Kempen Lux Sustainable European Small-Cap Fund - Class B

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 2022-10-31 (rebased)

No chart data available

Performance per 2022-10-31

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  Fund Benchmark
1 month 7.6 % 7.0 %
3 months -11.8 % -11.3 %
This year -21.4 % -25.2 %
2019 27.9 % 31.4 %
2020 -0.5 % 4.6 %
2021 26.0 % 23.8 %
1 year (on annual basis) -20.2 % -24.5 %
3 years (on annual basis) i 3.1 % 1.8 %
5 years (on annual basis) i 0.0 % 1.5 %
Since inception (on annual basis) i 9.1 % 8.7 %
On 23 October 2013 Kempen SeNSe Fund (KSF) was merged with Kempen (Lux) Sustainable European Small-cap Fund (the Fund). The results shown of the period before 23 October 2013 are those of KSF. KSF had a similar investment structure and cost structure, but had 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 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 91.05 M 2022-10-31
Share class size
EUR 1.39 M 2022-10-31
Number of shares
35,861 2022-10-31
Net Asset Value i
EUR 41.71 2022-12-01
Turnover rate
55.71 %
Morningstar rating â„¢

Fund characteristics per 2022-10-31

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  Fund Benchmark
Number of holdings 43 1029
Dividend yield i 3.52 % 3.25 %
Weighted average market capitalization i EUR 2,605 M EUR 2,601 M
P/E ratio i 10.44
Active share i 94.12 %
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 2022-10-31

In October the NAV of the Fund (I-class) increased by 7.6% (net of fees) while the MSCI Europe Small-cap index increased by 7.0%.

Further confirmation of weakening global economic growth and, consequently, falling prices of both energy and commodity prices, lower overall concerns about persistently high inflation. At the same time, mild autumn weather in large parts of Europe, combined with full gas stocks, has caused a sharp decline in the gas price, somewhat reducing the pressure on companies' profitability. Finally, the global economic slowdown is causing logistics costs to decrease materially. Better subcomponent availability allows companies to bring historically high order books back to normal levels. As a result, companies achieved solid production occupancy rates and this, in combination with lower energy and transport costs, ensured that operating results in the third quarter held up relatively well. However, the expectations for the coming quarters are being tempered now that order intake slows because the existing elevated (safety)stocks at distributors and retailers need to be cleared first. In the current uncertain times, our focus remains unchanged on companies with a strong position in the value chain, a solid balance sheet and strong management so that the company can focus on further strengthening its market position.

With a -25% decline in the MSCI Small cap index year-to-date, financial markets 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 better 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 no new names were added to the portfolio whereas the position in EMIS Group was entirely sold.

In October CIE Automotive, JOST Werke and Coats delivered the strongest contribution to the portfolio. CIE Automotive (+20.9%) reported strong Q3 2022 results, helped by recovering global vehicle production as supply chain issues (mostly semiconductor shortages) subside. Again, CIE took market share as weaker players struggle with cost inflation and given its discipline on M&A, financial leverage is coming down. The outlook is for further revenue growth in 2023 and a gradual recovery in margins due to the impact of price increases while cost inflation comes down (commodities, logistics). JOST Werke (+21.0%) shares were strong in October, ahead of Q3 2022 results which are likely to be solid given positive volume numbers reported by truck OEMs. Strength in trucks and agriculture is likely to offset possible weakness in trailers and we expect JOST to show its usual cost control as well as superior cash flow management and reiterate its full year guidance. Trading at 10x PE for 2023E, we see material upside in the shares of this quality industrial. Early October Coats (+22.8%) hosted a capital markets day which we attended. The company introduced Coats Footwear, the newly formed division which includes the two acquisitions Rhenoflex and Texon. We see clear topline and cost synergies from these two acquisitions, in combination with the Coats Footwear thread business. Although we have indications that end markets are weakening, based on news from Nike, Anta and Adidas, we believe that Coats has a lot of self-help potential and should be able to show meaningful earnings growth next year, despite headwind from softening end markets. Most of the self-help comes from moving part of the US manufacturing footprint, which we visited in September, to Mexico.

The companies that delivered the weakest contribution to the portfolio in October were TAG Immobilien, Software AG and Hikma. Although there was no news on TAG Immobilien shares were down 22.0% for the month. In August TAG raised €200 million equity to refinance the Polish acquisition ROBYG. But also after this equity raise leverage and Loan-to-Value (LTV) remain high and TAG targeted to bring down leverage and LTV by disposals. As interest rates continue to rise we see that the market for bigger disposals is softening and interest costs pressure the company’s earnings potential. We therefore actively further reduced our position last month, which currently is less than 0.6% of our portfolio. Software AG shares were weak (-5.8%) over the month, potentially anticipating a warning on FY22, which didn’t materialize. At first sight the third quarter results were not inspiring, but under the hood we see that Software reported good progress in growing bookings due to new logo wins and migrations, and that the annual recurring revenues grew to €700 million, which bodes well for the future. Also two transaction, a divestment of a small non-core business, and the outsourcing of consulting activities in the US to partner Persistent will help Software AG to become more focused on delivering on its long term potential. Earlier in the year, Hikma (-6.4%) lowered the outlook for one of its divisions on two occasions. In our view, the negative share price return in October was driven by investors worrying about another downgrade to the outlook when the company will report its Q3 trading statement at the start of November.

ESG
With COP27 just around the corner, a global push for seeking renewed solidarity between countries to deliver on the landmark Paris Agreement, much of investors' attention is focused on the climate policies of investee companies. We continued our engagement with JOST Werke, a manufacturer of trailer and trucks components, on its climate policy implementation and governance mechanisms. We learned that one of the main challenges the company faces is reducing the carbon intensity of the power mix. In some countries like Poland and China, were JOST Werke has two large manufacturing plants, they are not able to switch to an electricity supplier offering 100% renewable energies, as there aren’t any pure green suppliers. This is a challenge that several of our portfolio companies experience. On the positive, JOST Werke is implementing a clear link between the incentive packages for executive directors and the climate policy, demonstrating clear alignment between the company objective, our objectives as a shareholder, and the director's personal goals.

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 2022-10-31 (rebased)

No chart data available

Performance per 2022-10-31

Slide to see more
  Fund Benchmark
1 month 7.6 % 7.0 %
3 months -11.8 % -11.3 %
This year -21.4 % -25.2 %
2019 27.9 % 31.4 %
2020 -0.5 % 4.6 %
2021 26.0 % 23.8 %
1 year (on annual basis) -20.2 % -24.5 %
3 years (on annual basis) i 3.1 % 1.8 %
5 years (on annual basis) i 0.0 % 1.5 %
Since inception (on annual basis) i 9.1 % 8.7 %
On 23 October 2013 Kempen SeNSe Fund (KSF) was merged with Kempen (Lux) Sustainable European Small-cap Fund (the Fund). The results shown of the period before 23 October 2013 are those of KSF. KSF had a similar investment structure and cost structure, but had 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 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
Yes
Last dividend
EUR 0.50
Ex-date last dividend
2022-07-15
Number of distributions per year
2
Dividend calendar

Risk analysis (ex post) per 2022-10-31

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  3 years Since inception
Maximum drawdown i -30.49 % -43.35 %
Tracking error i 4.60 % 5.14 %
Information ratio i 0.27 0.07
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.

Maturity profile (2022-10-31)

2.4 %
Cash
97.6 %
Other
Total
100 %

Geographic allocation (2022-10-31)

27.1 %
United Kingdom
16.4 %
Netherlands
9.9 %
Belgium
7.8 %
Germany
7.6 %
Sweden
6.2 %
Luxembourg
5.4 %
France
5.1 %
Switzerland
4.0 %
Austria
3.1 %
Spain
2.6 %
Finland
2.4 %
Cash
1.6 %
Italy
0.7 %
Norway
Total
100 %

Top 10 holdings (2022-10-31)

4.3 %
ASR Nederland
4.0 %
BAWAG Group
4.0 %
Software
3.8 %
Signify
3.7 %
Tate & Lyle
3.6 %
Ipsos
3.3 %
JOST Werke
3.1 %
Cie Automotive
3.1 %
Euronext
2.9 %
Bravida
Total
35.8 %

Rating allocation (2022-10-31)

97.6 %
Not Rated
2.4 %
Cash
Total
100 %

Sector allocation (2022-10-31)

29.2 %
Industrials
12.9 %
Financials
11.1 %
Consumer Discretionary
8.5 %
Consumer Staples
8.4 %
Health Care
7.9 %
Technology
6.8 %
Telecommunications
5.2 %
Basic Materials
5.0 %
Real estate
5.1 %
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 %
Ongoing charges last financial year i
1.74 %
The ongoing charges figure of the last financial year relates to 2020/2021.
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
B i
Investor type
Private
Distributing
Yes
Benchmark i
MSCI Europe Small Cap Total Return Index
Investment category
Small-caps
Universe
Sustainable European Small- & Mid-caps
Inception date
2013-10-23
Domicile
Luxembourg
May be offered to all investors in
Belgium, Germany, Luxembourg, Switzerland, The Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Administrator
BNP Paribas, Luxembourg Branch
Management company
Kempen Capital Management N.V.
Depositary and custodian
BNP Paribas, Luxembourg Branch
Morningstar rating â„¢

Tradability

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Minimum subscription
Initial subscription € 1
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU0636593559
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.