- Kempen
- Kempen Lux Income Fund Class LI
Kempen has discontinued its active government bond funds. The return of capital to investors resulting from the discontinuation of the Kempen (Lux) Income Fund has taken place on 31 August 2020. Read the official announcement here.
Kempen Lux Income Fund Class LI (terminated)
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.
On August 31, 2020 Kempen (Lux) Income Fund will be liquidated. The fund will be closed for subscriptions as from July 8, 2020. If you do not wish to participate in the liquidation, you may redeem until the respective cut-off time on August 26, 2020. You can find more information here: https://www.kempen.com/news-and-knowledge/persberichten-2020/kempen-to-discontinue-its-active-government-bond-funds 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.
On August 31, 2020 Kempen (Lux) Income Fund will be liquidated. The fund will be closed for subscriptions as from July 8, 2020. If you do not wish to participate in the liquidation, you may redeem until the respective cut-off time on August 26, 2020. You can find more information here: https://www.kempen.com/news-and-knowledge/persberichten-2020/kempen-to-discontinue-its-active-government-bond-funds 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 2020-07-31 (rebased)
Performance per 2020-07-31
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| Fund | |
|---|---|
| 1 month | 0.7 % |
| 3 months | 1.6 % |
| This year | -0.1 % |
| 2017 | 0.3 % |
| 2018 | -2.5 % |
| 2019 | 3.4 % |
| 1 year (on annual basis) | 0.2 % |
| 3 years (on annual basis) i | 0.3 % |
| Since inception (on annual basis) i | 0.3 % |
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 13.49 M 2020-07-31 |
| Net Asset Value i | EUR 1,010.51 2020-08-28 |
| Turnover rate | 113.90 % |
The turnover rate figure is per the end of the financial year of the fund and will be updated once a year.
Fund characteristics per 2020-07-31
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| Fund | ||
|---|---|---|
| Number of holdings | 825 |
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?
Developments per 2020-07-31
The major development in July was the agreement by EU government leaders on the EUR750 billion recovery fund set up in response to the coronavirus. The fund will issue EUR390 billion in grants and EUR360 billion in loans. The direct economic impact of the recovery fund will be small, however. The size of the fund corresponds to 6% of the GDP in 2019. Its historic significance lies more in the fact that the European Commission will borrow on the financial markets. This is a first step towards the enhanced fiscal integration of the European Union.
The recipient member states will not simply be handed sums of money. They will need to submit plans detailing their recovery strategies that will need to be approved by the ministers of finance via a qualified majority vote. The European Commission will subsequently decide on the final allocation of the funds. Individual member states will not be able to block allocations from the fund, but will be able to lodge objections if countries fail to adhere to the submitted plans. This could lead to payments being suspended for three months.
The ECB and the Fed made virtually no changes to their policy instruments in July. The Fed extended a number of stimuli measures, but they are precisely the ones that are underused. Of greater interest is the fact that the Fed has completed its internal study on its policies and policy targets. More information will be given on this in September. It is perfectly possible that the policy target of 2% inflation will be adjusted to an average of 2% over the entire economic cycle. This would mean that following a period of inflation below 2% the Fed could tolerate an inflation rate of above 2% for a time. And this would in turn mean expansionary monetary policies for a longer period. Prior to the ECB policy meeting, a few policymakers suggested that it might not be necessary to use the full 1,350 billion euro bond-buying programme. Yet ECB governor Lagarde made short shrift of such ideas. At the July press conference she stressed that purchases would continue until at least July 2021 and certainly until the ECB believes that the crisis phase of the coronavirus has passed.
The published growth data over the second quarter demonstrates the havoc wreaked by the coronavirus crisis. The US and German economies contracted by about 10% versus the first quarter. Although Germany has not yet published any details, in the US most components made a negative contribution. Only exports and government spending made positive contributions. In France the contraction was as high as 13.8%, while in the Eurozone it stood at 12.1%.
A recovery did get underway in the second quarter though. Aided by expansionary fiscal policies, it’s mainly consumers who are leading the recovery. The impact of the easing of social restrictions, low levels of activity and stimulatory fiscal and monetary policies is now at its maximum. On the other hand, there are growing concerns about the coronavirus. The number of cases is still rising fast in the US, although the rate does seem to be flattening slightly. Europe is also seeing fresh surges here and there, for instance in Catalonia and Aragon in Spain.
In July, the Kempen Income Fund earned a positive return of 0.70% (the performance may vary according to share class). A significant contribution to the return came from the tightening of spreads on corporate bonds versus German government bonds by 20 basis points to 137 basis points and on the high yield (BB) index by 35 basis points to 286 basis points.
German 10-year government bond yields declined by 7 basis points in July to -0.52%. Country spreads decreased by 3 basis points at index level, with spreads on 10-year Italian government bonds (17 bps) and their Slovenian counterparts contracting the most (22 bps). Spreads on government-related paper, such as KFW, IBRD and EIB, also tightened again slightly in July.
Inflation forecasts rose further, with expectations for the next 10 years up by 10 basis points. Our position in inflation-linked bonds consequently made a positive contribution to the performance. The same goes for our positions in Slovenia, Spain, Ireland and government-related paper, while our underweight in France contributed negatively to the result.
Portfolio policy remains unchanged. Bond yields are likely to stay lower for longer. The portfolio is also cautiously positioned for lower risk premiums on credits, countries and government-related paper. The economic recovery triggered by the easing of lockdown restrictions in Europe and elsewhere and the significant stimulus from central banks and governments offer a more hopeful perspective for the next few months, but the virus will continue to cause uncertainty. We are currently hedging 65% of the risk in investment grade corporate bonds and 70% in high yield bonds.
The recipient member states will not simply be handed sums of money. They will need to submit plans detailing their recovery strategies that will need to be approved by the ministers of finance via a qualified majority vote. The European Commission will subsequently decide on the final allocation of the funds. Individual member states will not be able to block allocations from the fund, but will be able to lodge objections if countries fail to adhere to the submitted plans. This could lead to payments being suspended for three months.
The ECB and the Fed made virtually no changes to their policy instruments in July. The Fed extended a number of stimuli measures, but they are precisely the ones that are underused. Of greater interest is the fact that the Fed has completed its internal study on its policies and policy targets. More information will be given on this in September. It is perfectly possible that the policy target of 2% inflation will be adjusted to an average of 2% over the entire economic cycle. This would mean that following a period of inflation below 2% the Fed could tolerate an inflation rate of above 2% for a time. And this would in turn mean expansionary monetary policies for a longer period. Prior to the ECB policy meeting, a few policymakers suggested that it might not be necessary to use the full 1,350 billion euro bond-buying programme. Yet ECB governor Lagarde made short shrift of such ideas. At the July press conference she stressed that purchases would continue until at least July 2021 and certainly until the ECB believes that the crisis phase of the coronavirus has passed.
The published growth data over the second quarter demonstrates the havoc wreaked by the coronavirus crisis. The US and German economies contracted by about 10% versus the first quarter. Although Germany has not yet published any details, in the US most components made a negative contribution. Only exports and government spending made positive contributions. In France the contraction was as high as 13.8%, while in the Eurozone it stood at 12.1%.
A recovery did get underway in the second quarter though. Aided by expansionary fiscal policies, it’s mainly consumers who are leading the recovery. The impact of the easing of social restrictions, low levels of activity and stimulatory fiscal and monetary policies is now at its maximum. On the other hand, there are growing concerns about the coronavirus. The number of cases is still rising fast in the US, although the rate does seem to be flattening slightly. Europe is also seeing fresh surges here and there, for instance in Catalonia and Aragon in Spain.
In July, the Kempen Income Fund earned a positive return of 0.70% (the performance may vary according to share class). A significant contribution to the return came from the tightening of spreads on corporate bonds versus German government bonds by 20 basis points to 137 basis points and on the high yield (BB) index by 35 basis points to 286 basis points.
German 10-year government bond yields declined by 7 basis points in July to -0.52%. Country spreads decreased by 3 basis points at index level, with spreads on 10-year Italian government bonds (17 bps) and their Slovenian counterparts contracting the most (22 bps). Spreads on government-related paper, such as KFW, IBRD and EIB, also tightened again slightly in July.
Inflation forecasts rose further, with expectations for the next 10 years up by 10 basis points. Our position in inflation-linked bonds consequently made a positive contribution to the performance. The same goes for our positions in Slovenia, Spain, Ireland and government-related paper, while our underweight in France contributed negatively to the result.
Portfolio policy remains unchanged. Bond yields are likely to stay lower for longer. The portfolio is also cautiously positioned for lower risk premiums on credits, countries and government-related paper. The economic recovery triggered by the easing of lockdown restrictions in Europe and elsewhere and the significant stimulus from central banks and governments offer a more hopeful perspective for the next few months, but the virus will continue to cause uncertainty. We are currently hedging 65% of the risk in investment grade corporate bonds and 70% in high yield bonds.
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?
Performance per 2020-07-31 (rebased)
Performance per 2020-07-31
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| Fund | |
|---|---|
| 1 month | 0.7 % |
| 3 months | 1.6 % |
| This year | -0.1 % |
| 2017 | 0.3 % |
| 2018 | -2.5 % |
| 2019 | 3.4 % |
| 1 year (on annual basis) | 0.2 % |
| 3 years (on annual basis) i | 0.3 % |
| Since inception (on annual basis) i | 0.3 % |
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 (2020-07-31)
25.9 %
5-7 year
24.9 %
0-3 year
21.3 %
3-5 year
14.9 %
> 10 year
12.2 %
7-10 year
0.5 %
Cash
0.2 %
Other
Total
100 %
Sector allocation (2020-07-31)
37.8 %
Corporates
32.9 %
Government
19.3 %
Financials
9.1 %
Semi-Government
0.2 %
Money Market Funds
0.2 %
Asset-Backed Loans
0.0 %
Cash
0.5 %
Other
Total
100 %
Rating allocation (2020-07-31)
7.6 %
AAA
11.0 %
AA
26.8 %
A
35.1 %
BBB
15.8 %
BB
0.7 %
B
2.4 %
Not Rated
0.5 %
Cash
0.0 %
Other
Total
100 %
Top 10 holdings (2020-07-31)
5.0 %
0.200% Slovenië 2020-23
4.5 %
0.400% Spanje 2017-22
3.9 %
0.350% Italie 2016-21
3.2 %
0.625% Corp Andina de Fomento 2019-26
2.0 %
0.250% CPPIB Capital 2020-27
1.8 %
0.000% Luxemburg 2020-25
1.7 %
0.200% Ierland 2020-27
1.7 %
0.375% Vlaanderen 2020-30
1.6 %
1.250% Chili 2020-40
1.6 %
1.750% Frankrijk 2016-39
Total
27.0 %
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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An overview of the current swing factors are available here.
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) |
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.
Risks
For more information about the mid and long term risks associated with the investments:
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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.
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Kempen & Co is a trade name of Van Lanschot Kempen Wealth Management NV. Both Van Lanschot Kempen Wealth Management NV and Kempen Capital Management NV are part of Van Lanschot Kempen NV