Kempen (Lux) Global Property Fund Class J - 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 2021-06-30 (rebased)

No chart data available

Performance per 2021-06-30

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  Fund Benchmark
1 month 3.7 % 3.7 %
3 months 10.3 % 9.0 %
This year 14.5 % 14.3 %
2018 -0.7 % 0.2 %
2019 20.8 % 17.2 %
2020 -13.8 % -11.8 %
1 year (on annual basis) 17.6 % 19.5 %
3 years (on annual basis) i 4.6 % 4.8 %
5 years (on annual basis) i 5.1 % 4.3 %
Since inception (on annual basis) i 10.0 % 8.6 %
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 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.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 219.77 M 2021-06-30
Share class size
GBP 0.22 M 2021-06-30
Number of shares
207 2021-06-30
Net Asset Value i
GBP 1,123.71 2021-08-03
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 2021-06-30

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  Fund Benchmark
Number of holdings 48 351
Dividend yield i 3.00 % 3.06 %
Weighted average market capitalization i EUR 13,469 M EUR 16,613 M
P/E ratio i 34.69
Active share i 74.42 %
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 2021-06-30

The Fund posted a positive return in June and outperformed the benchmark. The strongest outperformance came from the US Triple Net cluster due to our overweight positions in Broadstone Net Lease and STAG Industrial, the former of which benefited from index inclusion and from the size effect. Away from the US, we also had a strong month in the European Diversified cluster where our overweight positions in Irish office landlord Hibernia REIT, logistics specialist Warehouses de Pauw and German office specialist Alstria, ensured we stayed away from weak performance in retail and in large benchmark weight Aroundtown. Aversely, the UK cluster detracted from performance over the month predominantly due to our overweight position in Workspace. The stock’s short-term return was impacted by the UK postponing further re-opening as the Covid delta variant has been gaining traction. This has caused for occupancy to remain low for the time being. Additionally, US Retail underperformed over the month on no specific news, as our holdings in well located and attractively valued strip center retail REITs underperformed after a strong relative return leading up to June.

June was yet another positive month for listed real estate around the globe with the index returning +2% for the month in local currency. Dispersion across clusters had narrowed a bit, especially compared to the heavily elevated levels of last year. This is to be expected as the gradual return to normality both in the real economy and financial markets takes center stage. Noteworthy clusters were US Healthcare and J-REITs at +4% for the month, and Canada and Australia at +3% for the month. The latter two clusters were surely helped by general macro related strength in commodity markets. On the other hand, negative performance was observed in the European Diversified and US Offices clusters at -1%. With the month of June being one naturally quieter on the news front, attention should quickly shift to the earnings season which begins at the start of July. We expect companies to provide some more guidance on the pace of return of some of the lost income due to the pandemic and more importantly, to shed some light on guidance for next year in 2022 as several companies had chosen to wait it out and see before being held against an initial inaccurate forecast.

From a macroeconomic high level view, we are seeing the acceleration of the pace of vaccination in most economies around the world. However, the delta variant of the coronavirus is something to keep an eye on as it has the potential to delay some of the projected reopening based growth in several economies. This has already been evidenced in the UK which, despite having been amongst the earliest out of the gates to vaccinate (alongside the US), has ran into issues with the quick spread of the delta variant. Real estate markets are still sitting in a good spot with elevated levels of cash rich institutional investors chasing not only safe assets, but also beginning again to add to riskier assets (as well as in the core plus and value add space in the private real estate world). On the equity markets, this allows us to capture various opportunities that arise from equity price dispersions between fundamentals and fund flows. Fundamentally, we have seen cash rent collection levels returning in seriously challenged real estate properties such as movie theatres, gyms, secondary offices and physical retail. Probably the biggest surprise over the month has been the fact that several retailers have recorded better than expected footfall figures since reopening its doors. Whilst this is a positive for short term income we are still convinced that, barring several extremely resilient locations, many of these properties will continue struggling in the long run with minimal rental growth and ever more so continuing capital expenditure requirements.

Over the month the inevitable became official as Washington Prime Group became the latest secondary mall REIT to file for chapter 11 bankruptcy in the US. This REIT was spun off of Simon Properties REIT back in 2014 and follows the bankruptcies of CBL and Pennsylvania REIT which filed back in November of last year. Prior its filing, the REIT’s debt levels of c.$3.5bn were close to practically wiping out any asset value tied to equity which was thought to be around $4bn and on some forecasts materially less. Some emergency rescue equity raises and high interest credit lifelines are surely to be part of this restructuring package and the future of the company will still continue to be uncertain. These events continue to act as foreshadowers for many European retail landlords which are struggling with high leverage and questionable valuations under the backdrop of a difficult operating environment for physical retail.

On the other hand, during June we saw further support for valuation growth in the continental European logistics market. Dream Industrial REIT announced the acquisition of a portfolio of 31 logistics properties from Clarion Partners Europe. The portfolio comprises 827k sqm in six European countries. The assets are valued at €882m translating into an 4.2% cap rate. The portfolio is fully leased but offers potential to add value via the adjacent land to several assets. Bottom line another significant positive for the logistics subsegment not only seeing operational strength but also continued strength in the investment market.

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 and has been so since 2011. During the month of June, we held an engagement session with Canadian logistics specialist Granite REIT. The focus of the discussion was on sharing best practices on setting science based climate goals, measuring progress and verifying all scopes of greenhouse gas emissions. We have been successful with engaging on transparency before with this REIT and are encouraged by the positive reception from the management team. We also engaged with Japan Hotel REIT about its ESG rating which had affirmed various data quality issues from ESG data vendors which we will touch upon further via a white paper shortly.

During June we made several changes to the portfolio despite seeing volatility dissipate a bit. The changes were largely the result of stock price moves as it was a news light month hence few modeling changes were implemented. In the European Residential cluster, and after having seen certain selling pressure in Vonovia due to its cash offer for Deutsche Wohnen, we took the opportunity to sell a portion of Finnish residential specialist Kojamo and reinvest it into the large German residential landlord. In Australia we completed our rotation from office specialist Dexus into retail landlord Vicinity largely based on a relative valuation gap which we see very much stretched. After continued strong performing month of diversified US Triple Net landlord Broadstone Net Lease, partly due to its inclusion in several indices, we have exited the position to reinvest partly into diversified (and multi-national) peer W.P. Carey and partly into heavily discounted experiential real estate specialist EPR Properties. In Japan we took advantage of the risk rally and trimmed our position in office landlord Japan Excellent and reinvested in logistics specialist Nippon Prologis as an attractive valuation gap emerged. In the US residential cluster we continued our relative trade from mobile home community landlord Equity Lifestyle into better valued Sun Communities.

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 2021-06-30 (rebased)

No chart data available

Performance per 2021-06-30

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  Fund Benchmark
1 month 3.7 % 3.7 %
3 months 10.3 % 9.0 %
This year 14.5 % 14.3 %
2018 -0.7 % 0.2 %
2019 20.8 % 17.2 %
2020 -13.8 % -11.8 %
1 year (on annual basis) 17.6 % 19.5 %
3 years (on annual basis) i 4.6 % 4.8 %
5 years (on annual basis) i 5.1 % 4.3 %
Since inception (on annual basis) i 10.0 % 8.6 %
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 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.

Dividends

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Distributing
Yes
Last dividend
GBP 37.52
Ex-date last dividend
2021-01-14
Number of distributions per year
1
Dividend calendar

Risk analysis (ex post) per 2021-06-30

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  3 years Since inception
Maximum drawdown i -25.98 % -25.98 %
Tracking error i 2.64 % 2.17 %
Information ratio i -0.09 0.65
Beta i 0.95
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 (2021-06-30)

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  Contribution i Performance i
CubeSmart 0.28 % 9.75 %
Broadstone Net Lease 0.27 % 9.51 %
Equinix 0.24 % 11.71 %
Ventas 0.24 % 6.95 %
STAG Industrial 0.23 % 8.35 %

Bottom 5 contribution (2021-06-30)

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  Contribution i Performance i
Workspace -0.19 % -7.76 %
Keppel DC REIT -0.05 % -2.25 %
Grainger -0.05 % -0.72 %
Pandox AB -0.04 % -8.34 %
Hang Lung Properties -0.02 % -0.74 %

Geographic allocation (2021-06-30)

56.1 %
United States
10.6 %
Japan
5.6 %
Hong Kong
5.5 %
Germany
4.5 %
United Kingdom
3.4 %
Australia
2.8 %
Singapore
2.8 %
Belgium
2.8 %
Canada
2.7 %
Nordics
1.2 %
Ireland
1.1 %
Other
1.0 %
Switzerland
Total
100 %
On basis of country of exchange of the investments. The cash position is included in ‘Other’.

Top 10 holdings (2021-06-30)

4.6 %
Vonovia SE
4.1 %
Avalonbay Communities
3.8 %
Invitation Homes
3.6 %
Equinix
3.6 %
Ventas
3.5 %
Mitsui Fudosan
3.1 %
WP Carey
3.1 %
CubeSmart
3.1 %
Americold Realty Trust
3.0 %
STAG Industrial
Total
35.4 %

Sector allocation (2021-06-30)

27.3 %
Industrials
20.9 %
Other
20.1 %
Offices
18.0 %
Residential
13.7 %
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
J - GBP
Investor type
Institutional
Distributing
Yes
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
LU1894636429
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 en
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.