Kempen Lux Global Sovereign Fundamental Index Fund Class I

Profile

Kempen International Funds SICAV – Kempen (Lux) Global Sovereign Fundamental Index Fund (the Fund) aims to track its benchmark, the FTSE RAFI Sovereign Developed Markets Bond Index Master.

Research Affiliates (RAFI) together with FTSE 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 FTSE/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 FTSE 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 2018-08-31 (rebased)

No chart data available

Performance per 2018-08-31

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  Fund Benchmark
1 month 0.4 % 0.5 %
3 months -0.6 % -0.5 %
This year 0.6 % 0.8 %
2015 5.3 % 5.4 %
2016 4.0 % 4.2 %
2017 -4.4 % -4.1 %
1 year (on annual basis) -0.2 % 0.1 %
3 years (on annual basis) i 0.8 % 1.1 %
5 years (on annual basis) i 3.2 % 3.6 %
Since inception (on annual basis) i 3.0 % 3.3 %
Performance is shown after deduction of ongoing charges. 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 34.83 M 2018-08-31
Share class size
EUR 0.90 M 2018-08-31
Number of shares
773 2018-08-31
Net Asset Value i
EUR 1,150.77 2018-09-18
Morningstar rating â„¢

Fund characteristics per 2018-08-31

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  Fund Benchmark
Number of holdings 172 1032
Duration i 7.4 7.4
Yield to maturity 1.5 % 1.5 %
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 2018-08-31

August was no quiet summer month on the financial markets. A substantial risk-off movement occurred as a result of the currency crises in Turkey and Argentina, a deterioration in the trade negotiations between China and the US and the talks on the budget deficit in Italy. The riskiest asset classes earned a negative return and yields also decreased. Emerging market currencies in particular came under pressure. The Turkish lira depreciated by over 30% after President Trump announced a doubling of import tariffs on steel and aluminium from Turkey. The US equity market was the one exception to the poor returns, aided by sound economic data from the US. Growth over the second quarter amounted to 4.2%, job market data were robust and retail market data better than expected.

The Fed left interest rates unchanged in August, but at the Jackson Hole central bankers’ conference Powell confirmed that it would continue to raise interest rates. The market expects the Fed to raise interest rates by another 25 basis points in September and December.

Economic data in the Eurozone are pointing to the slowdown in growth in the first half of this year being temporary. Most sentiment indicators improved in August, including the Ifo business climate index and the PMIs. Yet these improving data were overshadowed by the talks on the budget deficit in Italy. Di Maio and Salvini made several remarks that prompted markets to start worrying about whether Italy would keep to the EU budgetary rules and whether it might face a downgrade by the rating agencies. Moody’s said it would postpone its rating decision until later in the year in order to obtain a better picture of the direction of government policy. Fitch downgraded its outlook for Italy to negative but kept the rating stable at BBB. The government will announce its budget plans at the end of September and it needs to present them to the EU on 15 October.

In August, the Fundamental Index showed a positive return. Measured in local currencies most of the returns were positive and the total return was similar to the return in Euro’s positive. Investments in the US and Canada were positive for Euro investors and investments in Korea and Israel yielded very positive results. Together with New Zealand and Australia, several European countries were negative contributors in August.
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 2018-08-31 (rebased)

No chart data available

Performance per 2018-08-31

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  Fund Benchmark
1 month 0.4 % 0.5 %
3 months -0.6 % -0.5 %
This year 0.6 % 0.8 %
2015 5.3 % 5.4 %
2016 4.0 % 4.2 %
2017 -4.4 % -4.1 %
1 year (on annual basis) -0.2 % 0.1 %
3 years (on annual basis) i 0.8 % 1.1 %
5 years (on annual basis) i 3.2 % 3.6 %
Since inception (on annual basis) i 3.0 % 3.3 %
Performance is shown after deduction of ongoing charges. 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
No
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 (2018-08-31)

Fund
Benchmark
27.1 %
> 10 year
27.4 %
24.5 %
3-5 year
18.8 %
19.4 %
0-3 year
25.5 %
18.7 %
7-10 year
15.9 %
9.6 %
5-7 year
12.5 %
0.6 %
Cash
0.0 %
Totaal
100 %
100 %

Top 10 holdings (2018-08-31)

3.7 %
2.000% US Treasury 2012-22
3.4 %
6.500% US Treasury 1997-26
3.3 %
1.250% US Treasury 2012-19
3.1 %
3.125% US Treasury 2014-44
2.5 %
2.000% US Treasury 2011-21
2.4 %
1.500% Japan 2014-34
2.1 %
4.750% Australie 2011-27
1.8 %
2.500% Duitsland 2010-21
1.8 %
3.500% Canada 2009-20
1.7 %
4.250% Engeland 2005-55
Totaal
25.8 %

Geographic allocation (2018-08-31)

21.3 %
United States
8.7 %
Japan
7.5 %
Canada
6.7 %
Germany
6.0 %
Australia
5.9 %
France
5.3 %
United Kingdom
5.1 %
Korea Republic Of
4.7 %
Italy
4.5 %
Spain
2.4 %
Netherlands
2.4 %
Sweden
2.2 %
Norway
2.0 %
Finland
1.9 %
Belgium
1.8 %
Austria
1.8 %
Czech Republic
1.8 %
New Zealand
1.7 %
Switzerland
1.5 %
Singapore
1.4 %
Ireland
1.4 %
Israel
1.4 %
Denmark
0.6 %
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
0.15 %
Service fee i
0.10 %
Expected ongoing charges i
0,25 %

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
I i
Investor type
Institutional
Distributing
No
Benchmark i
FTSE RAFI Sovereign Developed Markets Bond Index Master
Duration hedged
No
Investment category
Fundamental Indexation
Universum
Global government bonds
Inception date
2013-06-27
Domicile
Luxembourg
May be offered to professional investors only in
Belgium, Italy, Luxembourg, 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: €50,000, additional subscriptions: €10,000
Listed
yes, listed on the Euro MTF section of the Luxembourg Stock Exchange
Subscription/Redemption Frequency
Daily
ISIN i
LU0772265327
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 full voting records are available here.

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.