Kempen Lux Global Sovereign Fundamental Index Fund Class BN

Profile

Kempen International Funds SICAV – Kempen (Lux) Global Sovereign Fundamental Index Fund (the Fund) aims to track its benchmark, the Citi RAFI Global Sovereign Fundamental Index.

Research Affiliates (RAFI) together with Citi Index have established a benchmark that values and weighs countries based on their economic footprint rather than the amount of their debt. Most of today’s indices and passive funds invest the heaviest in countries most deeply in debt. In contrast, the fundamentals used by Citi/RAFI assess the long term capacity of a country to repay their debt.

The fundamentals which determine the individual country weighting are GDP, Land Area, Population and Energy. The Citi RAFI Index provides a more diversified investment than traditional indices. The Fund invests closely aligned to its benchmark in global government bonds issued by investment grade countries.

Management team

Hans Kamminga, Kim Lubbers, Emma Weeder

Performance per 2018-04-30 (rebased)

No chart data available

Performance per 2018-04-30

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  Fund Benchmark
1 month -0.1 % -0.1 %
3 months 0.9 % 0.9 %
This year -1.0 % -0.9 %
2015 5.2 % 5.4 %
2016 3.9 % 4.2 %
2017 -4.4 % -4.1 %
3 years (on annual basis) i -0.7 % -0.6 %
5 years (on annual basis) i 1.9 % 2.2 %
Since inception (on annual basis) i 1.8 % 2.2 %
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. As of 31 May 2015 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.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 39.98 M 2018-04-30
Number of shares
653,025 2018-04-30
Net Asset Value i
EUR 49.04 2018-05-24
Morningstar rating â„¢

Fund characteristics per 2018-04-30

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  Fund Benchmark
Number of holdings 181 1022
Duration i 7.4 7.3
Yield to maturity 1.4 % 1.4 %
Kempen (Lux) Global Sovereign Fundamental Index Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), is 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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

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.

Citigroup Index LLC is a trademark and service mark of Citigroup Inc. or its affiliates, is used and registered throughout the world, and is used under license for certain purposes by Kempen Capital Management N.V. as (investment) manager. Kempen (Lux) Global Sovereign Fundamental Index® Fund is not sponsored, endorsed, sold or promoted by Citigroup Index LLC (“Citi”), and Citi makes no representation to the prospective owners of shares of the Fund regarding the advisability of investing in securities generally or the Fund particularly. Citi does not guarantee the accuracy, adequacy, completeness or availability of any index data and information and in no event shall Citi have any liability in connection with any use of such data and information. CITI GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. The trade names Fundamental Index®, RAFI®, the RAFI logo, and the Research Affiliates corporate name and logo are the exclusive intellectual property of Research Affiliates, LLC and are registered trademarks in the United States and other countries. The prospectus contains additional disclaimers which apply to Citigroup and Research Affilliates.

Market developments per 2018-04-30

News of a potential trade war again played a major role on the markets in April. The US dollar weakened at the start of the month, but ultimately closed the month over 2% higher after fears of a trade war abated. The stronger economic data also contributed to this. The PMI was higher than expected, consumer confidence remains robust and data on industrial production and the housing market were also better than expected. Combined with higher than expected corporate earnings, this served to create a positive climate on the equity markets.

Oil prices increased by 7% in April and reached their highest level of the past three years. Surplus oil stocks have decreased thanks to OPEC imposing restrictions on production and demand for oil remains strong. Oil prices could rise further as a result of any sanctions against Iran. The higher oil prices, combined with concerns about higher inflation in the US, pushed up US 10-year government bond yields to 3% for the first time in four years. This increase triggered a comparable rise in European yields, although the increase in German bond yields was partly cancelled out by the ECB meeting on 26 April. The ECB left policy interest rates unchanged and made no alterations to the bond-purchasing programme. It is clear that policymakers have not yet made a decision on normalising ECB policy. Draghi also noted that the latest economic indicators point to the rate of growth slowing slightly.

Economic sentiment deteriorated again slightly in the Eurozone in April. Industrial production, retail and ZEW data were all worse than expected. The poor weather and stronger euro probably played a part in this in the first months of 2018. However, there are now signs of the data stabilising. Furthermore, the PMI index is still pointing to growth of 2.5% for 2018.

Most performances were in negative territory measured in local currencies. Investments in the US and Canada were positive for Euro investors. This month investments in Switzerland and the UK were negative, respectively -1.96% and 1.21%.
Kempen (Lux) Global Sovereign Fundamental Index Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), is 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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

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.

Citigroup Index LLC is a trademark and service mark of Citigroup Inc. or its affiliates, is used and registered throughout the world, and is used under license for certain purposes by Kempen Capital Management N.V. as (investment) manager. Kempen (Lux) Global Sovereign Fundamental Index® Fund is not sponsored, endorsed, sold or promoted by Citigroup Index LLC (“Citi”), and Citi makes no representation to the prospective owners of shares of the Fund regarding the advisability of investing in securities generally or the Fund particularly. Citi does not guarantee the accuracy, adequacy, completeness or availability of any index data and information and in no event shall Citi have any liability in connection with any use of such data and information. CITI GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. The trade names Fundamental Index®, RAFI®, the RAFI logo, and the Research Affiliates corporate name and logo are the exclusive intellectual property of Research Affiliates, LLC and are registered trademarks in the United States and other countries. The prospectus contains additional disclaimers which apply to Citigroup and Research Affilliates.

Performance per 2018-04-30 (rebased)

No chart data available

Performance per 2018-04-30

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  Fund Benchmark
1 month -0.1 % -0.1 %
3 months 0.9 % 0.9 %
This year -1.0 % -0.9 %
2015 5.2 % 5.4 %
2016 3.9 % 4.2 %
2017 -4.4 % -4.1 %
3 years (on annual basis) i -0.7 % -0.6 %
5 years (on annual basis) i 1.9 % 2.2 %
Since inception (on annual basis) i 1.8 % 2.2 %
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. As of 31 May 2015 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.

Dividends

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Distributing
Yes
Last dividend
EUR 0.70
Ex-date last dividend
2018-01-11
Number of distributions per year
2
Dividend calendar
Kempen (Lux) Global Sovereign Fundamental Index Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), is 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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

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.

Citigroup Index LLC is a trademark and service mark of Citigroup Inc. or its affiliates, is used and registered throughout the world, and is used under license for certain purposes by Kempen Capital Management N.V. as (investment) manager. Kempen (Lux) Global Sovereign Fundamental Index® Fund is not sponsored, endorsed, sold or promoted by Citigroup Index LLC (“Citi”), and Citi makes no representation to the prospective owners of shares of the Fund regarding the advisability of investing in securities generally or the Fund particularly. Citi does not guarantee the accuracy, adequacy, completeness or availability of any index data and information and in no event shall Citi have any liability in connection with any use of such data and information. CITI GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. The trade names Fundamental Index®, RAFI®, the RAFI logo, and the Research Affiliates corporate name and logo are the exclusive intellectual property of Research Affiliates, LLC and are registered trademarks in the United States and other countries. The prospectus contains additional disclaimers which apply to Citigroup and Research Affilliates.

Maturity profile (2018-04-30)

Fund
Benchmark
26.6 %
> 10 year
27.8 %
23.9 %
3-5 year
19.6 %
21.9 %
0-3 year
25.0 %
19.9 %
7-10 year
15.4 %
7.7 %
5-7 year
12.2 %
0.1 %
Cash
0.0 %
Totaal
100 %
100 %

Top 10 holdings (2018-04-30)

4.3 %
2.000% US Treasury 2012-22
2.9 %
6.500% US Treasury 1997-26
2.9 %
3.125% US Treasury 2014-44
2.4 %
1.500% Japan 2014-34
2.2 %
2.000% US Treasury 2011-21
2.1 %
4.750% Australie 2011-27
2.0 %
1.625% US Treasury 2014-19
1.9 %
1.250% US Treasury 2012-19
1.7 %
3.000% Frankrijk 2012-22
1.6 %
4.250% Engeland 2005-55
Totaal
24.0 %

Geographic allocation (2018-04-30)

20.8 %
United States
8.7 %
Japan
7.4 %
Canada
6.8 %
Germany
6.0 %
Australia
5.9 %
France
5.5 %
United Kingdom
5.3 %
Italy
5.0 %
Korea Republic Of
4.7 %
Spain
2.4 %
Netherlands
2.4 %
Sweden
2.2 %
Norway
2.0 %
Finland
1.9 %
Belgium
1.9 %
Czech Republic
1.8 %
Austria
1.8 %
New Zealand
1.6 %
Switzerland
1.5 %
Singapore
1.4 %
Ireland
1.4 %
Israel
1.4 %
Denmark
0.1 %
Cash
Totaal
100 %
Kempen (Lux) Global Sovereign Fundamental Index Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), is 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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

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.

Citigroup Index LLC is a trademark and service mark of Citigroup Inc. or its affiliates, is used and registered throughout the world, and is used under license for certain purposes by Kempen Capital Management N.V. as (investment) manager. Kempen (Lux) Global Sovereign Fundamental Index® Fund is not sponsored, endorsed, sold or promoted by Citigroup Index LLC (“Citi”), and Citi makes no representation to the prospective owners of shares of the Fund regarding the advisability of investing in securities generally or the Fund particularly. Citi does not guarantee the accuracy, adequacy, completeness or availability of any index data and information and in no event shall Citi have any liability in connection with any use of such data and information. CITI GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. The trade names Fundamental Index®, RAFI®, the RAFI logo, and the Research Affiliates corporate name and logo are the exclusive intellectual property of Research Affiliates, LLC and are registered trademarks in the United States and other countries. The prospectus contains additional disclaimers which apply to Citigroup and Research Affilliates.

Ongoing charges

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Management fee i
0.20 %
Service fee i
0.10 %
Expected ongoing charges i
0,3 %

Other costs

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Upward swing factor i
0.10 %
Downward swing factor i
0.10 %
Kempen (Lux) Global Sovereign Fundamental Index Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), is 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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

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.

Citigroup Index LLC is a trademark and service mark of Citigroup Inc. or its affiliates, is used and registered throughout the world, and is used under license for certain purposes by Kempen Capital Management N.V. as (investment) manager. Kempen (Lux) Global Sovereign Fundamental Index® Fund is not sponsored, endorsed, sold or promoted by Citigroup Index LLC (“Citi”), and Citi makes no representation to the prospective owners of shares of the Fund regarding the advisability of investing in securities generally or the Fund particularly. Citi does not guarantee the accuracy, adequacy, completeness or availability of any index data and information and in no event shall Citi have any liability in connection with any use of such data and information. CITI GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. The trade names Fundamental Index®, RAFI®, the RAFI logo, and the Research Affiliates corporate name and logo are the exclusive intellectual property of Research Affiliates, LLC and are registered trademarks in the United States and other countries. The prospectus contains additional disclaimers which apply to Citigroup and Research Affilliates.

Share class details

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Share class
BN i
Investor type
Private
Distributing
Yes
Benchmark i
Citi RAFI Sovereign Developed Markets Bond Index Master
Duration hedged
No
Investment category
Fundamental Indexation
Universum
Global government bonds
Inception date
2012-06-20
Domicile
Luxembourg
May be offered to all investors in
Belgium, Finland, Germany, Luxembourg, Sweden, The Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Management company
Kempen Capital Management N.V.
Custodian
J.P. Morgan Bank Luxembourg S.A.
Morningstar rating â„¢

Tradability

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Minimum subscription
Initial subscription €1,000
Listed
yes, listed on the Euro MTF section of the Luxembourg Stock Exchange
Subscription/Redemption Frequency
Daily
ISIN i
LU0772265244
Kempen (Lux) Global Sovereign Fundamental Index Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), is 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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

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.

Citigroup Index LLC is a trademark and service mark of Citigroup Inc. or its affiliates, is used and registered throughout the world, and is used under license for certain purposes by Kempen Capital Management N.V. as (investment) manager. Kempen (Lux) Global Sovereign Fundamental Index® Fund is not sponsored, endorsed, sold or promoted by Citigroup Index LLC (“Citi”), and Citi makes no representation to the prospective owners of shares of the Fund regarding the advisability of investing in securities generally or the Fund particularly. Citi does not guarantee the accuracy, adequacy, completeness or availability of any index data and information and in no event shall Citi have any liability in connection with any use of such data and information. CITI GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. The trade names Fundamental Index®, RAFI®, the RAFI logo, and the Research Affiliates corporate name and logo are the exclusive intellectual property of Research Affiliates, LLC and are registered trademarks in the United States and other countries. The prospectus contains additional disclaimers which apply to Citigroup and Research Affilliates.
Kempen (Lux) Global Sovereign Fundamental Index Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), is 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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

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.

Citigroup Index LLC is a trademark and service mark of Citigroup Inc. or its affiliates, is used and registered throughout the world, and is used under license for certain purposes by Kempen Capital Management N.V. as (investment) manager. Kempen (Lux) Global Sovereign Fundamental Index® Fund is not sponsored, endorsed, sold or promoted by Citigroup Index LLC (“Citi”), and Citi makes no representation to the prospective owners of shares of the Fund regarding the advisability of investing in securities generally or the Fund particularly. Citi does not guarantee the accuracy, adequacy, completeness or availability of any index data and information and in no event shall Citi have any liability in connection with any use of such data and information. CITI GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. The trade names Fundamental Index®, RAFI®, the RAFI logo, and the Research Affiliates corporate name and logo are the exclusive intellectual property of Research Affiliates, LLC and are registered trademarks in the United States and other countries. The prospectus contains additional disclaimers which apply to Citigroup and Research Affilliates.

KCM Vision

Kempen Capital Management is an asset manager with a long-term investment approach. We strongly believe in engaged shareholdership that benefits all stakeholders. As a long-term responsible investor, we firmly believe that active ownership and shareholder engagement contribute to positive change across the board.

Our KCM wide approach to responsible investment

To put our vision into action we engage with our investment targets on a wide array of strategic, financial, environmental, social and governance (ESG) topics. Our long-term investment worldview paired with thorough analysis and an experienced and diverse ESG team allow us to use both voting and engagement as means to consistently encourage positive change. Through this process of constructive engagement, we are able to contribute to the development of principles and standards of corporate responsibility within companies that we invest in.

Our fund approach to Responsible Investment

In addition to the fundamental factors, the fund also applies two Environmental, Social and Governance (ESG) criteria. The first criterion eliminates companies from the universe, which structurally violate fundamental ESG criteria, as established by the UN Global Compact (see more information about the UN Global Compact here). We build this factor on the knowledge and long-standing expertise of our external ESG data provider MSCI ESG Research, which allocates companies into "Pass", "Watch List" and "Fail" categories. We exclude all "Fail" companies out of our universe.

In addition, companies lagging behind the sector in their managing of ESG risks, are also excluded. Based on the MSCI ESG Research, we exclude companies with a CCC rating (on the AAA-CCC scale, AAA being the best-performing companies, and CCC being the worst performers).

This approach allows us to create an effective tilt towards the better ESG performers, which is in line with our belief that in the long-term companies with good ESG practices in places outperform the laggards.

Kempen (Lux) Global Sovereign Fundamental Index Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), is 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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

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.

Citigroup Index LLC is a trademark and service mark of Citigroup Inc. or its affiliates, is used and registered throughout the world, and is used under license for certain purposes by Kempen Capital Management N.V. as (investment) manager. Kempen (Lux) Global Sovereign Fundamental Index® Fund is not sponsored, endorsed, sold or promoted by Citigroup Index LLC (“Citi”), and Citi makes no representation to the prospective owners of shares of the Fund regarding the advisability of investing in securities generally or the Fund particularly. Citi does not guarantee the accuracy, adequacy, completeness or availability of any index data and information and in no event shall Citi have any liability in connection with any use of such data and information. CITI GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. The trade names Fundamental Index®, RAFI®, the RAFI logo, and the Research Affiliates corporate name and logo are the exclusive intellectual property of Research Affiliates, LLC and are registered trademarks in the United States and other countries. The prospectus contains additional disclaimers which apply to Citigroup and Research Affilliates.