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

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 5 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 2020-08-31 (rebased)

No chart data available

Performance per 2020-08-31

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  Fund Benchmark
1 month 5.6 % 3.6 %
3 months 7.6 % 4.0 %
This year -10.4 % -5.3 %
2017 17.1 % 12.0 %
2018 -4.8 % -8.5 %
2019 19.5 % 21.3 %
1 year (on annual basis) -2.0 % -2.5 %
3 years (on annual basis) i 3.1 % 3.1 %
5 years (on annual basis) i 13.0 % 10.5 %
Since inception (on annual basis) i 10.6 % 9.8 %
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. This share class (I-GBP) of the Kempen (Lux) Global Smallcap Fund (the Fund) was launched on the 22st of June 2018. Performances shown in periods before the launch date of the (I-GBP) share class are those of Kempen (Lux) Global Smallcap Fund share class (I-EUR). The track record is adjusted by converting the return series from the EUR share class into GBP return series by compounding the original returns and the returns of the currency spot prices from the 8th of July 2014 until the launch date of the GBP Class.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 659.94 M 2020-08-31
Share class size
GBP 8.29 M 2020-08-31
Number of shares
8,589 2020-08-31
Net Asset Value i
GBP 956.53 2020-09-29
Turnover rate
518,600.00 %
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 2020-08-31

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  Fund Benchmark
Number of holdings 65 4224
Dividend yield i 3.13 % 2.16 %
Weighted average market capitalization i EUR 2,535 M EUR 3,018 M
P/E ratio i 16.43
Active share i 98.02 %
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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

Developments per 2020-08-31

In the month of August the Fund (I-class) was up 6.5% versus a 4.5% rise in the MSCI World Small-cap index (benchmark). YTD the Fund is still down 15.0% compared to the MSCI World Small cap index (benchmark) decline of 10.2%, whereas the MSCI World Small Cap Value index declined by 21.1% (for the performance of the other shareclasses please check the performance tab of the Fund on the website https://www.kempen.com/en/asset-management). August was a strong month in absolute and relative terms for the Fund. Interestingly, August was the first month in 2020 in which the small-cap value index outperformed the broader global small-cap index, albeit marginally. The Fund is outperforming its benchmark on 1, 3, 5 year and since inception basis after costs. In August the Fund also ranked above peer group average with 4 Morningstar sustainability globes. Year-to-date we have seen 10 companies being upgraded by MSCI ESG Research and 7 upgrades by Sustainalytics. In many cases these upgrades can be linked to our engagement with these companies. In some cases improved communication and disclosure resulted in an ESG rating that better reflects the company’s ESG profile, while in other cases we contributed to improved ESG policies and target setting. We are encouraged to see that our active engagement leads to tangible results and will continue to stimulate companies to make additional steps on their sustainability roadmap.

Three top contributing stocks during the month of August were DeNA (+40%), Abercrombie & Fitch (+34%) and First Solar (+27%). DeNA's stock rose 40% in August and was the top contributing stock in the portfolio. The company reported very strong quarterly results with several highlights. The gaming business outperformed expectations driven by a new hit title (Slam Dunk) and good cost controls. The market also finally caught up with the success of its live streaming app Pococha. We believe DeNA is a well-managed company trading significantly below intrinsic value.

The stock price of Abercrombie & Fitch (A&F) increased 34% in August. The company reported outstanding Q2 results and printed the highest second quarter operating margins since 2014. We regard the management team highly and believe the company will emerge stronger from the Covid-related weakness. The strong digital offering certainly helps A&F and digital sales represented more than half of the business in the last two quarters. We believe the risk reward situation is extremely favorable. The share price of First Solar was up 27% in August, extending a strong run from trough levels in April. First Solar, a leading manufacturer of utility-scale solar modules, reported strong Q2 results beating analyst expectations and reaffirming its FY 2020 operating targets. The ongoing global transition to renewable energy is very positive for First Solar, which is one of the lowest cost solar module producers.

Negative contributors in August were Brunswick (-8%), Strategic Education (-16%), and Delek US (-9%). Brunswick saw its share price decline by 8% in August after a few strong months. We did not see any newsflow that can explain this drop and have been using the slight drop to add to our position. We believe the company to be a structural market share gainer. This positions the company to benefit from strong demand trends in the short and longer term. The stock price of Strategic Education dropped 16% in August. The company announced a public offering of common stock at the beginning of the month to finance the intended acquisition of Laureate Education’s Australia and New Zealand Academic Operations. The operation include Torrens University, a high quality university with attractive economics. We are constructive on this acquisition and bullish on the stock price of Strategic Education after the significant sell-off seen this summer. Delek US' shares were down 9% in the month driven by mixed Q2 2020 results. Despite the strong results in Logistics and Retail, overall results came in below expectations. Furthermore the shares may have been under pressure as CVI, a sector peer which recently bought 15% of Delek US, reduced speculation that CVI might be interested to make a bid on the entire company. We believe the sum-of-the-parts valuation of Delek US remains appealing, both in a stand-alone basis and in a potential M&A scenario.

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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

Performance per 2020-08-31 (rebased)

No chart data available

Performance per 2020-08-31

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  Fund Benchmark
1 month 5.6 % 3.6 %
3 months 7.6 % 4.0 %
This year -10.4 % -5.3 %
2017 17.1 % 12.0 %
2018 -4.8 % -8.5 %
2019 19.5 % 21.3 %
1 year (on annual basis) -2.0 % -2.5 %
3 years (on annual basis) i 3.1 % 3.1 %
5 years (on annual basis) i 13.0 % 10.5 %
Since inception (on annual basis) i 10.6 % 9.8 %
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. This share class (I-GBP) of the Kempen (Lux) Global Smallcap Fund (the Fund) was launched on the 22st of June 2018. Performances shown in periods before the launch date of the (I-GBP) share class are those of Kempen (Lux) Global Smallcap Fund share class (I-EUR). The track record is adjusted by converting the return series from the EUR share class into GBP return series by compounding the original returns and the returns of the currency spot prices from the 8th of July 2014 until the launch date of the GBP Class.

Dividends

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Distributing
No

Risk analysis (ex post) per 2020-08-31

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  3 years Since inception
Maximum drawdown i -30.68 % -30.68 %
Tracking error i 5.80 % 5.45 %
Information ratio i 0.00 0.16
Beta i 1.08
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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

Top 5 contribution (2020-08-31)

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  Contribution i Performance i
DeNa 1.13 % 39.77 %
Abercrombie & Fitch 0.80 % 33.70 %
First Solar 0.72 % 27.21 %
Fujitec 0.58 % 15.56 %
Haseko 0.39 % 14.76 %

Bottom 5 contribution (2020-08-31)

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  Contribution i Performance i
Brunswick -0.25 % -8.22 %
Strayer Education -0.24 % -17.35 %
Dialog Semiconductor -0.18 % -6.59 %
Delek -0.17 % -9.54 %
TGS Nopec Geophysical -0.16 % -11.92 %

Geographic allocation (2020-08-31)

50.5 %
North America
30.8 %
Europe Middle East and Africa (EMEA)
16.3 %
Japan
1.8 %
Other
0.7 %
Asia Pacific ex Japan
Total
100 %
The cash position is included in ‘Other’.

Top 10 holdings (2020-08-31)

4.3 %
Fujitec
3.8 %
DeNa
3.3 %
Dialog Semiconductor
3.3 %
Abercrombie & Fitch
3.1 %
Argo Group
3.0 %
West Fraser Timber
3.0 %
Haseko
3.0 %
Brunswick
2.7 %
First Solar
2.3 %
Jabil
Total
31.8 %

Sector allocation (2020-08-31)

26.8 %
Financials
23.3 %
Industrials
12.7 %
Consumer goods
12.2 %
Technology
8.1 %
Basic Materials
6.3 %
Consumer services
4.9 %
Health Care
3.9 %
Oil & gas
1.8 %
Other
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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
0.70 %
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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

Share class details

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Share class
I - GBP i
Investor type
Institutional
Distributing
No
Benchmark i
MSCI World Small Cap Index
Investment category
Small-caps
Universum
Global Small- & Mid-caps
Inception date
2018-06-22
Domicile
Luxembourg
May be offered to professional investors only in
Luxembourg, The Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
GBP
Management company
Kempen Capital Management N.V.
Depositary and custodian
J.P. Morgan Bank Luxembourg S.A.
Morningstar rating â„¢
Morningstar Analyst rating
Bronze

Tradability

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Minimum subscription
Initial subscription £50,000, additional subscriptions £10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU1833119990
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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.
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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.

Kempen's vision & mission

Kempen Capital Management is an asset manager that believes in stewardship and investment focusing on the long-term for the benefit of all stakeholders. Value creation is at the heart of the services we provide to our clients. We believe that being an engaged shareholder on environmental, social and governance (ESG) issues and retaining a long-term focus, is critical to helping our clients to preserve and create sustainable wealth that has positive real world impact and economic returns.

Kempen wide approach to responsible investment

We are committed to create sustainable alpha. The four pillars of our ESG-policy are:

  • ESG integration: Ensuring sustainability risks and opportunities are adequately considered in our investment analysis and processes.

  • Exclusion & avoidance: Not investing in companies involved in controversial activities or conduct.

  • Active ownership: Being responsible stewards of our clients’ capital and using our influence through engagement and voting to improve corporate behaviour on specific ESG issues and achieve positive change

  • Positive impact: Investing with an objective to achieve positive real world outcomes and impact, such as contributing to the UN Sustainable Development Goals.

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To put our mission and vision into practice we engage with our investee companies on a wide array of strategic, financial, and ESG topics. As an active owner we use our influence to improve our investee companies’ ESG performance. This helps us address some of the most pressing and important sustainability issues facing business and the world. Our focus themes for engagement are: human rights, labour rights, climate change and governance.

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Through collaboration with other investors and industry think tanks we contribute to the development of principles and standards of corporate responsibility both at sector levels, as well as investee company level.

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Our full voting records are available here

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OUR FUND APPROACH TO RESPONSIBLE INVESTMENT

The investment objective of Kempen (Lux) Global Small-cap Fund is to offer 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.

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We strive to invest in a portfolio of companies that has a carbon intensity well below the benchmark. Furthermore, we engage with the most carbon intense companies in our portfolio in order to improve disclosure and policies that should contribute to a reduction in carbon intensity.

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Kempen’s ESG policy is implemented in our fund’s investment process by the following pillars: Exclusion, Integration and Active ownership.

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Exclusion & Avoidance

In line with the general Kempen policy, the Global Small-cap Fund excludes all companies on the KCM Exclusion- or Avoidance list.

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Companies that ‘Fail’ or are on ‘Watchlist’ marked against the criteria of the United Nations Global Compact are excluded.

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We determine a company’s ESG score (1-5) and exclude companies with a score of 1. Companies with a score of 2 are excluded on a comply or explain basis.

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More information on our exclusion criteria and thresholds can be found here.

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The Global Small-cap Fund also excludes companies based on additional sustainability criteria as listed in the table below.

EXCLUSION CRITERIA KEMPEN (LUX) GLOBAL SMALL-CAP FUND

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KEMPEN CRITERIA

ADDITIONAL SUSTAINABILITY CRITERIA

Business Conduct

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x    Human Rights

V

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x    Labour

V

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x    Environment

V

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x    Anti-corruption

V

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Product Involvement

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x    Controversial Weapons

V

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x    Tobacco

V

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x    Adult Entertainment

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V

x    Alcohol

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x    Animal Welfare & GMO

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V

x    Gambling

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V

x    Power Generation Nuclear

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V

x    Power Generation Carbon Intensive

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V

x    Thermal Coal

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V

x    (Un)conventional Oil & Gas Extraction

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V

x    Weaponry

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V

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ESG integrationÂ

In the investment process we assess the ESG profile of a company. 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, practices and disclosure.

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A lower score (1-5) requires a higher return as used in our Discounted Cash Flow (DCF) models. If ESG risks are deemed too severe, an investment in the company will be avoided and/or existing holdings will be sold.

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On a quarterly basis, the Kempen Responsible Investment team screens the holdings of the Kempen Global Small-cap Fund and discusses the findings with the portfolio managers.

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Active ownership: Engagement

As active investors we perform comprehensive engagements with our portfolio companies with the objective to unlock value and reduce risk.Â

Our engagement process defines clear objectives of which the progress and result is tracked and well documented. If at any stage the company refuses to cooperate, divestment has to be considered.

In the first half of 2019, we engaged with 20 companies on strategic, environmental, social and governance issues.

You can find the engagement factsheet of A&F here

You can find the factsheet of Kaiser Aluminium here

You can find the engagement factsheet of Western Forest here

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Active ownership: Voting

Exercising our voting rights is also an essential part of our responsible investment philosophy. ISS provides us with voting recommendations based on our own voting and governance policy. Items are further analyzed on a case by case basis.

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Often, we inform the company about our voting intention ahead of the meeting and, where there is a recommendation to vote against management, we ask the company to clarify their viewpoints. After careful analysis, we form our own opinion and vote accordingly.

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Risks

For more information about the mid and long term risks associated with the investments:

*

Although Kempen Capital Management N.V.’s information providers, including without limitation, MSCI ESG Research LLC and its affiliates (the “ESG Parties”), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

ESG Report
Febelfin
Screening MSCI ESG research
Screening MSCI ESG research
UN global impact
ESG integration in the investment process
ESG integration in the investment process
Bron EN
disclaimer
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). 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 of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg 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.