Kempen (Lux) Global Value Fund - Class AN

Profile

Kempen International Funds SICAV - Kempen (Lux) Global Value Fund (the Fund) offers investors the opportunity to invest in an actively and professionally managed portfolio of listed companies worldwide that trade at a discount to their (assessed) intrinsic value.

The primary objective of the Fund is to generate a long-term return in excess of the MSCI World Value Net Total Return USD Index (the "Benchmark"), comprising capital gains or losses plus net dividend.

Management team

Jorik van den Bos, Joris Franssen, Joost de Graaf, Dimitri Willems, Luc Plouvier, Marius Bakker

Performance per 2020-05-31 (rebased)

No chart data available

Performance per 2020-05-31

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  Fund Benchmark
1 month 2.0 % 1.2 %
3 months -15.1 % -8.1 %
This year -25.6 % -17.6 %
2018 -9.9 % -7.4 %
2019 16.8 % 24.0 %
1 year (on annual basis) -17.3 % -6.2 %
Since inception (on annual basis) i -12.1 % -2.8 %
Performance is shown after deduction of ongoing charges. 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 6.53 M 2020-05-31
Share class size
EUR 0.76 M 2020-05-31
Number of shares
38,903 2020-05-31
Net Asset Value i
EUR 20.11 2020-07-07
Turnover rate
76.03 %
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 2020-05-31

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  Fund Benchmark
Number of holdings 55
Dividend yield i 5.83 %
Weighted average market capitalization i EUR 24,646 M
P/E ratio i 10.31
Active share i 97.88 %
Kempen (Lux) Global Value 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 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 6H, route de Trèves, L-2633 Senningerberg, 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Market developments per 2020-05-31

Compared to the previous months, May was a relatively quiet month for equity markets globally. They continued the upward path after the sharp rebound in April. In many countries the severe lockdown measures are being eased which should help economies to gradually recover. The Fund booked a positive absolute performance over the month. Year-to-date the Fund still has an negative performance and is underperforming the index.

The most striking fact of the last months is that the ‘Quality Bubble’ has become even more extreme. A huge valuation dispersion between quality- and value stocks has been present for some time in the market, which has now reached levels never seen before. You need to go back to the IT-bubble at the start of this century to find comparable valuation dispersions. Going forward, we see this as a huge opportunity for the strategy when the market will focus more on attractively valued shares.

Strong performers this month were Ferrexpo, Tutor Perini and ALD. Iron ore producer Ferrexpo mentioned trading has been strong also recently during the crisis. Its pellet production from own ore is strongly up this year. Construction company Tutor Perini reported better than expected results and mentioned the effects of the current crisis on its business are limited. Also French vehicle leasing company ALD reported resilient results and the shares recovered from the decline in March.

Weaker performers in May were Sino Land, Simon Property and AIB Group. Real estate developer Sino Land was under pressure after the unrest in Hong Kong re-emerged in May. For Simon Property see below. AIB Group released a trading update that did not contain a lot of surprises. The shares were mainly weak as they were removed from an important index.

Portfolio developments per 2020-05-31

During the month we implemented some trades. We sold our position in Simon Property Group. Shopping malls are obviously being hit severely by the COVID 19 crisis. Although the economy is slowly reopening, Simon Property could see its rental income permanently decline by 20% as occupancy declines and tenants attempt to negotiate lower rents as traffic is permanently lower. Taking these developments into account the company no longer offered an attractive valuation. We used the proceeds to add two new positions: Redwood Trust and Atlas Corp. Redwood is an internally-managed specialty finance company; its valuation is very attractive after the weak share price performance. Atlas Corp is the world’s largest containership lessor and recently acquired a power generation leasing company (ARP). The valuation is quite attractive and it is well positioned to grow via acquisitions.

In our investment process, we spend a large portion of our time understanding where profitability should be on an over the cycle basis, as this is what determines the cash flows we will receive as a long-term shareholder. A firm may appear attractive based on its price to earnings ratio or other headline multiple, but if margins and/or revenue are high, this only gives you limited information about the future returns of an investment. In a diversified portfolio, we are always going to have individual names that disappoint or surprise to the upside. We believe that a value process of bottom up stock picking will lead to more winners than losers, as our long-term track record indicates. We continue to purchase our investments based on intrinsic value, while ensuring a margin of safety when we select our stocks.

After the sharp selloff of the equity market during the year, our return expectations for the broad market have increased. Valuation dispersion between, and within regions and sectors have further increased this year and are now close to the peak of the technology bubble (please see the slide below for the valuation difference of growth versus value). The value strategy trades at an exceptional discount versus the market. Historically, this has led to a strong relative performance on the medium term. Also, the absolute valuation of the strategy is compelling. In summary, the current environment offers the opportunity to buy a well-diversified portfolio with solid earnings power at an attractive valuation. In addition, ESG (Environmental, Social and Governance) is fully incorporated in our investment process.
Kempen (Lux) Global Value 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 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 6H, route de Trèves, L-2633 Senningerberg, 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Performance per 2020-05-31 (rebased)

No chart data available

Performance per 2020-05-31

Slide to see more
  Fund Benchmark
1 month 2.0 % 1.2 %
3 months -15.1 % -8.1 %
This year -25.6 % -17.6 %
2018 -9.9 % -7.4 %
2019 16.8 % 24.0 %
1 year (on annual basis) -17.3 % -6.2 %
Since inception (on annual basis) i -12.1 % -2.8 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

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Distributing
No
Kempen (Lux) Global Value 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 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 6H, route de Trèves, L-2633 Senningerberg, 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Top 5 contribution (2020-05-31)

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  Contribution i Performance i
Ferrexpo 0.50 % 25.19 %
Tutor Perini 0.47 % 49.78 %
ALD 0.37 % 18.43 %
Redwood Trust 0.36 % 40.25 %
ING Groep 0.34 % 15.93 %

Bottom 5 contribution (2020-05-31)

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  Contribution i Performance i
Sino Land Company -0.38 % -17.84 %
AIB Group -0.35 % -20.08 %
Simon Property Group -0.34 % -22.61 %
Western Forest Products -0.32 % -19.14 %
ArcelorMittal -0.23 % -13.97 %

Geographic allocation (2020-05-31)

20.4 %
United States
12.8 %
France
9.6 %
Japan
7.7 %
United Kingdom
7.2 %
Korea Republic Of
6.5 %
Netherlands
4.7 %
Finland
3.6 %
Hong Kong
3.4 %
Sweden
2.5 %
Luxembourg
2.3 %
Portugal
2.3 %
Philippines
2.1 %
Russia
2.0 %
Switzerland
2.0 %
Germany
1.6 %
Cayman Islands
1.4 %
Ireland
1.3 %
Canada
0.9 %
Belgium
0.8 %
Bermuda
3.6 %
Other
1.2 %
Cash
Total
100 %

Top 10 holdings (2020-05-31)

3.1 %
Engie
3.0 %
Capital One Financial
2.8 %
Danone
2.7 %
Nokia
2.4 %
SK Telecom (US)
2.4 %
SKF AB-B Shares
2.4 %
Ferrexpo
2.3 %
ING Groep
2.3 %
Cardinal Health
2.3 %
Galp Energia
Total
25.8 %

Sector allocation (2020-05-31)

13.8 %
Industrial Goods & Services
11.1 %
Banks
9.5 %
Telecommunications
8.1 %
Basic Resources
7.1 %
Oil & Gas
6.7 %
Automobiles & Parts
6.3 %
Insurance
5.8 %
Personal & Household Goods
5.2 %
Utilities
4.7 %
Retail
3.6 %
Food & Beverage
3.0 %
Technology
2.7 %
Construction & Materials
2.3 %
Health Care
2.0 %
Chemicals
1.6 %
Hong Kong
1.6 %
Media
1.5 %
World
1.2 %
The United States
1.0 %
Money Market Funds
1.2 %
Other
Total
100 %
Kempen (Lux) Global Value 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 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 6H, route de Trèves, L-2633 Senningerberg, 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
0.75 %
Service fee i
0.20 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
1.00 %
Kempen (Lux) Global Value 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 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 6H, route de Trèves, L-2633 Senningerberg, 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Share class details

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Share class
AN i
Investor type
Private
Distributing
No
Benchmark i
MSCI World Value Net Total Return USD Index
Investment category
Other
Universum
Global equities
Inception date
2018-07-10
Domicile
Luxembourg
May be offered to all investors in
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.
Depositary and custodian
J.P. Morgan Bank Luxembourg S.A.

Tradability

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Minimum subscription
Initial subscription €1
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU1813857585
Kempen (Lux) Global Value 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 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 6H, route de Trèves, L-2633 Senningerberg, 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
Kempen (Lux) Global Value 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 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 6H, route de Trèves, L-2633 Senningerberg, 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.
No data available.
Kempen (Lux) Global Value 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 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 6H, route de Trèves, L-2633 Senningerberg, 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.