Kempen (Lux) Global Value Fund - Class I

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 2021-01-31 (rebased)

No chart data available

Performance per 2021-01-31

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  Fund Benchmark
1 month 2.0 % -0.3 %
3 months 23.6 % 13.0 %
This year 2.0 % -0.3 %
2018 -9.8 % -7.4 %
2019 16.9 % 24.0 %
2020 -9.9 % -9.3 %
1 year (on annual basis) -3.7 % -8.1 %
Since inception (on annual basis) i -1.2 % 1.5 %
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 8.15 M 2021-01-31
Share class size
EUR 7.12 M 2021-01-31
Number of shares
7,376 2021-01-31
Net Asset Value i
EUR 1,070.12 2021-02-24
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 2021-01-31

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  Fund Benchmark
Number of holdings 55
Dividend yield i 3.81 %
Weighted average market capitalization i EUR 29,769 M
P/E ratio i 10.94
Active share i 97.95 %
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.

Developments per 2021-01-31

The Fund had a strong start to the year 2021. The strategy realized a positive absolute performance in January, while its benchmark (the MSCI TR Net Value World Index) ended the month in negative territory. It was the third month in a row with both a positive absolute performance of the Fund and a strong outperformance versus the index.

The positive market sentiment and shifting preference towards ‘value’ stocks that started in November last year, continued in the first weeks of January. However, sentiment shifted during the month as new strains of the corona virus led to stricter lockdown measures and the overall market declined over January. In the US, the Federal Reserve held its monetary policy steady, but stated it will continue with the massive support for the economy as the effects of the pandemic linger. A remarkable phenomenon this month were the coordinated actions by retail investors to collectively buy heavily shorted stocks, coordinated via the Reddit message board. It caused prices of certain of these stocks to soar, inflicting painful losses on hedge funds that bet these shares would drop. While the impact on the broader market is negligible, these kinds of events where stock price moves become completely detached of underlying fundamentals are a worrying sign there is irrational exuberance in certain parts of the market.

In January, we reduced positions in holdings that had performed well over the last months such as Ferrexpo, Samsung and Nokia. We also sold our position in telecom company PLDT completely. We added to positions that were somewhat below their target weights, like Primax, ING and Orange. MTN was added as new holding to the portfolio. MTN is Africa's largest mobile operator with 230 million customers in 22 countries in Africa and the Middle East. MTN's largest businesses are Nigeria and South Africa. In December, MTN saw the Nigerian regulator suspend the sale of new SIM cards, which gave a good entry point to build up a position as we consider the long-term prospects as strong. The valuation of the shares is very attractive.

Strong performers during the month were Nokia, Texhong Textile and Customer Bancorp. Telecom equipment manufacturer Nokia was one of the stocks pushed higher by the earlier described Reddit event. Although we find the valuation still attractive, we did trim the position during the sharp share price jump. Chinese yarn manufacturer Texhong Textile performed strongly without company specific news. Although the shares have done very well since the fourth quarter, we still see strong upside to our investment case. Customer Bancorp reported better than expected fourth quarter results, while the management expressed its optimism about the prospects of the company. It is benefiting from a continuing digital transformation of the company and remains on track for its 2026 EPS target.

Weaker performers in January were Aercap, AIB and Booking. Aercap is the world’s largest aircraft leasing firm. The CEO mentioned that the number of airline customers seeking deferrals has declined 75% since the second quarter, but the stock was under pressure due to the negative sentiment surrounding the airline industry in general. AIB’s share price fell back after the strong run during the fourth quarter last year, there was no specific company news. Booking is a global online travel agency, that is being affected by the surging COVID-19 cases, but we expect the company to come out of this challenging period stronger than its peers.

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. We continue to purchase our investments based on intrinsic value, while ensuring a margin of safety when we select our stocks. We are confident that the portfolio will show attractive risk return characteristics over the next 3 to 5 years. We continue to diligently execute our investment process. As is the case with every crisis, it also offers attractive new opportunities. We have already added several new attractive companies to the portfolio and are confident that we will find more.

For most part of 2020, the market has favored companies with high short-term earnings visibility and sold off companies with short-term uncertainty despite of long-term potential. This has resulted in a large valuation dispersion within the market which remained also after the November 2020 value rally. We are convinced that this provides a unique opportunity in terms of stock selection. Although the return to a more normal situation remains uncertain, there seems to be light at the end of the tunnel as vaccines are rolled out. In our view this should help close part of that valuation gap.

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 2021-01-31 (rebased)

No chart data available

Performance per 2021-01-31

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  Fund Benchmark
1 month 2.0 % -0.3 %
3 months 23.6 % 13.0 %
This year 2.0 % -0.3 %
2018 -9.8 % -7.4 %
2019 16.9 % 24.0 %
2020 -9.9 % -9.3 %
1 year (on annual basis) -3.7 % -8.1 %
Since inception (on annual basis) i -1.2 % 1.5 %
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 (2021-01-31)

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  Contribution i Performance i
Nokia 0.53 % 29.34 %
Primax Electronics 0.31 % 15.76 %
PhosAgro GDR 0.31 % 20.37 %
Texhong Textile 0.30 % 24.49 %
Ferrexpo 0.30 % 4.03 %

Bottom 5 contribution (2021-01-31)

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  Contribution i Performance i
Aercap -0.31 % -15.51 %
AIB Group -0.26 % -12.55 %
Booking Holdings -0.21 % -11.74 %
Unipol Gruppo SPA -0.14 % -7.31 %
AXA -0.11 % -5.89 %

Geographic allocation (2021-01-31)

17.7 %
United States
12.0 %
France
8.9 %
Japan
8.6 %
Netherlands
7.3 %
Korea Republic Of
6.5 %
United Kingdom
3.7 %
Finland
3.0 %
Hong Kong
2.6 %
Canada
2.5 %
Cash
2.4 %
Taiwan
2.2 %
Switzerland
2.1 %
Germany
2.1 %
Bermuda
1.9 %
Ireland
1.9 %
Luxembourg
1.8 %
Italy
1.8 %
Russia
1.7 %
Portugal
1.5 %
Cayman Islands
1.1 %
Spain
1.0 %
Sweden
1.0 %
South Africa
0.7 %
Belgium
3.9 %
Other
Total
100 %

Top 10 holdings (2021-01-31)

3.0 %
Engie
3.0 %
Danone
2.9 %
ING Groep
2.6 %
Western Forest Products
2.4 %
Primax Electronics
2.3 %
SK Telecom (US)
2.2 %
DeNa
2.2 %
Capital One Financial
2.2 %
Swatch
2.1 %
CNH Industrial
Total
24.9 %

Sector allocation (2021-01-31)

10.9 %
Banks
9.7 %
Industrial Goods & Services
8.4 %
Insurance
8.2 %
Automobiles & Parts
7.1 %
Telecommunications
7.0 %
Food & Beverage
6.5 %
Technology
6.3 %
Basic Resources
5.1 %
Oil & Gas
4.8 %
Retail
4.8 %
Utilities
3.8 %
Health Care
3.7 %
Personal & Household Goods
3.6 %
Construction & Materials
2.0 %
Chemicals
1.9 %
Media
1.8 %
World
1.7 %
Real Estate
2.5 %
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
0.700 %
Service fee i
0.20 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0.91 %

Other costs

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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
I i
Investor type
Institutional
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 professional investors only 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: €50,000, additional subscriptions: €10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU1813857742
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.