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 2021-03-31 (rebased)

No chart data available

Performance per 2021-03-31

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  Fund Benchmark
1 month 4.8 % 4.2 %
3 months 3.7 % 4.8 %
This year 3.7 % 4.8 %
2018 -0.7 % 0.2 %
2019 20.8 % 17.2 %
2020 -13.8 % -11.8 %
1 year (on annual basis) 16.6 % 21.0 %
3 years (on annual basis) i 4.9 % 5.6 %
5 years (on annual basis) i 5.3 % 4.7 %
Since inception (on annual basis) i 8.7 % 7.5 %
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 187.01 M 2021-03-31
Share class size
GBP 0.09 M 2021-03-31
Number of shares
89 2021-03-31
Net Asset Value i
GBP 1,014.93 2021-05-06
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 2021-03-31

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  Fund Benchmark
Number of holdings 58 341
Dividend yield i 3.07 % 3.43 %
Weighted average market capitalization i EUR 10,909 M EUR 14,316 M
P/E ratio i 32.65
Active share i 75.38 %
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 2021-03-31

The Fund posted a strong positive return in March and outperformed the benchmark. Outperformance stemmed largely from US Healthcare where our large overweight Healthpeak Properties outperformed further attesting the strength of privately paid healthcare solutions in the Medical Offices Buildings “MOB” as well as the very desirable life sciences properties, which are continuing to generate momentum and attract interest through the pandemic. Investors such as ourselves also endorse their strategy of selling senior housing properties, as the market has re-opened since the beginning of the pandemic, in order to focus on MOBs and life sciences. Another outperforming cluster was US Triple Net Lease where our overweight in STAG Industrial was amongst the top performers as the REIT continued to emphasize its increased stabilized like-for-like net operating income “lfl NOI” guidance to 2%-3% per year, up from a usual pace of 1%-2%. This is a direct result of strengthening operating fundamentals in more regional logistics locations, a trend we have forecasted since the beginning of last year. Underperformance came from the European Diversified cluster where strength in Unibail-Rodamco-Westfield, which we do not own, was at the expense of our holdings in Hibernia REIT and Warehouses de Pauw. The latter surely seeing some temporary outflow in favor of the listing of CTP over the month, the central and eastern Europe “CEE” logistics specialist.

March was a very strong month for listed real estate around the globe. It is likely that encouraging vaccine and reopening news from the United States, the largest part of the benchmark representing 55%, has pulled the rest of the globe upwards. Average performance in the US based clusters in local currency was 4% over the month, mirroring the return of the benchmark, in local currency. Strength was broad based with all cluster around the globe being positive barring Hong Kong. In the US, sectors such as Logistics & Storage and Housing returned 6% and 7% respectively. These were sectors which had performed very well during the pandemic yet had underperformed for several months mainly through the initial vaccine news hype. We believe that with the gradual return to normality and societal re-openings, the stock market will return to pricing the fundamentals more accurately and volatility, whilst elevated, should subside a bit.

March also saw the conclusion of the full year earnings season. Surprises were few as management teams guided investors closely on many milestones since a year ago through the pandemic. We did see several companies showing confidence in the stability of their business model and reinstating guidance (e.g. logistics, regulated residential, MOB offices) and others shying away from too much detail as uncertainties still remain ahead (e.g. retail, free-market residential, offices, senior housing). There is a brewing consensus that the second half of the year will see a somewhat sharp acceleration in activity due to broader re-openings. SGlobally, there has been $2.9tn of savings which would have otherwise been spent if it wasn’t for the pandemic (with over half of that in the US alone). With the vaccination progress going admirably in the US, we can see this market power strongly fundamentally and lead the global developed markets recovery. Whilst this may provide much needed lifelines for re-financings for several “at-risk” business models it may only delay the inevitable structural trends at play. These we know all too well: e-commerce has accelerated tremendously, work-from-home (WFH) has and will to continue to impact the broader demand for office and causing for an increase in capital expenditures to re-fit offices of the future, theatres are broadly at threat from streaming platforms and data centers continuing to prosper due to an insatiable demand for data.

On the European Continent, in March CTP raised €948m (with the over-allotment) to help finance its development pipeline which involves strategically located land plots mainly in Czechia and Romania. This was a heavily oversubscribed issue which illustrates the continued interest for logistics properties into less traditional locations. We see the same in the US via STAG Industrial, and we see the same in Europe via the investment shift to the east where yields are higher, land is cheaper, yet demand is growing (but supply too, as it’s inexpensive to build). Part of this may be explained by the creation of the “new-silk-road” via Chinese major strategic investments in ports around Europe (including a large one in Greece). This would provide a less expensive alternative way to move goods to strong consumer markets and potentially one-day challenge some of the established, but also expensive major ports of Rotterdam, Antwerp and Hamburg. Many investors are beginning to accumulate logistics portfolio in traditionally cheaper, but strategically important locations such as Bulgaria, the Western Balkans, Romania and through the Czech Republic and beyond.

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. March was a busy month on this front. We held best practices calls with Canadian REITs Allied Properties on sustainability and with Killam Apartment REIT on governance. Both meetings were very constructive with respect to the willingness of the companies to listen to our ESG policies and potentially implement several changes which would help them both with our valuation premium, but also with the wider investment community. On our side of the pond, we were vocal on rotations at the board of Castellum via sharing our views in a major Swedish financial daily newspaper. We also held awareness conversations with Fabege, the Stockholm real estate specialist, where we urged for the auditor to be rotated earlier than the mandatory required local requirement of twenty years. We also voiced minor concerns on the new appointments at the board of Fabege.

During March we made several changes to the portfolio. In the UK we have trimmed our positions in Grainger and Workspace after good intermediate stock performance and reinvested the proceeds back into a long-time former holding of ours, the self-storage specialist Safestore. In Japan we sold part of Mitsubishi Estate in favor of Mitsui Fudosan and a relative value gap opened up over the period. In Hong Kong we sold part of our Hysan Properties position into Swire Properties. We also sold our position Daiwa House REIT to reinvest into Japan Hotel and Nippon Prologis. In the US we upgraded the management score of Host Hotels due to the company’s ability to weather this pandemic from its superior strategy, the latest proof of which was its acquisition at low prices for an attractive asset in Austin. This upgrade caused us to sell part of our position in Apple Hospitality and reinvest into Host Hotels. In US Industrial & Storage we took advantage of the relative weakness in high-quality high barrier coastal market exposed urban logistics specialist Terreno by selling part of our Eastgroup position.

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 2021-03-31 (rebased)

No chart data available

Performance per 2021-03-31

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  Fund Benchmark
1 month 4.8 % 4.2 %
3 months 3.7 % 4.8 %
This year 3.7 % 4.8 %
2018 -0.7 % 0.2 %
2019 20.8 % 17.2 %
2020 -13.8 % -11.8 %
1 year (on annual basis) 16.6 % 21.0 %
3 years (on annual basis) i 4.9 % 5.6 %
5 years (on annual basis) i 5.3 % 4.7 %
Since inception (on annual basis) i 8.7 % 7.5 %
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 2021-03-31

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  3 years Since inception
Maximum drawdown i -25.98 % -25.98 %
Tracking error i 2.56 % 2.17 %
Information ratio i -0.29 0.58
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 (2021-03-31)

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  Contribution i Performance i
Invitation Homes 0.45 % 13.38 %
Avalonbay Communities 0.38 % 9.34 %
Health Care Property 0.30 % 12.72 %
Welltower 0.30 % 8.97 %
Highwoods Properties 0.29 % 10.98 %

Bottom 5 contribution (2021-03-31)

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  Contribution i Performance i
Hibernia Reit -0.02 % -1.95 %
Hysan Development -0.02 % -2.24 %
Apple Hospitality REIT -0.02 % -0.73 %
Shurgard Self Storage Europe -0.01 % -0.92 %
Warehouses De Pauw SCA -0.01 % -0.44 %

Geographic allocation (2021-03-31)

54.5 %
United States
11.5 %
Japan
5.8 %
Hong Kong
4.9 %
United Kingdom
4.8 %
Nordics
3.9 %
Australia
3.6 %
Belgium
3.1 %
Singapore
2.9 %
Canada
1.9 %
Germany
1.2 %
Ireland
1.1 %
Other
1.1 %
Switzerland
Total
100 %
On basis of country of exchange of the investments. The cash position is included in ‘Other’.

Top 10 holdings (2021-03-31)

4.1 %
Avalonbay Communities
3.7 %
Invitation Homes
3.7 %
Mitsui Fudosan
3.3 %
Welltower
3.1 %
Equity Lifestyle Properties
3.1 %
Federal Realty Investment Trust
3.0 %
Rexford Industrial Realty
2.9 %
Granite Real Estate Investment Trust
2.8 %
CubeSmart
2.8 %
Hang Lung Properties
Total
32.4 %

Sector allocation (2021-03-31)

32.7 %
Industrials
19.7 %
Offices
17.2 %
Residential
16.6 %
Other
13.8 %
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
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.