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 2020-10-31 (rebased)

No chart data available

Performance per 2020-10-31

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  Fund Benchmark
1 month -0.7 % -2.2 %
3 months 2.7 % -0.1 %
This year -25.6 % -20.0 %
2018 -9.8 % -7.4 %
2019 16.9 % 24.0 %
1 year (on annual basis) -21.9 % -16.4 %
Since inception (on annual basis) i -10.0 % -3.6 %
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 6.52 M 2020-10-31
Share class size
EUR 5.76 M 2020-10-31
Number of shares
7,376 2020-10-31
Net Asset Value i
EUR 912.35 2020-12-01
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 2020-10-31

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  Fund Benchmark
Number of holdings 56
Dividend yield i 5.24 %
Weighted average market capitalization i EUR 24,516 M
P/E ratio i 10.07
Active share i 98.16 %
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 2020-10-31

After the slightly negative market in September, global stocks lost more ground in October. Concerns about a second wave of the COVID-19 infections have become a reality. Several countries announced (partial) lockdowns, which increased fears of a further negative impact on the European and U.S. economy. The sharp recovery since March has been driven by a small group of large (growth) companies which masks the fact that the median stock is still down significantly this year. This month saw some moderate reversal of that trend. Despite that, the gap in performance (and valuation) remains massive between growth and value stocks. Within the value universe we have seen a similar trend this year where the more expensive companies have significantly outperformed. This has been a headwind to our performance so far, but it presents a great stock picking opportunity currently. The Fund held up well during October as it was close to unchanged in a negative market. It also outperformed its benchmark during the month.

In October, we sold our position in Reckitt Benckiser and added Unilever as a new holding to the portfolio. Reckitt’s share price had performed very well on the back of strong demand for their hygiene-products due to COVID-19 and we believe that this is now fully reflected in the share price. Unilever is a well-diversified consumer products company with very strong positions in many product categories. The share price has been relatively weak as a result of lower than expected sales volumes. In our view this is not a structural issue and the share price weakness provided an attractive entry point.

Strong performers this month were Tapestry, First Pacific and ALD. Tapestry (owner of the Coach and Kate Spade brands) saw a sharp jump in in its share price and rose more than 40% in October. The actions the company has taken during the start of the COVID-19 outbreak started to pay-off and translated in a strong profit recovery as the decline in revenues eased. China was a bright spot with double-digit revenue growth as was online were sales grew by triple digits. Holding company First Pacific performed well without significant stock specific news flow. French car leasing company ALD came out with a trading update that was well ahead of market expectations. A faster than expected recovery in used car prices in the third quarter and resilient leasing and servicing trends were behind this.

Weaker performers in October were Nokia, Western Forest, Danone. Telecom equipment maker Nokia lowered its 2020 guidance and introduced 2021 margin guidance below expectations. The company plans to invest more to gain market share in 5G technology. Western Forest share price fell without specific news. The decline in lumber prices from their peak in early September likely weighed on the share price. Danone’s water business is negatively impacted by lower out of home sales due to lockdowns, which had an impact on both volumes and margins as premium brands are served in bars and restaurants. Danone remains well positioned to benefit from positive long-term trends in its main categories such as water, (plant-based) dairy and nutrition.

The market continues to favor companies with high short-term earnings visibility and continues to shun companies with short-term uncertainty despite of long-term potential. Given the uncertain outlook, part of that short-termism is certainly justified. However, it has resulted in a large gap in valuation within the market. While some companies appear priced for perfection, others look priced for depression. We agree that several of the ‘quality’ companies can be very attractive long-term investments, and we have (had) our fair share in the portfolio over time. However, in our view these companies are not great investments at any price. Beyond that, signs of irrational exuberance are starting to appear in the market. This seems to be driven by the return of the retail investor and a fear of missing out. After a decade of success for technology driven companies, we are now seeing ‘concept stocks’ from companies that have little more than a business plan being valued as if they will successfully create and conquer a new market in a matter of years with close to 100% certainty.

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.

Valuation dispersion between, and within regions and sectors have further increased this year and are now close to the peak of the technology bubble. We see a similar effect within the value universe and our value strategy trades at an exceptional discount. The absolute valuation of the strategy remains compelling. 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 2020-10-31 (rebased)

No chart data available

Performance per 2020-10-31

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  Fund Benchmark
1 month -0.7 % -2.2 %
3 months 2.7 % -0.1 %
This year -25.6 % -20.0 %
2018 -9.8 % -7.4 %
2019 16.9 % 24.0 %
1 year (on annual basis) -21.9 % -16.4 %
Since inception (on annual basis) i -10.0 % -3.6 %
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 (2020-10-31)

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  Contribution i Performance i
Tapestry 0.67 % 43.18 %
First Pacific 0.35 % 14.98 %
ALD 0.29 % 16.79 %
Redwood Trust 0.22 % 13.44 %
Tutor Perini 0.20 % 22.20 %

Bottom 5 contribution (2020-10-31)

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  Contribution i Performance i
Danone -0.38 % -14.16 %
Western Forest Products -0.36 % -14.13 %
Engie -0.29 % -9.06 %
Nokia -0.29 % -13.43 %
AXA -0.22 % -12.53 %

Geographic allocation (2020-10-31)

19.3 %
United States
11.3 %
France
10.0 %
Netherlands
9.6 %
Japan
8.3 %
Korea Republic Of
5.8 %
United Kingdom
3.8 %
Finland
3.1 %
Hong Kong
2.7 %
Bermuda
2.2 %
Canada
2.2 %
Germany
2.1 %
Switzerland
2.0 %
Luxembourg
1.9 %
Taiwan
1.7 %
Russia
1.5 %
Ireland
1.5 %
Portugal
1.4 %
Cayman Islands
1.1 %
Philippines
1.0 %
Sweden
0.9 %
Belgium
0.9 %
Spain
3.8 %
Other
1.9 %
Cash
Total
100 %

Top 10 holdings (2020-10-31)

3.1 %
Engie
2.7 %
First Pacific
2.6 %
DeNa
2.6 %
SK Telecom (US)
2.6 %
Ferrexpo
2.4 %
Capital One Financial
2.4 %
Danone
2.4 %
ING Groep
2.3 %
Samsung Electronics
2.3 %
Tapestry
Total
25.3 %

Sector allocation (2020-10-31)

10.5 %
Banks
10.2 %
Industrial Goods & Services
8.5 %
Basic Resources
8.2 %
Automobiles & Parts
7.7 %
Telecommunications
7.0 %
Food & Beverage
6.8 %
Technology
5.8 %
Insurance
5.0 %
Utilities
5.0 %
Retail
4.8 %
Oil & Gas
3.5 %
Personal & Household Goods
3.4 %
Health Care
3.3 %
Construction & Materials
1.8 %
Media
1.8 %
Chemicals
1.6 %
World
1.5 %
The United States
1.5 %
Hong Kong
1.9 %
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.

 

SWING FACTORS

An overview of the current swing factors are available here.

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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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.