- 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
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
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 2022-12-31 (rebased)
Performance per 2022-12-31
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| 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 % |
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.
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 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 |
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 2022-12-31
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| 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 % |
Kempen (Lux) Global Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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 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.
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.
More information?
Other shareclasses
This fund/strategy is currently under the soft-close regulation. Please see this link for more information.
Developments per 2022-12-31
In December the Fund (I-class) was down 5.7% versus the MSCI World Small-cap index (benchmark) that was down 6.8%. The North American market in particular ended the year on a soft note as recession fears resurfaced. This brings full year 2022 performance of the fund to -8.2%, outperforming the benchmark (-13.4%) by 5.2% on an after-cost basis. The full year outperformance is a function of strong stock selection, particularly in the Information Technology and Healthcare sectors.
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 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.
Kempen (Lux) Global Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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 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.
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.
More information?
Other shareclasses
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
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| 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 % |
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.
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 2022-12-31
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| 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 |
Kempen (Lux) Global Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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 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.
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.
More information?
Other shareclasses
This fund/strategy is currently under the soft-close regulation. Please see this link for more information.
Top 5 contribution (2022-12-31)
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| 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)
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| 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)
58.1 %
North America
21.6 %
Europe Middle East and Africa (EMEA)
17.7 %
Japan
2.1 %
Other
0.5 %
Asia Pacific ex Japan
Total
100 %
The cash position is included in ‘Other’.
Top 10 holdings (2022-12-31)
4.0 %
Jabil
3.7 %
Fujitec
3.4 %
Thermon Group
3.2 %
Ulvac
3.2 %
Brunswick
3.1 %
ASR Nederland
3.0 %
BAWAG Group
2.9 %
Befesa
2.9 %
First Solar
2.8 %
Software
Total
32.3 %
Sector allocation (2022-12-31)
21.9 %
Industrials
18.9 %
Technology
14.0 %
Financials
12.7 %
Consumer Discretionary
10.8 %
Health Care
7.3 %
Real estate
6.7 %
Basic Materials
3.4 %
Telecommunications
2.2 %
Energy
2.1 %
Other
Total
100 %
The cash position is included in ‘Other’.
Kempen (Lux) Global Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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 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.
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.
More information?
Other shareclasses
This fund/strategy is currently under the soft-close regulation. Please see this link for more information.
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-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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 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.
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.
More information?
Other shareclasses
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 - 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
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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-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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 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.
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.
More information?
Other shareclasses
This fund/strategy is currently under the soft-close regulation. Please see this link for more information.
No sustainable investment objective
The Kempen Global Small-cap Fund (the “Fundâ€) falls under the scope of article 8 of the SFDR, indicating the fund promotes environmental and/or social characteristics. The fund does not have sustainable investment as its objective.Â
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.
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
The Fund promotes environmental characteristics related to:
• 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.
• 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
The Fund offers an actively and professionally managed portfolio of smaller listed companies, while at the same time complying with strict exclusion and sustainability criteria. The Fund primarily aims to generate a long-term return in excess of the MSCI World Small Cap Index (the “Benchmarkâ€), comprising capital gains or losses plus net dividend. Our ESG-policy, described in the ESG Policy & Process document, is aimed at the promotion of environmental and/or social characteristics. This ESG policy is implemented in our strategy’s investment process across four pillars: Exclusion, ESG Integration, Active ownership and Positive impact.Â
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
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
Information about the proportion of investments with environmental or social characteristics is available in the annex II of this product. Â
Monitoring of environmental or social characteristics
The holdings are screened quarterly for compliance with Kempen’s ESG criteria. The screening process allows Kempen to monitor the ESG performance of all companies in the fund. It also encourages engagement on potential issues identified. Furthermore, the results of the screening feeds into quarterly challenging sessions between ESG specialists and portfolio managers. These sessions are used to assess whether ESG risks and opportunities are sufficiently reflected in the investment decision making process of Kempen.
Methodologies
Principal Adverse Impact Indicators are monitored at individual holding level and at the portfolio level.Â
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).
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
External data providers include (but are not limited to):
- 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).
- 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
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| 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
Externally provided ESG data is far from perfect. Therefore we conduct rigorous due diligence of the data used in our ESG processes to ensure the limitations will not affect the environmental and social characteristics. To ensure data quality we regularly engage with portfolio companies and third party vendors. Limitations include, but are not limited to discrepancies between company reported data and data provided by third parties, inconsistencies across data vendors, market cap bias and modelling assumptions.
Due diligence
Before a company is invested in, Portfolio Managers perform a due diligence on potential ESG risks and principal adverse impact indicators, opportunities, as well as potential past controversies. ESG due diligence is integrated in the different stages of the investment process (screening of the investable universe, fundamental research & portfolio management). ESG specialists challenge the portfolio managers on the implementation of the ESG process on a quarterly basis.
Kempen (Lux) Global Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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 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.
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.
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This fund/strategy is currently under the soft-close regulation. Please see this link for more information.
Factsheets
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Annual Reports
Semi- Annual Reports
Key Investor Information
Key Information Document
Sustainability related disclosures
Formal documents other
Other
Kempen (Lux) Global Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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 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.
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.
More information?
Other shareclasses