Kempen Lux Global Sustainable Equity Fund - Class VLK-B

Profile

Kempen International Funds SICAV – Kempen (Lux) Global Sustainable Equity Fund (the Fund) is primarily created for long-term investors and offers the opportunity to invest in a diversified portfolio of global publicly traded shares of companies open to stakeholders and environmental, social and governance criteria in their strategy. The Fund aims to select investments focusing on long-term and sustainable growth.

Investments in the Fund are screened by an independent data provider to assess compliance with environmental, social and governance (ESG) criteria.

The Sub-Fund was known as Kempen (Lux) Global Sustainable Value Creation Fund until February 15, 2021.

Management team

Ivo Kuiper, Herman Kleeven, Richard Klijnstra, Mark Oud, Martijn Kleinbussink, Raoul Martin

Performance per 2022-12-31 (rebased)

No chart data available

Performance per 2022-12-31

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  Fund Benchmark
1 month -6.2 % -7.6 %
3 months 5.3 % 0.8 %
This year -18.1 % -12.8 %
2019 34.2 % 30.0 %
2020 10.2 % 6.3 %
2021 36.3 % 31.1 %
1 year (on annual basis) -18.1 % -12.8 %
3 years (on annual basis) i 7.2 % 6.7 %
5 years (on annual basis) i 9.9 % 8.7 %
Since inception (on annual basis) i 10.8 % 9.4 %
The results shown of the periods before 16 December 2022, the inception date of Kempen (Lux) European Sustainable Equity Fund class VLK-B, are those of Kempen European Sustainable Equity Fund N.V. (ISIN NL0012512958). Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The Total Expense Ratio before 16 December 2022 has been copied from Kempen Global Sustainable Equity Fund N.V. The returns shown in the chart are indexed. 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 321.00 M 2022-12-31
Share class size
EUR 29.17 M 2022-12-31
Number of shares
285,625 2022-12-31
Net Asset Value i
EUR 110.77 2023-02-03

Fund characteristics per 2022-12-31

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  Fund Benchmark
Number of holdings 40 1508
Dividend yield i 1.47 % 2.18 %
Weighted average market capitalization i EUR 203,619 M EUR 277,115 M
P/E ratio i 21.79 14.80
Active share i 90.19 %
Kempen (Lux) Global Sustainable Equity 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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.

Developments per 2022-12-31

The I share class of the fund earned a net return of -6.1% in December versus a return on the MSCI World Index of -7.6%. This brings the net return over the year to -18.5% versus a return on the MSCI World Index of -12.8%.

Since its inception the fund has outperformed the benchmark (10.7% versus 9.4% for the MSCI World Index), including on a 3-year basis (6.9% versus 6.7% for the MSCI World Index).

The consumer discretionary, industrial and IT sectors made the largest positive contributions to the return, while the biggest negative contribution came from the communications sector. The allocation and selection effects were positive for the month.

Chr. Hansen, Novo Nordisk and Nike accounted for the largest positive contributions to the result. Chr. Hansen – a supplier of bacteria cultures – has announced plans to merge with Novozymes. Each Chr. Hansen share will be converted into approximately 1.5 Novozymes shares once the merger has been completed. As of the date of the announcement, this implied a premium of 49% for Chr. Hansen equities. We recognise the logic of combining Chr. Hansen’s microbe expertise with the enzyme expertise of Novozymes. The merger will create a world leader in biological solutions. The proposal still needs to be put to the shareholders of both companies for approval.

Sysco, Applied Materials and Alphabet made the biggest negative contributions to the result. US Big Tech (such as Apple, Amazon.com, Alphabet) lost ground in the fourth quarter due to worse-than-expected results and rising costs.

The fund invested in CME Group in December. CME Group operates a world-class derivative marketplace and offers a variety of futures and options products for risk management, including CBL Global Emissions Offset futures. Futures exchanges is an attractive sector, with little competition and extremely high entry barriers. CME is the clear market leader in the futures market, with a diversified product range containing growth potential. The company is able to set high prices and enjoys strong network effects. For example, CME has launched the industry’s first sustainable clearing service that enables businesses to track risk management activities used to hedge ESG initiatives.


***

What kind of companies do we seek?
We seek profitable companies undergoing structural growth that will create shareholder value in the long term alongside a clear social mandate. The best results are achieved if the interests of all the stakeholders are aligned. This requires not only products and services but also operations to be in line with the wishes and requirements of society (licence to operate). Moreover, the companies need to have sufficient opportunities for growth to be able to invest at an attractive return (innovation and expansion). In order to sustain earnings growth over the long term, companies need to enjoy sustainable competitive advantages compared to existing and new competitors (strong strategic position).

The role of management
We expect management to pursue a long-term strategy in addition to conducting sound day-to-day management. The risks and opportunities relating to ESG need to be clearly incorporated, backed up by sensible investment plans that respond to long-term trends and match the company’s strategic positioning and growth opportunities.

Quality and valuation
We believe the selected companies are above-average quality in terms of strategy and operations and are capable of creating long-term value for all stakeholders. Depending on the absolute valuation of their equities, they could form an interesting long-term addition to the portfolio.

 

ESG

ESG MSCI ratings

The portfolio has a clear overweight in the leaders (AAA/AA) and does not invest in the laggards (B/CCC).

Source: MSCI

 

KCM versus Sustainalytics ESG risk rating

The portfolio is not invested in companies with a high or severe ESG risk according to the KCM risk rating.

Source: Sustainalytics. KLGSEF* is according to KCM ESG risk rating, KLGSEF** is according to Sustainalytics ESG risk rating, MSCI World*** is according to ESG risk rating

 

SDG Solutions Exposure

The SDG Solutions Assessment identifies a product or service category’s contribution or obstruction towards attaining each of 15 individual sustainability objectives. A company has a score between -10 (significant obstruction) and +10 (significant contribution). The SDG Solutions score for the portfolio is 1.84 versus 0.84 for the benchmark.

Source: ISS

Kempen (Lux) Global Sustainable Equity 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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.

Performance per 2022-12-31 (rebased)

No chart data available

Performance per 2022-12-31

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  Fund Benchmark
1 month -6.2 % -7.6 %
3 months 5.3 % 0.8 %
This year -18.1 % -12.8 %
2019 34.2 % 30.0 %
2020 10.2 % 6.3 %
2021 36.3 % 31.1 %
1 year (on annual basis) -18.1 % -12.8 %
3 years (on annual basis) i 7.2 % 6.7 %
5 years (on annual basis) i 9.9 % 8.7 %
Since inception (on annual basis) i 10.8 % 9.4 %
The results shown of the periods before 16 December 2022, the inception date of Kempen (Lux) European Sustainable Equity Fund class VLK-B, are those of Kempen European Sustainable Equity Fund N.V. (ISIN NL0012512958). Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The Total Expense Ratio before 16 December 2022 has been copied from Kempen Global Sustainable Equity Fund N.V. The returns shown in the chart are indexed. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

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Distributing
Yes
Dividend calendar

Risk analysis (ex post) per 2022-12-31

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  3 years Since inception
Maximum drawdown i 100.00 % 100.00 %
Tracking error i 5.36 % 4.52 %
Information ratio i 0.09 0.31
Beta i 1.02 1.01
Kempen (Lux) Global Sustainable Equity 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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.

Geographic allocation (2022-12-31)

60.8 %
United States
7.6 %
Germany
6.1 %
Denmark
5.5 %
Switzerland
4.2 %
United Kingdom
4.2 %
Ireland
2.4 %
Sweden
2.3 %
France
2.1 %
Taiwan
2.1 %
Norway
0.9 %
Cash
1.9 %
Other
Total
100 %

Top 10 holdings (2022-12-31)

4.6 %
Mastercard
4.3 %
Microsoft
4.1 %
Nike Class B
3.9 %
Thermo Fisher Scientific
3.8 %
Deere
3.7 %
Estee Lauder
3.7 %
Marsh & McLennan Companies
3.6 %
Applied Materials
3.5 %
IQVIA
3.4 %
Alphabet Class A
Total
38.5 %

Sector allocation (2022-12-31)

24.1 %
Technology
20.3 %
Health Care
13.4 %
Industrials
12.4 %
Financials
10.9 %
Consumer Staples
8.0 %
Consumer Discretionary
5.3 %
Basic Materials
3.3 %
Telecommunications
2.4 %
Other
Total
100 %
Kempen (Lux) Global Sustainable Equity 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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
0.210 %
Service fee i
0.20 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
0.46%
Kempen (Lux) Global Sustainable Equity 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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.

Share class details

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Share class
VLK-B
Investor type
Institutional & Private
Distributing
Yes
Benchmark i
MSCI World Total Return Index Net (calculated in Euro's)
Investment category
Sustainable Equity
Universe
Global equity
Inception date
2022-12-16
Domicile
Luxembourg
May be offered to all investors in
Belgium, Netherlands, Switzerland
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Management company
Van Lanschot Kempen Investment Management NV
Depositary and custodian
BNP Paribas, Luxembourg Branch

Tradability

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Listed
no
ISIN i
LU2508724882
Kempen (Lux) Global Sustainable Equity 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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.
This Fund falls under the scope of Article 6 SFDR, which means that that Fund neither promotes environmental and/or social characteristics nor has a sustainable investment objective. The sustainability-related disclosures for the Fund are available in the Fund Prospectus and under https://www.kempen.com/en/asset-management/esg , in line with Article 6 and 7 SFDR.
Kempen (Lux) Global Sustainable Equity 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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.
Kempen (Lux) Global Sustainable Equity 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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). 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 Information Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of Van Lanschot Kempen Investment Management NV (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.