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

Performance per 2019-06-30 (rebased)

No chart data available

Performance per 2019-06-30

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  Fund Benchmark
1 month 4.1 % 4.0 %
3 months 0.2 % 1.1 %
This year 9.3 % 13.4 %
2018 -9.9 % -7.4 %
1 year (on annual basis) -1.5 % 5.0 %
Since inception (on annual basis) i -1.5 % 5.0 %
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 6.00 M 2019-06-30
Share class size
EUR 1.08 M 2019-06-30
Number of shares
44,094 2019-06-30
Net Asset Value i
EUR 24.70 2019-07-15

Fund characteristics per 2019-06-30

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  Fund Benchmark
Number of holdings 58
Dividend yield i 4.12 %
Weighted average market capitalization i EUR 26,755 M
P/E ratio i 9.62
Active share i 97.26 %
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 Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Market developments per 2019-06-30

The Fund ended the month strongly up and gained over 4%, it performed exactly in line with its benchmark, the MSCI World Value Total Return Net Index. Year-to-date the Fund is up almost 10% but lags its benchmark.

The market got a boost in June after the US Federal Reserve indicated an interest rate cut in the near future. Every single sector ended the month in the plus, with materials and information technology being the strongest.

Strong performers this month were AerCap Holdings, Ferrexpo and Hennes & Maurits. Aercap is the world’s largest aircraft leading firm. It announced a new USD 200 million share buyback program. Iron ore producer Ferrexpo published an upbeat trading update mentioned that its H1 ebitda will increase materially year-on-year. In addition, the iron ore price reached a five-year high during the month. Swedish apparel retailer Hennes & Maurits showed progress in its turnaround and it indicated a strong start of their fiscal third quarter (June sales up around 12%). Until recently the market was worried about the high inventories of the company, but also here improvements are visible.

Weaker performers in June were Antero Resources, Leopalace21 and Hachijuni Bank. There was no specific news about E&P company Antero, but the natural gas price in the U.S. continues to be under pressure. Although the company has hedge part of its output at higher prices and has significant exposure to Natural Gas Liquids, the weaker gas price had an impact on the share price. Japanese Leopalace21 constructs and leases apartments and has issues with a range of its apartments which will create additional costs to fix the issues and reduce occupancy rates in meantime. It results in a volatile share price performance (last month the shares were up almost 70%). Japanese regional bank Hachijuni Bank fell a bit in June without company specific news.

Portfolio developments per 2019-06-30

In May we implemented some trades in the Fund, this month we made no portfolio changes.

The investment objective of the Fund is to invest in a portfolio of listed companies worldwide that trade at a discount to their intrinsic value. When investing, the focus will be on strong valuation discipline, cash generation and rational capital allocation. We conservatively estimate the fundamental value of a business and buy with a sufficient discount to create a margin of safety for potential mistakes. The Fund combines a business owner’s mindset with a rational investment process. 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.

We believe overall global stock market valuations are elevated, although Emerging and European markets still offers some pockets of attractively valued opportunities. The North American market is quite expensive. 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 our investment process, we spent 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.

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.
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 Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Performance per 2019-06-30 (rebased)

No chart data available

Performance per 2019-06-30

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  Fund Benchmark
1 month 4.1 % 4.0 %
3 months 0.2 % 1.1 %
This year 9.3 % 13.4 %
2018 -9.9 % -7.4 %
1 year (on annual basis) -1.5 % 5.0 %
Since inception (on annual basis) i -1.5 % 5.0 %
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 Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Geographic allocation (2019-06-30)

16.8 %
United States
13.4 %
United Kingdom
11.9 %
Netherlands
9.4 %
Japan
6.2 %
France
6.1 %
Korea Republic Of
4.3 %
Switzerland
4.1 %
Russia
4.0 %
Canada
2.6 %
Luxembourg
2.2 %
Italy
2.0 %
Denmark
1.9 %
Sweden
1.9 %
Bermuda
1.9 %
Finland
1.8 %
Portugal
1.7 %
Cayman Islands
1.6 %
Germany
1.0 %
Hong Kong
0.9 %
Belgium
1.9 %
Other
2.2 %
Cash
Total
100 %

Top 10 holdings (2019-06-30)

3.4 %
Aercap
3.1 %
ING Groep
3.0 %
Capital One Financial
2.8 %
Cardinal Health
2.3 %
WestJet Airlines
2.2 %
Citigroup
2.2 %
Enel
2.2 %
Swatch
2.1 %
John Wood Group
2.1 %
Roche Holding
Total
25.6 %

Sector allocation (2019-06-30)

12.2 %
Banks
11.6 %
Industrial Goods & Services
9.1 %
Oil & Gas
7.4 %
Basic Resources
7.3 %
Insurance
6.1 %
Telecommunications
6.1 %
Construction & Materials
5.6 %
Automobiles & Parts
5.0 %
Health Care
4.7 %
Personal & Household Goods
4.6 %
Retail
4.3 %
Travel & Leisure
3.0 %
Utilities
2.9 %
Media
2.1 %
Chemicals
1.1 %
Technology
1.1 %
Money Market Funds
1.0 %
Hong Kong
1.0 %
Food & Beverage
0.9 %
Financial Services
0.7 %
Japan
2.2 %
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 Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge 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. 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 Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge 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. 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
2018-06-26
Domicile
Luxembourg
May be offered to all investors in
Luxembourg, The Netherlands
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 Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge 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. 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 Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge 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. 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 Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.