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 2019-12-31 (rebased)

No chart data available

Performance per 2019-12-31

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  Fund Benchmark
1 month 1.6 % 1.2 %
3 months 6.4 % 4.2 %
This year 16.9 % 24.0 %
2018 -9.8 % -7.4 %
1 year (on annual basis) 16.9 % 24.0 %
Since inception (on annual basis) i 3.6 % 9.7 %
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 6.34 M 2019-12-31
Share class size
EUR 5.25 M 2019-12-31
Number of shares
5,000 2019-12-31
Net Asset Value i
EUR 1,048.20 2020-01-24

Fund characteristics per 2019-12-31

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  Fund Benchmark
Number of holdings 57
Dividend yield i 4.38 %
Weighted average market capitalization i EUR 30,696 M
P/E ratio i 10.39
Active share i 97.55 %
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 2019-12-31

December was a positive month for the strategy both in absolute and relative terms. The Fund outperformed the MSCI World Value Total Return Net. However, for 2019 the Fund lagged the index despite the strong absolute performance. The valuation dispersion in the equity market remains very high. Investors continue to search for safety and earnings visibility irrespective of the valuation. Two sets of companies are perceived safe. First, there are the growth companies where investors expect continued growth, independent of economic developments. Second, there are the so-called ‘low vol’ stocks such as consumer staples, companies where the underlying business is less impacted by the economic cycle. Cyclical companies on the other hand are eschewed.

Strong performers this month were John Wood Group, Samsung Electronics and Dixons. Wood Group was sharply up without specific news, but the shares had been weak most of the year. Samsung performed well in line with the rest of the technology sector. Dixons reported better than expected first half results and the company reiterated both their 2020 and their longer term (2024) guidance.

Weaker performers in December were Cardinal Health, Orange and Tutor Perini. Cardinal Health was weak without specific news, the shares had performed strongly the previous months. Orange was under pressure as the guidance for 2020 was a bit softer than expected. Orange did announce a cost reduction plan that should lead to substantial savings by 2023. Tutor Perini reported that it will book a charge related to the unexpected adverse jury verdict in the Seattle Tunnel Partners case.

Portfolio developments per 2019-12-31

We sold some positions completely this month (Lukoil, Boskalis, Roche, Limited Brands, Valeo and Invesco), while also adding new positions (CNOOC, Wartsila, Reckitt Benckiser, Prudential and Renault). Lukoil, Roche and Valeo were sold after the strong rise in the share price resulted in a less attractive valuation of the shares. Boskalis was sold as the expected improvement in profitability was already reflected in the share price. Limited Brands was sold after its Victoria Secret brand continued to perform poorly with negative like-for-like sales. Invesco was switched into a more attractively alternative, U.S. insurer Prudential Financial. Finnish industrial Wartsila has strong market positions in power generation and marine markets, while the valuation is quite attractive. The share price has been weak as the order intake is under pressure. CNOOC is an attractively valued Chinese oil company that has exposure to one of the most promising oil projects globally. Reckitt is one of the few staple companies with a relatively attractive valuation. There are plans to split the company in two divisions, consumer health and hygiene home products which in our view could create additional shareholder value. Finally we added Renault. Despite the turmoil around the previous CEO and the weakened relationship with alliance partner Nissan we believe there is long term value in the company.

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 2019-12-31 (rebased)

No chart data available

Performance per 2019-12-31

Slide to see more
  Fund Benchmark
1 month 1.6 % 1.2 %
3 months 6.4 % 4.2 %
This year 16.9 % 24.0 %
2018 -9.8 % -7.4 %
1 year (on annual basis) 16.9 % 24.0 %
Since inception (on annual basis) i 3.6 % 9.7 %
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 ofthe 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.

Geographic allocation (2019-12-31)

16.9 %
United States
12.9 %
United Kingdom
8.7 %
Japan
8.3 %
Netherlands
8.1 %
Korea Republic Of
6.8 %
France
4.0 %
Hong Kong
3.5 %
Finland
3.3 %
Sweden
2.9 %
Luxembourg
2.3 %
Ireland
2.0 %
Switzerland
1.9 %
Germany
1.9 %
Italy
1.9 %
Portugal
1.9 %
Russia
1.8 %
Cayman Islands
1.4 %
Belgium
1.3 %
Canada
1.0 %
Denmark
0.8 %
Bermuda
3.1 %
Other
3.2 %
Cash
Total
100 %

Top 10 holdings (2019-12-31)

3.3 %
Capital One Financial
3.2 %
LyondellBasell Industries
3.1 %
ING Groep
2.7 %
Cardinal Health
2.3 %
John Wood
2.3 %
SKF AB-B Shares
2.3 %
AIB Group
2.3 %
Samsung Electronics
2.2 %
CNOOC
2.2 %
EasyJet
Total
26.0 %

Sector allocation (2019-12-31)

14.8 %
Banks
13.4 %
Industrial Goods & Services
8.1 %
Basic Resources
7.8 %
Oil & Gas
7.1 %
Personal & Household Goods
6.2 %
Insurance
5.8 %
Automobiles & Parts
5.2 %
Telecommunications
4.3 %
Retail
3.9 %
Utilities
3.2 %
Technology
2.7 %
Health Care
2.3 %
World
2.2 %
Travel & Leisure
2.1 %
Media
2.1 %
Construction & Materials
1.9 %
Chemicals
1.8 %
Hong Kong
1.0 %
Money Market Funds
0.8 %
Food & Beverage
3.2 %
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.

Ongoing charges

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Management fee i
0.70 %
Service fee i
0.20 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0.91 %

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
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.