Kempen Lux Sustainable European Small-Cap Fund - Class I - GBP

Profile

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

The Fund only invests when risk and reward are asymmetrically related. The Fund ontly invests in companies that adhere to strict sustainability criteria integrating environmental, ethical, and social standards. This shareclass (I-GBP) is not active yet.

Management team

Michiel van Dijk, Erwin Dut, Sander van Oort; Ingmar Schaefer

Performance per 2019-05-31 (rebased)

No chart data available

Performance per 2019-05-31

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  Fund Benchmark
1 month -3.3 % -3.2 %
3 months 5.6 % 3.1 %
This year 13.3 % 10.8 %
2016 15.1 % 19.5 %
2017 16.6 % 23.8 %
2018 -17.4 % -14.9 %
1 year (on annual basis) -6.8 % -7.4 %
3 years (on annual basis) i 6.6 % 10.5 %
5 years (on annual basis) i 7.9 % 8.9 %
Since inception (on annual basis) i 13.1 % 12.0 %
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 167.77 M 2019-05-31
Share class size
GBP 0.03 M 2019-05-31
Number of shares
24 2019-05-31
Net Asset Value i
GBP 1,406.77 2019-06-24
Morningstar rating â„¢

Fund characteristics per 2019-05-31

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  Fund Benchmark
Number of holdings 42 1004
Dividend yield i 2.93 % 2.93 %
Weighted average market capitalization i EUR 2,411 M EUR 2,577 M
P/E ratio i 15.58 14.21
Active share i 94.57 %
Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets.

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

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Market developments per 2019-05-31

In May the Fund (I-class) decreased by 6.0% (net of fees), versus a 5.9% decrease for the MSCI Europe small-cap index. Year to date, the Fund (I-class) increased by 15.0% (net of fees) versus a 12.5% increase of the benchmark.

Portfolio developments per 2019-05-31

In May we have expanded our portfolio with three new names: CineWorld Group, ASR and a position which is still relatively small. We reduced some positions to fund these purchases but did not sell any position completely.

The best performing companies were Greggs, Addtech and Fabege. Greggs (+18%) announced in its AGM statement that after a very impressive 9.6% increase in like-for-like sales in the first seven weeks of 2019, it saw like-for-like growth accelerate to 11.1% for the first 19 weeks. Sales momentum thus remained strong, helped by the roll-out of vegan-friendly sausage rolls to all shops following limited availability in the early part of the year but is also driven by healthy appetite for its other product categories. Consequently, the company anticipates materially higher sales for the 2019 year as a whole. Management now also expects underlying profits (before exceptional costs) for the year to be materially higher than its previous expectation despite higher input costs, general cost inflation and strategic investments. Addtech (+10%) reported a very strong set of full year results in May. In its final quarter, the company surprised with strong revenue growth in all four divisions while the company also succeeded in expanding the group margin a little. Furthermore, the dividend was increased from SEK 4 to SEK 5 per share. After an initial weak share price reaction post first quarter results in April, Fabege (+9%) recovered strongly in May. This was also helped by a risk-off environment and declining bond yields.

The weakest performers were Brembo, BESI and Durr. Brembo (-16%) suffered from weak sentiment in the broader automotive industry as global car sales are likely to decline in 2019 on the back of weaker economic growth and consumer sentiment. BE Semiconductor (-21%) shares have been under pressure in line with the broader semiconductor equipment industry on the back of the escalating trade war between the US and China, which also focusses on technology transfers. The previously expected cyclical upturn in H2 2019 is likely to be delayed. Durr (-22%) reported weak Q1 2019 results, particularly on earnings and free cash flow as working capital remains too high.

ESG commentary
During this month, we further refined the data delivery supporting our sustainability analysis. Since the inception of the fund in 2003, a dedicated third-party provider used a customized questionnaire to score each individual holding. Over time the collection and use of sustainability data has become more common practice, which is why we decided to replace this dedicated provider by Sustainalytics and MSCI ESG. Consequently, we now have access to the databases of these new providers, which include granular ESG scores, activity and conduct screens and written reports on companies in our portfolio and the wider universe. These reports cover all the questions we previously asked in our custom questionnaire and more. They also highlight areas for improvement, where we can apply our active ownership approach to engage for change or additional disclosure. In short, we believe that this refinement will allow us to at least maintain and potentially improve the sustainability profile of the fund going forward.
Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets.

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

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Performance per 2019-05-31 (rebased)

No chart data available

Performance per 2019-05-31

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  Fund Benchmark
1 month -3.3 % -3.2 %
3 months 5.6 % 3.1 %
This year 13.3 % 10.8 %
2016 15.1 % 19.5 %
2017 16.6 % 23.8 %
2018 -17.4 % -14.9 %
1 year (on annual basis) -6.8 % -7.4 %
3 years (on annual basis) i 6.6 % 10.5 %
5 years (on annual basis) i 7.9 % 8.9 %
Since inception (on annual basis) i 13.1 % 12.0 %
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 2019-05-31

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  3 years Since inception
Maximum drawdown i -17.96 % -50.27 %
Tracking error i 4.82 % 5.07 %
Information ratio i -0.82 0.21
Beta i 0.92
Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets.

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

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Top 5 contribution (2019-05-31)

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  Contribution i Performance i
Greggs 0.61 % 17.71 %
AddTech 0.25 % 9.84 %
Fabege 0.21 % 8.45 %
Euronext 0.14 % 5.32 %
A.G.Barr 0.13 % 9.60 %
Percentages shown for contributions and performances are based on Euros.

Bottom 5 contribution (2019-05-31)

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  Contribution i Performance i
Duerr -0.67 % -22.13 %
BE Semiconductor Industries -0.62 % -20.97 %
Brembo Spa -0.52 % -16.03 %
Vesuvius -0.49 % -21.10 %
Krones -0.48 % -15.33 %
Percentages shown for contributions and performances are based on Euros.

Geographic allocation (2019-05-31)

33.8 %
United Kingdom
9.9 %
Netherlands
8.8 %
Sweden
7.5 %
Germany
6.4 %
Italy
5.3 %
Spain
5.1 %
Ireland
4.8 %
Denmark
3.8 %
Finland
2.4 %
Switzerland
2.3 %
Norway
1.7 %
Luxembourg
0.5 %
Belgium
7.7 %
Cash
Total
100 %

Top 10 holdings (2019-05-31)

3.8 %
Huhtamaki
3.5 %
Greggs
3.4 %
Hilton Food Group
3.4 %
Industria Macchine Automatiche
3.3 %
Rotork
3.1 %
Kingspan Group
3.1 %
Safestore
3.1 %
Sweco
3.0 %
Brembo Spa
2.9 %
Krones
Total
32.6 %

Sector allocation (2019-05-31)

31.4 %
Industrial Goods & Services
10.3 %
Technology
7.9 %
Automobiles & Parts
7.8 %
Food & Beverage
5.5 %
Retail
4.8 %
Insurance
4.4 %
Banks
4.3 %
Health Care
3.9 %
Personal & Household Goods
3.1 %
England
2.8 %
Financial Services
7.7 %
Other
6.0 %
Overig
Total
100 %
Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets.

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

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Ongoing charges

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Management fee i
0.70 %
Service fee i
0.20 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0.91 %

Other costs

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Upward swing factor i
0.45 %
Downward swing factor i
0.25 %
As of 14 January 2019 the swing factor has been adjusted from 0.50%/0.30% to 0.45%/0.25%.
Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets.

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

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. 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 - GBP i
Investor type
Institutional
Distributing
No
Benchmark i
MSCI Europe Small Cap Total Return Index
Investment category
Small-caps
Universum
Sustainable European Small- & Mid-caps
Inception date
2015-10-09
Domicile
Luxembourg
May be offered to professional investors only in
Luxembourg, Switzerland, The Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
GBP
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: €50,000, additional subscriptions: €10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU1284756050
Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets.

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

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. 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 Netherlands Authority for the Financial Markets.

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

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Kempen's vision & mission

Kempen Capital Management is an asset manager that believes in stewardship and investment focusing on the long-term for the benefit of all stakeholders. Value creation is at the heart of the services we provide to our clients. We believe that being an engaged shareholder on environmental, social and governance (ESG) issues and retaining a long-term focus, is critical to helping our clients to preserve and create sustainable wealth that has positive real world impact and economic returns.

Kempen wide approach to responsible investment

We are committed to create sustainable alpha. The four pillars of our ESG-policy are:

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

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

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

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

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

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

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Our full voting records are available here.

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OUR FUND APPROACH TO RESPONSIBLE INVESTMENT

The fund’s investment objective is to offer investors the opportunity to invest in an actively and professionally managed portfolio of smaller listed European companies, while at the same time complying with strict exclusion and sustainability criteria.

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

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1. Exclusion

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

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

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

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2. ESG integration

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

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3. Active ownership: Engagement

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

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

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

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

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3. Active ownership: Voting

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

*

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

ESG Report
Screening MSCI Research
Screening MSCI Research
UN
ESG integration in the investment process
ESG integration in the investment process
Source
disclaimer
Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets.

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

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. 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/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.