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

This fund/strategy is currently under the soft-close regulation. Please see this link for more information

Profile

Kempen (Lux) Global Small-cap Fund (the Fund) offers investors the opportunity to invest in an actively and professionally managed portfolio of smaller listed companies worldwide, while at the same time complying with strict exclusion and sustainability criteria. These are defined as companies with a maximum market capitalisation at the time of initial purchase of either EUR 8 billion, or the highest market capitalisation of any company included in the MSCI World Small Cap Index, whichever is the greater. The Fund primarily aims to generate a better long-term return than the benchmark.

The portfolio construction process involves a disciplined end to end framework initially utilizing proprietary in-house stock filters screening for high quality and attractively valued stocks. Thereafter, fundamental in-house research is carried out to identify high conviction investment ideas. The end result is a portfolio of approximately 60 - 90 stocks, well diversified across all regions and sectors

Management team

Jan Willem Berghuis, Maarten Vankan, Chris Kaashoek, Luuk Jagtenberg

Performance per 2022-08-31 (rebased)

No chart data available

Performance per 2022-08-31

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  Fund Benchmark
1 month -3.8 % -3.3 %
3 months -7.5 % -5.0 %
This year -15.8 % -18.3 %
2019 13.7 % 9.3 %
2020 8.9 % 16.0 %
2021 21.3 % 15.8 %
1 year (on annual basis) -17.4 % -19.0 %
3 years (on annual basis) i 8.3 % 6.4 %
Since inception (on annual basis) i 8.3 % 6.4 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future. 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-USD) of the Kempen (Lux) Global Smallcap Fund (the Fund) was launched on the 25th of October 2018. Performances shown in periods before the launch date of the (I-USD) 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 USD 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 USD Class.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 1,418.51 M 2022-08-31
Share class size
USD 172.28 M 2022-08-31
Number of shares
136,384 2022-08-31
Net Asset Value i
USD 1,163.53 2022-10-04
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 2022-08-31

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  Fund Benchmark
Number of holdings 66 4535
Dividend yield i 2.53 % 1.97 %
Weighted average market capitalization i EUR 3,671 M EUR 3,861 M
P/E ratio i 11.17
Active share i 98.00 %
Kempen (Lux) Global Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

This fund/strategy is currently under the soft-close regulation. Please see this link for more information

Developments per 2022-08-31

In the month of August the Fund (I-class) was down 2.4% versus the MSCI World Small-cap index (benchmark) that was down 1.9% after double-digit positive performance in July. Year-to-date the portfolio is down 4.8% versus the benchmark that is down 7.6%. The markets remain volatile due to uncertainty regarding the impact higher inflation and energy prices on consumers and companies. The portfolio benefits from diversification across sectors and regions as the dispersion in returns between regions, sectors and companies is high. The share price volatility also provides opportunities by trimming names that have performed well and selectively invest the proceeds in companies that have declined but where we see clear long term value.

The three top contributing stocks during the month of July were First Solar (+30%), Tripadvisor (+28%), and Thermon (+49%). First Solar's stock price was up 30% in August. The Inflation Reduction Act, which includes sizable tax credits for domestic production of solar modules, was signed into law. First Solar, as leading US manufacturer of solar modules is stand to benefit significantly from this. The company announced capacity expansion at its Ohio plant and plans to build a new facility in the US Southeast. With the tax credits in place the return on investment should be high and First Solar remains a core holding in the strategy. The share price of TripAdvisor recovered during August (+28%). The company reported strong Q2 numbers and its guidance for Q3 was well received. Viator (a leading experiences booking platform) achieved very impressive growth and TheFork (Europe's largest dining reservation platform) is also nicely above 2019 levels. Core Tripadvisor is doing well, with volumes still some way below 2019 levels, but on very strong profitability. Tripadvisor sees no impact on consumer spending from recession fears at this point. The share price of Thermon was up 14% during August, after the company reported solid quarterly results and upped its full year guidance. The company continues to see strong demand for its electrical (process) heating solutions with clients aiming to de-carbonize and moving away from gas-fired solutions.

The largest three negative contributors in July were Argo Group (-38%), Hikma Pharmaceuticals (-26%) and Renaissance Re (-24%). Argo Group declined 38% in August after the company announced weak Q2 results and a disappointing Loss Portfolio Transfer ("LPT") transaction. The announced LPT transaction covering the a majority of Argo’s US casualty reserves will lead to a US$100m after tax change. In addition Argo will retain a loss corridor of US$75m. We believe the arguments we have used to propose a strategic review, with the most likely outcome the sale of the company, have only become more relevant, after the disappointing Q2 2022 results. We therefore urge the Argo board to continue its strategic review process. We believe the sale of the company is still the best outcome for shareholders. Hikma Pharmaceuticals saw its share price decline 26% over August. The company's H1 financial results disappointed and Hikma had to reduce full year guidance. The main culprit is the Generics division, which is affected by steep competition leading to strong price erosion. The other two divisions, Injectables and Branded, actually performed well. Hikma's valuation can be fully explained by just the Injectables division, in our view. The share price of Kronos was down 24% during the month, after the company reported weaker than expected quarterly results. While the average selling price of its pigments continues to rise, Kronos also faced rising input costs. In combination with lower sales volumes, due to prolonged maintenance, Kronos was not able to meet expectations.

Kempen (Lux) Global Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

This fund/strategy is currently under the soft-close regulation. Please see this link for more information

Performance per 2022-08-31 (rebased)

No chart data available

Performance per 2022-08-31

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  Fund Benchmark
1 month -3.8 % -3.3 %
3 months -7.5 % -5.0 %
This year -15.8 % -18.3 %
2019 13.7 % 9.3 %
2020 8.9 % 16.0 %
2021 21.3 % 15.8 %
1 year (on annual basis) -17.4 % -19.0 %
3 years (on annual basis) i 8.3 % 6.4 %
Since inception (on annual basis) i 8.3 % 6.4 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future. 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-USD) of the Kempen (Lux) Global Smallcap Fund (the Fund) was launched on the 25th of October 2018. Performances shown in periods before the launch date of the (I-USD) 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 USD 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 USD Class.

Dividends

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Distributing
No

Risk analysis (ex post) per 2022-08-31

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  3 years Since inception
Maximum drawdown i -35.12 % -35.12 %
Tracking error i 6.27 % 6.27 %
Information ratio i 0.30 0.30
Beta i 1.06 1.06
Kempen (Lux) Global Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

This fund/strategy is currently under the soft-close regulation. Please see this link for more information

Top 5 contribution (2022-08-31)

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  Contribution i Performance i
First Solar 0.77 % 30.31 %
Tripadvisor 0.50 % 24.96 %
Thermon Group 0.40 % 14.29 %
Ulvac 0.18 % 6.94 %
Siga Technologies 0.18 % -10.37 %

Bottom 5 contribution (2022-08-31)

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  Contribution i Performance i
Argo Group -0.61 % -38.36 %
Kronos Worldwide -0.47 % -24.57 %
Hikma Pharmaceuticals -0.38 % -25.54 %
Mueller Water Products -0.26 % -11.71 %
Teradata -0.22 % -12.91 %

Geographic allocation (2022-08-31)

58.2 %
North America
19.5 %
Europe Middle East and Africa (EMEA)
18.8 %
Japan
2.8 %
Other
0.7 %
Asia Pacific ex Japan
Total
100 %
The cash position is included in ‘Other’.

Top 10 holdings (2022-08-31)

3.6 %
Jabil
3.5 %
Fujitec
3.4 %
Brunswick
3.2 %
Thermon Group
3.1 %
Ulvac
3.0 %
First Solar
2.7 %
ASR Nederland
2.6 %
Tripadvisor
2.6 %
BAWAG Group
2.6 %
Software
Total
30.3 %

Sector allocation (2022-08-31)

20.3 %
Industrials
18.0 %
Technology
14.9 %
Consumer Discretionary
12.6 %
Financials
8.5 %
Real estate
7.9 %
Health Care
7.2 %
Basic Materials
5.0 %
Telecommunications
2.8 %
Other
2.4 %
Energy
0.4 %
Consumer Staples
Total
100 %
The cash position is included in ‘Other’.
Kempen (Lux) Global Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

This fund/strategy is currently under the soft-close regulation. Please see this link for more information

Environmental and/or social characteristics promoted

The Kempen Global Small-cap Fund (the “Fund”) falls under the scope of article 8 of the SFDR which means that the fund promotes environmental and/or social characteristics. This fund will invest in a broad range of companies, of which some will have sustainability objectives. The fund promotes the following environmental characteristic:

We commit to the goals of the Paris Agreement. By 2050 the fund aims net-zero emissions in line with the 1.5°C scenarios from the IPCC. By 2025 the fund aims aligned with a path to achieving the Paris Agreement and Dutch Klimaatakkoord goals. Following the EU Climate Transition Benchmark (EU CTB), our starting position is 30% lower than the MSCI World Small-cap Benchmark with a subsequent 7% annual reduction. Currently there has been no index designated as a reference benchmark to obtain the sustainable objective. However, the objective (climate change objective 2025) is based on the pathway in line with the EU Climate Transition Benchmark.

Fund carbon emission targets

ESG Label

ESG Investment process

The promotion of environmental and/or social characteristics is achieved through the consistent implementation of the funds ESG policy. The ESG policy is fully implemented in our strategy’s investment process across the three relevant pillars of: Exclusion, ESG integration and Active ownership.

In the investment process we assess the ESG profile of each company to ensure minimum environmental and social safeguards and good corporate governance practices. We assess each company on a case-by-case basis, taking into account material risks in a given industry in combination with the company’s respective risk exposure, governance practices and disclosure. A lower score (1-5) requires a higher return as used in our Discounted Cash Flow (DCF) models. We exclude companies with a score of 1. Companies with a score of 2 are excluded on a comply or explain basis. More information can be found in our ESG Policy and Process document.

Exclusion

The Fund excludes companies through the application of strict exclusion criteria. These take into account international standards, such as UN Global Compact Framework, the OECD Guidelines for Multinational Enterprises, UN Guiding Principles for Business and Human Rights, and our Principles for Responsible Investment commitments. We have summarized how we integrated the principle adverse indicators in our ESG policy and process in the ESG Policy & Process document that can be found on our website.

Key figures

  Kempen criteria Additional criteria
Business conduct
Human Rights
Labour
Environment
Anti Corruption
Product involvement
Controversial Weapons
Tobacco
Thermal Coal
Tar Sands
Adult Entertainment
Alcohol
Animal Welfare & GMO
Gambling
Power Generation Nuclear
Power Generation Carbon Intensive
(Un)conventional Oil & Gas Extraction
Weaponry
Kempen (Lux) Global Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

This fund/strategy is currently under the soft-close regulation. Please see this link for more information

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
0.700 %
Service fee i
0.20 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0,91 %
Kempen (Lux) Global Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

This fund/strategy is currently under the soft-close regulation. Please see this link for more information

Share class details

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Share class
I - USD
Investor type
Institutional
Distributing
No
Benchmark i
MSCI World Small Cap Index
Investment category
Small-caps
Universum
Global Small- & Mid-caps
Inception date
2019-09-27
Domicile
Luxembourg
May be offered to professional investors only in
France, Germany, Italy, Luxembourg, Singapore, Spain, Switzerland, The Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
USD
Administrator
BNP Paribas Securities Services S.C.A., Luxembourg branch
Management company
Kempen Capital Management N.V.
Depositary and custodian
BNP Paribas Securities Services S.C.A., Luxembourg branch

Tradability

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Minimum subscription
Initial subscription $50,000, additional subscriptions $10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU1894035184
Kempen (Lux) Global Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

This fund/strategy is currently under the soft-close regulation. Please see this link for more information

Kempen (Lux) Global Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM).

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg, at the offices of the representative in Switzerland and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.