Kempen (Lux) Global Value Fund Class BN

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, Luc Plouvier, Marius Bakker, Robert van den Barselaar, Reineke Davidsz, Roderick van Zuylen

Performance per 2021-09-30 (rebased)

No chart data available

Performance per 2021-09-30

Slide to see more
  Fund
This year 0.0 %
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

Slide to see more
Total fund size
EUR 12.42 M 2021-09-30
Share class size
EUR 0.00 M
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 2021-09-30

Slide to see more
  Fund Benchmark
Number of holdings 58
Dividend yield i 3.16 %
Weighted average market capitalization i EUR 39,290 M
P/E ratio i 8.64
Active share i 97.17 %
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 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Developments per 2021-09-30

September was a positive month for the Fund (+0.4%). It outperformed the MSCI World Value Index, which declined by 1.3%. The value style did 2.3% better than the growth style. The sector that contributed most to the performance was the energy sector. This was not only driven by our substantial position in energy; stocks like Equinor and Repsol performed even better than the energy sector as a whole. The sector that detracted most from the performance of the Fund was the consumer discretionary sector (Taylor Wimpey did poorly).

One of the best contributors was Technip Energies. Technip Energies is an EPC (Engineering, Procurement, Construction) contractor in the energy industry: they build LNG terminals, refineries or other industrial plants for their customers, which include NOCs and oil majors. Technip Energies was spun off from Technip FMC earlier this year. Energy prices have been increasing over the last months, which should act as a growth driver for both revenues and profits. With an expected dividend yield of approximately 3.1% and a substantial discount to peers, we believe Technip Energies remains a promising investment.

One of the detractors from performance was Taylor Wimpey, declining 15%. Taylor Wimpey is one of the largest housebuilders in the UK by volume. Over the last weeks, fear of input cost inflation is taking its toll on the homebuilders. Building materials like cement, bricks, wood and iron have become more expensive. Although cost inflation is generally a negative, most of the cost inflation can be passed through to the home buyers. Strong demand and disciplined supply is creating a strong pricing tailwind for UK homebuilders. In August, Taylor Wimpey reported higher than expected average selling prices, which translated into strong profit margins. Both price/earnings ratio (8 times expected 2022 earnings) and dividend yield (~7%) indicate that the shares are offering good value at the current levels.

During September, we built up a position in Reckitt Benckiser. The British company has strong market shares in hygiene, health, and nutrition. Well-known brands include Lysol, Finish, Dettol, Vanish, Durex and Nurofen. We are attracted by Reckitt’s credible medium-term targets (4-6% growth and higher operating margins by 2025) and their strong track record regarding capital allocation. At the current share price, none of the expected improvements are priced in. With a dividend yield of 3.1% we are paid an above average dividend return while we wait for the share price to catch up with the improving fundamentals.

Within the energy sector, we have acquired shares in Equinor and Valaris. The Norwegian energy company Equinor is the second-largest natural gas supplier to Europe. One of their important assets is the Johan Sverdrup field, which will produce about 25% of all Norwegian oil output in the upcoming 50 years. The Johan Sverdrup field is powered by power from shore, which means that the field has the lowest CO2 emissions from production in the world. Energy prices have been increasing over the last months. Inventories in Europe are limited, and high LNG prices in Asia prevent additional supply from entering the European market. On both price/earnings ratio (11 times expected 2022 earnings) and dividend yield (~3%) the shares are attractive. Houston-based Valaris is an operator of drill rigs. Driven by bankruptcies and mergers & acquisitions, this market has been consolidating over the last couple of years. With the current high energy prices, it becomes more profitable for energy companies to search for and develop new fields. It is our expectation that demand and day rates will increase substantially going forward. However, this is not yet reflected in the share price. Also within the energy sector, we have sold our positions in Galp and CNOOC. Galp’s down is high on the cost curve compared to the neighbouring Repsol facilities. We believe that Equinor and Valaris offer better value at the moment. Sanctions by the US make it increasingly hard to remain invested in certain Chinese assets. We therefore sold our shares in CNOOC.

The valuation dispersion between, and within regions and sectors remains at a very high level. We are still able to find companies that are cash generative, have market leading positions and embrace and benefit from digitalization and ESG trends. These companies are definitely not priced for that and are in our view a very interesting investments both in relative and absolute terms. 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 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Performance per 2021-09-30 (rebased)

No chart data available

Performance per 2021-09-30

Slide to see more
  Fund
This year 0.0 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

Slide to see more
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 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Top 5 contribution (2021-09-30)

Slide to see more
  Contribution i Performance i
Technip Energies 0.45 % 22.91 %
PhosAgro GDR 0.40 % 19.24 %
Repsol 0.34 % 16.17 %
Aercap 0.18 % 9.18 %
Equinor 0.17 % 16.60 %

Bottom 5 contribution (2021-09-30)

Slide to see more
  Contribution i Performance i
Taylor Wimpey -0.33 % -15.00 %
Wartsila OYJ -0.25 % -12.99 %
Engie -0.19 % -6.51 %
Sun Hung Kai Properties -0.18 % -9.57 %
Wood Group -0.17 % -8.08 %

Geographic allocation (2021-09-30)

17.2 %
United States
11.5 %
United Kingdom
10.7 %
France
10.7 %
Netherlands
7.9 %
Japan
7.2 %
Korea Republic Of
3.5 %
Finland
3.3 %
Bermuda
3.0 %
Belgium
2.5 %
Russia
2.2 %
Spain
2.1 %
Canada
2.1 %
Italy
1.8 %
Germany
1.8 %
Luxembourg
1.8 %
Taiwan
1.6 %
Hong Kong
1.2 %
South Africa
1.2 %
Norway
1.0 %
Greece
1.0 %
Ireland
0.9 %
Cash
0.9 %
Cayman Islands
3.0 %
Other
Total
100 %

Top 10 holdings (2021-09-30)

2.8 %
Engie
2.5 %
PhosAgro GDR
2.4 %
Technip Energies
2.2 %
Repsol
2.2 %
ING Groep
2.2 %
Booking Holdings
2.2 %
CNH Industrial
2.2 %
AXA
2.1 %
First Pacific
2.1 %
Western Forest Products
Total
22.7 %

Sector allocation (2021-09-30)

11.9 %
Industrial Goods & Services
9.4 %
Automobiles & Parts
8.5 %
Insurance
8.1 %
Banks
7.9 %
Telecommunications
7.5 %
Technology
6.1 %
Basic Resources
5.9 %
Food & Beverage
5.8 %
Health Care
4.7 %
Utilities
4.5 %
Oil & Gas
4.0 %
Construction & Materials
2.9 %
Personal & Household Goods
2.2 %
Retail
2.1 %
Chemicals
2.0 %
Media
1.9 %
Europe
1.9 %
World
1.6 %
Real Estate
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 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. 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

Slide to see more
Management fee i
0.750 %
Service fee i
0.20 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
1.00%

Other costs

Slide to see more
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 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Share class details

Slide to see more
Share class
BN i
Investor type
Institutional & Private
Benchmark i
MSCI World Value Net Total Return USD Index
Investment category
Other
Universum
Global equities
Inception date
2021-10-19
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
Administrator
BNP Paribas Securities Services S.C.A., Luxembourg branch
Management company
Kempen Capital Management N.V.
Depositary and custodian
BNP Paribas Securities Services S.C.A., Luxembourg branch

Tradability

Slide to see more
Minimum subscription
Initial Subscription: €1
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU1813857668
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 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. 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 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Kempen's Vision & Mission

Kempen Capital Management is an asset manager that believes in stewardship and investment focusing on the long-term for the benefit of all stakeholders. Value creation is at the heart of the services we provide to our clients. We believe that being an engaged shareholder on environmental, social and governance (ESG) issues and retaining a long-term focus, is critical to helping our clients to preserve and create sustainable wealth that has positive real world impact and economic returns.

Â

Kempen wide approach to responsible investment

We are committed to create sustainable alpha. The four pillars of our ESG-policy are:

  • ESG integration: Ensuring sustainability risks and opportunities are adequately considered in our investment analysis and processes.
  • Exclusion & avoidance: Not investing in companies involved in controversial activities or conduct.
  • Active ownership: Being responsible stewards of our clients’ capital and using our influence through engagement and voting to improve corporate behaviour on specific ESG issues and achieve positive change
  • Positive impact: Investing with an objective to achieve positive real world outcomes and impact, such as contributing to the UN Sustainable Development Goals.

Â

To put our mission and vision into practice we engage with our investee companies on a wide array of strategic, financial, and ESG topics. As an active owner we use our influence to improve our investee companies’ ESG performance.  This helps us address some of the most pressing and important sustainability issues facing business and the world. Our focus themes for engagement are: human rights, labour rights, climate change and governance.

Â

Through collaboration with other investors and industry think tanks we contribute to the development of principles and standards of corporate responsibility both at sector levels, as well as investee company level.

Â

Our full voting records are available here.

Â

Climate change

As a long-term investor, we believe climate change represents a systemic risk facing the economy, society and environment. We want to consider the risks and opportunities this presents to our investments in the coming decades. We have therefore set a long-term commitment (2050), a mid-term ambition (2030) and short-term objectives (2025).

  • 2050 commitment: Net-zero investor.  Â
  • 2030 ambition: To align with a Paris Agreement pathway (listed and non-listed investments) and Dutch Klimaatakkoord.  Â
  • 2025 objectives: To align with a pathway towards achieving the Paris Agreement (listed investments) and Dutch Klimaatakkoord goals.[1]

Â

The Kempen climate change policy can be found here (under climate change policy).

Â

[1]We use carbon intensity as a metric to come to the pathway of net-zero emissions. As we care about the direction of travel and reduction of carbon emissions in the economy, it might be that the actual reducing trend may deviate from the suggested average trend line. The pathway is derived from the pathway of the EU Benchmarks.

Â

OUR FUND APPROACH TO RESPONSIBLE INVESTMENT

Kempen’s ESG policy is fully implemented in our fund’s investment process across the three relevant pillars of: Exclusion, Integration and Active ownership.

Â

1. Exclusion

The fund follows the clear and transparent exclusion framework we have developed. According to the framework the fund currently excludes companies involved in the production of controversial weapons and tobacco. In addition, we exclude pure coal players and pure players involved in tar sands, as these activities have an adverse impact on climate change. Furthermore, the strategy avoids investments in companies that structurally violate ESG criteria, with no willingness to improve. In total 177 companies are excluded from the fund’s global equity universe.

Â

2. ESG integration

ESG criteria are an integral part of the investment process. The aim is to incorporate material ESG issues in our fundamental analysis. With regard to climate change, we prefer to invest in companies that integrate climate risks and opportunities into their organisation, and are able to move towards a low-carbon economy. This means that portfolio managers perform an in-depth analysis of ESG data and material ESG risks and reflect them in the assumptions used in the valuation assessment. For example, as demonstrated in the chart on the right side, the ESG impact forms part of our Earnings Power Value (EPV) valuation model.

Â

3. Active ownership

The aim of the engagements our fund participates in is to use our influence as a shareholder to encourage the companies we invest in to improve policies and practices in specific ESG issues. With regard to climate change, we engage generally and take a sector-specific approach for the most carbon-intensive companies and sectors (oil and gas, utilities), as these count for the largest part of the global carbon emissions. A successful engagement reduces the ESG risk and as a result unlocks value in the interest of our clients. In 2018 we held over 200 company engagements and voted at 104 shareholder meetings.

Â

In order to lay out our guiding investment principles, we send a “welcome letter” to most of the companies we invest in. In this letter, we explain to the company why we made the decision to invest and what our long-term expectations are, including those in the areas of social and environmental responsibilities and corporate governance.

Â

Our fund also believes in the strength of collaborative engagement. Through cooperation with other investors and fund managers, we can increase the leverage of our engagement activities. In 2018, for example, we participated in the CIO Exchange Collaboration on Energy transition and since last year we have been an active participant in the Climate Action 100+ initiative.

Risks

For more information about the mid and long term risks associated with the investments:

--------------------------

* Although Kempen Capital Management N.V.’s information providers, including without limitation, MSCI ESG Research LLC and its affiliates (the “ESG Parties”), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

ESG Report
Screening MSCI ESG Research
Screening MSCI ESG Research
UN global impact
Bron en
disclaimer en
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 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. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.