- Kempen
- Kempen Lux Sustainable European Small Cap Fund Class I GBP
Kempen Lux Sustainable European Small-Cap Fund - Class I - GBP
Profile
Kempen International Funds SICAV - Kempen (Lux) Sustainable Small-cap Fund (the Fund) aims to generate strong long-term investment results by investing in a concentrated portfolio of smaller European companies that adhere to strict sustainability criteria integrating environmental, ethical, and social standards.
The Fund is managed on the basis of a bottom-up stock picking strategy that focuses on the identification of high quality companies and special situations. High quality companies have a proven and sustainable competitive advantage which is characterised by strong returns on invested capital, while special situations include companies that will benefit from a restructuring of their cost base or capital structure, a change in management, or for example, new regulation.
The fund manager believes that consistent investment results can be achieved using its investment philosophy that focuses on earnings as a key driver of stock prices in the long run, and change within a company as a catalyst. The Fund only invests when risk and reward are asymmetrically related. This shareclass (I-GBP) is not active yet.
The Fund is managed on the basis of a bottom-up stock picking strategy that focuses on the identification of high quality companies and special situations. High quality companies have a proven and sustainable competitive advantage which is characterised by strong returns on invested capital, while special situations include companies that will benefit from a restructuring of their cost base or capital structure, a change in management, or for example, new regulation.
The fund manager believes that consistent investment results can be achieved using its investment philosophy that focuses on earnings as a key driver of stock prices in the long run, and change within a company as a catalyst. The Fund only invests when risk and reward are asymmetrically related. This shareclass (I-GBP) is not active yet.
Management team
Michiel van Dijk, Erwin Dut, Sander van Oort
Performance per 2018-11-30 (rebased)
Performance per 2018-11-30
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| Fund | Benchmark | |
|---|---|---|
| 1 month | -1.7 % | -3.4 % |
| 3 months | -12.0 % | -13.2 % |
| This year | -13.7 % | -10.1 % |
| 2015 | 18.0 % | 18.0 % |
| 2016 | 15.1 % | 19.5 % |
| 2017 | 16.6 % | 23.8 % |
| 1 year (on annual basis) | -11.7 % | -7.2 % |
| 3 years (on annual basis) i | 6.2 % | 11.1 % |
| 5 years (on annual basis) i | 6.4 % | 9.7 % |
| Since inception (on annual basis) i | 12.9 % | 12.1 % |
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 213.61 M 2018-11-30 |
| Share class size | GBP 0.04 M 2018-11-30 |
| Number of shares | 33 2018-11-30 |
| Net Asset Value i | GBP 1,194.84 2018-12-10 |
| Morningstar rating â„¢ | |
Fund characteristics per 2018-11-30
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| Fund | Benchmark | |
|---|---|---|
| Number of holdings | 32 | 1001 |
| Dividend yield i | 3.09 % | 2.82 % |
| Weighted average market capitalization i | EUR 1,817 M | EUR 2,558 M |
| P/E ratio i | 16.30 | 12.99 |
| Active share i | 96.42 % |
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 Netherlands Authority for the Financial Markets. The management company has entrusted, under its control and responsibility, Kempen Capital Management (UK) Ltd. with the execution of the investment policy of the Subfund. This investment firm is subject to regulation of the Financial Conduct Authority and registered under no. 166063.
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.
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.
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Market developments per 2018-11-30
The MSCI Europe small-cap index posted a decline of 3.4% in November, resulting in a YTD decline of 10.1%. Worldwide, stock markets weakened as a result of a combination of economic and political factors, most notably the ongoing trade war between the US and China and the Brexit negotiations. Volatility and risk aversion in the financial markets rose, as illustrated by a rising VIX as well as a declining German bund yield. Corporate earnings releases showed weakness in cyclical sectors like automotive, shipping and semiconductor equipment as many global value chains run on low inventories and prepare for further economic weakness in the months ahead. The Fund decreased in value in November, outperforming the benchmark. Year to date, the fund is down 13.7%.
Looking forward, European growth appears to have eased from the levels recorded in previous quarters. Politics will remain an important influence on market sentiment – particularly the continuing evolution of Brexit negotiations and budget risks in Italy. For investors it is key to remain prudent when assessing the short term and long term earnings outlook of companies, seeking a margin of safety in their valuations as well as mitigate portfolio risks through sufficient diversification over sectors and geographies. With share prices considerably lower, current markets offer ample opportunities to invest in quality companies at attractive valuations that are in our investable universe.
Looking forward, European growth appears to have eased from the levels recorded in previous quarters. Politics will remain an important influence on market sentiment – particularly the continuing evolution of Brexit negotiations and budget risks in Italy. For investors it is key to remain prudent when assessing the short term and long term earnings outlook of companies, seeking a margin of safety in their valuations as well as mitigate portfolio risks through sufficient diversification over sectors and geographies. With share prices considerably lower, current markets offer ample opportunities to invest in quality companies at attractive valuations that are in our investable universe.
Portfolio developments per 2018-11-30
The best performing companies were Greggs, Hill & Smith and Huhtamaki, Greggs, a bakery retailer in the UK, showed a strong share price reaction following an excellent trading update. The company reported like-for-like sales growth of 4.5% for the 8 weeks to November 24. The company also raised its full year guidance of profit before tax to at least GBP86m. Hill and Smith benefitted from a good trading update and the announcement from the UK government of a further significant investment in the UK roads network. The shares are recovering from the impact of the weak H1 2018 results reported in August. Huhtamaki, manufacturer of consumer and specialty packaging for food and drink, recovered after a weak Q3 update at the end of October which was impacted by higher costs and uncertainty in emerging markets and weaker currencies.
Weakest performers were Rotork, Simcorp and First Derivatives. Rotork, active in electric valve actuators and gas and fluid flow control systems, sold off following a weaker than expected 3Q trading update and fall in the oil price. After a strong H1 2018 order intake, Q3 orders were slightly down year-over-year, which was partly related to project timing. SimCorp, a provider of specialty software for the investment management industry, reported weaker than expected 3Q18 results and order intake. Despite the miss the company reiterates its FY18 outlook of 10-15% revenue growth and 24.5%-27.5% EBIT margin and implies performance is much more back end loaded than expected. First Derivatives reported inline 1H19 results, improved disclosure and reassuring comments on sales/EBITDA for the remainder of the year but shares were under severe pressure due to derating of high growth businesses in general.
Weakest performers were Rotork, Simcorp and First Derivatives. Rotork, active in electric valve actuators and gas and fluid flow control systems, sold off following a weaker than expected 3Q trading update and fall in the oil price. After a strong H1 2018 order intake, Q3 orders were slightly down year-over-year, which was partly related to project timing. SimCorp, a provider of specialty software for the investment management industry, reported weaker than expected 3Q18 results and order intake. Despite the miss the company reiterates its FY18 outlook of 10-15% revenue growth and 24.5%-27.5% EBIT margin and implies performance is much more back end loaded than expected. First Derivatives reported inline 1H19 results, improved disclosure and reassuring comments on sales/EBITDA for the remainder of the year but shares were under severe pressure due to derating of high growth businesses in general.
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 Netherlands Authority for the Financial Markets. The management company has entrusted, under its control and responsibility, Kempen Capital Management (UK) Ltd. with the execution of the investment policy of the Subfund. This investment firm is subject to regulation of the Financial Conduct Authority and registered under no. 166063.
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.
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.
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Performance per 2018-11-30 (rebased)
Performance per 2018-11-30
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| Fund | Benchmark | |
|---|---|---|
| 1 month | -1.7 % | -3.4 % |
| 3 months | -12.0 % | -13.2 % |
| This year | -13.7 % | -10.1 % |
| 2015 | 18.0 % | 18.0 % |
| 2016 | 15.1 % | 19.5 % |
| 2017 | 16.6 % | 23.8 % |
| 1 year (on annual basis) | -11.7 % | -7.2 % |
| 3 years (on annual basis) i | 6.2 % | 11.1 % |
| 5 years (on annual basis) i | 6.4 % | 9.7 % |
| Since inception (on annual basis) i | 12.9 % | 12.1 % |
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 2018-11-30
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| 3 years | Since inception | |
|---|---|---|
| Maximum drawdown i | -14.37 % | -50.27 % |
| Tracking error i | 4.72 % | 5.07 % |
| Information ratio i | -1.04 | 0.99 |
| Beta i | 0.95 |
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 Netherlands Authority for the Financial Markets. The management company has entrusted, under its control and responsibility, Kempen Capital Management (UK) Ltd. with the execution of the investment policy of the Subfund. This investment firm is subject to regulation of the Financial Conduct Authority and registered under no. 166063.
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.
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.
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Top 5 contribution (2018-11-30)
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| Contribution i | Performance i | |
|---|---|---|
| Greggs | 0.88 % | 19.95 % |
| Hill & Smith | 0.81 % | 21.79 % |
| Huhtamaki | 0.34 % | 8.91 % |
| Sabre Insurance Group | 0.30 % | 9.01 % |
| Ion Beam Applications | 0.14 % | 6.11 % |
Percentages shown for contributions and performances are based on Euros.
Bottom 5 contribution (2018-11-30)
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| Contribution i | Performance i | |
|---|---|---|
| First Derivates | -0.80 % | -35.74 % |
| Rotork | -0.51 % | -12.61 % |
| SimCorp | -0.48 % | -17.76 % |
| Implenia | -0.27 % | -8.18 % |
| Consort Medical | -0.25 % | -10.41 % |
Percentages shown for contributions and performances are based on Euros.
Geographic allocation (2018-11-30)
38.1 %
United Kingdom
9.6 %
Sweden
8.6 %
Germany
8.0 %
Switzerland
7.9 %
Finland
6.8 %
Spain
6.7 %
Italy
4.9 %
Netherlands
3.6 %
Ireland
2.5 %
Denmark
2.3 %
Belgium
0.9 %
Cash
Totaal
100 %
Top 10 holdings (2018-11-30)
5.2 %
Greggs
4.6 %
Hill & Smith
4.2 %
Huhtamaki
4.0 %
Aurelius
3.8 %
Viscofan
3.8 %
Sweco
3.8 %
Safestore
3.7 %
AddTech
3.7 %
Amer Sports
3.7 %
Industria Macchine Automatiche
Totaal
40.5 %
Sector allocation (2018-11-30)
30.6 %
Industrial Goods & Services
12.8 %
Technology
11.3 %
Retail
9.5 %
Food & Beverage
8.1 %
Automobiles & Parts
6.2 %
Personal & Household Goods
4.5 %
Health Care
4.0 %
Financial Services
3.8 %
England
3.6 %
Insurance
3.2 %
Construction & Materials
2.5 %
Overig
Totaal
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 Netherlands Authority for the Financial Markets. The management company has entrusted, under its control and responsibility, Kempen Capital Management (UK) Ltd. with the execution of the investment policy of the Subfund. This investment firm is subject to regulation of the Financial Conduct Authority and registered under no. 166063.
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.
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.
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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 | 0.50 % |
| Downward swing factor i | 0.30 % |
As of 1 January 2018 the swing factor has been adjusted from 0.45%/0.45% to 0.50%/0.30%.
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 Netherlands Authority for the Financial Markets. The management company has entrusted, under its control and responsibility, Kempen Capital Management (UK) Ltd. with the execution of the investment policy of the Subfund. This investment firm is subject to regulation of the Financial Conduct Authority and registered under no. 166063.
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.
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.
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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. |
| 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 Netherlands Authority for the Financial Markets. The management company has entrusted, under its control and responsibility, Kempen Capital Management (UK) Ltd. with the execution of the investment policy of the Subfund. This investment firm is subject to regulation of the Financial Conduct Authority and registered under no. 166063.
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.
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.
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Factsheets
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Annual Reports
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Semi- Annual Reports
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 Netherlands Authority for the Financial Markets. The management company has entrusted, under its control and responsibility, Kempen Capital Management (UK) Ltd. with the execution of the investment policy of the Subfund. This investment firm is subject to regulation of the Financial Conduct Authority and registered under no. 166063.
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.
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.
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KCM Vision
Kempen Capital Management is an asset manager with a long-term investment approach. We strongly believe in engaged shareholdership that benefits all stakeholders. As a long-term responsible investor, we firmly believe that active ownership and shareholder engagement contribute to positive change across the board.
Our KCM wide approach to responsible investment
To put our vision into action we engage with our investment targets on a wide array of strategic, financial, environmental, social and governance (ESG) topics. Our long-term investment worldview paired with thorough analysis and an experienced and diverse ESG team allow us to use both voting and engagement as means to consistently encourage positive change. Through this process of constructive engagement, we are able to contribute to the development of principles and standards of corporate responsibility within companies that we invest in. Our full voting records are available here.
Our fund approach to Responsible Investment
Exclude
We exclude certain activities that are not aligned to a sustainable fund. These include alcohol, animal testing, tobacco, pornography, fur, gambling, nuclear energy and thermal coal.
Screen on controversies using MSCI ESG research.
Excludes investment in entities involved in the production of controversial weapons, such as cluster munitions, anti-personnel mines, nuclear warheads, chemical and biological weapons.
Integrate
We will only invest in companies that have either a Provisional or Pass rating
We undertake our own fundamental ESG research on each company then an independent sustainability consultant applies the scores which drive the rating.
If a company receives a Fail rating then we will not invest.
Engage
ESG engagement can enhance performance through increasing upside and mitigating downside risk.
We believe that all companies face material ESG issues and that it is important to address these before investment.
As long-term shareholders it is our fiduciary duty to consistently encourage positive change through engagement and exercising our proxy voting rights.
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 Netherlands Authority for the Financial Markets. The management company has entrusted, under its control and responsibility, Kempen Capital Management (UK) Ltd. with the execution of the investment policy of the Subfund. This investment firm is subject to regulation of the Financial Conduct Authority and registered under no. 166063.
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.
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.
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