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

Performance per 2021-12-31 (rebased)

No chart data available

Performance per 2021-12-31

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  Fund Benchmark
1 month 6.5 % 5.5 %
3 months 5.5 % 9.2 %
This year 34.3 % 31.2 %
2018 -9.8 % -7.4 %
2019 16.9 % 24.0 %
2020 -9.9 % -9.3 %
1 year (on annual basis) 34.3 % 31.2 %
3 years (on annual basis) i 12.3 % 13.8 %
Since inception (on annual basis) i 7.3 % 9.4 %
A deviating Net Asset Value (NAV) is used for the calculation of the performance figures. This NAV is calculated based on closing prices of the Fund investments thereby deviating from the NAV which was originally issued and partly calculated based on snapshots (Asia & Pacific investments). The deviating NAV is used to make a better comparison with the benchmark, which is also solely based on closing prices of the investments. However, for the calculation of the performance of 30 November 2021 the originally issued NAV of 1 December 2021 was used as the deviating NAV could not be calculated due to technical circumstances. Also for the calculation of the performance of 31 December 2021 the originally issued NAV of 3 January 2022 was used as the deviating NAV could not be calculated due to technical circumstances. 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 45.67 M 2021-12-31
Share class size
EUR 9.38 M 2021-12-31
Number of shares
7,376 2021-12-31
Net Asset Value i
EUR 1,327.18 2022-01-20
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 2021-12-31

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  Fund Benchmark
Number of holdings 57
Dividend yield i 3.31 %
Weighted average market capitalization i EUR 51,264 M
P/E ratio i 8.90
Active share i 96.82 %
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 2021-12-31

December was a positive month for the Fund (up 6.4%). It outperformed the MSCI World Value Index, which was up by 5.9%. The sector that contributed most to the performance was the materials sector (Western Forest Products and ArcelorMittal did well). In general, the more cyclical companies did well. For example, the fund also benefited from positive share price performance of CNH Industrial and Aercap. The sector that detracted most from the performance of the Fund was the real estate sector (Sun Hung Kai Properties declined modestly).

One of the best relative contributors was Western Forest Products (+26% in December). Western Forest Products is an integrated forest products company and a coastal woodland operator located in British Columbia, Canada. The company's activities include timber harvesting, reforestation, sawmilling logs into lumber and wood chips, value-added remanufacturing, and producing pulp. There is a political debate going on within Canada about harvest deferrals. This will have an impact on Western Forest Products. In the worst case scenario, the volumes could come down by around 40%. Investor sentiment around this issue was very bearish at the start of December. However, by the end of December, investors had become less concerned (despite the lack of any specific positive news). Even after the strong run up of the shares in December, we still believe that the shares are materially undervalued in case the mandatory harvest deferrals are less strict than is now (potentially) on the table.

One of the detractors from performance was Texhong Textile Group, declining 8%. Texhong produces yarn and fabrics. It is one of the largest cotton textile suppliers in the world. Its production sites are in China and in Vietnam. The shares retreated in December, which can be attributed to the overall negative investor sentiment surrounding China. Government interference with media and technology companies(for example Alibaba) and lingering doubts about the construction market (related to Evergrande’s debt problems) caused investors to shy away from Chinese (Hong Kong) equities. Despite generating returns of more than 50% in 2021, the shares still trade at a low price/earnings ratio of 4 times expected 2022 earnings.

In December we have acquired positions in four companies: Visa, Singapore Telecom (‘SingTel’), Wendel, and Anheuser-Busch InBev (‘ABI’). Visa is one of the world’s largest payment processors. Visa’s payment system is benefiting from a network effect: the more people use it, the more businesses want to offer the option to pay through Visa’s network. If Visa cards are more widely accepted, they become more attractive for people to use the card. This virtuous circle keeps competitors at bay, and therefore allows Visa to generate very high returns on invested capital. The increasing use of ‘plastic’ (instead of cash) will benefit Visa disproportionally. The free cash flow yield on Visa shares was approximately 3.5%. We believe that Visa can grow its free cash flow by more than 10% per annum for the foreseeable future.

We have also bought shares in SingTel. The shares were under some pressure over the last months, because of COVID (less roaming revenues) and some competitive upheaval in the Australian market. We believe these short-term issues are well reflected in the share price. This is a diversified telco trading at a substantial discount to its fair value.

The third addition in December was Wendel. Wendel is a French family-controlled investment vehicle. It holds a stake in Bureau Veritas and several private equity investments. Bureau Veritas is a testing, inspection, and certification (TIC) business. The TIC industry is a characterized by manageable competition, high margins and strong free cash flow generation. Bureau Veritas is listed on the French stock exchange, which makes it easy to calculate how much Wendel’s stake in Bureau Veritas is worth. Based on this calculation, we believe we have acquired the shares at a 50% discount to the underlying asset values. Wendel also has a long track record of paying dividends, which provides the Wendel family members a steady income.

Our final addition to the portfolio has been Anheuser-Busch InBev. The world’s largest beer brewer has been under pressure for two reasons. First, the Corona-virus has impacted their sales volumes, especially in Latin America. Second, their debt burden is seen as excessive. We believe that ABI will benefit disproportionally when economies are fully reopened. We also believe that their debt burden is manageable, because they are only obliged to pay back the debt over (on average) the next 16 years. Brewing beer is a very profitable and cash flow generative business. Believing that these concerns are overdone, we have acquired a levered reopening play at a reasonable price (approximately 18 times expected 2022 earnings).

We have sold four positions in December. SK Telecom has been unlocking value by separately listing some of its subsidiaries. One prime example is SK Square, which was spun off in December. On the back of this corporate reshuffling, the shares have done well. We see better value in for example SingTel. In December we also sold our shares in Equinor. The shares have moved up by 50% in just a couple of months, triggered by higher European gas prices. Our thesis has played out, which made us decide to sell the shares. A similar case has been Repsol. The Spanish integrated oil and gas company has seen its earnings rise on the back of higher energy prices. However, at the current share price, we find better opportunities elsewhere. We have sold our position in Takuma. Although the underlying business of Takuma is doing reasonably well, we became increasingly worried about the company’s track record on cash distributions. I.e., rather than handing back cash to shareholders through dividends, they have been sitting on an increasingly outsized cash pile. Because we were less convinced about the eventual use of the cash, we have adjusted our value that we take into account for the cash position. We no longer find the shares attractive.

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 2021-12-31 (rebased)

No chart data available

Performance per 2021-12-31

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  Fund Benchmark
1 month 6.5 % 5.5 %
3 months 5.5 % 9.2 %
This year 34.3 % 31.2 %
2018 -9.8 % -7.4 %
2019 16.9 % 24.0 %
2020 -9.9 % -9.3 %
1 year (on annual basis) 34.3 % 31.2 %
3 years (on annual basis) i 12.3 % 13.8 %
Since inception (on annual basis) i 7.3 % 9.4 %
A deviating Net Asset Value (NAV) is used for the calculation of the performance figures. This NAV is calculated based on closing prices of the Fund investments thereby deviating from the NAV which was originally issued and partly calculated based on snapshots (Asia & Pacific investments). The deviating NAV is used to make a better comparison with the benchmark, which is also solely based on closing prices of the investments. However, for the calculation of the performance of 30 November 2021 the originally issued NAV of 1 December 2021 was used as the deviating NAV could not be calculated due to technical circumstances. Also for the calculation of the performance of 31 December 2021 the originally issued NAV of 3 January 2022 was used as the deviating NAV could not be calculated due to technical circumstances. 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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Risk analysis (ex post) per 2021-12-31

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  3 years Since inception
Maximum drawdown i -33.92 % -33.92 %
Tracking error i 8.11 % 7.60 %
Information ratio i 1.51 -0.28
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 (2021-12-31)

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  Contribution i Performance i
Aercap 0.72 % 37.65 %
Booking Holdings 0.69 % 35.88 %
Western Forest Products 0.61 % 32.23 %
CNH Industrial 0.52 % 27.01 %
ArcelorMittal 0.50 % 26.10 %

Bottom 5 contribution (2021-12-31)

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  Contribution i Performance i
Wood Group -0.09 % -4.94 %
SK Telecom (US) -0.08 % -4.22 %
SK Square -0.07 % -3.42 %
Texhong Textile -0.07 % -8.56 %
Singapore Telecommunications -0.03 % -1.58 %

Geographic allocation (2021-12-31)

21.1 %
United States
12.4 %
United Kingdom
11.7 %
France
11.6 %
Netherlands
6.0 %
Japan
5.7 %
Belgium
4.5 %
Bermuda
4.4 %
Korea Republic Of
2.5 %
Cash
2.3 %
Luxembourg
2.2 %
Finland
2.2 %
Canada
2.0 %
Singapore
2.0 %
Germany
2.0 %
Hong Kong
1.6 %
Italy
1.0 %
Cayman Islands
0.6 %
Taiwan
0.3 %
Ireland
0.3 %
South Africa
0.3 %
Greece
0.3 %
Russia
3.1 %
Other
Total
100 %

Top 10 holdings (2021-12-31)

3.0 %
Engie
2.5 %
Technip Energies
2.4 %
Valaris
2.4 %
Booking Holdings
2.3 %
CNH Industrial
2.3 %
ArcelorMittal
2.3 %
AerCap
2.3 %
LyondellBasell Industries
2.3 %
Cisco
2.2 %
AXA
Total
24.0 %

Sector allocation (2021-12-31)

10.2 %
Automobiles & Parts
8.7 %
Telecommunications
8.1 %
Insurance
7.8 %
Food & Beverage
7.8 %
Banks
6.6 %
Technology
6.4 %
Health Care
6.4 %
Industrial Goods & Services
5.2 %
Utilities
4.9 %
Basic Resources
4.6 %
Retail
4.6 %
Oil & Gas
3.5 %
Construction & Materials
2.9 %
Personal & Household Goods
2.2 %
Chemicals
2.1 %
Europe
2.0 %
Real Estate
2.0 %
Media
1.2 %
World
0.3 %
Financial Services
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 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

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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 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

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Share class
I i
Investor type
Institutional
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
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

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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 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.

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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.

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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.

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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.

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Our full voting records are available here.

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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]

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

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[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.

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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.

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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.

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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.

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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.

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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.

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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:

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* 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.