Kempen Lux Global Property Fundamental Index Fund - Class BN

Profile

Kempen International Funds SICAV - Kempen (Lux) Global Property Fundamental Index® Fund (the Fund) has the objective to achieve attractive long-term investment results. The Fund aims to reflect the result of the index as well as to offer the investors sufficient liquidity. The index is the GPR Global Property Fundamental Index®. This index is compiled based on fundamental (financial) factors rather than on the basis of market capitalisation.

These factors are representative of the economic power of companies. For listed real estate companies, these are rental income, EBITDA and gross dividends.

Management team

Hans Kamminga, Kim Lubbers, Emma Weeder

Performance per 2017-10-31 (rebased)

No chart data available

Performance per 2017-10-31

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  Fund Benchmark
1 month 1.0 % 1.0 %
3 months -0.0 % 0.0 %
This year -2.1 % -1.9 %
2014 27.8 % 28.7 %
2015 9.3 % 9.7 %
2016 9.4 % 10.0 %
3 years (on annual basis) i 6.4 % 6.9 %
5 years (on annual basis) i 8.7 % 9.4 %
Since inception (on annual basis) i 8.8 % 9.8 %
In October 2013, the rebate free class BN of Kempen Lux Global Property Fundamental® Index Fund (the Fund) was launched. The results shown of the period before October 2013 are those of class B of the Fund. The higher management fee of class B has had an impact on the performance quoted. 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. For the calculation of the performance figures a deviating Net Asset Value (NAV) is used. This NAV is calculated based on closing prices of the Fund investments thereby deviating from the NAV which was originally issued and partly calculated based on snapshots (Asia & Pacific investments). The deviating NAV is used to make a better comparison with the benchmark, which is also solely based on closing prices of the investments.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 42.03 M 2017-10-31
Number of shares
57,518 2017-10-31
Net Asset Value i
EUR 32.71 2017-11-22
Morningstar rating â„¢

Fund characteristics per 2017-10-31

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  Fund Benchmark
Number of holdings 149 149
Dividend yield i 3.90 % 3.90 %
Weighted average market capitalization i EUR 12,298 M EUR 12,263 M
P/E ratio i 14.15 14.16
Active share i 1.20 %
Kempen (Lux) Global Property Fundamental Index® Fund ( 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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

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

‘Fundamental Index®’ and/or ‘Research Affiliates Fundamental Index®’ and/or ‘RAFI’ and/or all other RA trademarks, trade names patented and patent-pending concepts are the exclusive property of Research Affiliates, L.L.C.

Market developments per 2017-10-31

In October we got no surprises from Draghi: the ECB announced that it will continue its QE programme to at least September 2018, but will halve its monthly pace as of January on to €30bn. Catalunia’s search for independence triggered a volatility in Spanish real estate companies.

German residential company Vonovia announced a strategic partnership with French housing giant SNI. People speculate on a merger between these massive residential companies. Interestingly, Vonovia also changed the wording in its strategy which no longer just focusses on Germany now but is aimed at large European cities. SNI owns predominantly social housing with low margins. Note that SNI is majority owned by the French government and it is unlikely that the government would allow a sale to a commercial German housing company.

Third quarter earnings season is well underway in the US. Most companies were able to give updates that are consistent with our expectations. US retail landlord CBL was the notable exception reporting very weak rent growth figures and further weakening of retailer demand. The pressures in US (and Global) retail continues. CBL’s leverage is now at levels that the future of the company is at stake.
Kempen (Lux) Global Property Fundamental Index® Fund ( 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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

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

‘Fundamental Index®’ and/or ‘Research Affiliates Fundamental Index®’ and/or ‘RAFI’ and/or all other RA trademarks, trade names patented and patent-pending concepts are the exclusive property of Research Affiliates, L.L.C.

Performance per 2017-10-31 (rebased)

No chart data available

Performance per 2017-10-31

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  Fund Benchmark
1 month 1.0 % 1.0 %
3 months -0.0 % 0.0 %
This year -2.1 % -1.9 %
2014 27.8 % 28.7 %
2015 9.3 % 9.7 %
2016 9.4 % 10.0 %
3 years (on annual basis) i 6.4 % 6.9 %
5 years (on annual basis) i 8.7 % 9.4 %
Since inception (on annual basis) i 8.8 % 9.8 %
In October 2013, the rebate free class BN of Kempen Lux Global Property Fundamental® Index Fund (the Fund) was launched. The results shown of the period before October 2013 are those of class B of the Fund. The higher management fee of class B has had an impact on the performance quoted. 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. For the calculation of the performance figures a deviating Net Asset Value (NAV) is used. This NAV is calculated based on closing prices of the Fund investments thereby deviating from the NAV which was originally issued and partly calculated based on snapshots (Asia & Pacific investments). The deviating NAV is used to make a better comparison with the benchmark, which is also solely based on closing prices of the investments.

Dividends

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Distributing
Yes
Last dividend
EUR 0.45
Ex-date last dividend
2017-07-24
Number of distributions per year
2
Dividend calendar

Risk analysis (ex post) per 2017-10-31

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  3 years Since inception
Maximum drawdown i -13.63 % -14.85 %
Tracking error i 0.22 % 0.63 %
Information ratio i -2.31 -1.56
Beta i 1.00 1.00
Kempen (Lux) Global Property Fundamental Index® Fund ( 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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

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

‘Fundamental Index®’ and/or ‘Research Affiliates Fundamental Index®’ and/or ‘RAFI’ and/or all other RA trademarks, trade names patented and patent-pending concepts are the exclusive property of Research Affiliates, L.L.C.

Top 5 contribution (2017-10-31)

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  Contribution i Performance i
Daiwa House Industry 0.18 % 7.13 %
Sumitomo Realty & Development 0.14 % 11.16 %
Mitsui Fudosan 0.14 % 8.19 %
City Developments 0.10 % 15.52 %
Unibail Rodamco 0.09 % 4.42 %

Bottom 5 contribution (2017-10-31)

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  Contribution i Performance i
Health Care Property -0.08 % -5.78 %
DDR -0.08 % -15.03 %
Simon Property Group -0.07 % -2.10 %
Welltower -0.06 % -3.31 %
GGP -0.05 % -3.94 %

Geographic allocation (2017-10-31)

45.6 %
The United States
10.7 %
Japan
10.5 %
Hong Kong
6.0 %
Australia
5.7 %
France
3.8 %
United Kingdom
3.7 %
Singapore
3.2 %
Bermuda
3.0 %
Germany
2.5 %
Canada
1.2 %
Sweden
1.0 %
South Africa
0.7 %
Switzerland
0.6 %
Philippines
0.5 %
Brazil
0.4 %
Austria
0.3 %
Spain
0.2 %
Luxembourg
0.2 %
Belgium
0.2 %
The Netherlands
0.1 %
Cash
Totaal
100 %

Top 10 holdings (2017-10-31)

3.3 %
Simon Property Group
2.7 %
Daiwa House Industry
2.3 %
Wharf Holdings
2.2 %
Unibail Rodamco
2.2 %
Brookfield Property Partners
2.0 %
Equity Residential
1.9 %
Public Storage
1.9 %
Prologis
1.8 %
Mitsui Fudosan
1.8 %
Welltower
Totaal
22.0 %

Sector allocation (2017-10-31)

31.2 %
Diversified
24.3 %
Retail
14.3 %
Offices
11.9 %
Residential
8.3 %
Industrials
7.1 %
Health Care
2.3 %
Hotels
0.6 %
Other
Totaal
100 %
On basis of 'look through' data. The cash position is included in ‘Other’.
Kempen (Lux) Global Property Fundamental Index® Fund ( 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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

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

‘Fundamental Index®’ and/or ‘Research Affiliates Fundamental Index®’ and/or ‘RAFI’ and/or all other RA trademarks, trade names patented and patent-pending concepts are the exclusive property of Research Affiliates, L.L.C.

Ongoing charges

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Management fee i
0.25 %
Service fee i
0.20 %
Expected ongoing charges i
0,45 %

Other costs

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Upward swing factor i
0.20 %
Downward swing factor i
0.20 %
Kempen (Lux) Global Property Fundamental Index® Fund ( 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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

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

‘Fundamental Index®’ and/or ‘Research Affiliates Fundamental Index®’ and/or ‘RAFI’ and/or all other RA trademarks, trade names patented and patent-pending concepts are the exclusive property of Research Affiliates, L.L.C.

Share class details

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Share class
BN i
Investor type
Private
Distributing
Yes
Benchmark i
GPR Global Property Fundamental Index®
Investment category
Fundamental Indexation
Universum
Global real estate equities
Inception date
2013-10-08
Domicile
Luxembourg
May be offered to all investors in
Luxembourg, Switzerland, The Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Management company
Kempen Capital Management N.V.
Custodian
J.P. Morgan Bank Luxembourg S.A.
Morningstar rating â„¢

Tradability

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Minimum subscription
Initial subscription €1,000
Listed
yes, listed on the Euro MTF section of the Luxembourg Stock Exchange
Pricing frequency
Daily
ISIN i
LU0927664119
Kempen (Lux) Global Property Fundamental Index® Fund ( 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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

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

‘Fundamental Index®’ and/or ‘Research Affiliates Fundamental Index®’ and/or ‘RAFI’ and/or all other RA trademarks, trade names patented and patent-pending concepts are the exclusive property of Research Affiliates, L.L.C.
Kempen (Lux) Global Property Fundamental Index® Fund ( 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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

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

‘Fundamental Index®’ and/or ‘Research Affiliates Fundamental Index®’ and/or ‘RAFI’ and/or all other RA trademarks, trade names patented and patent-pending concepts are the exclusive property of Research Affiliates, L.L.C.

KCM Vision

Kempen Capital Management is an asset manager with a long-term investment approach. We strongly believe in engaged shareholdership that benefits all stakeholders. As a long-term responsible investor, we firmly believe that active ownership and shareholder engagement contribute to positive change across the board.

Our KCM wide approach to responsible investment

To put our vision into action we engage with our investment targets on a wide array of strategic, financial, environmental, social and governance (ESG) topics. Our long-term investment worldview paired with thorough analysis and an experienced and diverse ESG team allow us to use both voting and engagement as means to consistently encourage positive change. Through this process of constructive engagement, we are able to contribute to the development of principles and standards of corporate responsibility within companies.

Fund approach to Responsible Investment

ESG is fully integrated in our investment process for the real estate funds. We believe financial and sustainability returns are indivisible and that those companies that can find the right balance between all stakeholders will drive value. In our investment framework there are three key aspects we look at in determining the warranted valuation: management value add, balance sheet and ESG. We are willing to pay up for those companies that excel in ESG. This believe is underpinned by academic literature.

We track the CO2 intensity for all companies in our universe and use this information to for our assumption for capital expenditure in valuing the real estate portfolio. We do not only invest in the ESG leaders but also in the laggards as we the potential value to be unlocked by providing capital to those who need it the most is massive

Kempen (Lux) Global Property Fundamental Index® Fund ( 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 Netherlands Authority for the Financial Markets.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Badenerstrasse 567, P.O. Box 1292, 8048 Zürich. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/investmentfunds).

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

‘Fundamental Index®’ and/or ‘Research Affiliates Fundamental Index®’ and/or ‘RAFI’ and/or all other RA trademarks, trade names patented and patent-pending concepts are the exclusive property of Research Affiliates, L.L.C.