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

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 2021-08-31 (rebased)

No chart data available

Performance per 2021-08-31

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  Fund Benchmark
1 month 1.4 % 2.4 %
3 months -0.2 % 1.9 %
This year 18.4 % 14.5 %
Since inception (on annual basis) i 18.4 % 14.5 %
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 1,486.45 M 2021-08-31
Share class size
USD 2.32 M 2021-08-31
Number of shares
78,257 2021-08-31
Net Asset Value i
USD 29.69 2021-09-15
Turnover rate
51.86 %
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 2021-08-31

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  Fund Benchmark
Number of holdings 68 4439
Dividend yield i 1.83 % 1.35 %
Weighted average market capitalization i EUR 3,680 M EUR 4,144 M
P/E ratio i 12.36
Active share i 98.03 %
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.

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

 

Developments per 2021-08-31

In the month of August the Fund (I-class) was up 2.0% versus the MSCI World Small-cap index (benchmark) that was up 2.9%. Year-to-date the Fund is up 28.1% versus 21.1% for the benchmark. In August we saw the tail of the Q2 2021 earnings season. While demand continues to be strong, some companies reported supply chain challenges. We believe these supply chain issues are temporary in nature and should not affect the long-term investment case of these companies. At the end of August the take-over of Dialog was closed after all regulatory hurdles were cleared. The bid on Sbanken by DNB is still pending as the regulator issued a statement of objection. In general we see M&A activity increasing in our small-cap universe.

Three top contributing stocks during the month of August were ASR (+14%), ULVAC (12%) and Fujitec (+12%). ASR (+14.1%) reported better than expected 1H21 results helped by a stronger than expected positive impact from COVID-19 as claim frequency in non-life was still relatively low due to the lockdown measures in the Netherlands at the start of the year. The solvency remains strong and well above the 180% threshold level for returning excess cash to shareholders and fuels speculation that the company will announce a new share buyback program at its Capital Markets Day in December. ULVAC's stock increased 12% in August on strong Q4 results and raised its guidance for the upcoming two fiscal years. We are excited about the transformation of ULVAC and in particular the prospects of its semiconductor business. While the stock has performed well, we still believe the stock is materially undervalued. ULVAC remains a high conviction, top 5 position in the Fund. The shares of Fujitec rose by 12% in August. The Japanese elevator & escalator (E&E) company reported strong quarterly earnings, with revenues back at pre-Covid levels, order intake well ahead of pre-Covid levels translating into strong profitability. Following last year’s strategy update, the company is currently working on detailing out a new mid-term plan, the outcome of which will be published before calendar year-end. Fujitec continues to trade at a significant discount to its larger international E&E peers.

Negative contributors in August were EnerSys (-14%), Brunswick (-6%), and DeNa (-6%). EnerSys (-14%) reported quarterly results ahead of expectations, but its outlook for the current quarter missed expectations as the company is adversely affected by a variety of supply chain challenges. This is not an uncommon theme. EnerSys imposed actions to mitigate this pressure. Our long-term thesis on EnerSys remains intact. EnerSys is a leading producer of industrial batteries and will benefit from an array of growth opportunities, including the 5G roll-out, back-up power needs and EV fast-charging. The share price of Brunswick declined by 6% during the month of August. There was not much news. During the month the company issued two senior notes to finance the Navico acquisition. The terms of the financing was meaningfully better than our expectation at an average interest rate of 1.7%. We remain bullish on the stock price of Brunswick. The share price of DeNA declined by 6% during the month of August. The company reported solid Q1 results early August. Particularly Live Streaming platform Pococha reported another stellar quarter. DeNA's stock is materially undervalued versus the sum of its parts. The undervaluation has gotten to an unsustainable level in our view. We remain bullish on the shares of DeNA.

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.

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

Performance per 2021-08-31 (rebased)

No chart data available

Performance per 2021-08-31

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  Fund Benchmark
1 month 1.4 % 2.4 %
3 months -0.2 % 1.9 %
This year 18.4 % 14.5 %
Since inception (on annual basis) i 18.4 % 14.5 %
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
No
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.

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

Top 5 contribution (2021-08-31)

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  Contribution i Performance i
ASR Nederland 0.37 % 14.11 %
Ulvac 0.37 % 12.26 %
Fujitec 0.36 % 12.24 %
Teradata 0.26 % 10.77 %
West Fraser Timber 0.23 % 8.03 %

Bottom 5 contribution (2021-08-31)

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  Contribution i Performance i
Enersys -0.30 % -13.86 %
Brunswick -0.20 % -6.48 %
DeNa -0.17 % -5.79 %
Gentex -0.14 % -9.08 %
Abercrombie & Fitch -0.13 % -4.98 %

Geographic allocation (2021-08-31)

53.2 %
North America
25.9 %
Europe Middle East and Africa (EMEA)
18.8 %
Japan
1.5 %
Other
0.7 %
Asia Pacific ex Japan
Total
100 %
The cash position is included in ‘Other’.

Top 10 holdings (2021-08-31)

3.3 %
Ulvac
3.2 %
Fujitec
3.2 %
Jabil
3.0 %
Befesa
3.0 %
West Fraser Timber
3.0 %
Brunswick
2.9 %
Dialog Semiconductor
2.9 %
DeNa
2.9 %
ASR Nederland
2.9 %
Abercrombie & Fitch
Total
30.3 %

Sector allocation (2021-08-31)

19.5 %
Industrials
18.2 %
Technology
16.0 %
Consumer Discretionary
14.9 %
Financials
9.7 %
Real estate
7.7 %
Basic Materials
6.1 %
Health Care
3.9 %
Telecommunications
2.1 %
Energy
1.5 %
Other
0.6 %
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 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.

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
1.500 %
Service fee i
0.20 %
Taxe d'abonnement i
0.05 %
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.

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
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
SGP
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.

Tradability

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Minimum subscription
Initial subscription USD 1
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU2290439434
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.

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 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.

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

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

Climate change

As a long-term investor, we believe climate change represents a systemic risk facing the economy, society and environment. We want to consider the risks and opportunities this presents to our investments in the coming decades. We have therefore set a long-term commitment (2050), a mid-term ambition (2030) and short-term objectives (2025).

  • 2050 commitment: Net-zero investor.
  • 2030 ambition: To align with a Paris Agreement pathway (listed and non-listed investments) and Dutch Klimaatakkoord.
  • 2025 objectives: To align with a pathway towards achieving the Paris Agreement (listed investments) and Dutch Klimaatakkoord goals.[1]

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The Kempen climate change policy can be found here (under climate change policy).

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[1]We use carbon intensity as a metric to come to the pathway of net-zero emissions. As we care about the direction of travel and reduction of carbon emissions in the economy, it might be that the actual reducing trend may deviate from the suggested average trend line. The pathway is derived from the pathway of the EU Benchmarks.

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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By 2025, we aim to align with a pathway towards achieving the Paris Agreement and Dutch Klimaatakkoord goals for our portfolio, as well as the EU Climate Transition Benchmark[2].

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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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[2] The EU Benchmarks consists of two climate benchmarks, Climate Transition Benchmark and Paris Aligned Benchmark, which have the aim to reach net-zero emissions by 2050 - in line with the 1.5?C scenarios from the IPCC. As we care about the direction of travel and reduction of carbon emissions in the economy, it might be that the actual reducing trend may deviate from the average pathway. We use carbon intensity (based on Revenues) as the forward-looking climate metric.

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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.

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KEMPENÂ

CRITERIA

ADDITIONAL SUSTAINABILITY CRITERIA

Business Conduct

x     Human Rights

x     Labour

x     Environment

x     Anti-corruption

Product Involvement

x     Controversial Weapons

x     Tobacco

x     Thermal coal

x     Tar sands

x     Adult Entertainment

x     Alcohol

x     Animal Welfare & GMO

x     Gambling

x     Power Generation

       Nuclear

x     Power Generation

       Carbon Intensive

x     (Un)conventional Oil &

       Gas Extraction

x     Weaponry

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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

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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.

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

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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:

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* 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 en
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.