- Kempen
- Kempen Lux Global Small cap Fund Class A-USD
Kempen (Lux) Global Small-cap Fund - Class A-USD
This fund/strategy is currently under the soft-close regulation. Please see this link for more information.
Profile
The portfolio construction process involves a disciplined end to end framework initially utilizing proprietary in-house stock filters screening for high quality and attractively valued stocks. Thereafter, fundamental in-house research is carried out to identify high conviction investment ideas. The end result is a portfolio of approximately 60 - 90 stocks, well diversified across all regions and sectors
Management team
Performance per 2022-05-31 (rebased)
Performance per 2022-05-31
Fund | Benchmark | |
---|---|---|
1 month | 2.1 % | -0.2 % |
3 months | -4.9 % | -7.1 % |
This year | -9.2 % | -14.0 % |
2021 | 15.9 % | 13.4 % |
1 year (on annual basis) | -11.4 % | -13.1 % |
Since inception (on annual basis) i | 3.8 % | -1.8 % |
Key figures
Total fund size | EUR 1,497.64 M 2022-05-31 |
Share class size | USD 2.10 M 2022-05-31 |
Number of shares | 79,938 2022-05-31 |
Net Asset Value i | USD 23.16 2022-07-06 |
Fund characteristics per 2022-05-31
Fund | Benchmark | |
---|---|---|
Number of holdings | 66 | 4491 |
Dividend yield i | 2.24 % | 1.82 % |
Weighted average market capitalization i | EUR 3,467 M | EUR 3,978 M |
P/E ratio i | 12.18 | |
Active share i | 97.81 % |
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 2022-05-31
The three top contributing stocks during the month of May were Kronos (+23%), SIGA Technologies (+84%), and Software AG (+13%). The share price of Kronos, a leading global producer of a white pigment called titanium dioxide, increased by +23% during the month of May after the company reported better than expected Q1 results. Kronos sells its pigments into a wide variety of end markets and continues to see healthy demand across the board, resulting in favorable pricing and higher earnings power. SIGA Technologies is a US pharmaceutical company marketing the only antiviral treatment for smallpox, monkeypox and other orthopox viruses that is approved in both North America and Europe. SIGA's share price was up 84% in volatile trading in the final weeks of May when several monkeypox outbreaks were identified, particularly in Europe, where the virus is not endemic. The US and Canada were the only countries in the world that stockpile SIGA's drug, TPOXX. In recent weeks, several European countries have been scrambling to obtain TPOXX as well and we expect SIGA to sign contracts to supply the drug to governments all over the globe. Trading in SIGA stock is expected to remain volatile as the situation around the current outbreaks becomes more clear. We do not expect a covid19-like pandemic. However, the current outbreaks teach an important lesson on pandemic preparedness and we are of the view that SIGA will have a meaningfully larger business going forward. Shares of Software AG were up 13% in May. The results published at the end of April confirmed the progress being made against the fiscal year 2022 targets. The Digital Business showed 15% bookings growth and, due to phasing, A&N showed a remarkable 42% bookings growth. The company reiterated its 2022 and 2023 organic targets, while the consolidation of StreamSets will accelerate the growth of the group. We believe that the shares provide good value, with the global uncertainty of inflation and supply chains will have less of an impact on Software AG than many other companies.
The largest three negative contributors in May were Abercrombie & Fitch (-41%), Fujitec (-8%) and American Eagle Outfitters (-21%). Abercrombie & Fitch's (A&F) stock price declined by 41% during May driven by a reduction of its full year outlook and weaknesses reported by other retailers. As we wrote in the previous monthly report we took some profit as the stock had outperformed its peers by a wide margin. This limited the negative impact on the performance of our portfolio in May to some extent, but due to the steep decline the impact was still significant. Fundamentally we believe the company performed well, but the environment was very difficult with increasing freight costs, FX headwinds, unfavorable weather, Shanghai lockdowns and a difficult compare. A&F's market capitalisation is now back to about $1bn, which is only 6x the average FCF generated over the past eight years. The balance sheet is very strong, but we have to admit that the outlook for the consumer is very uncertain. Fujitec declined by 8% during May. The shares performed reasonably well year-to-date, resulting in a +20-30% performance gap in local currencies with international peers like Kone, Schindler and Otis. Fujitec’s shares continue to trade at a substantial discount versus international peers. American Eagle Outfitters' (AEO) stock price declined by 21% in May. The company is facing similar issues as Abercrombie & Fitch. However, where we believe A&F did very well in terms of controlling the controllable, the execution of AEO was not flawless. AEO misjudged consumer demand, planned too aggressively and is now left with too much inventory. It will take time to recover from this. We still believe this is a valuable franchise and in our view Aerie (28% of revenues) is already worth more than the whole company.
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 2022-05-31 (rebased)
Performance per 2022-05-31
Fund | Benchmark | |
---|---|---|
1 month | 2.1 % | -0.2 % |
3 months | -4.9 % | -7.1 % |
This year | -9.2 % | -14.0 % |
2021 | 15.9 % | 13.4 % |
1 year (on annual basis) | -11.4 % | -13.1 % |
Since inception (on annual basis) i | 3.8 % | -1.8 % |
Dividends
Distributing | No |
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 (2022-05-31)
Contribution i | Performance i | |
---|---|---|
Kronos Worldwide | 0.54 % | 23.22 % |
Siga Technologies | 0.35 % | 68.74 % |
Software | 0.25 % | 10.33 % |
Cabot | 0.22 % | 13.65 % |
Sleep Number | 0.21 % | 11.52 % |
Bottom 5 contribution (2022-05-31)
Contribution i | Performance i | |
---|---|---|
Abercrombie & Fitch | -0.82 % | -41.74 % |
Fujitec | -0.26 % | -7.70 % |
American Eagle Outfitters | -0.20 % | -20.98 % |
Hikma Pharmaceuticals | -0.18 % | -10.49 % |
Encompass Health Corporation | -0.16 % | -6.23 % |
Geographic allocation (2022-05-31)
Top 10 holdings (2022-05-31)
Sector allocation (2022-05-31)
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
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
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
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 |
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.
Ongoing charges
Management fee i | 1.500 % |
Service fee i | 0.20 % |
Taxe d'abonnement i | 0.05 % |
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
Share class | A - USD |
Investor type | Institutional & Private |
Distributing | No |
Benchmark i | MSCI World Small Cap Index |
Investment category | Small-caps |
Universum | Global Small- & Mid-caps |
Inception date | 2021-02-01 |
Domicile | Luxembourg |
May be offered to all investors in | Luxembourg |
May be offered to professional investors only in | Singapore |
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
Minimum subscription | Initial subscription USD 1 |
Listed | no |
Subscription/Redemption Frequency | Daily |
ISIN i | LU2290439434 |
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.
Factsheets
Annual Reports
Semi- Annual Reports
Key Investor Information
Sustainability related disclosures
Formal documents other
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.