- Kempen
- Kempen Lux Sustainable European Small Cap Fund Class BN
As of 10 September 2019 Kempen (Lux) European Small-cap Fund is incorporated into Kempen (Lux) Sustainable European Small-cap Fund. Read the official announcement here.
Kempen Lux Sustainable European Small-Cap Fund - Class BN
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.
As of 10 September 2019 Kempen (Lux) European Small-cap Fund will be incorporated into Kempen (Lux) Sustainable European Small-cap Fund. You can find more information under the Documents tab.
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.
As of 10 September 2019 Kempen (Lux) European Small-cap Fund will be incorporated into Kempen (Lux) Sustainable European Small-cap Fund. You can find more information under the Documents tab.
Management team
Michiel van Dijk, Erwin Dut, Sander van Oort; Ingmar Schaefer
Performance per 2019-10-31 (rebased)
Performance per 2019-10-31
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| Fund | Benchmark | |
|---|---|---|
| 1 month | 0.8 % | 2.5 % |
| 3 months | 1.1 % | 4.3 % |
| This year | 15.7 % | 20.6 % |
| 2016 | -0.7 % | 3.2 % |
| 2017 | 12.0 % | 19.1 % |
| 2018 | -18.3 % | -15.9 % |
| 1 year (on annual basis) | 7.7 % | 9.0 % |
| 3 years (on annual basis) i | 3.2 % | 8.4 % |
| 5 years (on annual basis) i | 7.0 % | 10.1 % |
| Since inception (on annual basis) i | 10.5 % | 10.0 % |
On 23 October 2013 Kempen SeNSe Fund (KSF) was merged with Kempen (Lux) Sustainable European Small-cap Fund. The results shown of the period before 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. In November 2013 the rebate free class (BN) of Kempen (Lux) Sustainable European Small-cap Fund was launched. The results shown of the period October 2013 - November 2013 are those of class B of the same fund. The higher management fee of class B has had an impact on the performance quoted. 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 223.72 M 2019-10-31 |
| Share class size | EUR 103.83 M 2019-10-31 |
| Number of shares | 2,606,470 2019-10-31 |
| Net Asset Value i | EUR 42.03 2019-12-06 |
| Morningstar rating â„¢ | |
Fund characteristics per 2019-10-31
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| Fund | Benchmark | |
|---|---|---|
| Number of holdings | 44 | 990 |
| Dividend yield i | 2.93 % | 2.77 % |
| Weighted average market capitalization i | EUR 2,603 M | EUR 2,887 M |
| P/E ratio i | 15.89 | 15.64 |
| Active share i | 93.95 % |
Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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 6H, route de Trèves, L-2633 Senningerberg, 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.
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 6H, route de Trèves, L-2633 Senningerberg, 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.
More information?
Market developments per 2019-10-31
In October the Fund (I-class) increased by 0.8% (net of fees), underperforming MSCI Europe Small-cap Index that increased by 2.5%. Year-to-date, the Fund (I-class) increased by 15.8% (net of fees) versus a 20.6% increase of the benchmark. In October, materials and consumer staples names performed well in the Fund, while consumer discretionary and financials names have slightly detracted.
The Fund’s return for 2019 is lagging that of the strong European small-cap equity markets as we have experienced them to date. While it is not surprising that there is a degree of volatility in both absolute and relative monthly returns we are not disappointed about the Fund’s absolute return this year as it exceeds that of long-term averages for equity markets by a wide margin. However, it is disappointing that the relative YTD underperformance primarily occurred when some portfolio companies adjusted their full year outlook downward in recent months. Furthermore, financial markets continue to prefer business models with above average growth allowing for both operational leverage and offsetting general cost inflation. Not surprisingly, both earnings estimates and valuation for these stocks have increased substantially. Consequently, the room for error for these stocks has become very limited and missing estimates will inevitably cause shares of such companies to correct severely. This as both estimates will be revised downward and valuation multiples are likely to contract. Although the short-term trend is against us we stick to our long-term selection of stocks while we seek to continuously strengthen the portfolio in terms of safety margin in the valuation and quality of our holdings as part of ongoing portfolio management. We are convinced that this philosophy and the underlying robust process provides a great foundation from which to build future long-term returns and outperformance.
The Fund’s return for 2019 is lagging that of the strong European small-cap equity markets as we have experienced them to date. While it is not surprising that there is a degree of volatility in both absolute and relative monthly returns we are not disappointed about the Fund’s absolute return this year as it exceeds that of long-term averages for equity markets by a wide margin. However, it is disappointing that the relative YTD underperformance primarily occurred when some portfolio companies adjusted their full year outlook downward in recent months. Furthermore, financial markets continue to prefer business models with above average growth allowing for both operational leverage and offsetting general cost inflation. Not surprisingly, both earnings estimates and valuation for these stocks have increased substantially. Consequently, the room for error for these stocks has become very limited and missing estimates will inevitably cause shares of such companies to correct severely. This as both estimates will be revised downward and valuation multiples are likely to contract. Although the short-term trend is against us we stick to our long-term selection of stocks while we seek to continuously strengthen the portfolio in terms of safety margin in the valuation and quality of our holdings as part of ongoing portfolio management. We are convinced that this philosophy and the underlying robust process provides a great foundation from which to build future long-term returns and outperformance.
Portfolio developments per 2019-10-31
The best performing companies were Sweco, BE Semiconductor Industries and Huhtamaki. Sweco (+21%) reported excellent third quarter results. The company reported a 13% revenue growth, of which 6% organic. Besides the UK, all countries contributed to this growth, where Belgium stood out with almost 30% organic growth. The operating results increased with more than 45%. Half of this increase was driven by more working hours in the third quarter of 2019 compared to the third quarter of 2018. The company remains optimistic on the near future and is well positioned for further organic growth, margin expansion and bolt on acquisitions. BE Semiconductor Industries (+15%) reported very solid third quarter results. Revenues came in higher than expected, as Chinese customers ordered more than expected. The company continued to run a tight ship from a cost perspective, resulting in very strong operating profits despite the severe downturn in the back-end semiconductor equipment market. The company doesn’t expect a near term recovery of its end markets, reflected by the book-to-bill ratio of below 1.0x. Huhtamaki (+13%) reported strong third quarter results that confirmed the recovery in operating margins after raw materials headwinds last year as well as ongoing strong momentum in the North American food service business. With capex coming down, the company is starting to grow its free cash flow again.
The weakest performers were TAKKT, Fabege and Subsea 7. TAKKT (-12%) lowered its FY19 sales growth target from flattish to a 1-2% decline together with the 3Q19 results announcement. The updated guidance implies a 5-10% sales decline for 4Q19 and reflects the cautious investment appetite by its customers, especially in Germany where it realizes 22-23% of total sales. Despite the lowered sales outlook, the company reiterates its 12-14% FY19 EBITDA margin guidance as it already worked on measures that could be implemented in case of a further slowdown. Unlike a lot of other companies, TAKKT management takes a proactive approach in the current uncertain economic environment which we like very much. After a very strong rally in the share price, Fabege (-11%) reported somewhat disappointing third quarter results, sending the share price lower. Net lettings showed a small drop and revaluation of the property were lower than expected. We believe that given the sizeable project portfolio and excellent locations of Fabege the company is the preferred investment in the Scandinavian office market. Subsea 7 (-11%) traded lower during the last trading days of the month on the back of a weaker oil price. The company announced four new contracts in the month, all between $50-$150 million, of which two offshore wind farm projects in Taiwan. The company will report results early November in which we anticipate to see a recovery in the book-to-bill ratio.
ESG commentary
Respecting and supporting labour rights help companies to improve their workplace practices beyond legal compliance. We strive to improve the policies and practices of our portfolio companies through engagement. As long-term investors we like to see our portfolio companies increase accountability to stakeholders by developing strong policies, target setting and reporting, as well as continuous improvement of practices. SimCorp, a Danish software company servicing global financial markets, committed to improve its policies by making explicit reference to the ILO Core Conventions on Labour Standards as a result of our engagement efforts. We are pleased with the developments and will be reviewing the company's revised policies as they are published in 2020.
The weakest performers were TAKKT, Fabege and Subsea 7. TAKKT (-12%) lowered its FY19 sales growth target from flattish to a 1-2% decline together with the 3Q19 results announcement. The updated guidance implies a 5-10% sales decline for 4Q19 and reflects the cautious investment appetite by its customers, especially in Germany where it realizes 22-23% of total sales. Despite the lowered sales outlook, the company reiterates its 12-14% FY19 EBITDA margin guidance as it already worked on measures that could be implemented in case of a further slowdown. Unlike a lot of other companies, TAKKT management takes a proactive approach in the current uncertain economic environment which we like very much. After a very strong rally in the share price, Fabege (-11%) reported somewhat disappointing third quarter results, sending the share price lower. Net lettings showed a small drop and revaluation of the property were lower than expected. We believe that given the sizeable project portfolio and excellent locations of Fabege the company is the preferred investment in the Scandinavian office market. Subsea 7 (-11%) traded lower during the last trading days of the month on the back of a weaker oil price. The company announced four new contracts in the month, all between $50-$150 million, of which two offshore wind farm projects in Taiwan. The company will report results early November in which we anticipate to see a recovery in the book-to-bill ratio.
ESG commentary
Respecting and supporting labour rights help companies to improve their workplace practices beyond legal compliance. We strive to improve the policies and practices of our portfolio companies through engagement. As long-term investors we like to see our portfolio companies increase accountability to stakeholders by developing strong policies, target setting and reporting, as well as continuous improvement of practices. SimCorp, a Danish software company servicing global financial markets, committed to improve its policies by making explicit reference to the ILO Core Conventions on Labour Standards as a result of our engagement efforts. We are pleased with the developments and will be reviewing the company's revised policies as they are published in 2020.
Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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 6H, route de Trèves, L-2633 Senningerberg, 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.
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 6H, route de Trèves, L-2633 Senningerberg, 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.
More information?
Performance per 2019-10-31 (rebased)
Performance per 2019-10-31
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| Fund | Benchmark | |
|---|---|---|
| 1 month | 0.8 % | 2.5 % |
| 3 months | 1.1 % | 4.3 % |
| This year | 15.7 % | 20.6 % |
| 2016 | -0.7 % | 3.2 % |
| 2017 | 12.0 % | 19.1 % |
| 2018 | -18.3 % | -15.9 % |
| 1 year (on annual basis) | 7.7 % | 9.0 % |
| 3 years (on annual basis) i | 3.2 % | 8.4 % |
| 5 years (on annual basis) i | 7.0 % | 10.1 % |
| Since inception (on annual basis) i | 10.5 % | 10.0 % |
On 23 October 2013 Kempen SeNSe Fund (KSF) was merged with Kempen (Lux) Sustainable European Small-cap Fund. The results shown of the period before 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. In November 2013 the rebate free class (BN) of Kempen (Lux) Sustainable European Small-cap Fund was launched. The results shown of the period October 2013 - November 2013 are those of class B of the same fund. The higher management fee of class B has had an impact on the performance quoted. 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 | 2019-07-19 |
| Number of distributions per year | 2 |
| Dividend calendar |
Risk analysis (ex post) per 2019-10-31
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| 3 years | Since inception | |
|---|---|---|
| Maximum drawdown i | -19.91 % | -62.09 % |
| Tracking error i | 5.23 % | 5.22 % |
| Information ratio i | -0.99 | 0.10 |
| Beta i | 1.00 | 0.98 |
Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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 6H, route de Trèves, L-2633 Senningerberg, 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.
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 6H, route de Trèves, L-2633 Senningerberg, 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.
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Top 5 contribution (2019-10-31)
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| Contribution i | Performance i | |
|---|---|---|
| Huhtamaki | 0.45 % | 13.39 % |
| Sweco AB | 0.41 % | 20.40 % |
| BE Semiconductor Industries | 0.38 % | 15.52 % |
| Duerr | 0.25 % | 11.04 % |
| Belimo | 0.24 % | 11.30 % |
Percentages shown for contributions and performances are based on Euros.
Bottom 5 contribution (2019-10-31)
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| Contribution i | Performance i | |
|---|---|---|
| Fabege AB | -0.34 % | -11.48 % |
| Takkt | -0.31 % | -12.29 % |
| Subsea 7 SA | -0.27 % | -11.41 % |
| Vesuvius | -0.25 % | -9.83 % |
| Greggs | -0.22 % | -12.80 % |
Percentages shown for contributions and performances are based on Euros.
Geographic allocation (2019-10-31)
34.1 %
United Kingdom
11.4 %
Netherlands
9.5 %
Sweden
6.4 %
Germany
5.2 %
Italy
4.7 %
Ireland
4.2 %
Luxembourg
3.9 %
Denmark
3.5 %
Spain
3.4 %
Finland
2.7 %
Norway
2.1 %
Switzerland
1.6 %
France
1.5 %
Austria
1.2 %
Other
4.6 %
Cash
Total
100 %
Top 10 holdings (2019-10-31)
3.4 %
Huhtamaki
3.1 %
Safestore
3.0 %
Hikma Pharmaceuticals
3.0 %
ASR Nederland
2.8 %
Hill & Smith
2.8 %
Fabege
2.8 %
Hibernia REIT
2.8 %
SSP Group
2.7 %
Sbanken
2.6 %
Industria Macchine Automatiche
Total
28.9 %
Sector allocation (2019-10-31)
26.1 %
Industrial Goods & Services
8.9 %
Technology
8.8 %
Food & Beverage
7.1 %
Automobiles & Parts
5.7 %
Banks
5.6 %
Insurance
4.7 %
Health Care
4.4 %
Construction & Materials
3.8 %
Retail
3.4 %
Travel & Leisure
3.1 %
England
2.8 %
Sweden
2.8 %
Ireland
4.6 %
Other
8.1 %
Overig
Total
100 %
Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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 6H, route de Trèves, L-2633 Senningerberg, 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.
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 6H, route de Trèves, L-2633 Senningerberg, 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.
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Ongoing charges
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| Management fee i | 0.75 % |
| Service fee i | 0.20 % |
| Taxe d'abonnement i | 0.05 % |
| Expected ongoing charges i | 1.00 % |
Other costs
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| Upward swing factor i | 0.45 % |
| Downward swing factor i | 0.25 % |
As of 14 January 2019 the swing factor has been adjusted from 0.50%/0.30% to 0.45%/0.25%.
Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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 6H, route de Trèves, L-2633 Senningerberg, 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.
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 6H, route de Trèves, L-2633 Senningerberg, 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.
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Share class details
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| Share class | BN i |
| Investor type | Private |
| Distributing | Yes |
| Benchmark i | MSCI Europe Small Cap Total Return Index |
| Investment category | Small-caps |
| Universum | Sustainable European Small- & Mid-caps |
| Inception date | 2013-11-07 |
| Domicile | Luxembourg |
| May be offered to all investors in | Luxembourg, Switzerland, The Netherlands, United Kingdom |
| UCITS status i | Yes |
| Status | Open-end i |
| Base currency | EUR |
| Share class currency | EUR |
| Management company | Kempen Capital Management N.V. |
| Depositary and custodian | J.P. Morgan Bank Luxembourg S.A. |
| Morningstar rating â„¢ | |
Tradability
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| Minimum subscription | Initial subscription € 1 |
| Listed | no |
| Subscription/Redemption Frequency | Daily |
| ISIN i | LU0927663905 |
Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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 6H, route de Trèves, L-2633 Senningerberg, 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.
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 6H, route de Trèves, L-2633 Senningerberg, 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.
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Factsheets
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Annual Reports
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Semi- Annual Reports
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Key Investor Information
ESG Publications
Voting records
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Formal documents other
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Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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 6H, route de Trèves, L-2633 Senningerberg, 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.
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 6H, route de Trèves, L-2633 Senningerberg, 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.
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Kempen's vision & mission
Kempen Capital Management is an asset manager that believes in stewardship and investment focusing on the long-term for the benefit of all stakeholders. Value creation is at the heart of the services we provide to our clients. We believe that being an engaged shareholder on environmental, social and governance (ESG) issues and retaining a long-term focus, is critical to helping our clients to preserve and create sustainable wealth that has positive real world impact and economic returns.
Kempen wide approach to responsible investment
We are committed to create sustainable alpha. The four pillars of our ESG-policy are:
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ESG integration: Ensuring sustainability risks and opportunities are adequately considered in our investment analysis and processes.
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Exclusion & avoidance: Not investing in companies involved in controversial activities or conduct.
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Active ownership: Being responsible stewards of our clients’ capital and using our influence through engagement and voting to improve corporate behaviour on specific ESG issues and achieve positive change
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Positive impact: Investing with an objective to achieve positive real world outcomes and impact, such as contributing to the UN Sustainable Development Goals.
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To put our mission and vision into practice we engage with our investee companies on a wide array of strategic, financial, and ESG topics. As an active owner we use our influence to improve our investee companies’ ESG performance. This helps us address some of the most pressing and important sustainability issues facing business and the world. Our focus themes for engagement are: human rights, labour rights, climate change and governance.
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Through collaboration with other investors and industry think tanks we contribute to the development of principles and standards of corporate responsibility both at sector levels, as well as investee company level.
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Our full voting records are available here.
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OUR FUND APPROACH TO RESPONSIBLE INVESTMENT
The investment objective of Kempen (Lux) Sustainable European Small-cap Fund is to offer investors the opportunity to invest in an actively and professionally managed portfolio of smaller listed European companies, while at the same time complying with strict exclusion and sustainability criteria.
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We strive to invest in a portfolio of companies that has a carbon intensity well below the benchmark. Furthermore, we engage with the most carbon intense companies in our portfolio in order to improve disclosure and policies that should contribute to a reduction in carbon intensity.
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Kempen’s ESG policy is implemented in our fund’s investment process by the following pillars: Exclusion, Integration and Active ownership.
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Exclusion & Avoidance
In line with the general Kempen policy, the European Sustainable Small-cap Fund excludes all companies on the KCM Exclusion- or Avoidance list.
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Companies that ‘Fail’ or are on ‘Watchlist’ marked against the criteria of the United Nations Global Compact are excluded.
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We determine a company’s ESG score (1-5) and exclude companies with a score of 1. Companies with a score of 2 are excluded on a comply or explain basis.
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The Sustainable European Small-cap Fund also excludes companies based on additional sustainability criteria as listed in the table below.
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More information on our exclusion criteria and thresholds can be found here.
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| EXCLUSION CRITERIA KEMPEN (LUX) SUSTAINABLE EUROPEAN SMALL-CAP FUND | |||
| Â | KEMPEN CRITERIA | ADDITIONAL SUSTAINABILITY CRITERIA | Â |
| Business Conduct | Â | Â | Â |
| x    Human Rights | V |  |  |
| x    Labour | V |  |  |
| x    Environment | V |  |  |
| x    Anti-corruption | V |  |  |
| Product Involvement | Â | Â | Â |
| x    Controversial Weapons | V |  |  |
| x    Tobacco | V |  |  |
| x    Adult Entertainment |  | V |  |
| x    Alcohol |  | V |  |
| x    Animal Welfare & GMO |  | V |  |
| x    Gambling |  | V |  |
| x    Power Generation Nuclear |  | V |  |
| x    Power Generation Carbon Intensive |  | V |  |
| x    Thermal Coal |  | V |  |
| x    (Un)conventional Oil & Gas Extraction |  | V |  |
| x    Weaponry |  | V |  |
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ESG integration
In the investment process we assess the ESG profile of a company. 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, practices and disclosure.
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A lower score (1-5) requires a higher return as used in our Discounted Cash Flow (DCF) models. If ESG risks are deemed too severe, an investment in the company will be avoided and/or existing holdings will be sold.
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On a quarterly basis, the Kempen Responsible Investment team screens the holdings of the Kempen Sustainable European Small-cap Fund and discusses the findings with the portfolio managers.
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Active ownership: Engagement
As active investors we perform comprehensive engagements with our portfolio companies with the objective to unlock value and reduce risk.
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Our engagement process defines clear objectives of which the progress and result is tracked and well documented. If at any stage the company refuses to cooperate, divestment has to be considered.
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In the first half of 2019, we engaged with 13 companies on strategic, environmental, social and governance issues.
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Active ownership: Voting
Exercising our voting rights is also an essential part of our responsible investment philosophy. ISS provides us with voting recommendations based on our own voting and governance policy. Items are further analyzed on a case by case basis.
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Often, we inform the company about our voting intention ahead of the meeting and, where there is a recommendation to vote against management, we ask the company to clarify their viewpoints. After careful analysis, we form our own opinion and vote accordingly.
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Our full voting records are available here.
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*
Although Kempen Capital Management N.V.’s information providers, including without limitation, MSCI ESG Research LLC and its affiliates (the “ESG Partiesâ€), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
ESG Report
Screening MSCI Research
ESG integration in the investment process
Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), 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 6H, route de Trèves, L-2633 Senningerberg, 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.
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 6H, route de Trèves, L-2633 Senningerberg, 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.
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