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

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 2020-05-31 (rebased)

No chart data available

Performance per 2020-05-31

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  Fund Benchmark
1 month 5.1 % 7.1 %
3 months -7.3 % -3.8 %
This year -22.3 % -15.1 %
2019 13.7 % 9.3 %
Since inception (on annual basis) i -11.7 % -7.1 %
Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 627.03 M 2020-05-31
Share class size
USD 1.76 M 2020-05-31
Number of shares
2,022 2020-05-31
Net Asset Value i
USD 932.96 2020-07-07
Turnover rate
51.86 %
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 2020-05-31

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  Fund Benchmark
Number of holdings 63 4259
Dividend yield i 3.17 % 2.32 %
Weighted average market capitalization i EUR 2,514 M EUR 3,036 M
P/E ratio i 15.92 19.48
Active share i 97.97 %
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 6H, route de Trèves, L-2633 Senningerberg, 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.

Market developments per 2020-05-31

In the month of May the Fund (I-class) was up 3.5% versus the MSCI World Small-cap index, which was up 5.4% (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). On a daily and weekly basis the stock market remains volatile. After a weak absolute and relative performance in the first two weeks of May, the last two weeks showed a strong recovery in absolute and relative performance. The month ended with two weak trading days with respect to our relative performance potentially driven by annual index constituent changes, turning a small monthly outperformance into 1.9% underperformance. The Fund recouped this underperformance in the first three days of June (the time of writing of this report) which shows the underlying volatility in the market. The prospects of lifting the lock-down and starting up the economy have helped market sentiment in recent weeks. YTD the Fund is down 21.6% compared to the MSCI World Small cap index decline of 14.3% and the MSCI World Small Cap Value index decline of 23.3%. We continue to take a long-term view despite the current volatility, with a strong focus on balance sheet strength. The market volatility offers opportunities to add on weakness and trim existing positions on strength. We are also selectively adding new companies to our portfolio.

Portfolio developments per 2020-05-31

Three top contributing stocks during the month of May were Dialog (35%), Brunswick (+14%) and LHC Group (+24%). Dialog's stock rebounded another 24% in May as the company reported better than expected Q1 results combined with a Q2 guide materially ahead of consensus. To us the main news did not relate to H1 2020 expectations, but was more medium to longer term in nature. Dialog announced a new market opportunity in next generation battery management systems in consumer IoT and mobile. We believe the potential of this announcement could still be underestimated by the market. We have a lot of trust in Dialog's management team and the stock remains attractively valued , while the strong balance sheet provides downside protection in an uncertain environment. Brunswick's stock was up 14% in the month of May and made it in the top three performers for the second consecutive month. As a leading company in the Marine industry the company benefits from data points that show that boating activity is picking up. We believe boating is an activity that could benefit from social distancing measures. Last month we wrote: although the near term remains very uncertain, we believe Brunswick will be able to manage through the Covid-19 recession and emerge stronger. At the end of May Brunswick's competitor BRP announced it will discontinue its outboard engine business and BRP signed an agreement with Mercury Marine to support and supply outboard engines to its boat business. This is a clear proofpoint Brunswick has the potential to accelerate its market share gains. LHC Group's stock was up 24% in May after the company reported strong Q1 results. LHC Group, a US home healthcare provider, was on track to report very strong Q1 2020 results. Although Covid-19 impacted the last few weeks of Q1, the company showed that the impact was only temporary as visits recovered sharply the beginning of Q2. Interestingly, the company is gaining market share which will likely result in a 2021 result that may be even higher than the company's expectations prior to Covid-19.

Negative contributors in May were Teradata (-14%), Delek US (-15%), and Western Forest Products (-19%). Teradata's stock was down 14% in May. The company reported Q1 results that were impacted by Covid-19 results. Teradata also announced that its Board of Directors has appointed Steve McMillan President and Chief Executive Officer, and a member of the Board of Directors, effective June 8, 2020. Mr. McMillan was previously at F5 Networks, Inc. as Executive Vice President of Global Services. Teradata has improved its management ranks in the past few years and we expect the addition of Mr. McMillan to be another positive driver. We look forward to work with Mr. McMillan. Delek US’ stock price declined approx. 15% in May, after a very strong run from trough levels seen in mid-March. Gasoline demand in the US has slowly been picking up as lock downs were gradually eased. Though product margins remain weak, the company’s ability to supply attractive niche product markets allows Delek US to run its refineries at a significantly higher utilization than many peers. In our view, Delek US continues to trade at a sizable discount to its sum-of-the-parts value. Western Forest Products (WEF, -19%) reported Q1 results. During most of the quarter, the company was adversely affected by a labour union strike, which was resolved late February. When WEF was in the process of ramping up production again after the strike ended, it was hit by the Covid-19 reality. Given healthy demand for building products in the DIY channel, also reflected in better specialty lumber pricing, we expect Q2 to look better and believe WEF is trading well below intrinsic value. We are actively engaging with the management and Board of Directors to define levers to further unlock value.
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 6H, route de Trèves, L-2633 Senningerberg, 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.

Performance per 2020-05-31 (rebased)

No chart data available

Performance per 2020-05-31

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  Fund Benchmark
1 month 5.1 % 7.1 %
3 months -7.3 % -3.8 %
This year -22.3 % -15.1 %
2019 13.7 % 9.3 %
Since inception (on annual basis) i -11.7 % -7.1 %
Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

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Distributing
Yes
Last dividend
USD 17.50
Ex-date last dividend
2020-01-16
Number of distributions per year
1
Dividend calendar

Risk analysis (ex post) per 2020-05-31

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  Since inception
Maximum drawdown i 0.00 %
Information ratio i 0.00
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 6H, route de Trèves, L-2633 Senningerberg, 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.

Top 5 contribution (2020-05-31)

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  Contribution i Performance i
Dialog Semiconductor 0.85 % 23.55 %
Brunswick 0.49 % 13.95 %
LHC 0.41 % 22.59 %
Befesa 0.40 % 18.46 %
American Eagle Outfitters 0.34 % 13.69 %

Bottom 5 contribution (2020-05-31)

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  Contribution i Performance i
Teradata -0.39 % -14.33 %
Western Forest Products -0.32 % -19.14 %
Delek -0.31 % -15.78 %
Vesuvius -0.25 % -11.34 %
Varex Imaging -0.23 % -34.47 %

Geographic allocation (2020-05-31)

52.8 %
North America
29.4 %
Europe Middle East and Africa (EMEA)
14.2 %
Japan
2.5 %
Other
1.2 %
Asia Pacific ex Japan
Total
100 %
The cash position is included in ‘Other’.

Top 10 holdings (2020-05-31)

4.3 %
Dialog Semiconductor
3.7 %
Fujitec
3.0 %
DeNa
3.0 %
Brunswick
2.9 %
Haseko
2.8 %
West Fraser Timber
2.8 %
First Solar
2.5 %
Hikma Pharmaceuticals
2.4 %
Befesa
2.4 %
Jabil
Total
29.8 %

Sector allocation (2020-05-31)

27.1 %
Financials
23.3 %
Industrials
12.3 %
Technology
11.7 %
Consumer goods
7.4 %
Basic Materials
6.2 %
Consumer services
5.6 %
Health Care
4.0 %
Oil & gas
2.5 %
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).

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 6H, route de Trèves, L-2633 Senningerberg, 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.

 

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).

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 6H, route de Trèves, L-2633 Senningerberg, 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.

Share class details

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Share class
J - USD
Investor type
Institutional
Distributing
Yes
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, Spain, Switzerland, The Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
USD
Management company
Kempen Capital Management N.V.
Depositary and custodian
J.P. Morgan Bank Luxembourg S.A.
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
LU1894035267
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 6H, route de Trèves, L-2633 Senningerberg, 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.
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 6H, route de Trèves, L-2633 Senningerberg, 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.

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).

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 6H, route de Trèves, L-2633 Senningerberg, 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.