As of 10 September 2019 Kempen (Lux) European Small-cap Fund is incorporated into Kempen (Lux) Sustainable European Small-cap Fund. Read the official announcement here.

Kempen Lux Sustainable European Small-Cap Fund - Class A

Profile

Kempen (Lux) Sustainable European Small-cap fund (the Fund) offers Investors the opportunity to invest in an actively and professionally managed portfolio of smaller listed European companies, while at the same time complying with strict exclusion and sustainability criteria. These are defined as companies with a maximum market capitalisation at the time of initial purchase of either EUR 5 billion, or the highest market capitalisation of any company included in the MSCI Europe Small Cap Total Return Index, whichever is the greater. The strategy primarily aims to generate a better long-term return than the benchmark.

The portfolio construction process involves a disciplined end to end framework initially utilizing proprietary in-house stock filters screening for high quality and attractively valued stocks. Thereafter,
fundamental in-house research is carried out to identify high conviction investment ideas. The end result is a portfolio of 30-50 stocks, well diversified across all regions and sectors.

On 10 September 2019 Kempen (Lux) European Small-cap Fund was incorporated into Kempen (Lux) Sustainable Small-cap Fund. You can find more information under the Documents tab.

Management team

Michiel van Dijk, Erwin Dut, Sander van Oort; Ingmar Schaefer

Performance per 2022-04-30 (rebased)

No chart data available

Performance per 2022-04-30

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  Fund Benchmark
1 month -2.4 % -1.9 %
3 months -4.5 % -5.1 %
This year -7.4 % -11.5 %
2019 27.9 % 31.4 %
2020 -0.6 % 4.6 %
2021 26.0 % 23.8 %
1 year (on annual basis) 3.2 % -3.6 %
3 years (on annual basis) i 6.8 % 8.0 %
5 years (on annual basis) i 3.7 % 6.1 %
Since inception (on annual basis) i 10.3 % 9.9 %
Until 28 February 2017 the benchmark of the Fund was the MSCI Europe Small Cap Total Return Index, of which the constituents are adjusted by reducing the UK component by 50%. Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. 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 118.54 M 2022-04-30
Share class size
EUR 0.72 M 2022-04-30
Number of shares
21,959 2022-04-30
Net Asset Value i
EUR 31.66 2022-05-13
Turnover rate
55.71 %
Morningstar rating â„¢

Fund characteristics per 2022-04-30

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  Fund Benchmark
Number of holdings 46 1050
Dividend yield i 2.89 % 2.46 %
Weighted average market capitalization i EUR 3,019 M EUR 3,203 M
P/E ratio i 12.82
Active share i 93.76 %
Kempen (Lux) Sustainable European Small-cap 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).

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 60, avenue J.F. Kennedy, L-1855, 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.

Developments per 2022-04-30

In April, the NAV of the Fund (I-class) decreased by 2.3% (net of fees) while the MSCI Europe Small-cap index decreased by 1.9%.

As the battle in the Eastern and Southern parts of Ukraine continued, the month of April ended without prospect of a ceasefire. Meanwhile a growing number of COVID-19 infections in China in combination with the zero tolerance policy of the local government means that lockdown measures in China last much longer than originally expected. This increases the risk that Western economies will again face a period of additional uncertainty and delays in the logistic chains. Despite this, the majority of reported results of listed companies for the first quarter meet or exceed expectations. This demonstrates that many companies have used the COVID-19 period to strengthen the internal organization, reduce operating costs and balance risks better (suppliers, internal production versus purchasing) and are therefore less vulnerable than before. For many companies, the greatest short-term challenge is the availability and cost of labor. As a result, investments in further automation/mechanization of processes will likely remain at a high level.

Individuals and investors alike learned a lot in the last few years and will continue to do so in the future. Not too long ago, exit polls seemed incapable of predicting election outcomes in the UK and the US. Then we learned more about virology and now we are all learning more about Russian politics and the effects of sanctions. If there is one element that has been constant in the past and will remain so going forward, it is that the future is full of surprises. With that in mind, we can only stress that your and our interests are aligned and that we will continue to execute our diligent, fundamental process, make portfolio adjustments if and when required with the dual goal of generating long-term investment alpha and support sustainable development. In the near-term, it remains difficult to predict the further development of the current tragedy and its economic consequences. However, the direct exposure to Russia and Ukraine is immaterial at the portfolio level. Nevertheless, persistent shortages of components, (temporary) disruptions in supply chains and further rising raw material and energy prices will have an impact. However, due to the experience already gained by companies during the COVID-19 pandemic and their mostly strong position in the value chain, we expect the financial impact on the companies in the portfolio to remain manageable. As always, we remain in close contact with the management teams of the companies we invest in. We continue to see good long-term potential for our portfolio holdings but remain focused on near term risks and balance sheet strength.

During the month neither new names were added nor entirely sold.

In April Bawag, Huhtamaki and Tate & Lyle delivered the strongest contribution to the portfolio. Bawag (+6.3%) benefited from the combination of a further rise in interest rates, a strong set of 1Q22 results and confirmation that the company’s (direct) exposure to Russia/Ukraine is negligible. Huhtamaki (+15.9%) reported strong Q122 results that reflected a broad-based recovery in foodservice markets as well as the organization’s strong agility that has ensured early and aggressive price increases in order to defend profit margins. In April, Tate&Lyle (+6.7%) shares were strong leading up to the moment in early May when it will pay a GBP 500m super dividend as well as implement a reverse stock split. Also, the company reiterated that it is seeing continued double digit revenue growth for its core food solutions business.

The companies that delivered the weakest contribution to the portfolio in April were Befesa, BESI and Dustin. Befesa shares declined by 17% during the month, giving back the gains of March. Befesa reported quarterly results just mildly below expectations due to somewhat higher operational expenses. We still believe Befesa’s management team is executing strongly on its strategic priorities, which creates long-term opportunities. Besi’s (-24.6%) first quarter results were as expected, but the YoY order intake fell for the first time since 3Q19 and fuels speculation that this may mark the beginning of the end of the semiconductor cycle. Hybrid bonding continues to perform well, but may not offset a cyclical downturn in the core business. Dustin (-12.7%) reported 12% organic sales growth for 1Q22 which was stronger than expected. However, profitability was lower due to a combination of above average COVID-19 related sickness leave and an adverse sales mix. Despite the slow start of the year the company anticipates healthy growth and suggests the current headwind is temporary.

ESG commentary
In April we saw this year's proxy season fully kick off in Europe. Just as in previous years, increasing attention of investors is placed on corporate governance themes such as remuneration, board structure, including gender diversity, independence of directors and overboarding, as well as audit and risk oversight. As an active shareholder we foster engagements with many portfolio companies ahead of the their respective shareholder meeting to share our feedback and inform management in case we will vote against proposed agenda items.

The Fund has a CO2 revenue intensity that continues to be significantly below the benchmark. Furthermore, the portfolio is on course towards achieving its net-zero emissions climate objective aligned with the Paris Agreement, Dutch Klimaatakkoord and the EU Climate Transition Benchmark in line with the 1.5°C scenarios from the IPCC in 2050 and our intermediate target set for 2025. While details of the EU SFDR regulation are still developing, the Fund currently falls in the article 9 category of this regulation due to its net-zero emission climate objective. This classification could change in the future. Furthermore, the Fund’s strict exclusion criteria for controversial activities, ESG integration in the investment process and active ownership including engagement result in a better Morningstar Sustainability Rating than 90% of its peers.

Kempen (Lux) Sustainable European Small-cap 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).

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 60, avenue J.F. Kennedy, L-1855, 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.

Performance per 2022-04-30 (rebased)

No chart data available

Performance per 2022-04-30

Slide to see more
  Fund Benchmark
1 month -2.4 % -1.9 %
3 months -4.5 % -5.1 %
This year -7.4 % -11.5 %
2019 27.9 % 31.4 %
2020 -0.6 % 4.6 %
2021 26.0 % 23.8 %
1 year (on annual basis) 3.2 % -3.6 %
3 years (on annual basis) i 6.8 % 8.0 %
5 years (on annual basis) i 3.7 % 6.1 %
Since inception (on annual basis) i 10.3 % 9.9 %
Until 28 February 2017 the benchmark of the Fund was the MSCI Europe Small Cap Total Return Index, of which the constituents are adjusted by reducing the UK component by 50%. Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. 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 2022-04-30

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  3 years Since inception
Maximum drawdown i -30.51 % -21.76 %
Tracking error i 4.68 % 5.09 %
Information ratio i -0.27 0.07
Beta i 1.01 0.98
Kempen (Lux) Sustainable European Small-cap 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).

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 60, avenue J.F. Kennedy, L-1855, 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.

Top 5 contribution (2022-04-30)

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  Contribution i Performance i
Huhtamaki 0.34 % 15.92 %
Tate & Lyle 0.26 % 6.72 %
BAWAG Group 0.20 % 6.28 %
Fagron 0.17 % 7.89 %
Bunzl 0.13 % 5.09 %
Percentages shown for contributions and performances are based on Euros.

Bottom 5 contribution (2022-04-30)

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  Contribution i Performance i
Befesa -0.52 % -16.51 %
BE Semiconductor Industries -0.35 % -24.56 %
Dustin Group -0.25 % -11.68 %
SThree -0.21 % -10.64 %
Fabege AB -0.20 % -13.56 %
Percentages shown for contributions and performances are based on Euros.

Geographic allocation (2022-04-30)

30.8 %
United Kingdom
14.2 %
Netherlands
9.0 %
Belgium
7.7 %
Sweden
7.4 %
Germany
6.0 %
Luxembourg
5.7 %
France
3.7 %
Switzerland
3.3 %
Austria
3.2 %
Cash
2.6 %
Spain
2.5 %
Finland
2.3 %
Ireland
1.3 %
Italy
0.4 %
Norway
0.0 %
Other
Total
100 %

Top 10 holdings (2022-04-30)

4.2 %
Tate & Lyle
3.8 %
Signify
3.8 %
Ipsos
3.7 %
ASR Nederland
3.3 %
BAWAG Group
3.1 %
Software
3.1 %
Alliance Pharma
2.9 %
Befesa
2.6 %
Cie Automotive
2.6 %
Telenet Group
Total
33.1 %

Sector allocation (2022-04-30)

26.1 %
Industrials
11.3 %
Consumer Discretionary
10.4 %
Financials
10.3 %
Health Care
8.8 %
Real estate
8.3 %
Consumer Staples
8.2 %
Telecommunications
6.0 %
Technology
4.7 %
Basic Materials
6.0 %
Other
Total
100 %
Kempen (Lux) Sustainable European Small-cap 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).

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 60, avenue J.F. Kennedy, L-1855, 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.

Environmental and/or social characteristics promoted

The Kempen Sustainable European Small-Cap Fund (the “Fund”) falls under the scope of article 9 of the SFDR which means that the Fund has a sustainable investment objective which is on climate change.

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 pathway in line with the EU Climate Transition Benchmark.

Fund carbon emission targets

Morningstar sustainability rating

ESG Label

ESG Investment process

The sustainable investment objective 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 each company to ensure minimum environmental and social safeguards and good corporate governance practices. We assess 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, governance practices and disclosure. A lower score (1-5) requires a higher return as used in our Discounted Cash Flow (DCF) models. We exclude companies with a score of 1. Companies with a score of 2 are excluded on a comply or explain basis. More information can be found in our ESG Policy and Process document.

Exclusion

The Fund excludes companies through the application of strict 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. We have summarized how we integrated the principle adverse indicators in our ESG policy and process in the ESG Policy & Process document that can be found on our website.

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) Sustainable European Small-cap 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).

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 60, avenue J.F. Kennedy, L-1855, 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.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
1.500 %
Service fee i
0.20 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
1.75 %
Kempen (Lux) Sustainable European Small-cap 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).

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 60, avenue J.F. Kennedy, L-1855, 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.

Share class details

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Share class
A i
Investor type
Private
Distributing
No
Benchmark i
MSCI Europe Small Cap Total Return Index
Investment category
Small-caps
Universum
Sustainable European Small- & Mid-caps
Inception date
2015-04-21
Domicile
Luxembourg
May be offered to all investors in
Belgium, France, Italy, Luxembourg, Switzerland, 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
Morningstar rating â„¢

Tradability

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Minimum subscription
Initial subscription € 1
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU0427934343
Kempen (Lux) Sustainable European Small-cap 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).

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 60, avenue J.F. Kennedy, L-1855, 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.
Kempen (Lux) Sustainable European Small-cap 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).

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 60, avenue J.F. Kennedy, L-1855, 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.