- Kempen
- Kempen Lux Global Small cap Fund Class BN
Kempen (Lux) Global Small-cap Fund - Class BN
This fund/strategy is currently under the soft-close regulation. Please see this link for more information.
Profile
The portfolio construction process involves a disciplined end to end framework initially utilizing proprietary in-house stock filters screening for high quality and attractively valued stocks. Thereafter, fundamental in-house research is carried out to identify high conviction investment ideas. The end result is a portfolio of approximately 60 - 90 stocks, well diversified across all regions and sectors
Management team
Performance per 2022-04-30 (rebased)
Performance per 2022-04-30
Fund | Benchmark | |
---|---|---|
1 month | -1.9 % | -2.8 % |
3 months | -1.3 % | -0.9 % |
This year | -3.9 % | -7.1 % |
2019 | 26.5 % | 28.5 % |
2020 | -0.2 % | 6.4 % |
2021 | 30.4 % | 24.5 % |
1 year (on annual basis) | 1.0 % | 0.2 % |
3 years (on annual basis) i | 9.7 % | 9.8 % |
5 years (on annual basis) i | 9.5 % | 8.2 % |
Since inception (on annual basis) i | 12.1 % | 10.4 % |
Key figures
Total fund size | EUR 1,479.00 M 2022-04-30 |
Share class size | EUR 164.40 M 2022-04-30 |
Number of shares | 2,994,535 2022-04-30 |
Net Asset Value i | EUR 53.80 2022-05-20 |
Morningstar rating â„¢ | |
Morningstar Analyst rating | Bronze |
Fund characteristics per 2022-04-30
Fund | Benchmark | |
---|---|---|
Number of holdings | 65 | 4498 |
Dividend yield i | 2.28 % | 1.81 % |
Weighted average market capitalization i | EUR 3,552 M | EUR 4,005 M |
P/E ratio i | 11.75 | |
Active share i | 97.84 % |
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
This fund/strategy is currently under the soft-close regulation. Please see this link for more information.
Developments per 2022-04-30
The three top contributing stocks in the month of April were West Fraser Timber (+13%), Abercrombie & Fitch (+14%) and TGS ASA (+10%). West Fraser Timber’s share price increased by 13% during April, reversing the decline witnessed in March, as North American lumber prices stabilized at relatively high levels. On the back of these high lumber prices, West Fraser reported strong Q1 earnings and cash flow generation. The company announced to deploy excess cash by buying back ~13-15% of its market capitalization, while still preserving a healthy balance sheet. Abercrombie & Fitch was up 14% in April. Also year-to-date the share price is holding up firmly, despite general macro concerns on consumer confidence and spending adversely affecting consumer related stocks. We benefited from the share price strength and took some profits accordingly. TGS was up 10% in April and is one of the best performing stocks in the year-to-date. The company, selling seismic data to the energy industry, is expected to benefit from the currently high oil & gas prices. We take a long-term view and used the strength in TGS' share price to take some profit.
Three negative contributors of the month were Ulvac (-19%), Befesa (-17%) and Fujitec (-12%). Ulvac declined by 19% during April without any company specific news. More generally, the covid-related lockdowns in Shanghai have created further challenges to the supply chain of the semiconductor industry, which could possibly affect Ulvac’s business as a leading equipment provider to the semiconductor industry. Befesa’s share price declined by 17% during the month, giving back the gains of March. Befesa reported quarterly results just mildly below expectations due to some higher operational expenses. We still believe Befesa’s management team is executing strongly on its strategic priorities, which create long-term opportunities. Fujitec declined by 12% during April. The shares performed well year-to-date, which resulted in a +25-35% performance gap in local currencies with international peers like Kone, Schindler and Otis. All of these peers reported mixed quarterly results, revealing challenges from inflationary pressure and slow-downs in China on the one hand, and resilience of the maintenance business on the other hand. Fujitec’s shares continue to trade at a substantial discount versus international peers.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
This fund/strategy is currently under the soft-close regulation. Please see this link for more information.
Performance per 2022-04-30 (rebased)
Performance per 2022-04-30
Fund | Benchmark | |
---|---|---|
1 month | -1.9 % | -2.8 % |
3 months | -1.3 % | -0.9 % |
This year | -3.9 % | -7.1 % |
2019 | 26.5 % | 28.5 % |
2020 | -0.2 % | 6.4 % |
2021 | 30.4 % | 24.5 % |
1 year (on annual basis) | 1.0 % | 0.2 % |
3 years (on annual basis) i | 9.7 % | 9.8 % |
5 years (on annual basis) i | 9.5 % | 8.2 % |
Since inception (on annual basis) i | 12.1 % | 10.4 % |
Dividends
Distributing | Yes |
Last dividend | EUR 0.40 |
Ex-date last dividend | 2022-01-13 |
Number of distributions per year | 2 |
Dividend calendar |
Risk analysis (ex post) per 2022-04-30
3 years | Since inception | |
---|---|---|
Maximum drawdown i | -22.48 % | -22.48 % |
Tracking error i | 6.93 % | 5.68 % |
Information ratio i | -0.01 | 0.29 |
Beta i | 1.11 | 1.04 |
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
This fund/strategy is currently under the soft-close regulation. Please see this link for more information.
Top 5 contribution (2022-04-30)
Contribution i | Performance i | |
---|---|---|
West Fraser Timber | 0.37 % | 13.08 % |
Abercrombie & Fitch | 0.31 % | 14.07 % |
TGS Nopec Geophysical | 0.17 % | 10.18 % |
Argo Group | 0.16 % | 9.27 % |
BAWAG Group | 0.15 % | 6.30 % |
Bottom 5 contribution (2022-04-30)
Contribution i | Performance i | |
---|---|---|
Ulvac | -0.61 % | -19.07 % |
Befesa | -0.54 % | -16.70 % |
Fujitec | -0.45 % | -11.76 % |
Sleep Number | -0.31 % | -15.67 % |
Teradata | -0.23 % | -11.52 % |
Geographic allocation (2022-04-30)
Top 10 holdings (2022-04-30)
Sector allocation (2022-04-30)
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
This fund/strategy is currently under the soft-close regulation. Please see this link for more information.
Environmental and/or social characteristics promoted
We commit to the goals of the Paris Agreement. By 2050 the fund aims net-zero emissions in line with the 1.5°C scenarios from the IPCC. By 2025 the fund aims aligned with a path to achieving the Paris Agreement and Dutch Klimaatakkoord goals. Following the EU Climate Transition Benchmark (EU CTB), our starting position is 30% lower than the MSCI World Small-cap Benchmark with a subsequent 7% annual reduction. Currently there has been no index designated as a reference benchmark to obtain the sustainable objective. However, the objective (climate change objective 2025) is based on the pathway in line with the EU Climate Transition Benchmark.
Fund carbon emission targets
Morningstar sustainability rating
ESG Label

ESG Investment process
In the investment process we assess the ESG profile of each company to ensure minimum environmental and social safeguards and good corporate governance practices. We assess each company on a case-by-case basis, taking into account material risks in a given industry in combination with the company’s respective risk exposure, governance practices and disclosure. A lower score (1-5) requires a higher return as used in our Discounted Cash Flow (DCF) models. We exclude companies with a score of 1. Companies with a score of 2 are excluded on a comply or explain basis. More information can be found in our ESG Policy and Process document.
Exclusion
Key figures
Kempen criteria | Additional criteria | |
---|---|---|
Business conduct | ||
Human Rights | ||
Labour | ||
Environment | ||
Anti Corruption | ||
Product involvement | ||
Controversial Weapons | ||
Tobacco | ||
Thermal Coal | ||
Tar Sands | ||
Adult Entertainment | ||
Alcohol | ||
Animal Welfare & GMO | ||
Gambling | ||
Power Generation Nuclear | ||
Power Generation Carbon Intensive | ||
(Un)conventional Oil & Gas Extraction | ||
Weaponry |
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
This fund/strategy is currently under the soft-close regulation. Please see this link for more information.
Ongoing charges
Management fee i | 0.750 % |
Service fee i | 0.20 % |
Taxe d'abonnement i | 0.05 % |
Expected ongoing charges i | 1 % |
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
This fund/strategy is currently under the soft-close regulation. Please see this link for more information.
Share class details
Share class | BN i |
Investor type | Private |
Distributing | Yes |
Benchmark i | MSCI World Small Cap Index |
Investment category | Small-caps |
Universum | Global Small- & Mid-caps |
Inception date | 2014-07-08 |
Domicile | Luxembourg |
May be offered to all investors in | Belgium, Germany, Italy, Luxembourg, Spain, Switzerland, The Netherlands, United Kingdom |
May be offered to professional investors only in | SGP |
UCITS status i | Yes |
Status | Open-end i |
Base currency | EUR |
Share class currency | EUR |
Administrator | BNP Paribas Securities Services S.C.A., Luxembourg branch |
Management company | Kempen Capital Management N.V. |
Depositary and custodian | BNP Paribas Securities Services S.C.A., Luxembourg branch |
Morningstar rating â„¢ | |
Morningstar Analyst rating | Bronze |
Tradability
Minimum subscription | Initial subscription €1 |
Listed | no |
Subscription/Redemption Frequency | Daily |
ISIN i | LU1078127419 |
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
This fund/strategy is currently under the soft-close regulation. Please see this link for more information.
Factsheets
Annual Reports
Semi- Annual Reports
Key Investor Information
Sustainability related disclosures
Formal documents other
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 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 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.