Kempen Lux Sustainable European Small-Cap Fund - Class I

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 2022-12-31 (rebased)

No chart data available

Performance per 2022-12-31

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  Fund Benchmark
1 month -0.8 % -2.5 %
3 months 13.8 % 10.9 %
This year -16.3 % -22.5 %
2019 28.9 % 31.4 %
2020 0.3 % 4.6 %
2021 27.1 % 23.8 %
1 year (on annual basis) -16.3 % -22.5 %
3 years (on annual basis) i 2.2 % 0.1 %
5 years (on annual basis) i 2.4 % 2.1 %
Since inception (on annual basis) i 9.8 % 8.8 %
On 23 October 2013 Kempen SeNSe Fund (KSF) was merged with Kempen (Lux) Sustainable European Small-cap Fund (the Fund). In June 2011 the first institutional class of the Fund was launched. The results shown of the periods before June 2011 are those of KSF. KSF had a similar investment structure, a higher cost structure and a different tax regime that could have influenced the returns shown. 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. 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 94.95 M 2022-12-31
Share class size
EUR 30.81 M 2022-12-31
Number of shares
13,883 2022-12-31
Net Asset Value i
EUR 2,401.99 2023-01-30
Morningstar rating â„¢
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 2022-12-31

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  Fund Benchmark
Number of holdings 42 990
Dividend yield i 3.14 % 3.12 %
Weighted average market capitalization i EUR 2,782 M EUR 2,667 M
P/E ratio i 11.20 11.67
Active share i 93.93 %
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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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 Information 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 Van Lanschot Kempen Investment Management NV (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 2022-12-31

In December the NAV of the Fund (I-class) decreased by 0.8% (net of fees) while the MSCI Europe Small-cap index decreased by 2.5%.

The month got off to a good start on the basis of better-than-expected inflation figures and thus rising expectations that the steepness of the path by which central banks will raise interest rates would level off somewhat. However, statements from both the ECB and FED pointed to a continued tightening of monetary policy, resulting in weakness in financial markets in December. In addition, the initial enthusiasm surrounding the lifting of COVID-19 restrictions in China has given way to concerns regarding the sharp increase in the number of infections in China and abroad. During the COVID-19 period, the companies in the portfolio have demonstrated their ability to respond quickly to new market conditions, to operate resiliently and to be financially sound. Although the path of economic recovery will not be a straight line, the portfolio contains high-quality companies with sufficient financial strength to emerge stronger from a potential recession.

With a -22.5% decline in the MSCI Europe Small cap index in 2022 and current valuations, investors in European small caps seem to assume a prolonged period of slump in demand and structurally lower margins, in our view. However, with the exception of labor costs, the prices of raw materials and logistics are falling noticeably. Additionally, the improved availability of components/materials translates into higher plant utilization rates. Increasingly, governments are announcing energy price caps to alleviate the pressure on consumer budgets. Long-term investors know that they will eventually face periods of economic decline. This is inherent to investment horizons exceeding the duration of economic cycles. Clearly, it would be preferrable to sell at the peak and invest again at the bottom of equity markets. This approach seems very attractive in theory. In practice however, history has shown that it is impossible to consistently do so. In our view, the most important thing is that companies and investors can withstand such economic downturns. Just like day follows night or the changing of the seasons, an economic downturn will eventually be followed by an economic upturn. While the world is full of surprises, you can be sure that we will continue to execute our diligent, fundamental investment process as we continue to be a co-owner of a selection of high quality, attractively priced companies and continue to make portfolio adjustments when required with the dual goal of generating long-term investment alpha and support sustainable development.

During the month Alten was added to the portfolio whereas Subsea 7 and TAG were entirely sold.

In December Befesa, Ipsos and Bekaert delivered the strongest contribution to the portfolio. Befesa (+11.3%) is a world leader providing recycling services to the steel and zinc industry. China’s new COVID policy allows for reopening of the economy, which should drive economic growth and consequently increased demand for metals like steel and zinc. The company has been investing to expand in China, an effort that was delayed due to the country’s COVID restrictions. Also in December Ipsos (+7.1%) continued its strong year to date share price performance. While there was no company specific news in the month, the shares potentially benefited from the capital allocation decisions of previous months, where Ipsos launched the first tranche of the share buy back and announced a small divestment. Bekaert (+7.4%) shares enjoyed a strong December as the lifting of its tight COVID policy allows for reopening of the economy, which should drive economic growth and demand for steel wire, including those used in tires. In 2022, China was by far the weakest geography within the Bekaert portfolio with other areas holding up relatively well.

The companies that delivered the weakest contribution to the portfolio in December were Zaptec, Huhtamaki and NCC Group. Across the board, companies in the electric vehicle (EV) value chain had a difficult December. Shares of vehicle manufacturers like Tesla and Rivian respectively declined by 39% and 44%. In our view this was due to generally high valuations of these shares combined with still very significant yet lowered growth expectations due to macroeconomic concerns. In this environment, EV charging equipment companies like Wallbox and Chargepoint but also our holding Zaptec declined by respectively 39%, 26% and 29%. The main news specific to Zaptec was positive in that the group transferred its listing to Oslo’s main stock exchange while the costs of said transfer had been flagged previously. Huhtamaki (-8.8%) shares were weak without company specific news. The company has successfully battled inflationary pressures over the past 18 months, allowing for solid profitability over the past few quarters. With energy, plastic and paper prices below their recent peaks, the company is likely to see revenue pressure as it will have to adjust its prices going forward and investors are keen to see how margins will hold up in such an environment. NCC Group (-8.5%) shares traded lower during December. While the strengthening of the Dollar compared to the British pound was a tailwind in the first three quarters of 2022, the tailwind partly reversed in the final quarter. As NCC Group revenues and earnings are predominately in US Dollars, this fourth quarter reversal results in a negative translation effect. NCC Group will report half year earnings early February, in combination with a strategic update from the newly appointed CEO. We hope that NCC Group will announce that the Software Resilience business will be up for divestment, as we don’t believe that NCC Group is the right owner of this asset and we think that NCC Group should focus on its fast growing cyber security activities.

ESG
Sustainability is important to us. But what does it mean? The word itself is subjective and can mean different things to different individuals. The Oxford Dictionary lists one interpretation of the word as ‘the ability to be maintained at a certain rate or level’. This maintaining or longevity element is what has to be important to all long-term investors. Without it companies and investors alike will not be able to reach this long-term, faraway future. This holds for natural and social resources but also and potentially even more so for financial performance. Therefore, in our view, the best examples of sustainable companies are those that are able to offer products and services that are sustainable in themselves and/or produced in a sustainable way while generating a positive and attractive cashflow and earnings profile. In the electric vehicle value chain, Zaptec is one of the few companies that generate positive earnings and cashflow combined with a solid balance sheet. German charging peer Compleo Charging Solutions who reported the intention to file an application for opening of insolvency proceedings in December does not have the same attributes. Due to losses and insufficient financing the company will potentially not be able to achieve the long-term despite offering a ‘green’ product.

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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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 Information 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 Van Lanschot Kempen Investment Management NV (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 2022-12-31 (rebased)

No chart data available

Performance per 2022-12-31

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  Fund Benchmark
1 month -0.8 % -2.5 %
3 months 13.8 % 10.9 %
This year -16.3 % -22.5 %
2019 28.9 % 31.4 %
2020 0.3 % 4.6 %
2021 27.1 % 23.8 %
1 year (on annual basis) -16.3 % -22.5 %
3 years (on annual basis) i 2.2 % 0.1 %
5 years (on annual basis) i 2.4 % 2.1 %
Since inception (on annual basis) i 9.8 % 8.8 %
On 23 October 2013 Kempen SeNSe Fund (KSF) was merged with Kempen (Lux) Sustainable European Small-cap Fund (the Fund). In June 2011 the first institutional class of the Fund was launched. The results shown of the periods before June 2011 are those of KSF. KSF had a similar investment structure, a higher cost structure and a different tax regime that could have influenced the returns shown. 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. 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 2022-12-31

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  3 years Since inception
Maximum drawdown i -30.36 % -43.35 %
Tracking error i 4.60 % 5.06 %
Information ratio i 0.44 0.19
Beta i 0.97 0.97
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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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 Information 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 Van Lanschot Kempen Investment Management NV (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 (2022-12-31)

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  Contribution i Performance i
Befesa 0.31 % 11.28 %
Ipsos 0.26 % 7.14 %
Bekaert 0.23 % 7.38 %
Alliance Pharma 0.22 % 8.80 %
Bravida 0.14 % 4.86 %
Percentages shown for contributions and performances are based on Euros.

Bottom 5 contribution (2022-12-31)

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  Contribution i Performance i
Zaptec ASA/Norway -0.29 % -29.33 %
Huhtamaki -0.21 % -8.76 %
NCC Group -0.20 % -8.50 %
Tate & Lyle -0.18 % -5.16 %
Dustin Group -0.18 % -11.62 %
Percentages shown for contributions and performances are based on Euros.

Geographic allocation (2022-12-31)

26.3 %
United Kingdom
16.7 %
Netherlands
10.7 %
Belgium
7.7 %
Germany
7.1 %
Sweden
6.5 %
France
5.8 %
Luxembourg
5.1 %
Switzerland
4.0 %
Austria
2.9 %
Spain
2.4 %
Finland
2.3 %
Cash
1.7 %
Italy
0.8 %
Norway
Total
100 %

Top 10 holdings (2022-12-31)

4.2 %
Software
4.1 %
ASR Nederland
4.0 %
BAWAG Group
4.0 %
Signify
3.8 %
Ipsos
3.6 %
JOST Werke
3.5 %
Tate & Lyle
3.3 %
Euronext
3.2 %
Bekaert
3.1 %
Befesa
Total
36.6 %

Sector allocation (2022-12-31)

29.7 %
Industrials
12.9 %
Financials
11.1 %
Consumer Discretionary
8.7 %
Technology
8.7 %
Health Care
7.7 %
Consumer Staples
7.0 %
Telecommunications
5.5 %
Basic Materials
4.5 %
Real estate
4.2 %
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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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 Information 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 Van Lanschot Kempen Investment Management NV (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
0.700 %
Service fee i
0.20 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0.91 %
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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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 Information 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 Van Lanschot Kempen Investment Management NV (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
I i
Investor type
Institutional
Distributing
No
Benchmark i
MSCI Europe Small Cap Total Return Index
Investment category
Small-caps
Universe
Sustainable European Small- & Mid-caps
Inception date
2011-06-27
Domicile
Luxembourg
May be offered to professional investors only in
Austria, Belgium, Finland, France, Germany, Italy, Luxembourg, Netherlands, Norway, Sweden, Switzerland, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Management company
Van Lanschot Kempen Investment Management NV
Depositary and custodian
BNP Paribas, Luxembourg Branch
Morningstar rating â„¢

Tradability

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Minimum subscription
Initial subscription: €50,000, additional subscriptions: €10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU0427934699
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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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 Information 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 Van Lanschot Kempen Investment Management NV (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.

Investment strategy

The Fund offers an actively and professionally managed portfolio of smaller listed European companies, while at the same time complying with strict exclusion and sustainability criteria. Our ESG-policy, described in the ESG Policy & Process document, is aimed at the promotion of environmental and/or social characteristics. This ESG policy is implemented in our strategy’s investment process across four pillars: Exclusion, ESG Integration, Active ownership and Positive impact.Â

Before and after selecting the asset, we apply adequate (ESG) due diligence measures. This can help to enhance long-term risk adjusted returns for investors, in accordance with the investment objectives of the Fund. We  look at each company on a case-by-case basis, taking into account both material risks in a given industry and the company’s respective risk exposure, practices and disclosure. This includes:Â
- an assessment of good governance practices. The investee companies are rated for governance aspects using external research and internal assessments.Â
- the company’s exposure to past controversies and future ESG opportunities
Based on fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile and award a score (1-5).

Proportion of investments

Information about the proportion of investments with environmental or social characteristics is available in the annex II of this product. Â

Monitoring of environmental or social characteristics

The holdings are screened quarterly for compliance with Kempen’s ESG criteria. The screening process allows Kempen to monitor the ESG performance of all companies in the fund. It also encourages engagement on potential issues identified. Furthermore, the results of the screening feeds into quarterly challenging sessions between ESG specialists and portfolio managers. These sessions are used to assess whether ESG risks and opportunities are sufficiently reflected in the investment decision making process of Kempen.

Methodologies

Principal Adverse Impact Indicators are monitored at individual holding level and at the portfolio level.Â

Kempen ESG Score serves as input throughout the investment process (exclusion, integration in the valuation models, engagement). Scores are based on 21 ESG risk factors, which are selected based on their materiality per industry.Â

Carbon emission intensity is used as the key carbon metric. We calculate carbon intensity based on revenues (weighted average carbon intensity), which we use for our commitment, ambition and objectives. We also calculate carbon intensity based on Enterprise Value, which is also used by the EU Benchmarks.

EU Taxonomy alignment is measured by turnover, for which we use a combination of actual data from investee companies and estimates on EU Taxonomy alignment made by a third party provider.Â

Engagement Milestones are used in order to measure engagement success. All engagement contacts are recorded and classified: Milestone 1 (company is informed), Milestone 2 (company acknowledges request), Milestone 3 (company commits to improve), up until Milestone 4 (proof of improvement).

Data sources and processing

External data providers include (but are not limited to)Â
- Institutional Shareholder Services (ISS), used for proxy voting, governance research, carbon data and Sustainable Development Goals data;Â
- MSCI ESG Research: used for company ESG Ratings, product involvement data, principal adverse indicators and to assess the degree to which the investments are in environmentally sustainable economic activities under the EU Taxonomy, measured by turnover;Â
- Sustainalytics: used for ESG Risk Ratings and product involvement data.Â
Internal as well as external data is collected and processed in several data analytics (including FactSet, PowerBI, Tableau) and internal compliance systems (including ThinkFolio).

Fund carbon emission targets

Morningstar sustainability rating

Limitations to methodologies and data

Externally provided ESG data is far from perfect. Therefore we conduct rigorous due diligence of the data used in our ESG processes to ensure the limitations will not affect the environmental and social characteristics. To ensure data quality we regularly engage with portfolio companies and third party vendors. Limitations include, but are not limited to discrepancies between company reported data and data provided by third parties, inconsistencies across data vendors, market cap bias and modelling assumptions.

Due diligence

Before a company is invested in, Portfolio Managers perform a due diligence on potential ESG risks and principal adverse impact indicators, opportunities, as well as potential past controversies. ESG due diligence is integrated in the different stages of the investment process (screening of the investable universe, fundamental research & portfolio management). ESG specialists challenge the portfolio managers on the implementation of the ESG process on a quarterly basis.
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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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 Information 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 Van Lanschot Kempen Investment Management NV (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. Van Lanschot Kempen Investment Management NV is the management company of the Fund. Van Lanschot Kempen Investment Management NV 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 Information 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 Van Lanschot Kempen Investment Management NV (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.