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 2020-02-29 (rebased)

No chart data available

Performance per 2020-02-29

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  Fund Benchmark
1 month -8.3 % -8.8 %
3 months -11.0 % -9.2 %
This year -12.4 % -10.3 %
2018 -9.9 % -7.4 %
2019 16.8 % 24.0 %
1 year (on annual basis) -6.7 % 0.7 %
Since inception (on annual basis) i -4.8 % 1.8 %
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 7.73 M 2020-02-29
Share class size
EUR 0.94 M 2020-02-29
Number of shares
41,070 2020-02-29
Net Asset Value i
EUR 16.73 2020-04-06
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 2020-02-29

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  Fund Benchmark
Number of holdings 57
Dividend yield i 5.16 %
Weighted average market capitalization i EUR 28,422 M
P/E ratio i 8.68
Active share i 97.69 %
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 2020-02-29

During the first three weeks of the month, equity markets continued their upward path. Although coronavirus already forced parts of the Asian economy into shut-down, equity markets around the world were hitting new highs. When the virus hit Europe, and started to spread even further, markets corrected sharply. The fear is that it might have a significant negative impact on company earnings and the broader economies. During the last week of February, many indices posted their worst week since the 2008 crisis. Several companies already warned that their businesses will be affected in the short term.

The Fund ended the month sharply down, but outperformed its benchmark, the MSCI World Value Total Return Net Index. During a panic sell-off it is often indiscriminate, equity investors basically sell-off almost everything. The most striking fact is that the ‘Quality Bubble’ has become even more extreme in February. Already for a while there is a huge valuation dispersion in the market, which now has reached levels not often seen before. You need to go back to the IT-bubble at the start of this century to find similar valuation dispersions. The valuation of growth and low vol stocks has increased further versus value stocks. So far this year this has been a major headwind for the strategy. Going forward, we see this as a huge opportunity when the market will focus more on attractively valued shares.

Strong performers this month were Tutor Perini, Gilead and Sino Land. Tutor Perini was strong despite reporting somewhat disappointing Q4 results. After month end the company announced that it is in talks with a potential acquirer of the company. Gilead performed well as its medicine Remdesivir is a front-runner in the search for a coronavirus treatment. Hong Kong real estate company Sino Land did well after it reported in line results. Although it kept its dividend stable, it reiterated the aim to increase it going forward.

Weaker performers in February were AIB Group, WPP and easyJet. AIB was weak in the first half of the month as the Irish election outcome was perceived as negative for the company. The broader banking sector was also weak in February. Because of the coronavirus, it is possible that banks are forced to take up front provisions as soon as the economy weakens which could weigh on the results in the first half year. Advertising agency WPP was under pressure as it reported lower than expected Q4 results and gave a disappointing 2020 outlook. easyJet was weak as airliners are affected by all travel restrictions that are implemented by governments and companies. easyJet announced additional cost cutting measures to offset some of the impact.

Portfolio developments per 2020-02-29

We implemented a couple for trades in February. We sold Danish Bank Sydbank and used the proceeds to increase some of our other positions. We added telecom company PLDT from the Philippines as a new name. The valuation is quite attractive as the shares have been weak due to more competition in the telecom market. We think that this is now priced into the shares.

Our focus is on finding companies that can be bought at a discount to our estimate of intrinsic value. We base our estimate on the Earnings Power Value (EPV) framework of the Columbia Business School. EPV allows us to separate the three valuation components: asset value, earnings power and growth value. This framework improves our ability to analyze what we are paying for and gives insight into whether a stock is priced with a margin of safety. In addition, ESG (Environmental, Social and Governance) is fully incorporated in our investment process.

The Kempen Global Value strategy follows a disciplined valuation approach. We assess companies based on long term earnings power, and seek a margin of safety in the price we pay when we select our investments. In summary, the current environment offers the opportunity to buy a well-diversified portfolio with solid earnings power at an attractive valuation. Historically, value has outperformed growth over the long-term, but value has underperformed growth for an unprecedented period by now. As we believe in reversion to the mean, value investing could offer an attractive investment opportunity going forward. Like we wrote earlier, the current environment offers the opportunity to buy a well-diversified portfolio with solid earnings power at an attractive valuation.
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 2020-02-29 (rebased)

No chart data available

Performance per 2020-02-29

Slide to see more
  Fund Benchmark
1 month -8.3 % -8.8 %
3 months -11.0 % -9.2 %
This year -12.4 % -10.3 %
2018 -9.9 % -7.4 %
2019 16.8 % 24.0 %
1 year (on annual basis) -6.7 % 0.7 %
Since inception (on annual basis) i -4.8 % 1.8 %
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 (2020-02-29)

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  Contribution i Performance i
Tutor Perini 0.17 % 29.92 %
Gilead Sciences 0.16 % 10.71 %
Sydbank A/S 0.11 % 10.37 %
JPMorgan USD Liquidity VNAV Fund C 0.01 % 1.03 %
Texhong Textile 0.01 % 0.89 %

Bottom 5 contribution (2020-02-29)

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  Contribution i Performance i
AIB Group -0.51 % -21.53 %
EasyJet -0.46 % -19.95 %
WPP -0.46 % -22.24 %
Capital One Financial -0.44 % -10.44 %
ING Groep -0.41 % -12.39 %

Geographic allocation (2020-02-29)

17.4 %
United States
12.7 %
United Kingdom
8.9 %
Japan
8.7 %
Korea Republic Of
8.3 %
France
7.9 %
Netherlands
4.2 %
Hong Kong
4.1 %
Finland
2.9 %
Sweden
2.7 %
Luxembourg
2.4 %
Italy
2.2 %
Ireland
2.0 %
Cayman Islands
2.0 %
Switzerland
1.9 %
Russia
1.9 %
Germany
1.8 %
Portugal
1.7 %
Canada
1.1 %
Philippines
1.0 %
Belgium
0.8 %
Bermuda
2.5 %
Other
0.9 %
Cash
Total
100 %

Top 10 holdings (2020-02-29)

3.4 %
Cardinal Health
3.3 %
Capital One Financial
2.9 %
LyondellBasell Industries
2.9 %
ING Groep
2.5 %
Samsung Electronics
2.5 %
Gilead Sciences
2.5 %
John Wood
2.4 %
MS&AD Insurance Group
2.4 %
Engie
2.4 %
Enel
Total
27.1 %

Sector allocation (2020-02-29)

13.5 %
Banks
12.4 %
Industrial Goods & Services
8.2 %
Basic Resources
7.4 %
Telecommunications
7.1 %
Personal & Household Goods
7.1 %
Oil & Gas
6.9 %
Automobiles & Parts
6.3 %
Insurance
4.8 %
Utilities
4.0 %
Retail
3.5 %
Technology
3.4 %
Health Care
2.5 %
Chemicals
2.5 %
World
2.4 %
Construction & Materials
2.0 %
Hong Kong
1.9 %
Travel & Leisure
1.7 %
Media
0.9 %
Money Market Funds
0.8 %
Food & Beverage
0.9 %
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.

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 %

Other costs

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Upward swing factor i
0.25 %
Downward swing factor i
0.15 %
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.