Kempen (Lux) Global Sustainable Equity Fund - Class AN

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

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

Performance per 2022-03-31 (rebased)

No chart data available

Performance per 2022-03-31

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  Fund Benchmark
1 month 2.0 % 3.7 %
3 months -8.6 % -3.1 %
This year -8.6 % -3.1 %
2019 33.9 % 30.0 %
2020 10.3 % 6.3 %
2021 35.8 % 31.1 %
1 year (on annual basis) 12.5 % 16.3 %
3 years (on annual basis) i 17.2 % 15.3 %
Since inception (on annual basis) i 15.4 % 13.3 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future. On March 10, 2021 the management fee of this share class was increased from 0,50% to 0,75%. Performance data until this date are based on the lower management fee. 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. However, for the calculation of the performance of 31 December 2021 the originally issued NAV of 3 January 2022 was used as the deviating NAV could not be calculated due to technical circumstances.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 19.14 M 2022-03-31
Share class size
EUR 1.85 M 2022-03-31
Number of shares
44,697 2022-03-31
Net Asset Value i
EUR 39.29 2022-05-16
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 2022-03-31

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  Fund Benchmark
Number of holdings 41
Dividend yield i 1.25 % 1.77 %
Weighted average market capitalization i EUR 278,007 M EUR 405,621 M
P/E ratio i 22.59
Active share i 89.30 %
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. 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). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

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

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 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 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.

Developments per 2022-03-31

In March the fund earned a net return of 2.0% versus a return on the MSCI World index of 3.7%. This brings the return over the year so far to -8.5% versus a return on the MSCI World Index of -3.1%.

The healthcare, financial and communication sectors made the largest positive contributions to the return, while the biggest negative contribution came from the IT sector. The allocation and selection effects were negative for the month.

Deere, LHC Group and Thermo Fisher accounted for the largest positive contributions to the result. UnitedHealth announced plans to acquire LHC Group. The company will pay US$170 per share in cash for LHC Group’s ordinary shares and the acquisition is expected to be completed in the second half of 2022, pending approval from LHC Group shareholders, regulatory bodies and under the usual terms and conditions.

Ferguson, Estée Lauder and Kion Group made the biggest negative contributions to the result. Jungheinrich, a direct peer of Kion Group, issued a profit warning. The persisting supply chain issues, which are expected to continue for much longer than originally anticipated, ongoing increases in material and logistics costs and recent Coronavirus lockdowns affecting Asian markets in particular made it impossible to maintain the outlook.

No changes were made to the portfolio in March.

***

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 1.8 versus 0.9 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. 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). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

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

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 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 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.

Performance per 2022-03-31 (rebased)

No chart data available

Performance per 2022-03-31

Slide to see more
  Fund Benchmark
1 month 2.0 % 3.7 %
3 months -8.6 % -3.1 %
This year -8.6 % -3.1 %
2019 33.9 % 30.0 %
2020 10.3 % 6.3 %
2021 35.8 % 31.1 %
1 year (on annual basis) 12.5 % 16.3 %
3 years (on annual basis) i 17.2 % 15.3 %
Since inception (on annual basis) i 15.4 % 13.3 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future. On March 10, 2021 the management fee of this share class was increased from 0,50% to 0,75%. Performance data until this date are based on the lower management fee. 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. However, for the calculation of the performance of 31 December 2021 the originally issued NAV of 3 January 2022 was used as the deviating NAV could not be calculated due to technical circumstances.

Dividends

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Distributing
No

Risk analysis (ex post) per 2022-03-31

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  3 years Since inception
Maximum drawdown i -12.57 % -12.57 %
Tracking error i 4.70 % 4.50 %
Information ratio i 0.39 0.46
Beta i 1.03 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. 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). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

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

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 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 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.

Geographic allocation (2022-03-31)

57.9 %
United States
7.6 %
Germany
5.6 %
Switzerland
5.5 %
United Kingdom
5.3 %
Denmark
4.2 %
Ireland
3.7 %
Norway
2.6 %
Sweden
2.5 %
Taiwan
1.7 %
Cash
1.7 %
France
1.7 %
Other
Total
100 %

Top 10 holdings (2022-03-31)

4.8 %
Microsoft
4.5 %
Mastercard
4.4 %
Alphabet Class A
4.1 %
Applied Materials
3.7 %
Mowi
3.7 %
Nike Class B
3.5 %
Thermo Fisher Scientific
3.5 %
Deere
3.5 %
Estee Lauder
3.3 %
IQVIA
Total
39.0 %

Sector allocation (2022-03-31)

23.3 %
Technology
20.7 %
Health Care
13.0 %
Industrials
11.8 %
Consumer Staples
9.6 %
Financials
8.3 %
Consumer Discretionary
6.0 %
Telecommunications
5.5 %
Basic Materials
1.8 %
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. 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). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

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

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 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 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.

Environmental and/or social characteristics promoted

The Kempen Lux Global Sustainable Equity Fund (the “Fund”) falls under the scope of article 9 of the SFDR which means that the fund has a sustainable investment objective which is on climate change.

We commit to the goals of the Paris Agreement. This encompasses short-term objectives (2025), a mid-term ambition (2030) and a long-term commitment to be a net zero investor by 2050. By 2025, we aim to be aligned with a path to achieving the Paris Agreement and Dutch Klimaatakkoord. We follow the pathway in line with the EU Paris Aligned Benchmark. At all times, we want to be below the Paris Aligned Benchmark.

Fund carbon emission targets

ESG Label

ESG Investment process

The sustainable investment objective is achieved through the consistent implementation of the funds ESG policy. The ESG policy is fully implemented in our strategy’s investment process across the four relevant pillars of: Exclusion, ESG integration, Active ownership and Positive impact.

In the investment process we assess the ESG pro6le of a company. We look at 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. This includes an assessment of good governance practices. The investee companies are rated for governance aspects using external research as well as making internal assessments. Furthermore, we look into the company’s exposure to past controversies and future ESG opportunities. Based on the fundamental ESG analysis we form an opinion on the quality of a company’s ESG pro6le and award a score (1-5). We apply adequate due diligence measures when selecting the assets and such due diligence measures take into account ESG related risks as it could help to enhance long-term risk adjusted returns for investors, in accordance with the investment objectives of the Fund.

Exclusion

The product excludes at least 20% of the investment universe through the application of strict exclusion criteria. These take into account international standards, such as UN Global Compact Framework, the OECD Guidelines for Multinational Enterprises, UN Guiding Principles for Business and Human Rights, and our Principles for Responsible Investment commitments. The Fund applies additional exclusion criteria based on product involvement and business conduct. Furthermore, the Fund excludes companies with low ESG ratings.

Key figures

  Kempen criteria Additional criteria
Business conduct
Human Rights
Labour
Environment
Anti Corruption
Product involvement
Controversial Weapons
Tobacco
Thermal Coal
Tar Sands
Adult Entertainment
Alcohol
Animal Welfare & GMO
Gambling
Power Generation Nuclear
Power Generation Carbon Intensive
(Un)conventional Oil & Gas Extraction
Weaponry
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. 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). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

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

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 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 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.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
0.750 %
Service fee i
0.20 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
1.00%
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. 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). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

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

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 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 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.

Share class details

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Share class
AN i
Investor type
Private
Distributing
No
Benchmark i
MSCI World Total Return Index Net (calculated in Euro's)
Investment category
Sustainable Equity
Universum
Global equity
Inception date
2018-09-13
Domicile
Luxembourg
May be offered to all investors in
Belgium, France, Luxembourg, Switzerland, 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.
Depositary and custodian
BNP Paribas Securities Services S.C.A., Luxembourg branch

Tradability

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Minimum subscription
Eerste inschrijving: € 1
Listed
no
Subscription/Redemption Frequency
Dagelijks
ISIN i
LU1857108150
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. 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). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

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

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 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 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.
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. 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). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

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

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 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 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.