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 2018-07-31 (rebased)

No chart data available

Performance per 2018-07-31

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  Fund Benchmark
1 month 1.1 % 1.1 %
3 months 7.1 % 7.2 %
This year 3.5 % 3.5 %
2015 9.3 % 9.7 %
2016 9.4 % 10.0 %
2017 -1.0 % -0.7 %
1 year (on annual basis) 4.6 % 4.8 %
3 years (on annual basis) i 3.8 % 4.1 %
5 years (on annual basis) i 8.4 % 8.9 %
Since inception (on annual basis) i 8.5 % 9.4 %
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 36.54 M 2018-07-31
Share class size
EUR 1.10 M 2018-07-31
Number of shares
33,151 2018-07-31
Net Asset Value i
EUR 33.41 2018-08-17
Morningstar rating â„¢

Fund characteristics per 2018-07-31

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  Fund Benchmark
Number of holdings 150 150
Dividend yield i 4.07 % 4.07 %
Weighted average market capitalization i EUR 12,785 M EUR 12,797 M
P/E ratio i 13.01 13.03
Active share i 0.38 %
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., Bleicherweg 7, CH-8027 Zurich, Switzerland. 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 2018-07-31

Global property stocks were up in July with the Fund performing in-line with its benchmark. In Singapore after posting three quarters of strong price growth in the residential sector the Singaporean government introduced cooling measures by increasing the stamp duty and tightening the leverage limits.

July returns were positive and most global real estate markets continue to show strong momentum in 2018. Half year results are being reported and most European real estate companies continue to show positive rental growth. Especially Swedish real estate portfolios show strong momentum with NAVs on average up 19%. The office markets in Madrid and Milan also live up to their promises. In contrast, UK retail portfolios are showing dismal performance with INTU (managing a portfolio of high quality shopping centers) reporting a year-on-year NAV decline of 12%.

Interestingly, US retail real estate is showing signs of improvement. The largest owner of high-quality shopping centers Simon Property Group reported 4.5% tenant sales growth over the last 12 months. Improving tenant sales growth drives rental and net operating income growth for Simon’s portfolio. Other positive growth figures came out of US hotels where group reservations are picking up and tourism and business travel continue to be strong. Park Hotels, for example, who manage an upper upscale hotel portfolio under the Hilton brand with assets in Hawaii, San Francisco and other US gateway cities. They reported a very strong 11.4% like-for-like NOI growth figure which gave a boost to its share price and fellow Hotel REITs.
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., Bleicherweg 7, CH-8027 Zurich, Switzerland. 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 2018-07-31 (rebased)

No chart data available

Performance per 2018-07-31

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  Fund Benchmark
1 month 1.1 % 1.1 %
3 months 7.1 % 7.2 %
This year 3.5 % 3.5 %
2015 9.3 % 9.7 %
2016 9.4 % 10.0 %
2017 -1.0 % -0.7 %
1 year (on annual basis) 4.6 % 4.8 %
3 years (on annual basis) i 3.8 % 4.1 %
5 years (on annual basis) i 8.4 % 8.9 %
Since inception (on annual basis) i 8.5 % 9.4 %
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
2018-07-23
Number of distributions per year
2
Dividend calendar

Risk analysis (ex post) per 2018-07-31

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  3 years Since inception
Maximum drawdown i -12.09 % 0.00 %
Tracking error i 0.26 % 0.00 %
Information ratio i -1.45 0.00
Beta i 1.00 0.00
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., Bleicherweg 7, CH-8027 Zurich, Switzerland. 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 (2018-07-31)

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  Contribution i Performance i
Brookfield Property Partners 0.15 % 7.08 %
Daiwa House Industry 0.14 % 6.38 %
Simon Property Group 0.12 % 3.31 %
Link Reit 0.11 % 8.31 %
Digital Realty Trust 0.09 % 8.58 %

Bottom 5 contribution (2018-07-31)

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  Contribution i Performance i
Public Storage -0.08 % -4.19 %
DDR -0.07 % -11.34 %
Scentre Group -0.05 % -2.81 %
City Developments -0.04 % -8.47 %
Vornado Realty Trust -0.04 % -2.92 %

Geographic allocation (2018-07-31)

50.4 %
United States
9.1 %
Hong Kong
9.0 %
Japan
5.0 %
Australia
3.4 %
Bermuda
3.2 %
Germany
3.0 %
France
3.0 %
United Kingdom
2.9 %
Singapore
2.5 %
European M.C.F.
2.1 %
Canada
1.3 %
Cayman Islands
1.2 %
Sweden
0.8 %
South Africa
0.6 %
Switzerland
0.6 %
Luxembourg
0.5 %
Mexico
0.5 %
Spain
0.3 %
Austria
0.2 %
Brazil
0.3 %
Cash
Totaal
100 %

Top 10 holdings (2018-07-31)

3.7 %
Simon Property Group
2.9 %
Equity Residential
2.5 %
Unibail-Rodamco-Westfield
2.3 %
Welltower
2.2 %
Daiwa House Industry
2.2 %
Brookfield Property Partners
2.0 %
Ventas
1.9 %
Public Storage
1.9 %
Wharf Holdings
1.7 %
Vonovia SE
Totaal
23.3 %

Sector allocation (2018-07-31)

28.4 %
Diversified
26.2 %
Retail
14.0 %
Residential
12.6 %
Offices
8.2 %
Health Care
7.9 %
Industrials
1.9 %
Hotels
0.8 %
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., Bleicherweg 7, CH-8027 Zurich, Switzerland. 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
0.15 %
As of 1 January 2018 the swing factor has been adjusted from 0.20%/0.20% to 0.20%/0.15%.
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., Bleicherweg 7, CH-8027 Zurich, Switzerland. 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
Subscription/Redemption 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., Bleicherweg 7, CH-8027 Zurich, Switzerland. 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., Bleicherweg 7, CH-8027 Zurich, Switzerland. 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 that we invest in. Our full voting records are available here.

Our 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., Bleicherweg 7, CH-8027 Zurich, Switzerland. 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.