Kempen (Lux) Global Small-cap Fund - Class I

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 2022-05-31 (rebased)

No chart data available

Performance per 2022-05-31

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  Fund Benchmark
1 month 0.6 % -1.7 %
3 months -0.1 % -2.6 %
This year -3.3 % -8.7 %
2019 26.6 % 28.5 %
2020 -0.1 % 6.4 %
2021 30.5 % 24.5 %
1 year (on annual basis) 2.0 % -0.9 %
3 years (on annual basis) i 13.3 % 11.4 %
5 years (on annual basis) i 10.3 % 8.4 %
Since inception (on annual basis) i 12.1 % 10.0 %
Performance is shown after deduction of ongoing charges. 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 1,497.64 M 2022-05-31
Share class size
EUR 955.18 M 2022-05-31
Number of shares
387,500 2022-05-31
Net Asset Value i
EUR 2,273.83 2022-07-06
Morningstar rating â„¢
Morningstar Analyst rating
Silver
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 2022-05-31

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  Fund Benchmark
Number of holdings 66 4491
Dividend yield i 2.24 % 1.82 %
Weighted average market capitalization i EUR 3,467 M EUR 3,978 M
P/E ratio i 12.18
Active share i 97.81 %
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 2022-05-31

In the month of May the Fund (I-class) was up 0.6% versus the MSCI World Small-cap index (benchmark) that was down 1.7% and the MSCI World Small-Cap Value that lost 0.2%. Stock markets remained volatile in May as rising inflation and energy prices are causing concern for the outlook on economic growth, which resulted in pressure on certain consumer related stocks. The strong relative performance in May further strengthened our long-term track record of outperformance.

The three top contributing stocks during the month of May were Kronos (+23%), SIGA Technologies (+84%), and Software AG (+13%). The share price of Kronos, a leading global producer of a white pigment called titanium dioxide, increased by +23% during the month of May after the company reported better than expected Q1 results. Kronos sells its pigments into a wide variety of end markets and continues to see healthy demand across the board, resulting in favorable pricing and higher earnings power. SIGA Technologies is a US pharmaceutical company marketing the only antiviral treatment for smallpox, monkeypox and other orthopox viruses that is approved in both North America and Europe. SIGA's share price was up 84% in volatile trading in the final weeks of May when several monkeypox outbreaks were identified, particularly in Europe, where the virus is not endemic. The US and Canada were the only countries in the world that stockpile SIGA's drug, TPOXX. In recent weeks, several European countries have been scrambling to obtain TPOXX as well and we expect SIGA to sign contracts to supply the drug to governments all over the globe. Trading in SIGA stock is expected to remain volatile as the situation around the current outbreaks becomes more clear. We do not expect a covid19-like pandemic. However, the current outbreaks teach an important lesson on pandemic preparedness and we are of the view that SIGA will have a meaningfully larger business going forward. Shares of Software AG were up 13% in May. The results published at the end of April confirmed the progress being made against the fiscal year 2022 targets. The Digital Business showed 15% bookings growth and, due to phasing, A&N showed a remarkable 42% bookings growth. The company reiterated its 2022 and 2023 organic targets, while the consolidation of StreamSets will accelerate the growth of the group. We believe that the shares provide good value, with the global uncertainty of inflation and supply chains will have less of an impact on Software AG than many other companies.

The largest three negative contributors in May were Abercrombie & Fitch (-41%), Fujitec (-8%) and American Eagle Outfitters (-21%). Abercrombie & Fitch's (A&F) stock price declined by 41% during May driven by a reduction of its full year outlook and weaknesses reported by other retailers. As we wrote in the previous monthly report we took some profit as the stock had outperformed its peers by a wide margin. This limited the negative impact on the performance of our portfolio in May to some extent, but due to the steep decline the impact was still significant. Fundamentally we believe the company performed well, but the environment was very difficult with increasing freight costs, FX headwinds, unfavorable weather, Shanghai lockdowns and a difficult compare. A&F's market capitalisation is now back to about $1bn, which is only 6x the average FCF generated over the past eight years. The balance sheet is very strong, but we have to admit that the outlook for the consumer is very uncertain. Fujitec declined by 8% during May. The shares performed reasonably well year-to-date, resulting in a +20-30% performance gap in local currencies with international peers like Kone, Schindler and Otis. Fujitec’s shares continue to trade at a substantial discount versus international peers. American Eagle Outfitters' (AEO) stock price declined by 21% in May. The company is facing similar issues as Abercrombie & Fitch. However, where we believe A&F did very well in terms of controlling the controllable, the execution of AEO was not flawless. AEO misjudged consumer demand, planned too aggressively and is now left with too much inventory. It will take time to recover from this. We still believe this is a valuable franchise and in our view Aerie (28% of revenues) is already worth more than the whole company.

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 2022-05-31 (rebased)

No chart data available

Performance per 2022-05-31

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  Fund Benchmark
1 month 0.6 % -1.7 %
3 months -0.1 % -2.6 %
This year -3.3 % -8.7 %
2019 26.6 % 28.5 %
2020 -0.1 % 6.4 %
2021 30.5 % 24.5 %
1 year (on annual basis) 2.0 % -0.9 %
3 years (on annual basis) i 13.3 % 11.4 %
5 years (on annual basis) i 10.3 % 8.4 %
Since inception (on annual basis) i 12.1 % 10.0 %
Performance is shown after deduction of ongoing charges. 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
No

Risk analysis (ex post) per 2022-05-31

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  3 years Since inception
Maximum drawdown i -33.62 % -33.62 %
Tracking error i 6.89 % 5.71 %
Information ratio i 0.27 0.36
Beta i 1.09 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 (2022-05-31)

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  Contribution i Performance i
Kronos Worldwide 0.54 % 23.22 %
Siga Technologies 0.35 % 68.74 %
Software 0.25 % 10.33 %
Cabot 0.22 % 13.65 %
Sleep Number 0.21 % 11.52 %

Bottom 5 contribution (2022-05-31)

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  Contribution i Performance i
Abercrombie & Fitch -0.82 % -41.74 %
Fujitec -0.26 % -7.70 %
American Eagle Outfitters -0.20 % -20.98 %
Hikma Pharmaceuticals -0.18 % -10.49 %
Encompass Health Corporation -0.16 % -6.23 %

Geographic allocation (2022-05-31)

56.6 %
North America
21.0 %
Europe Middle East and Africa (EMEA)
18.5 %
Japan
3.1 %
Other
0.8 %
Asia Pacific ex Japan
Total
100 %
The cash position is included in ‘Other’.

Top 10 holdings (2022-05-31)

3.3 %
Jabil
3.1 %
Fujitec
3.0 %
Brunswick
2.9 %
DeNa
2.9 %
Befesa
2.9 %
Ulvac
2.7 %
ASR Nederland
2.7 %
BAWAG Group
2.7 %
Haseko
2.7 %
Kronos Worldwide
Total
28.8 %

Sector allocation (2022-05-31)

20.1 %
Industrials
16.0 %
Technology
15.0 %
Consumer Discretionary
13.0 %
Financials
9.7 %
Real estate
8.1 %
Basic Materials
7.8 %
Health Care
4.7 %
Telecommunications
3.1 %
Other
2.3 %
Energy
0.4 %
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
0.700 %
Service fee i
0.20 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0,91 %
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
I i
Investor type
Institutional
Distributing
No
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 professional investors only in
Belgium, Finland, France, Germany, Italy, Luxembourg, Norway, SGP, Spain, Sweden, Switzerland, The Netherlands, United Kingdom
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
Silver

Tradability

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Minimum subscription
Initial subscription €50,000, additional subscriptions €10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU1078159883
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.