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 2022-08-31 (rebased)

No chart data available

Performance per 2022-08-31

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  Fund Benchmark
1 month -8.9 % -6.9 %
3 months -11.8 % -9.8 %
This year -18.8 % -21.5 %
2019 27.9 % 31.4 %
2020 -0.6 % 4.6 %
2021 26.0 % 23.8 %
1 year (on annual basis) -19.8 % -21.6 %
3 years (on annual basis) i 5.8 % 5.5 %
5 years (on annual basis) i 2.1 % 3.8 %
Since inception (on annual basis) i 9.4 % 9.1 %
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 99.81 M 2022-08-31
Share class size
EUR 0.55 M 2022-08-31
Number of shares
19,017 2022-08-31
Net Asset Value i
EUR 27.53 2022-09-19
Turnover rate
55.71 %

Fund characteristics per 2022-08-31

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  Fund Benchmark
Number of holdings 43 1035
Dividend yield i 3.44 % 3.01 %
Weighted average market capitalization i EUR 2,558 M EUR 2,745 M
P/E ratio i 10.89
Active share i 94.34 %
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 2022-08-31

In August, the NAV of the Fund (I-class) decreased by 8.8% (net of fees) while the MSCI Europe Small-cap index decreased by 6.9%.

After the euphoria on global stock markets in July, financial markets lost some ground in August. The combination of data pointing at ongoing tight labour markets and further rising energy prices (due to the further capacity limitation of the NordStream 1) make further rate hikes by central banks inevitable. The United States are ahead of Europe in this respect and seem to maintain their lead in the short term. The renewed weakness in the Euro against the US Dollar and further weakening of the European Purchasing Managers Index (below 50 for the second month in a row) underline that the possibility of a recession is still present. Reaching Europe's gas storage goal on time is welcome news. The most negative economic scenarios therefore seem less likely. Yet, according to Bloomberg gas storage only covers 25-30% of fuel consumed during the European winter. In these uncertain times, our focus remains unchanged on companies with a proven strong position in the value chain and a solid balance sheet so that the company can maintain or even strengthen its market position even in the current environment.

By now virtually all portfolio companies have reported their half-year results. Supported by historical high orderbooks most companies are cautiously optimistic about medium-term prospects and see little evidence of an economic slowdown. At the same time companies flag that the range of possible outcomes is much wider than usual thereby highlighting the ongoing uncertainty on the direction of the economy going forward. Irrespective whether economies are heading into a (light) recession or not, a long-term investor knows that economic downturns will come sooner or later. They are part of any long-term investment horizon. In our view, the important thing in such instances is to have the ability to endure them. Long-term investors need to exhibit staying power and make sure they themselves and the companies they invest in do not get liquidated in such a downturn. The timing of a bottom in equity markets is impossible to consistently determine correctly. The market recovery of July has been almost neutralized by the developments of August. A new 2022 low for the MSCI Europe Small Cap Index is in sight. July seems more and more like to enter the history books as a bear market rally. But just like day follows night or the changing of the seasons, an economic downturn will eventually be followed by an economic upturn. As the future is full of pleasant and unpleasant surprises, we hope you find comfort in the fact that your and our long-term interests are aligned. We will continue to execute our diligent, fundamental process, continue to be a partial owner of a number of high quality, attractively priced companies and continue to make portfolio adjustments if and when required with the dual goal of generating long-term investment alpha and support sustainable development.

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

In August Software AG, ASR and Beazley delivered the strongest contribution to the portfolio. The defensive and more predictable nature of the business helped Software AG (+3.0%) to outperform the broader market. Also the takeover of MicroFocus and rumoured interest of private equity in SimCorp underline that there is good value in the predictable cash flows of European software companies, that private equity is willing to pay for. Ultimately the negative impact of both the February storms and the lifting of the COVID-19 lockdown measures (causing higher claim frequency) was more than offset by strong underlying improvement and caused ASR’s (+2.3%) 1H22 results to exceed expectations. Despite only 6 months in the execution of the 2022-2025 strategy the targets already look too conservative and an increased share buyback budget (€100m annually) seems likely. Without company specific news flow Beazley (+4.3%) shares still benefited from the stronger than expected 1H22 results (reported in July) in which the FY22 combined ratio target was increased and management confirmed that growth prospects into FY23 look healthy.

The companies that delivered the weakest contribution to the portfolio in August were Coats, Travis Perkins and ASOS. Coats Group (-21.2%) landed its second acquisition this year in the structural footwear component market. After the acquisition of Rhenoflex Coats will be the undisputed market leader in this area. The second acquisition also allows Coats to unlock more synergies in the short term and create additional opportunities for footprint optimization in the longer term. The company issued 10% new shares to finance this deal, which we see as positive ahead of a potential slowdown in demand. Travis Perkins (-21.8%), a distributor of building materials, published disappointing results. In our view, the developments at Toolstation were the culprit. The Toolstation business unit is a fast-growing supplier of tools for professionals and serious do-it-yourselfers. After a period of temporary higher COVID-19 related sales, this business showed further sales normalization in combination with higher operating costs due to the expansion of its store network to facilitate future growth. After the strong share price increase in July, ASOS (-35.3%) shares lost ground in August. As inflation continues to increase, it is widely expected that consumer discretionary spending will be under pressure, impacting companies like ASOS. This headwind comes in a period where ASOS’ management is in a complete restructuring as the company announced in August that the CFO/COO, Mat Dunn, will also leave the company later this year.

In August we met the management team of ASR to discuss its approach to climate change. ASR has set the ambition to become net-zero in 2050 and is combatting climate change through its investments, real estate portfolio and mortgages. It also promotes preventive measures and compensates for climate-related damage through its insurance policies. Nevertheless, measuring the carbon footprint of ASR’s insurance activities poses a challenge that the insurer is actively trying to solve. Internal working groups are developing a methodology alongside its peers in the Net-Zero Insurance Alliance. How could ASR actively decrease emissions through its policies? Measures could include minimum sustainability requirements for materials that are used to repair cars and real estate after accidents or fire. By 2025, ASR aims to have 50% of fire damage and 85% of vehicle damage repaired sustainably. To support the energy transition, ASR is also constantly adjusting its product range and policies. For example ASR is developing insurance policies which specifically cover potential damage to solar panels, charging stations and green roofs.

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. Moreover, 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 2022-08-31 (rebased)

No chart data available

Performance per 2022-08-31

Slide to see more
  Fund Benchmark
1 month -8.9 % -6.9 %
3 months -11.8 % -9.8 %
This year -18.8 % -21.5 %
2019 27.9 % 31.4 %
2020 -0.6 % 4.6 %
2021 26.0 % 23.8 %
1 year (on annual basis) -19.8 % -21.6 %
3 years (on annual basis) i 5.8 % 5.5 %
5 years (on annual basis) i 2.1 % 3.8 %
Since inception (on annual basis) i 9.4 % 9.1 %
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 2022-08-31

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  3 years Since inception
Maximum drawdown i -30.51 % -43.35 %
Tracking error i 4.67 % 5.15 %
Information ratio i 0.06 0.06
Beta i 0.97 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 (2022-08-31)

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  Contribution i Performance i
Software 0.12 % 3.01 %
ASR Nederland 0.09 % 2.33 %
Beazley 0.07 % 4.32 %
Subsea 7 SA 0.03 % 1.75 %
BAWAG Group 0.01 % 0.36 %
Percentages shown for contributions and performances are based on Euros.

Bottom 5 contribution (2022-08-31)

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  Contribution i Performance i
Coats -0.56 % -20.86 %
Travis Perkins -0.51 % -21.82 %
Asos -0.45 % -35.22 %
Hikma Pharmaceuticals -0.44 % -25.60 %
Signify -0.39 % -10.09 %
Percentages shown for contributions and performances are based on Euros.

Geographic allocation (2022-08-31)

27.9 %
United Kingdom
16.0 %
Netherlands
8.4 %
Germany
8.4 %
Sweden
8.4 %
Belgium
6.4 %
Luxembourg
5.7 %
France
5.1 %
Switzerland
3.8 %
Austria
3.1 %
Spain
2.4 %
Cash
2.3 %
Finland
1.6 %
Italy
0.5 %
Norway
Total
100 %

Top 10 holdings (2022-08-31)

4.2 %
Software
4.0 %
ASR Nederland
3.9 %
Ipsos
3.9 %
Tate & Lyle
3.8 %
Signify
3.8 %
BAWAG Group
3.2 %
Alliance Pharma
3.1 %
Euronext
3.1 %
Cie Automotive
2.9 %
JOST Werke
Total
35.9 %

Sector allocation (2022-08-31)

26.7 %
Industrials
12.2 %
Financials
11.2 %
Consumer Discretionary
10.2 %
Health Care
8.3 %
Consumer Staples
7.6 %
Technology
7.4 %
Telecommunications
6.3 %
Real estate
4.8 %
Basic Materials
5.5 %
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 8 of the SFDR which means that the fund promotes environmental and/or social characteristics. While it does not have as its objective a sustainable investment, it will have a minimum proportion of the benchmark level of sustainable investments. The Fund considers principle adverse impact on sustainability factors.

The Fund promotes environmental characteristics related to:
• climate change mitigation and climate change adaptation in line with the Paris Climate Agreement;
• the protection of biodiversity and ecosystems;
• the transition to a circular economy.
The Fund promotes social characteristics related to:
• decent work;
• adequate living standards and wellbeing for end-users;
• other social topics such as gender equality and broader diversity matters.

The environmental characteristics promoted by the Fund seek to contribute to the achievement of the climate goals of the Paris Agreement and the National Climate Agreement of the Netherlands (‘Klimaatakkoord’). This decarbonization pathway encompasses short-term (2025) objectives, a mid-term (2030) ambition and a long-term commitment to be net zero by 2050. Although there has been no index designated as a reference benchmark, by 2025 the Fund aims to have a carbon intensity that is below the EU Climate Transition Benchmark (EU CTB) pathway. This pathway assumes a carbon intensity that is 30% lower than the Fund's relevant benchmark in 2019 with a subsequent 7% annual reduction.

Fund carbon emission targets

ESG Label

ESG Investment process

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

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 the UN Global Compact framework, the OECD Guidelines for Multinational Enterprises, the UN Guiding Principles for Business and Human Rights, and our Principles for Responsible Investment commitments. The Fund applies additional exclusion criteria based on product involvement and business conduct.

Key figures

  Kempen criteria Additional criteria
Business conduct
Human Rights
Labour
Environment
Anti Corruption
Product involvement
Controversial Weapons
Tobacco
Thermal Coal
Tar Sands
Adult Entertainment
Alcohol
Animal Welfare & GMO
Gambling
Power Generation Nuclear
Power Generation Carbon Intensive
(Un)conventional Oil & Gas Extraction
Weaponry
Kempen (Lux) 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, Germany, 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

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.