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

Kempen (Lux) Global Small-cap Fund (the Fund) offers investors the opportunity to invest in an actively and professionally managed portfolio of smaller listed companies worldwide, while at the same time complying with strict exclusion and sustainability criteria. These are defined as companies with a maximum market capitalisation at the time of initial purchase of either EUR 8 billion, or the highest market capitalisation of any company included in the MSCI World Small Cap Index, whichever is the greater. The Fund primarily aims to generate a better long-term return than the benchmark.

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

Jan Willem Berghuis, Maarten Vankan, Chris Kaashoek, Luuk Jagtenberg

Performance per 2022-04-30 (rebased)

No chart data available

Performance per 2022-04-30

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  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 %
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. As of 30 June 2018 a deviating Net Asset Value (NAV) is used for the calculation of the performance figures. 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. However, for the calculation of the performance of 31 December 2021 the originally issued NAV of 3 January 2022 was used as the deviating NAV could not be calculated due to technical circumstances.
More information can be found on the documents page of this fund

Key figures

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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
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 2022-04-30

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  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 %
Kempen (Lux) Global Small-cap 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).

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

In the month of April the Fund (I-class) was down 1.8% versus the MSCI World Small-cap index (benchmark) that was down 2.8%. Year-to-date the Fund is down 3.9% outperforming the benchmark which was down 7.1%. On balance stock markets declined in April in a market that showed increased daily volatility. During the month the US treasury yield moved from 2.4% to almost 3.0% which was a tailwind for the MSCI World Small-cap Value index which declined only 1.1% in April outperforming the broader small-cap index. At the end of April Argo Group, a US insurance company, announced it will initiate an exploration of strategic alternatives. In March 2022 we sent a letter to the board with a proposal to start such a strategic review including the sale of the company. We have been shareholder in Argo Group since April 2018. Since we became shareholders, Argo Group has experienced a turbulent period characterized by pressure from activist investors and changes in the board and in the executive leadership team. In this process, we have taken a constructive and patient stance. After the recent, disappointing Q4 results driven by unexpected adverse prior year reserve developments, we believe this is the right moment to start a strategic review of Argo Group. We are therefore pleased with the board's decision to follow our proposal.

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.

Kempen (Lux) Global Small-cap 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).

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)

No chart data available

Performance per 2022-04-30

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  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 %
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. As of 30 June 2018 a deviating Net Asset Value (NAV) is used for the calculation of the performance figures. 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. However, for the calculation of the performance of 31 December 2021 the originally issued NAV of 3 January 2022 was used as the deviating NAV could not be calculated due to technical circumstances.

Dividends

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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

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  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
Kempen (Lux) Global Small-cap 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).

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)

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  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)

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  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)

58.1 %
North America
20.8 %
Europe Middle East and Africa (EMEA)
18.6 %
Japan
1.6 %
Other
0.9 %
Asia Pacific ex Japan
Total
100 %
The cash position is included in ‘Other’.

Top 10 holdings (2022-04-30)

3.4 %
Fujitec
3.2 %
Jabil
3.2 %
DeNa
3.2 %
West Fraser Timber
3.1 %
Brunswick
2.8 %
ASR Nederland
2.8 %
Befesa
2.7 %
Encompass Health Corporation
2.6 %
Ulvac
2.6 %
BAWAG Group
Total
29.6 %

Sector allocation (2022-04-30)

19.3 %
Industrials
15.9 %
Consumer Discretionary
15.6 %
Technology
13.1 %
Financials
10.6 %
Real estate
8.9 %
Basic Materials
7.7 %
Health Care
4.6 %
Telecommunications
2.2 %
Energy
1.6 %
Other
0.5 %
Consumer Staples
Total
100 %
The cash position is included in ‘Other’.
Kempen (Lux) Global Small-cap 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).

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

The Kempen Global Small-cap Fund (the “Fund”) falls under the scope of article 8 of the SFDR which means that the fund promotes environmental and/or social characteristics. This fund will invest in a broad range of companies, of which some will have sustainability objectives. The fund promotes the following environmental characteristic:

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

The promotion of environmental and/or social characteristics is achieved through the consistent implementation of the funds ESG policy. The ESG policy is fully implemented in our strategy’s investment process across the three relevant pillars of: Exclusion, ESG integration and Active ownership.

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

The Fund excludes companies through the application of strict exclusion criteria. These take into account international standards, such as UN Global Compact Framework, the OECD Guidelines for Multinational Enterprises, UN Guiding Principles for Business and Human Rights, and our Principles for Responsible Investment commitments. We have summarized how we integrated the principle adverse indicators in our ESG policy and process in the ESG Policy & Process document that can be found on our website.

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
Kempen (Lux) Global Small-cap 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).

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

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
0.750 %
Service fee i
0.20 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
1 %
Kempen (Lux) Global Small-cap 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).

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

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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

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Minimum subscription
Initial subscription €1
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU1078127419
Kempen (Lux) Global Small-cap 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).

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

Kempen (Lux) Global Small-cap 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).

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.