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

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

Performance per 2022-05-31 (rebased)

No chart data available

Performance per 2022-05-31

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  Fund Benchmark
1 month 2.6 % 0.5 %
3 months 4.5 % 4.0 %
This year 1.4 % 2.3 %
2019 16.9 % 24.0 %
2020 -9.9 % -9.3 %
2021 34.3 % 31.2 %
1 year (on annual basis) 8.6 % 15.3 %
3 years (on annual basis) i 10.9 % 11.5 %
Since inception (on annual basis) i 6.8 % 9.0 %
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 43.51 M 2022-05-31
Share class size
EUR 9.51 M 2022-05-31
Number of shares
7,376 2022-05-31
Net Asset Value i
EUR 1,158.99 2022-07-06
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 2022-05-31

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  Fund Benchmark
Number of holdings 52
Dividend yield i 3.27 %
Weighted average market capitalization i EUR 54,290 M
P/E ratio i 8.24
Active share i 96.69 %
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 2022-05-31

In May, the Fund showed strong positive absolute and relative performance. The return of the Fund outpaced both the MSCI World Index and the MSCI World Value Index. Whereas the value index ended the month just above where it started, the growth index declined by 4%. The change in sentiment over the last few months is a tailwind for our strategy. Notwithstanding this tailwind, strong stock selection was the main driver behind the strong relative performance in May. The sector that contributed most to the absolute performance of the Fund was the energy sector (Valaris and Chesapeake did well). The sector that detracted most from the absolute performance was the consumer staples sector (Anheuser-Busch InBev showed a moderate loss).

One of the best contributors was Valeo (+20% in May). Valeo is a French automotive supplier. It operates four business lines: comfort and driving assistance systems, powertrain systems, thermal systems, and visibility systems. Valeo sells for example stop-start systems, electrical systems, interior controls, air management, cooling, and wipers. Due to ongoing global supply chain issues (especially the lack of chips), automobile producers had to reduce the number of cars produced. Demand for Valeo’s products has therefore been declining, and investor sentiment was negative. However, the latest quarterly results gave way to optimism around global supply chains. Valeo reiterated its guidance for 2022. Despite the 50% run-up of the shares since March 2022, the shares still only trade at 9 times 2023 earnings.

One of the detractors from performance was WPP, declining 9%. WPP is one of the largest advertising agencies in the world. Investors are increasingly worried about a recession, which would hurt advertising spending. The results and comments by social media platform Snap Inc. (Snapchat) were much more negative than expected, and caused the shares to be down by more than 80% from their 52 week high. Also, new privacy measures by Apple make it harder for social media companies to use app-related data for targeted advertising. Many stocks of advertising-related companies came down in sympathy. However, we are optimistic about WPP’s future for two reasons. The first reason it that the company recently reported better than expected earnings and also raised its earnings guidance for the current year. The second reason is that WPP will be able to benefit from a more fragmented media landscape. I.e. if it becomes harder for companies to reach specific consumer groups, more help from advertising agencies is needed to reach the same consumers. The shares trade at only 9 times 2023 consensus earnings. The dividend yield of around 4% is also attractive.

In May we have sold one position: DeNA. This Japanese company is active in gaming, live streaming and sports. It has several stakes in companies like for example Nintendo. DeNA trades at a steep discount to net asset value and also has a large net cash position. Part of the original thesis was that the company would improve its capital allocation strategy at the benefit of shareholders. However, DeNA recently acquired a company in a sector it has no background in, at a steep price. We struggle to see the added value of this deal and thus our confidence in management’s ability to allocate capital wisely has been dented by this action. We therefore decided to sell the shares.

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 2022-05-31 (rebased)

No chart data available

Performance per 2022-05-31

Slide to see more
  Fund Benchmark
1 month 2.6 % 0.5 %
3 months 4.5 % 4.0 %
This year 1.4 % 2.3 %
2019 16.9 % 24.0 %
2020 -9.9 % -9.3 %
2021 34.3 % 31.2 %
1 year (on annual basis) 8.6 % 15.3 %
3 years (on annual basis) i 10.9 % 11.5 %
Since inception (on annual basis) i 6.8 % 9.0 %
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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Distributing
No

Risk analysis (ex post) per 2022-05-31

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  3 years Since inception
Maximum drawdown i -33.92 % -33.92 %
Tracking error i 8.65 % 7.79 %
Information ratio i -0.06 -0.28
Beta i 1.27 1.23
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 (2022-05-31)

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  Contribution i Performance i
Valeo 0.39 % 20.04 %
Valaris 0.35 % 15.36 %
ING Groep 0.31 % 18.72 %
Engie 0.22 % 10.37 %
BP 0.22 % 10.84 %

Bottom 5 contribution (2022-05-31)

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  Contribution i Performance i
WPP -0.18 % -9.45 %
Western Forest Products -0.17 % -8.49 %
Singapore Telecommunications -0.16 % -7.25 %
Texhong Textile -0.14 % -6.72 %
Telenet Group -0.14 % -7.96 %

Geographic allocation (2022-05-31)

27.9 %
United States
16.4 %
United Kingdom
10.7 %
Netherlands
9.2 %
France
4.3 %
Korea Republic Of
3.9 %
Germany
3.7 %
Japan
3.4 %
Belgium
2.9 %
Cash
2.5 %
Bermuda
2.3 %
Luxembourg
2.2 %
Hong Kong
2.1 %
Canada
2.0 %
Singapore
2.0 %
Finland
1.9 %
Cayman Islands
1.0 %
Spain
0.0 %
Russia
1.7 %
Other
Total
100 %

Top 10 holdings (2022-05-31)

3.1 %
Visa Class A
3.0 %
The St Joe Company
2.6 %
Technip Energies
2.5 %
Valaris
2.5 %
John Wood
2.3 %
ArcelorMittal
2.3 %
Engie
2.2 %
Merck & Co
2.2 %
Valeo
2.2 %
Sun Hung Kai Properties
Total
25.0 %

Sector allocation (2022-05-31)

9.5 %
Automobiles & Parts
8.6 %
Telecommunications
8.5 %
Oil & Gas
8.2 %
Health Care
7.7 %
Banks
6.9 %
Industrial Goods & Services
6.2 %
Construction & Materials
5.2 %
Real Estate
4.7 %
Food & Beverage
4.4 %
Basic Resources
4.1 %
Retail
3.8 %
Insurance
3.7 %
Personal & Household Goods
3.5 %
Media
3.1 %
Financial Services
2.5 %
World
2.3 %
Utilities
2.2 %
Chemicals
2.0 %
Technology
2.9 %
Other
Total
100 %
Kempen (Lux) Global Value Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Environmental and/or social characteristics promoted

The Kempen Global Value Fund (the “Fund”) falls under the scope of article 8 of the SFDR which means that the fund promotes environmental and/or social characteristics. This fund will invest in a broad range of companies, of which some will have sustainability objectives.

We commit to the goals of the Paris Agreement. This encompasses short-term objectives (2025), a mid-term ambition (2030) and a long-term commitment to be a net zero investor by 2050. By 2025, we aim to be aligned with a path to achieving the Paris Agreement and Dutch Klimaatakkoord. We follow the market reduction, which assumes a pathway in line with the EU Benchmarks.

ESG Investment process

The promotion of environmental and/or social characteristics is achieved through the consistent implementation of the funds ESG policy. The ESG policy is fully implemented in our strategy’s investment process across the three relevant pillars of: Exclusion, ESG integration and Active ownership.

In the investment process we assess the ESG profile of a company. We look at each company on a case-by-case basis, taking into account material risks in a given industry in combination with the company’s respective risk exposure, practices and disclosure. This includes an assessment of good governance practices. The investee companies are rated for governance aspects using external research as well as making internal assessments. Furthermore, we look into the company’s exposure to past controversies and future ESG opportunities. Based on the fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile.

Exclusion

The Fund applies exclusion criteria. These take into account international standards, such as UN Global Compact Framework, the OECD Guidelines for Multinational Enterprises, UN Guiding Principles for Business and Human Rights, and our Principles for Responsible Investment commitments. The Fund applies additional exclusion criteria based on product involvement and business conduct.

Key figures

  Kempen criteria Additional criteria
Business conduct
Human Rights
Labour
Environment
Anti Corruption
Product involvement
Controversial Weapons
Tobacco
Thermal Coal
Tar Sands
Adult Entertainment
Alcohol
Animal Welfare & GMO
Gambling
Power Generation Nuclear
Power Generation Carbon Intensive
(Un)conventional Oil & Gas Extraction
Weaponry
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
Distributing
No
Benchmark i
MSCI World Value Net Total Return 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.