensity as a metric to come to the pathway of net-zero emissions. As we care about the direction of travel and reduction of carbon emissions in the economy, it might be that the actual reducing trend may deviate from the suggested average trend line. The pathway is derived from the pathway of the EU Benchmarks.

OUR FUND APPROACH TO RESPONSIBLE INVESTMENT

At Kempen, we manage several funds and mandates invested in listed Real Estate companies including the Global Property Fund[2] and the European Property Fund.

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We aim to align with a pathway towards achieving the Paris Agreement and Dutch Klimaatakkoord goals for our portfolio, as well as the EU Climate Transition Benchmark[3].

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Kempen’s ESG policy is implemented in our fund’s investment process by the following pillars: ESG Integration and Active ownership.

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[2]Kempen (Lux) Global Property Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg.

[3]The EU Benchmarks consists of two climate benchmarks, Climate Transition Benchmark and Paris Aligned Benchmark, which have the aim to reach net-zero emissions by 2050 - in line with the 1.5?C scenarios from the IPCC. As we care about the direction of travel and reduction of carbon emissions in the economy, it might be that the actual reducing trend may deviate from the average pathway. We use carbon intensity (based on Revenues) as the forward looking climate metric.

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Exclusion & Avoidance

In line with the general Kempen policy, the Global Property Fund and the European Property Fund excludes all companies on the KCM Exclusion- or Avoidance list.

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Companies that ‘Fail’ or are on ‘Watchlist’ marked against the criteria of the United Nations Global Compact are excluded.

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ESG integration

We believe financial and sustainability returns are indivisible and that those companies that can find the right balance between all stakeholders will drive value. Our ESG analysis for listed real estate companies includes:

  • Implementing our ESG quality score into the company score of each Real Estate company we model;

  • Monitoring the global investment universe on Real Estate companies that exhibit negative excesses, such as environmental pollution measured by CO2 emission levels to initiate engagement. Our investment process rewards companies that integrate climate risks and opportunities into their organisation, and are able to move towards a low carbon economy;

  • Benchmarking Real Estate companies against each other and visualising these results for our investment process and our clients in order to identify leaders and laggards;

  • Entering into dialogue with companies we invest in, to improve their ESG policies and practices;

  • Translating information of Real Estate company portfolios with lower sustainability scores into higher maintenance capex assumptions in our Kempen valuation models;

  • Offering product customisation to our clients who (for example) want to invest in lower CO2 emission Real Estate portfolios only.

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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.

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The figure 'How ESG is integrated in our investment process' shows how ESG is incorporated into the investment process. Note that we do not only invest in the ESG leaders but also in the laggards as the potential value to be unlocked by providing capital to those who need it the most is massive.

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Active ownership

As an active investor, the Real Estate funds also actively engage with companies on their strategic, financial and social responsibilities.

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Our engagements focus on those companies where we believe substantial value can be unlocked. Engagement can take place on a wide array of topics including:

  • Reducing CO2 intensity levels;

  • Reducing energy and water consumption;

  • Improving waste recycling;

  • Improving working conditions and human rights;

  • Improving governance structures;

  • Improving shareholder alignment;

  • Shifting remuneration policies from being linked to short term goals to long term targets

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You can find the engagement factsheet of Kojamo Oyj here.

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Our full ESG policy can be downloaded here.

Risks

For more information about the mid and long term risks associated with the investments:

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Although Kempen Capital Management N.V.’s information providers, including without limitation, MSCI ESG Research LLC and its affiliates (the “ESG Parties”), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

ESG Report
Febelfin
Screening MSCI ESG Research
Screening MSCI ESG Research
UN global impact
How ESG is integrated ...
Bron EN
disclaimer
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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/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.