- Kempen
- Kempen Lux Income Fund Class LI
Kempen Lux Income Fund Class LI
Profile
Kempen International Funds SICAV – Kempen (Lux) Income Fund (the Fund) is designed to achieve current income and capital appreciation over the medium-term by investing primarily in a diversified portfolio of fixed income securities. The Fund employs a top down macro perspective along with bottom-up security selection, with a focus on downside protection.
The Fund does not have a benchmark. Attention: it is envisaged that this share class will be closed for further subscriptions once the Fund (all share classes combined) reaches a size of € 300 million. At the launch of the fund on 7 August 2017 this share class carried a discounted management fee for a maximum period of 3 years to facilitate the initial growth of the Fund, the current discounted management fee is 20 bps. The Board of Directors will decide on the conditions and future of this share class once the 3 years period has lapsed i.e. in July 2020.
The Fund does not have a benchmark. Attention: it is envisaged that this share class will be closed for further subscriptions once the Fund (all share classes combined) reaches a size of € 300 million. At the launch of the fund on 7 August 2017 this share class carried a discounted management fee for a maximum period of 3 years to facilitate the initial growth of the Fund, the current discounted management fee is 20 bps. The Board of Directors will decide on the conditions and future of this share class once the 3 years period has lapsed i.e. in July 2020.
Management team
Ivo Kuiper, Kim Lubbers, Hans Kamminga
Performance per 2019-11-30 (rebased)
Performance per 2019-11-30
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| Fund | |
|---|---|
| 1 month | 0.0 % |
| 3 months | 0.1 % |
| This year | 3.1 % |
| 2017 | 0.3 % |
| 2018 | -2.5 % |
| 1 year (on annual basis) | 3.1 % |
| Since inception (on annual basis) i | 0.4 % |
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.
(Partial) hedging the interest and credit exposure, results in a lower yield for the portfolio.
More information can be found on the documents page of this fund
Key figures
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| Share class size | EUR 61.35 M 2019-11-30 |
| Net Asset Value i | EUR 1,008.29 2019-12-13 |
Fund characteristics per 2019-11-30
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| Fund | ||
|---|---|---|
| Number of holdings | 784 |
Kempen (Lux) Income Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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).
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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.
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Market developments per 2019-11-30
November saw another improvement in sentiment on the financial markets. Risky asset classes noted positive results and bond yields increased again. Over the past three months, German government bond yields have risen by 34 basis points to -0.36% at the end of November.
The reasons behind the positive mood on the markets continue to be hopes of a trade agreement between the US and China, the diminishing risk of a hard Brexit and the bottoming-out of a number of leading economic indicators.
The trade war between the US and China continues to dominate the news on an almost daily basis. A phase one agreement was supposed to be signed this year, but this has now been put back until next year. One positive aspect is that a fresh round of US import tariffs on 15 December is now unlikely.
While many economic indicators weakened in the first three quarters, a stabilisation or even improvement has recently been visible. Consumer confidence is waning slightly in the US, but consumers are still profiting from solid income growth and a recovery on the housing market. We are seeing leading indicators bottoming out in the Eurozone as well. This applies to the purchasing manager indices, the Economic Sentiment Index and Germany’s Ifo index. In France, it is mainly consumers who have become significantly more optimistic over the past few months. Italy remains weak with respect to both manufacturing and consumer confidence.
Christine Lagarde succeeded Mario Draghi as president of the European Central Bank in November. In her first speech in the role, she said she stood behind her predecessor’s policies but also that she intends to review the bank’s monetary policy. She also stressed that governments need to spend and invest more in order to boost growth.
S&P raised Ireland’s credit rating to AA- at the end of November. The main reasons for doing so are the country’s robust growth, the improvement in outstanding debt and budget surpluses, as well as the flexible job market. Ireland is the Eurozone’s shining example: the country that adhered to the Troika’s strict austerity measures in the wake of the euro crisis, but later also underwent a strong economic upturn.
Spain held a general election in November. Although weaker now, PSOE continues to be the largest political party in Spain. The main winner in the election was the rightwing Vox party, which climbed to third largest party. Within two days of the election an agreement in principle to form a coalition government had been concluded between PSOE and the leftwing Podemos party. If this government is indeed formed, it would be the first coalition government in the country’s history. The further fragmentation of the political landscape in Spain caused spreads to widen in the peripheral EU countries.
The reasons behind the positive mood on the markets continue to be hopes of a trade agreement between the US and China, the diminishing risk of a hard Brexit and the bottoming-out of a number of leading economic indicators.
The trade war between the US and China continues to dominate the news on an almost daily basis. A phase one agreement was supposed to be signed this year, but this has now been put back until next year. One positive aspect is that a fresh round of US import tariffs on 15 December is now unlikely.
While many economic indicators weakened in the first three quarters, a stabilisation or even improvement has recently been visible. Consumer confidence is waning slightly in the US, but consumers are still profiting from solid income growth and a recovery on the housing market. We are seeing leading indicators bottoming out in the Eurozone as well. This applies to the purchasing manager indices, the Economic Sentiment Index and Germany’s Ifo index. In France, it is mainly consumers who have become significantly more optimistic over the past few months. Italy remains weak with respect to both manufacturing and consumer confidence.
Christine Lagarde succeeded Mario Draghi as president of the European Central Bank in November. In her first speech in the role, she said she stood behind her predecessor’s policies but also that she intends to review the bank’s monetary policy. She also stressed that governments need to spend and invest more in order to boost growth.
S&P raised Ireland’s credit rating to AA- at the end of November. The main reasons for doing so are the country’s robust growth, the improvement in outstanding debt and budget surpluses, as well as the flexible job market. Ireland is the Eurozone’s shining example: the country that adhered to the Troika’s strict austerity measures in the wake of the euro crisis, but later also underwent a strong economic upturn.
Spain held a general election in November. Although weaker now, PSOE continues to be the largest political party in Spain. The main winner in the election was the rightwing Vox party, which climbed to third largest party. Within two days of the election an agreement in principle to form a coalition government had been concluded between PSOE and the leftwing Podemos party. If this government is indeed formed, it would be the first coalition government in the country’s history. The further fragmentation of the political landscape in Spain caused spreads to widen in the peripheral EU countries.
Portfolio developments per 2019-11-30
The Kempen Income Fund noted a performance of 0.01% in November. The spread on corporate bonds versus German government bonds tightened by 2bps to 115 bps. High yield outperformed investment grade corporate bonds in November, as confidence is mounting among investors that a recession will be avoided. The spread on the high yield (BB) index tightened by 15 bps to 172 bps above the swap curve. Spreads on government bonds also contracted. The increase in German government bond yields had a small negative impact on the performance. The fund profited from its positions in Ireland and Slovenia. Inflation forecasts were up in November, and this contributed positively to the performance. We participated in new bond issues by Temasek and Corp Andina de Fomento in November, which made a positive contribution to the result.
At individual company level, there were positive contributions from the overweights in EssilorLuxottica, NN Group, ZF Friedrichshafen, Marsh & Mclennan, Faurecia, EDF, INA Holdings, Owens-Illinois and Volkswagen, as well as the underweights in Daimler, FiatChrysler, Netflix and ADLER. In contrast, the overweights in AT&T, Unilever, Fiserv, Titan Cement and Leonardo, as well as the underweights in British American Tobacco, Loxam, Tenneco, Corestate and Kongsberg Actuation Systems, contributed negatively.
The portfolio is positioned for higher bond yields and tighter spreads. Leading indicators seem to be stabilising. Yields have rallied over the past two months and interest rate cuts by the ECB and Fed are no longer priced in. German 10-year government bond yields remain too low but we do not anticipate a significant rise in yields in the short term. A potential increase in spending by European governments could act as a stimulus for higher yields.
At individual company level, there were positive contributions from the overweights in EssilorLuxottica, NN Group, ZF Friedrichshafen, Marsh & Mclennan, Faurecia, EDF, INA Holdings, Owens-Illinois and Volkswagen, as well as the underweights in Daimler, FiatChrysler, Netflix and ADLER. In contrast, the overweights in AT&T, Unilever, Fiserv, Titan Cement and Leonardo, as well as the underweights in British American Tobacco, Loxam, Tenneco, Corestate and Kongsberg Actuation Systems, contributed negatively.
The portfolio is positioned for higher bond yields and tighter spreads. Leading indicators seem to be stabilising. Yields have rallied over the past two months and interest rate cuts by the ECB and Fed are no longer priced in. German 10-year government bond yields remain too low but we do not anticipate a significant rise in yields in the short term. A potential increase in spending by European governments could act as a stimulus for higher yields.
Kempen (Lux) Income Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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).
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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.
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Performance per 2019-11-30 (rebased)
Performance per 2019-11-30
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| Fund | |
|---|---|
| 1 month | 0.0 % |
| 3 months | 0.1 % |
| This year | 3.1 % |
| 2017 | 0.3 % |
| 2018 | -2.5 % |
| 1 year (on annual basis) | 3.1 % |
| Since inception (on annual basis) i | 0.4 % |
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.
(Partial) hedging the interest and credit exposure, results in a lower yield for the portfolio.
Dividends
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| Distributing | No |
Kempen (Lux) Income Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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).
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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.
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Maturity profile (2019-11-30)
24.0 %
5-7 year
20.5 %
7-10 year
19.1 %
> 10 year
17.9 %
3-5 year
16.9 %
0-3 year
1.2 %
Cash
0.3 %
Other
Total
100 %
Sector allocation (2019-11-30)
37.9 %
Corporates
31.1 %
Government
19.6 %
Financials
9.6 %
Semi-Government
0.3 %
Money Market Funds
0.2 %
Asset-Backed Loans
0.0 %
Covered Bonds
1.2 %
Other
Total
100 %
Rating allocation (2019-11-30)
10.9 %
AAA
16.5 %
AA
27.4 %
A
25.1 %
BBB
14.8 %
BB
0.2 %
B
3.9 %
Not Rated
1.2 %
Cash
Total
100 %
Top 10 holdings (2019-11-30)
2.9 %
0.625% Corp Andina de Fomento 2019-26
2.0 %
0.750% Nederland 2018-28
2.0 %
0.500% Finland 2016-26
1.9 %
1.850% Frankrijk I/L 2011-27
1.6 %
1.500% Temasek 2016-28
1.6 %
0.350% Italie 2016-21
1.6 %
0.500% Finland 2019-29
1.5 %
2.625% Letland 2014-21
1.3 %
0.000% Luxemburg 2019-26
1.2 %
2.250% Slovenië 2014-22
Total
17.7 %
Kempen (Lux) Income Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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).
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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.
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Ongoing charges
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| Management fee i | 0.20 % |
| Service fee i | 0.10 % |
| Taxe d'abonnement i | 0.01 % |
| Indirect costs i | 0.05%-0.10% (estimated range) |
| Expected ongoing charges i | 0.36% - 0.41% (estimated bandwith) |
Other costs
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| Upward swing factor i | 0.10 % |
| Downward swing factor i | 0.10 % |
Kempen (Lux) Income Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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).
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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.
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Share class details
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| Share class | LI |
| Investor type | Institutional |
| Distributing | No |
| Duration hedged | No |
| Investment category | Government bonds |
| Inception date | 2017-08-07 |
| Domicile | Luxembourg |
| May be offered to professional investors only in | Luxembourg, Switzerland, The Netherlands |
| 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: €1,000, additional subscriptions: €1,000 |
| Listed | no |
| Subscription/Redemption Frequency | Daily |
| ISIN i | LU1626447269 |
Kempen (Lux) Income Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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).
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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.
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Factsheets
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Annual Reports
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Semi- Annual Reports
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Key Investor Information
Formal documents other
Kempen (Lux) Income Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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).
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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.
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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.
Kempen wide approach to responsible investment
We are committed to create sustainable alpha. The four pillars of our ESG-policy are:
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ESG integration: Ensuring sustainability risks and opportunities are adequately considered in our investment analysis and processes.
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Exclusion & avoidance: Not investing in companies involved in controversial activities or conduct.
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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
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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.
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, ESG integration and Active ownership
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ESG is fully integrated into the investment process of the Kempen (Lux) Income Fund, with analysis undertaken both pre-investment and as part of our portfolio monitoring activities. Portfolio managers perform an in-depth analysis of ESG data, and ESG risks and opportunities are taken into account when selecting and monitoring governments, government related issuers and corporates.
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1. Exclusion
In line with the general Kempen policy, the Kempen (Lux) Income Fund excludes all countries and companies of the KCM exclusion- or avoidance list. Companies or countries on these lists are either involved in the production of controversial weapons, derive a significant portion of their revenues from the production or distribution of tobacco, or have been involved in serious controversies.
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2. ESG integration
We flag “low†performing countries and companies. The portfolio managers of the Kempen (Lux) Income Fund and the underlying funds, assesses the materiality of the ESG issue and its implications for the credit profile of the company or country. If an issue is deemed material, our first objective is to engage on the issue. If we can conclude from the engagement that the ESG concerns are not structural and if the company is willing to improve, we make an adjustment in the determination of the relative value of the company’s securities. In severe cases where we do not see any prospect of improvement we forego investment in the country or company.
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The fund performs a quarterly screening using the database MSCI ESG research. The Responsible Investment team conducts the screening, and a review of the ESG ratings of bonds in the portfolio along with discussions on ESG rating developments are conducted by the team.Â
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The following items are discussed on a quarterly basis:
• A review of the ESG ratings of bonds in the portfolio;
• A discussion on any developments / changes in the ESG ratings;
• Screening for controversies using MSCI ESG research;
• Excluding countries and companies based on UN Global Compact criteria;
• Excluding controversial weapon producers.
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Finally, the Kempen (Lux) Income Fund prefers Green bonds rather than a ‘normal bond’ if two bonds have the same risk/return characteristics. We are an active player in the market of green bonds and we have a green bond policy which outlines the guidelines we adhere to defining a green bond.
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3. Active ownership
Where relevant our fund will attempt to use its ownership stakes to engage with investees on ESG issues. For example, in 2018 the fund was part of an engagement with Bayer, following their acquisition of Monsanto. Through the acquisition, Bayer inherited several significant controversies in the field of genetically modified organisms (GMOs). The goal of the engagement is to get a formal and written statement from the company which states that they will not sue small holder farmers for the unintended use of Bayer licensed GMO crops. It also asks the company to set a target for the number of farmers that receive education on their crop protection products.
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In addition the fund has ongoing engagement cases with Volkswagen on its company culture, Cez on the use of thermal coal, Glencore on climate action and Huntsman on ESG disclosure.
ESG Report
Kempen (Lux) Income Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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).
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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.
Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. 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 as well as annual report, semi-annual report and the articles of incorporation of the Fund are available free of charge at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg, at the offices of the representative in Switzerland 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.
More information?
