- Kempen
- Kempen Lux Sustainable European Small Cap Fund Class I GBP
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 I - GBP
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. This shareclass (I-GBP) is not active yet.
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. This shareclass (I-GBP) is not active yet.
Management team
Michiel van Dijk, Erwin Dut, Sander van Oort; Ingmar Schaefer
Performance per 2019-12-31 (rebased)
Performance per 2019-12-31
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| Fund | Benchmark | |
|---|---|---|
| 1 month | 4.7 % | 3.6 % |
| 3 months | 7.4 % | 7.0 % |
| This year | 21.7 % | 24.1 % |
| 2016 | 15.1 % | 19.5 % |
| 2017 | 16.6 % | 23.8 % |
| 2018 | -17.4 % | -14.9 % |
| 1 year (on annual basis) | 21.7 % | 24.1 % |
| 3 years (on annual basis) i | 5.5 % | 9.3 % |
| 5 years (on annual basis) i | 9.8 % | 13.0 % |
| Since inception (on annual basis) i | 13.1 % | 12.3 % |
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 244.62 M 2019-12-31 |
| Share class size | GBP 0.07 M 2019-12-31 |
| Number of shares | 47 2019-12-31 |
| Net Asset Value i | GBP 1,429.99 2020-01-24 |
| Morningstar rating â„¢ | |
Fund characteristics per 2019-12-31
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| Fund | Benchmark | |
|---|---|---|
| Number of holdings | 45 | 979 |
| Dividend yield i | 2.67 % | 2.58 % |
| Weighted average market capitalization i | EUR 2,789 M | EUR 3,035 M |
| P/E ratio i | 17.71 | 16.90 |
| Active share i | 93.33 % |
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 2019-12-31
In December the Fund (I-class) increased by 5.3% (net of fees), outperforming MSCI Europe Small-cap Index by 1.1%. In 2019 the Fund (I-class) has increased by 28.9% (net of fees) versus a 31.4% increase of the benchmark.
We are pleased with the performance of our portfolio in the course of the year given the portfolio transformation undertaken since centralization of Kempen small-cap activities in Amsterdam. Implications following the transformation included more focus on margin of safety in valuation, as well as more alignment across small-cap strategies of Kempen and a better diversification across sectors and countries. We maintain our belief that it is essential to remain cautious regarding the European market sentiment which will remain influenced by political factors in the short-term. In 2020 we will continue to prioritize portfolio diversification and maintain safety margins in our valuations.
As per the end of December 2019 32.1% of the Kempen European Sustainable Small cap fund was invested in 15 companies listed in the UK which implies a small underweight versus the benchmark. Some two third of the names (24% of the net asset value) are listed in the UK but operate a global business model. Examples include SSP Group, Coats, Cineworld, Hikma and Hill & Smith. Except for the currency impact we expect the impact from the Brexit on these companies to be limited. The other names (8% of total net asset value) are dependent on the local UK economy and include names like AG Barr, Greggs, Gym Group and real estate (Safestore, Grainger). However, we find these companies hold strong niche market positions in the UK. Other holdings specifically focus on the value for money segment (Greggs, Gym Group) and are therefore relatively well protected in case of an economic slowdown in the UK. We believe the best proxy for the exposure of the fund to the UK is the so called look-through UK sales which captures all sales from companies to the UK which we estimate at 16% for the portfolio. This is below the benchmark which stands at 18%. Furthermore, our positions in Arcadis and Hill & Smith should benefit from economic stimulus if and when this will take the form of additional infrastructure spend by the UK government. So, in our view the fund is less exposed to the potential negative consequences of Brexit while some portfolio holdings should even see a positive impact.
We are pleased with the performance of our portfolio in the course of the year given the portfolio transformation undertaken since centralization of Kempen small-cap activities in Amsterdam. Implications following the transformation included more focus on margin of safety in valuation, as well as more alignment across small-cap strategies of Kempen and a better diversification across sectors and countries. We maintain our belief that it is essential to remain cautious regarding the European market sentiment which will remain influenced by political factors in the short-term. In 2020 we will continue to prioritize portfolio diversification and maintain safety margins in our valuations.
As per the end of December 2019 32.1% of the Kempen European Sustainable Small cap fund was invested in 15 companies listed in the UK which implies a small underweight versus the benchmark. Some two third of the names (24% of the net asset value) are listed in the UK but operate a global business model. Examples include SSP Group, Coats, Cineworld, Hikma and Hill & Smith. Except for the currency impact we expect the impact from the Brexit on these companies to be limited. The other names (8% of total net asset value) are dependent on the local UK economy and include names like AG Barr, Greggs, Gym Group and real estate (Safestore, Grainger). However, we find these companies hold strong niche market positions in the UK. Other holdings specifically focus on the value for money segment (Greggs, Gym Group) and are therefore relatively well protected in case of an economic slowdown in the UK. We believe the best proxy for the exposure of the fund to the UK is the so called look-through UK sales which captures all sales from companies to the UK which we estimate at 16% for the portfolio. This is below the benchmark which stands at 18%. Furthermore, our positions in Arcadis and Hill & Smith should benefit from economic stimulus if and when this will take the form of additional infrastructure spend by the UK government. So, in our view the fund is less exposed to the potential negative consequences of Brexit while some portfolio holdings should even see a positive impact.
Portfolio developments per 2019-12-31
The best performing companies were Arcadis, Subsea 7 and Sbanken. Arcadis (+13%) announced in December that it will stop the financial support for its non-core Brazilian clean energy joint venture ALEN. In 2017 the company had decided to invest in this entity of which it owned 50% minus one share to safeguard financial guarantees Arcadis had given to this entity. The plan was that these investments would operationalize idle assets and subsequently prepare the entity for a sale. However, operational setbacks as well as conditions contained in offers received for this asset have resulted in Arcadis taking this difficult decision. While negative in itself as the €85mln guarantees will now have to be paid, the decision finalizes this chapter and Arcadis can now concentrate completely on its core business. Subsea 7's (+12%) shares performed well, in line with many other oil-services names. The company again announced several contract wins in December, further building on their backlog for the years ahead.
Sbanken (+12%) traded higher in December after the Norwegian Ministry of Finance announced that implementation of 150 bps increase in the systemic risk buffer was delayed for a period of three years for the smaller banks in Norway. This delay gives Sbanken more time to adopt to the increase, and in the meantime the company can grow its loan book faster given the lower capital requirements.
The weakest performers were SSP Group, Hibernia REIT and I.M.A. Industria Macchine Automatiche. In a positive month for equity markets and particularly the UK due to the outcome of the local general election, SSP Group declined by almost 3%. The company did not issue any relevant press releases during the month but in our view investors were looking for UK equities with more local exposure and sold those with a more international footprint such as SSP. Hibernia REIT (-3%) traded lower in December without stock specific news. We continue to believe that Hibernia has a high quality portfolio of modern office buildings in Dublin with additional development potential. I.M.A. Industria Macchine Automatiche' (-9%) shares saw weakness with no company specific news.
ESG commentary
What is a sustainable investment and what is not? Much of last year's developments in the field of environmental, social and governance (ESG) and sustainable investing have been around the definitions of sustainability. 2019 saw the establishment of the first EU classification system for sustainable activities, i.e. an EU taxonomy with the aim to distinguish between green and non-green activities, for which the latest version was agreed upon in December. We also saw the launch of several 'ESG', 'green', 'sustainability' labels to help investors select funds that meet certain sustainability criteria, and we are honored to be awarded the FebelFin label for the Sustainable European Small-Cap Fund. In order to better determine the sustainability profile of companies in our universe, we introduced company ESG scores. This exercise has also helped us to further integrate environmental, social and governance risks and opportunities into the investment process. The ESG score is directly linked to our company valuation, impacting the cost of capital and hence impacting the required return.
Sbanken (+12%) traded higher in December after the Norwegian Ministry of Finance announced that implementation of 150 bps increase in the systemic risk buffer was delayed for a period of three years for the smaller banks in Norway. This delay gives Sbanken more time to adopt to the increase, and in the meantime the company can grow its loan book faster given the lower capital requirements.
The weakest performers were SSP Group, Hibernia REIT and I.M.A. Industria Macchine Automatiche. In a positive month for equity markets and particularly the UK due to the outcome of the local general election, SSP Group declined by almost 3%. The company did not issue any relevant press releases during the month but in our view investors were looking for UK equities with more local exposure and sold those with a more international footprint such as SSP. Hibernia REIT (-3%) traded lower in December without stock specific news. We continue to believe that Hibernia has a high quality portfolio of modern office buildings in Dublin with additional development potential. I.M.A. Industria Macchine Automatiche' (-9%) shares saw weakness with no company specific news.
ESG commentary
What is a sustainable investment and what is not? Much of last year's developments in the field of environmental, social and governance (ESG) and sustainable investing have been around the definitions of sustainability. 2019 saw the establishment of the first EU classification system for sustainable activities, i.e. an EU taxonomy with the aim to distinguish between green and non-green activities, for which the latest version was agreed upon in December. We also saw the launch of several 'ESG', 'green', 'sustainability' labels to help investors select funds that meet certain sustainability criteria, and we are honored to be awarded the FebelFin label for the Sustainable European Small-Cap Fund. In order to better determine the sustainability profile of companies in our universe, we introduced company ESG scores. This exercise has also helped us to further integrate environmental, social and governance risks and opportunities into the investment process. The ESG score is directly linked to our company valuation, impacting the cost of capital and hence impacting the required return.
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 2019-12-31 (rebased)
Performance per 2019-12-31
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| Fund | Benchmark | |
|---|---|---|
| 1 month | 4.7 % | 3.6 % |
| 3 months | 7.4 % | 7.0 % |
| This year | 21.7 % | 24.1 % |
| 2016 | 15.1 % | 19.5 % |
| 2017 | 16.6 % | 23.8 % |
| 2018 | -17.4 % | -14.9 % |
| 1 year (on annual basis) | 21.7 % | 24.1 % |
| 3 years (on annual basis) i | 5.5 % | 9.3 % |
| 5 years (on annual basis) i | 9.8 % | 13.0 % |
| Since inception (on annual basis) i | 13.1 % | 12.3 % |
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 2019-12-31
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| 3 years | Since inception | |
|---|---|---|
| Maximum drawdown i | -17.96 % | -50.27 % |
| Tracking error i | 5.34 % | 5.14 % |
| Information ratio i | -0.73 | 0.15 |
| Beta i | 0.97 |
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 (2019-12-31)
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| Contribution i | Performance i | |
|---|---|---|
| Sbanken | 0.34 % | 12.09 % |
| Arcadis | 0.31 % | 12.54 % |
| Subsea 7 SA | 0.29 % | 11.94 % |
| Vesuvius | 0.27 % | 10.87 % |
| Hilton Food | 0.26 % | 11.97 % |
Percentages shown for contributions and performances are based on Euros.
Bottom 5 contribution (2019-12-31)
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| Contribution i | Performance i | |
|---|---|---|
| Industria Macchine Automatiche | -0.26 % | -9.01 % |
| Hibernia Reit | -0.10 % | -3.33 % |
| SSP Group | -0.09 % | -2.97 % |
| Cie Automotive | -0.04 % | -1.97 % |
| ASR Nederland | -0.03 % | -1.21 % |
Percentages shown for contributions and performances are based on Euros.
Geographic allocation (2019-12-31)
32.5 %
United Kingdom
11.9 %
Netherlands
8.5 %
Sweden
7.1 %
Luxembourg
6.3 %
Germany
4.3 %
Italy
4.3 %
Ireland
3.1 %
Denmark
3.1 %
Norway
3.1 %
Spain
2.9 %
Finland
2.4 %
Austria
1.9 %
France
1.6 %
Switzerland
1.3 %
Belgium
1.5 %
Other
4.2 %
Cash
Total
100 %
Top 10 holdings (2019-12-31)
3.2 %
Hikma Pharmaceuticals
3.1 %
Sbanken
3.0 %
ASR Nederland
2.9 %
SSP Group
2.9 %
Huhtamaki
2.8 %
Beazley
2.8 %
Fabege
2.8 %
Hibernia REIT
2.7 %
Arcadis
2.7 %
Subsea 7 SA
Total
28.9 %
Sector allocation (2019-12-31)
25.4 %
Industrial Goods & Services
9.1 %
Food & Beverage
8.1 %
Technology
6.4 %
Banks
5.8 %
Insurance
5.6 %
Automobiles & Parts
5.3 %
Construction & Materials
4.5 %
Health Care
3.9 %
England
3.9 %
Retail
3.7 %
Travel & Leisure
2.8 %
Sweden
2.8 %
Ireland
2.7 %
Oil & Gas
4.2 %
Other
5.7 %
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 | 0.70 % |
| 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-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 | 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-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
Formal documents other
Other
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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Risks
For more information about the mid and long term risks associated with the investments:
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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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Kempen & Co is a trade name of Van Lanschot Kempen Wealth Management NV. Both Van Lanschot Kempen Wealth Management NV and Kempen Capital Management NV are part of Van Lanschot Kempen NV