As of 10 September 2019 Kempen (Lux) European Small-cap Fund will be 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 International Funds SICAV – the Kempen (Lux) Sustainable European Small-cap Fund (the Fund) manages a bottom-up investment process to a concentrated portfolio containing relatively high-quality, small European businesses, with the aim of earning an attractive return in the long term. Quality companies have a proven and sustainable competitive edge that expresses itself in a high return on the invested capital and above-average earnings growth, and the fund manager believes that consistent investment results can be achieved via an investment philosophy that focuses on these aspects.

The Fund only invests when risk and reward are asymmetrically related. The Fund ontly invests in companies that adhere to strict sustainability criteria integrating environmental, ethical, and social standards.

As of 10 September 2019 Kempen (Lux) European Small-cap Fund will be incorporated into Kempen (Lux) Sustainable European 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 2019-07-31 (rebased)

No chart data available

Performance per 2019-07-31

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  Fund Benchmark
1 month -4.1 % -0.2 %
3 months -6.5 % -3.3 %
This year 14.0 % 15.6 %
2016 -1.5 % 3.2 %
2017 11.2 % 19.1 %
2018 -19.0 % -15.9 %
1 year (on annual basis) -6.2 % -5.8 %
3 years (on annual basis) i 1.5 % 7.1 %
5 years (on annual basis) i 6.1 % 8.6 %
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 126.30 M 2019-07-31
Share class size
EUR 0.88 M 2019-07-31
Number of shares
34,771 2019-07-31
Net Asset Value i
EUR 24.38 2019-08-22
Morningstar rating â„¢

Fund characteristics per 2019-07-31

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  Fund Benchmark
Number of holdings 40 1000
Dividend yield i 2.86 % 2.83 %
Weighted average market capitalization i EUR 2,489 M EUR 2,747 M
P/E ratio i 15.95 15.03
Active share i 94.26 %
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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Information Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

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.

Market developments per 2019-07-31

In July the Fund (I-class) decreased by 4.1% (net of fees), versus a 0.2% decrease for the MSCI European small-cap index. Year to date, the Fund (I-class) increased by 14.6% (net of fees) versus a 15.6% increase of the benchmark. The ongoing trade war uncertainty caused the delay or even cancellation of orders which triggered a wave of profit warnings in the automotive, capital goods and chemical sectors.

Portfolio developments per 2019-07-31

In July we have expanded our portfolio with one new name and closed our position in Dunelm Group.

The best performing companies were BE Semiconductor Industries, Sweco and Euronext. BE Semiconductor Industries (+19%) benefited from positive sector news in the semiconductor market. Some peers of BESI reported better than expected outlooks. The results of BESI over the first half of the year were impressive from a gross margin and cost perspective. With a decline in revenues of over 40% BESI achieved more than 20% EBIT-margins. The order intake doesn’t reflect any near-term recovery of the market, but the company again underlines its ability to manage the company through the downturn. Also in the second quarter Sweco (+5%) reported 5% organic sales growth. Besides Denmark and the UK, all countries contributed to this growth. The solid organic growth, and the consolidation of some small acquisitions resulted in record operating results for the first half of 2019. June trading volumes reported by Euronext (+5%) confirmed that stock market volumes remained soft. However, the reported 1H19 results by Euronext confirm the company’s strong cost control, flawless integration track record and it successfully moves away from volume related services to more predictable data and professional services.

The weakest performers were FDM, AG Barr and Krones. Growth for FDM (-13%) slowed down during the first half of 2019, but with 14% organic growth was still very healthy. The company experienced lower activity in the UK government sector. This uncertainty, with Brexit upcoming puts some pressure on the share price. As today almost 50% of revenues are derived from outside the UK we remain positive on the long-term growth prospects of FDM. AG Barr (-27%) issued a warning in its pre-close trading update. The company expects revenues and earnings to be down this year from an exceptionally strong 2018, which benefited from a hot summer and beneficial pricing dynamics versus competition. The company should see trading conditions normalize in the course of the second half of the year, also helped by new product innovations. Krones (-27%) issued a profit warning during the month. While second quarter revenues developed as planned, material and personnel costs as well as product mix developed unfavorably, which resulted in a lower than expected margin. The company does not expect to recover this development during 2019, and therefore also lowered the guidance for the year. We see some of these factors as temporary from which the company should recover eventually. Furthermore, the company is currently working on addressing the structural factors and we expect to hear more on this subject in the fall of this year.

ESG commentary
Before electing directors at Annual General Meetings, we evaluate the profiles of the nominated candidates and determine whether they are able to fulfill the respective roles. Besides reviewing the candidates’ education, experience, expertise, and how they would strengthen the overall board, we also analyze other board positions the candidate holds. There could be a potential conflict if the candidate is also serving the board at a shareholder, a large supplier or client of the company. In addition, candidates can serve too many boards in executive, as well as non-executives roles, which is typically referred to as being “overboarded”. The risk related to overboarding is that directors spread themselves too thinly to fulfill their fiduciary duties. In July we voted against a nominated Chairman at the AGM of Hibernia REIT. The proposed candidate already held three Chair positions at three different listed companies. In our view, the number of boards the candidate is serving, combined with the labor-intensive nature of the roles, could potentially compromise his responsibilities as the Chairman at Hibernia. Ahead of the AGM we informed the company of our voting intention and rationale in order to enter into dialogue on the company's corporate governance structure.
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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Information Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

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.

Performance per 2019-07-31 (rebased)

No chart data available

Performance per 2019-07-31

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  Fund Benchmark
1 month -4.1 % -0.2 %
3 months -6.5 % -3.3 %
This year 14.0 % 15.6 %
2016 -1.5 % 3.2 %
2017 11.2 % 19.1 %
2018 -19.0 % -15.9 %
1 year (on annual basis) -6.2 % -5.8 %
3 years (on annual basis) i 1.5 % 7.1 %
5 years (on annual basis) i 6.1 % 8.6 %
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 2019-07-31

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  3 years Since inception
Maximum drawdown i -20.60 % -62.09 %
Tracking error i 5.28 % 5.23 %
Information ratio i -1.06 0.09
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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Information Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

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.

Top 5 contribution (2019-07-31)

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  Contribution i Performance i
BE Semiconductor Industries 0.57 % 19.17 %
Sweco AB 0.15 % 4.74 %
Fabege 0.13 % 5.81 %
Euronext 0.13 % 4.80 %
Hikma Pharmaceuticals 0.13 % 5.15 %
Percentages shown for contributions and performances are based on Euros.

Bottom 5 contribution (2019-07-31)

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  Contribution i Performance i
Krones -0.83 % -26.85 %
A.G.Barr -0.43 % -27.18 %
FDM Group Holdings -0.34 % -13.33 %
Vesuvius -0.29 % -9.95 %
AddTech -0.27 % -11.26 %
Percentages shown for contributions and performances are based on Euros.

Geographic allocation (2019-07-31)

34.3 %
United Kingdom
11.5 %
Netherlands
10.6 %
Sweden
7.5 %
Germany
6.0 %
Italy
5.1 %
Ireland
4.7 %
Denmark
4.5 %
Spain
4.3 %
Luxembourg
3.4 %
Finland
2.7 %
Norway
2.4 %
Switzerland
3.1 %
Cash
Total
100 %

Top 10 holdings (2019-07-31)

3.6 %
Rotork
3.4 %
Huhtamaki
3.4 %
Industria Macchine Automatiche
3.3 %
BE Semiconductor Industries
3.1 %
Hilton Food Group
3.1 %
Sweco
3.0 %
Beazley
3.0 %
Safestore
3.0 %
Hikma Pharmaceuticals
2.9 %
Euronext
Total
31.8 %

Sector allocation (2019-07-31)

30.8 %
Industrial Goods & Services
10.9 %
Technology
8.4 %
Automobiles & Parts
7.7 %
Food & Beverage
5.8 %
Insurance
4.8 %
Banks
4.6 %
Health Care
4.3 %
Retail
3.0 %
England
2.9 %
Financial Services
2.9 %
Sweden
2.6 %
Ireland
3.1 %
Other
8.4 %
Overig
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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Information Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

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.

Ongoing charges

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Management fee i
1.50 %
Service fee i
0.20 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
1.75 %

Other costs

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Upward swing factor i
0.45 %
Downward swing factor i
0.25 %
As of 14 January 2019 the swing factor has been adjusted from 0.50%/0.30% to 0.45%/0.25%.
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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Information Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

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.

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, Luxembourg, Switzerland, The Netherlands, United Kingdom
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.
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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Information Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

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.
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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Information Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

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.

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:

  • ESG integration: Ensuring sustainability risks and opportunities are adequately considered in our investment analysis and processes.

  • Exclusion & avoidance: Not investing in companies involved in controversial activities or conduct.

  • Active ownership: Being responsible stewards of our clients’ capital and using our influence through engagement and voting to improve corporate behaviour on specific ESG issues and achieve positive change

  • Positive impact: Investing with an objective to achieve positive real world outcomes and impact, such as contributing to the UN Sustainable Development Goals.

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To put our mission and vision into practice we engage with our investee companies on a wide array of strategic, financial, and ESG topics. As an active owner we use our influence to improve our investee companies’ ESG performance.  This helps us address some of the most pressing and important sustainability issues facing business and the world. Our focus themes for engagement are: human rights, labour rights, climate change and governance.

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Through collaboration with other investors and industry think tanks we contribute to the development of principles and standards of corporate responsibility both at sector levels, as well as investee company level.

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Our full voting records are available here.

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OUR FUND APPROACH TO RESPONSIBLE INVESTMENT

The fund’s investment objective is to offer 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.

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Our ESG policy is fully implemented in our fund’s investment process across the three relevant pillars of: Exclusion, ESG integration and Active ownership. The figure 'ESG integration in the investment process' offers a step-by-step illustration of this implementation in our fund’s investment process.

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1. Exclusion

Our fund applies an automatic screen at the start of our investment process to exclude companies that are not sustainable. Our overall exclusion framework screens out investment in entities involved in the production of tobacco and of controversial weapons such as cluster munitions, anti-personnel mines, nuclear warheads, chemical and biological weapons.

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For the Sustainable European small-cap fund we additionally exclude entities involved in adult entertainment, alcohol, animal testing, fur, gambling, GMO, nuclear energy, thermal coal and weaponry. Furthermore, we only invest in companies that pass the UN Global Compact criteria and therefore exclude companies that receive a Watch List or Fail status.

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The next step in our process, the ‘Quick Scan’ phase, helps us to avoid companies that do not meet our sustainability screening criteria based on their activities and conduct. We apply a checklist to screen each company using MSCI ESG Research and Sustainalytics data.

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2. ESG integration

In the fundamental analysis we determine the Kempen ESG-score (1-5) of a company and evaluate whether the ESG profile would fit a sustainable portfolio. During the process we focus on each company on a case-by-case basis looking at the material risks in a given industry in combination with the company’s respective risk exposure, practices and disclosure. In this phase we use various data sources, including MSCI ESG Research and Sustainalytics. If our opinion deviates from the external ESG research providers we explain why. Furthermore we look into the company’s exposure to controversies and opportunities which could reduce or increase the ESG score. Based on the fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile and give each company a score (1-5). A lower score requires a higher return as used in our Discounted Cash Flow (DCF) models.

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3. Active ownership: Engagement

As active long-term investors we perform comprehensive engagements with our portfolio companies with the objective to unlock value and reduce risk.

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We strongly believe that the level of engagement with our portfolio companies is significantly deeper than that of our competitors. We are in frequent dialogue with the management teams of our portfolio companies. Each controversial item, as well as every individual engagement, is well-documented. We monitor the progress the company is making and continue to use our influence to improve the companies ESG performance.

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In addition to the ongoing ESG screening efforts, our Responsible Investment team also performs a quarterly screen and may propose engagement with low ESG performers. The results of this screening are discussed in quarterly meetings and an action list is created based on the outcomes of every meeting.

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In 2018, we participated in 104 engagement calls and meetings on issues such as capital allocation, remuneration, sustainability, and social issues.

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3. Active ownership: Voting

Exercising our voting rights is also an essential part of our responsible investment philosophy. ISS provides us with voting recommendations based on our own voting and governance policy. Items are further analysed on a case by case basis. Often, we inform the company about our voting intention ahead of the meeting and, where there is a recommendation to vote against management, we ask the company to clarify their viewpoints. After careful analysis, we form our own opinion and vote accordingly.

*

Although Kempen Capital Management N.V.’s information providers, including without limitation, MSCI ESG Research LLC and its affiliates (the “ESG Parties”), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

ESG Report
Screening MSCI Research
Screening MSCI Research
UN
ESG integration in the investment process
ESG integration in the investment process
Source
disclaimer
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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Bleicherweg 7, CH-8027 Zurich, Switzerland. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Information Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

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.