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 2022-10-31 (rebased)

No chart data available

Performance per 2022-10-31

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  Fund Benchmark
1 month 6.6 % 7.1 %
3 months -3.8 % -3.2 %
This year -6.1 % -8.8 %
2019 26.6 % 28.5 %
2020 -0.1 % 6.4 %
2021 30.5 % 24.5 %
1 year (on annual basis) -5.5 % -8.4 %
3 years (on annual basis) i 9.8 % 8.7 %
5 years (on annual basis) i 8.9 % 7.2 %
Since inception (on annual basis) i 11.1 % 9.5 %
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 1,380.71 M 2022-10-31
Share class size
EUR 868.24 M 2022-10-31
Number of shares
362,578 2022-10-31
Net Asset Value i
EUR 2,464.89 2022-12-02
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 2022-10-31

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  Fund Benchmark
Number of holdings 66 4512
Dividend yield i 2.49 % 2.05 %
Weighted average market capitalization i EUR 4,026 M EUR 3,851 M
P/E ratio i 11.67
Active share i 97.94 %
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 2022-10-31

In the month of October the Fund (I-class) was up 6.6% versus the MSCI World Small-cap index (benchmark) that was up 7.1%. Markets recovered sharply in October despite weaker Q3 company earnings in some segments of the market that were impacted by an economic slowdown. Year-to-date the portfolio is down 6.1% versus the benchmark that is down 8.8%.

The three top contributing stocks during the month of October were QuidelOrtho (+25%), Thermon (+14%) afnd Jabil (+10%). QuidelOrtho's share price increased 25% in October. The company, a leading point-of-care medical diagnostic test maker, pre-announced strong Q3 revenues in October. Both covid19 and non-covid19 revenues were better than expected. Furthermore, there are early signs of a strong respiratory infection season developing, with upticks in cases of covid19, influenza and RSV. We like Quidel's long-term potential and attractive valuation, and have added to our position. The share price of Thermon increased by 14% during the month. Being a global leader in electrical (process) heating solutions for industrial clients, Thermon benefits from increased maintenance needs as clients postponed maintenance during covid locks-downs. At the same time, Thermon is seeing strong demand for its solutions that help industrial clients to decarbonize by moving away from gas-fired to lower-temperature electrical heating solutions. Thermon reported solid quarterly results early in November, again raising its full year guidance accordingly. The share price of Jabil increased 10% over the month of October. The company reported stellar Q4 results in the final week of September and remains one of our core holdings. Even after the significant outperformance of the shares, we remain excited about the stock's set-up.

The largest three negative contributors in October were SleepNumber (-19%), Haseko (-6%) and TAG Immobilien (-22%). SleepNumber’s stock price was down 19% in October. The company reported Q3 results which were ahead of expectations, but had to lower Q4 expectations on continued supply chain issues. Additionally consumer demand for its mattresses is declining due to macro related pressures on the consumer. Unfortunately SNBR has been facing significant supply chain issues for a while now and expectations have been set lower once again. We however are still strong believers in the products and strategy of the company and the ability of the management team to navigate the company through the current downturn. While the risk profile of the stock is high, the potential upside is also substantial once the business stabilizes. Haseko saw its share price declining by 6% during the month, without any specific corporate news. Haseko is a leading condo developer in Japan. The shares performed well year-to-date, so there may be some profit taking at current levels, in conjunction with some broader macro-economic concerns that may impact future earnings. Although there was no news on TAG Immobilien shares were down 22% for the month. In August TAG raised €200 million equity to refinance the Polish acquisition ROBYG. But also after this equity raise leverage and LTV are still high and TAG targeted to bring down leverage and LTV by disposals. As interest rates continue to rise we see that the market for bigger disposals is softening and interest costs pressure the company’s earnings potential. We therefore actively further reduced our position last month, which currently is less than 0.4% of our portfolio.

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 2022-10-31 (rebased)

No chart data available

Performance per 2022-10-31

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  Fund Benchmark
1 month 6.6 % 7.1 %
3 months -3.8 % -3.2 %
This year -6.1 % -8.8 %
2019 26.6 % 28.5 %
2020 -0.1 % 6.4 %
2021 30.5 % 24.5 %
1 year (on annual basis) -5.5 % -8.4 %
3 years (on annual basis) i 9.8 % 8.7 %
5 years (on annual basis) i 8.9 % 7.2 %
Since inception (on annual basis) i 11.1 % 9.5 %
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 2022-10-31

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  3 years Since inception
Maximum drawdown i -33.62 % -33.62 %
Tracking error i 6.26 % 5.61 %
Information ratio i 0.19 0.28
Beta i 1.05 1.03
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

Maturity profile (2022-10-31)

1.6 %
Cash
98.4 %
Other
Total
100 %

Geographic allocation (2022-10-31)

60.3 %
North America
20.0 %
Europe Middle East and Africa (EMEA)
17.4 %
Japan
1.9 %
Other
0.5 %
Asia Pacific ex Japan
Total
100 %
The cash position is included in ‘Other’.

Top 10 holdings (2022-10-31)

3.9 %
Jabil
3.5 %
Fujitec
3.4 %
Thermon Group
3.3 %
Brunswick
3.2 %
Ulvac
3.2 %
First Solar
3.1 %
ASR Nederland
2.9 %
BAWAG Group
2.6 %
Wintrust Financial Corp.
2.5 %
Strayer Education
Total
31.6 %

Rating allocation (2022-10-31)

98.4 %
Not Rated
1.6 %
Cash
Total
100 %

Sector allocation (2022-10-31)

20.5 %
Industrials
18.5 %
Technology
13.9 %
Financials
13.4 %
Consumer Discretionary
9.6 %
Health Care
8.4 %
Real estate
6.9 %
Basic Materials
4.4 %
Telecommunications
2.2 %
Energy
1.9 %
Other
0.3 %
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

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
Universe
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, Singapore, 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, Luxembourg Branch
Management company
Kempen Capital Management N.V.
Depositary and custodian
BNP Paribas, 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.