- Kempen
- Kempen Lux Global Small cap Fund Class I GBP
Kempen (Lux) Global Small-cap Fund - Class I GBP
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 2022-12-31 (rebased)
Performance per 2022-12-31
Fund | Benchmark | |
---|---|---|
1 month | -3.2 % | -4.4 % |
3 months | 5.3 % | 2.8 % |
This year | -3.0 % | -8.5 % |
2019 | 19.5 % | 21.3 % |
2020 | 5.5 % | 12.4 % |
2021 | 22.5 % | 16.8 % |
1 year (on annual basis) | -3.0 % | -8.5 % |
3 years (on annual basis) i | 7.8 % | 6.3 % |
5 years (on annual basis) i | 7.4 % | 5.9 % |
Since inception (on annual basis) i | 12.0 % | 10.0 % |
Key figures
Total fund size | EUR 1,354.13 M 2022-12-31 |
Share class size | GBP 73.33 M 2022-12-31 |
Number of shares | 54,321 2022-12-31 |
Net Asset Value i | GBP 1,442.89 2023-01-31 |
Morningstar rating â„¢ | |
Morningstar Analyst rating | Silver |
Fund characteristics per 2022-12-31
Fund | Benchmark | |
---|---|---|
Number of holdings | 62 | 4440 |
Dividend yield i | 2.40 % | 2.13 % |
Weighted average market capitalization i | EUR 3,766 M | EUR 3,398 M |
P/E ratio i | 11.90 | 11.81 |
Active share i | 98.12 % |
The information in this document provides insufficient information for an investment decision. Please read the Key Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.
This fund/strategy is currently under the soft-close regulation. Please see this link for more information.
Developments per 2022-12-31
The three top contributing stocks during the month of December were Befesa (+11%), ASR Nederland (+2%) and Vesuvius (+4%). The share price of Befesa increased by 11% during December. China’s new Covid policy allows for reopening of the economy, which should drive economic growth and consequently demand for metals like steel and zinc. Befesa is a world leader providing recycling services to the steel and zinc industry. The company has been investing to expand in China, an effort that was delayed due to the country’s Covid restrictions. ASR Nederland's share price rose 2% in December without any relevant company specific newsflow. We had a meeting with management discussing the recently announced Aegon NL acquistion rationale and the expected synergies and operational impact. We believe the deal makes sense and has the potential to unlock significant value as the shares remain attractively valued. Vesuvius saw its share price rising by 4% in December. Similar to Befesa, Vesuvius is a supplier to the steel industry, and will benefit from China’s new Covid policy allowing the steel market to pick up.
The largest three negative contributors in December were First Solar (-16%), Jabil (-9%) and TripAdvisor (-15%). First Solar's share price declined 16% in December, after finishing the previous month at an all-time high. There was no noteworthy company specific news. However, momentum for US clean energy stocks has been poor in December with the WilderHill Clean Energy Index posting a 19% decline. Despite the soft month of December, First Solar is the Global Small-cap strategy's top contributor to performance in 2022. Because of the strong visibility on future earnings growth and a differentiated technology in rapidly growing market for renewables First Solar remains a core holding. Jabil's share price declined by 9% in December despite the company reporting record fiscal Q1 results and slightly raising its full year outlook. In our view, the updated full year guide incorporates a healthy level of conservatism. We remain excited about the stock's set-up and Jabil remains one of our core holdings. Shares of TripAdvisor fell by 15% in December. There was no company-specific newsflow. US internet stocks have had a particularly poor year, de-rating significantly and ending 2022 on a soft note - TripAdvisor was no exception. We retain our conviction in the long-term potential and attractive valuation of TripAdvisor's portfolio of travel and leisure platforms.
The information in this document provides insufficient information for an investment decision. Please read the Key Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.
This fund/strategy is currently under the soft-close regulation. Please see this link for more information.
Performance per 2022-12-31 (rebased)
Performance per 2022-12-31
Fund | Benchmark | |
---|---|---|
1 month | -3.2 % | -4.4 % |
3 months | 5.3 % | 2.8 % |
This year | -3.0 % | -8.5 % |
2019 | 19.5 % | 21.3 % |
2020 | 5.5 % | 12.4 % |
2021 | 22.5 % | 16.8 % |
1 year (on annual basis) | -3.0 % | -8.5 % |
3 years (on annual basis) i | 7.8 % | 6.3 % |
5 years (on annual basis) i | 7.4 % | 5.9 % |
Since inception (on annual basis) i | 12.0 % | 10.0 % |
Dividends
Distributing | No |
Risk analysis (ex post) per 2022-12-31
3 years | Since inception | |
---|---|---|
Maximum drawdown i | -30.68 % | -30.68 % |
Tracking error i | 6.22 % | 5.57 % |
Information ratio i | 0.24 | 0.34 |
Beta i | 1.04 | 1.01 |
The information in this document provides insufficient information for an investment decision. Please read the Key Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.
This fund/strategy is currently under the soft-close regulation. Please see this link for more information.
Top 5 contribution (2022-12-31)
Contribution i | Performance i | |
---|---|---|
Befesa | 0.29 % | 11.20 % |
ASR Nederland | 0.06 % | 1.98 % |
Vesuvius | 0.05 % | 3.76 % |
Fujitec | 0.05 % | 1.59 % |
Stabilus | 0.04 % | 2.61 % |
Bottom 5 contribution (2022-12-31)
Contribution i | Performance i | |
---|---|---|
First Solar | -0.53 % | -16.22 % |
Jabil | -0.37 % | -8.86 % |
Tripadvisor | -0.33 % | -14.95 % |
Wintrust Financial Corp. | -0.25 % | -10.81 % |
Huntington Bancshares | -0.23 % | -11.13 % |
Geographic allocation (2022-12-31)
Top 10 holdings (2022-12-31)
Sector allocation (2022-12-31)
The information in this document provides insufficient information for an investment decision. Please read the Key Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.
This fund/strategy is currently under the soft-close regulation. Please see this link for more information.
Ongoing charges
Management fee i | 0.700 % |
Service fee i | 0.20 % |
Taxe d'abonnement i | 0.01 % |
Expected ongoing charges i | 0,91 % |
The information in this document provides insufficient information for an investment decision. Please read the Key Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.
This fund/strategy is currently under the soft-close regulation. Please see this link for more information.
Share class details
Share class | I - GBP i |
Investor type | Institutional |
Distributing | No |
Benchmark i | MSCI World Small Cap Index |
Investment category | Small-caps |
Universe | Global Small- & Mid-caps |
Inception date | 2018-06-22 |
Domicile | Luxembourg |
May be offered to professional investors only in | Luxembourg, Netherlands, Singapore, United Kingdom |
UCITS status i | Yes |
Status | Open-end i |
Base currency | EUR |
Share class currency | GBP |
Administrator | BNP Paribas, Luxembourg Branch |
Auditor | PricewaterhouseCoopers, Société Coopérative |
Transfer agent | BNP Paribas, Luxembourg Branch |
Management company | Van Lanschot Kempen Investment Management NV |
Depositary and custodian | BNP Paribas, Luxembourg Branch |
Morningstar rating â„¢ | |
Morningstar Analyst rating | Silver |
Tradability
Minimum subscription | Initial subscription £50,000, additional subscriptions £10,000 |
Listed | no |
Subscription/Redemption Frequency | Daily |
ISIN i | LU1833119990 |
The information in this document provides insufficient information for an investment decision. Please read the Key Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.
This fund/strategy is currently under the soft-close regulation. Please see this link for more information.
No sustainable investment objective
The Fund excludes companies through the application of strict exclusion criteria. These take into account international standards, such as the UN Global Compact framework, the OECD Guidelines for Multinational Enterprises, the UN Guiding Principles for Business and Human Rights, and our Principles for Responsible Investment commitments. The Fund applies additional exclusion criteria based on product involvement and business conduct.
Environmental or social characteristics of the financial product
• Climate change mitigation and climate change adaptation in line with the Paris Climate Agreement; Â
• The protection of biodiversity and ecosystems; Â
• The transition to a circular economy.Â
The Fund promotes social characteristics related to:Â
• Decent work;Â
• Adequate living standards and wellbeing for end-users; Â
• Other social topics such as gender equality and broader diversity matters.Â
The environmental characteristics promoted by the Fund seek to contribute to the achievement of the climate goals of the Paris Agreement and the National Climate Agreement of the Netherlands (‘Klimaatakkoord’). This decarbonization pathway encompasses short-term (2025) objectives, a mid-term (2030) ambition and a long-term commitment to be net zero by 2050. Although there has been no index designated as a reference benchmark, by 2025 the Fund aims to have a carbon intensity that is below the EU Climate Transition Benchmark (EU CTB) pathway. This pathway assumes a carbon intensity that is 30% lower than the MSCI World Small-cap Index in 2019 with a subsequent 7% annual reduction.
Investment strategy
Before and after selecting the asset, we apply adequate (ESG) due diligence measures. This can help to enhance long-term risk adjusted returns for investors, in accordance with the investment objectives of the Fund. We look at each company on a case-by-case basis, taking into account both material risks in a given industry and the company’s respective risk exposure, practices and disclosure. This includes:Â
- an assessment of good governance practices. The investee companies are rated for governance aspects using external research and internal assessments .Â
- the company’s exposure to past controversies and future ESG opportunities
Based on fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile and award a score (1-5).Â
Proportion of investments
Monitoring of environmental or social characteristics
Methodologies
Kempen ESG Score serves as input throughout the investment process (exclusion, integration in the valuation models, engagement). Scores are based on 21 ESG risk factors, which are selected based on their materiality per industry.Â
Carbon emission intensity is used as the key carbon metric. We calculate carbon intensity based on revenues (weighted average carbon intensity), which we use for our commitment, ambition and objectives.Â
EU Taxonomy alignment is measured by turnover, for which we use a combination of actual data from investee companies and estimates on EU Taxonomy alignment made by a third party provider.Â
Engagement Milestones are used in order to measure engagement success. All engagement contacts are recorded and classified: Milestone 1 (company is informed), Milestone 2 (company acknowledges request), Milestone 3 (company commits to improve), up until Milestone 4 (proof of improvement).
Data sources and processing
- Institutional Shareholder Services (ISS), used for proxy voting, governance research, carbon data and Sustainable Development Goals data;Â
- MSCI ESG Research: used for company ESG Ratings, product involvement data, principal adverse indicators and to assess the degree to which the investments are in environmentally sustainable economic activities under the EU Taxonomy, measured by turnover;Â
- Sustainalytics: used for ESG Risk Ratings and product involvement data.Â
Internal as well as external data is collected and processed in several data analytics (including FactSet, PowerBI, Tableau) and internal compliance systems (including ThinkFolio).
Exclusion criteria
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 |
Fund carbon emission targets
Morningstar sustainability rating
ESG Label

Limitations to methodologies and data
Due diligence
The information in this document provides insufficient information for an investment decision. Please read the Key Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.
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
Key Information Document
Sustainability related disclosures
Formal documents other
Other
The information in this document provides insufficient information for an investment decision. Please read the Key Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.