- 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.
Novethic has certified the Fund with the SRI Label. Novethic Research Centre is a non-profit organisation, that screens sustainable portfolios. Novethic guarantees that labelled funds systematically take into account ESG criteria and that their investment process and composition are transparent. 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.
Novethic has certified the Fund with the SRI Label. Novethic Research Centre is a non-profit organisation, that screens sustainable portfolios. Novethic guarantees that labelled funds systematically take into account ESG criteria and that their investment process and composition are transparent. This shareclass (I-GBP) is not active yet.
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Management team
Mark McCullough, Tommy Bryson. Analysts: Karen McGrath, Michael Gray, Athole Skinner
Performance per 2018-07-31 (rebased)
Performance per 2018-07-31
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| Fund | Benchmark | |
|---|---|---|
| 1 month | 1.8 % | 2.2 % |
| 3 months | 2.4 % | 3.6 % |
| This year | -0.5 % | 3.7 % |
| 2015 | 18.0 % | 18.0 % |
| 2016 | 15.1 % | 19.5 % |
| 2017 | 16.6 % | 23.8 % |
| 1 year (on annual basis) | 1.9 % | 9.8 % |
| 3 years (on annual basis) i | 12.4 % | 17.0 % |
| 5 years (on annual basis) i | 10.4 % | 14.6 % |
| Since inception (on annual basis) i | 14.3 % | 13.4 % |
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 245.72 M 2018-07-31 |
| Share class size | GBP 0.22 M 2018-07-31 |
| Number of shares | 151 2018-07-31 |
| Net Asset Value i | GBP 1,410.00 2018-08-17 |
Fund characteristics per 2018-07-31
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| Fund | Benchmark | |
|---|---|---|
| Number of holdings | 32 | 1016 |
| Dividend yield i | 2.77 % | 2.40 % |
| Weighted average market capitalization i | EUR 2,134 M | EUR 2,881 M |
| P/E ratio i | 16.76 | 14.92 |
| Active share i | 96.41 % |
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 2018-07-31
The Sustainable European Small-cap Strategy increased in July, underperforming the benchmark. The best performing companies were Sweco, Mekonomen and Kardex. BE Semiconductor, DIA and Kingspan were the worst performers.
The European small-cap index recorded a gain of 1.3% in July. Rising trade tensions between the US and Europe seen in previous months eased slightly following a meeting between US President Trump and EC President Junker, where they agreed to start a dialogue on tariffs. Elsewhere, the Chinese – US trade spat continued with the US threatening another tariffs on an additional $250bn worth of goods. Economic growth in Europe dipped in the second quarter, with the growth rate of 0.3% being the weakest rate for two years. In contrast, buoyed by fiscal stimulus, the US economy grew at 4% over the same period. Weaker economic developments in Europe have fed through to a more lacklustre start to the European reporting season. With a fifth of companies having reported, average earnings surprises have been around negative 4%.
Denmark, Sweden and Austria were the best performing countries during the month, while Ireland, Finland and France were the worst. Healthcare, telecoms and real estate were the best performing sectors during the month, while IT, consumer discretionary and energy were the worst.
The European small-cap index recorded a gain of 1.3% in July. Rising trade tensions between the US and Europe seen in previous months eased slightly following a meeting between US President Trump and EC President Junker, where they agreed to start a dialogue on tariffs. Elsewhere, the Chinese – US trade spat continued with the US threatening another tariffs on an additional $250bn worth of goods. Economic growth in Europe dipped in the second quarter, with the growth rate of 0.3% being the weakest rate for two years. In contrast, buoyed by fiscal stimulus, the US economy grew at 4% over the same period. Weaker economic developments in Europe have fed through to a more lacklustre start to the European reporting season. With a fifth of companies having reported, average earnings surprises have been around negative 4%.
Denmark, Sweden and Austria were the best performing countries during the month, while Ireland, Finland and France were the worst. Healthcare, telecoms and real estate were the best performing sectors during the month, while IT, consumer discretionary and energy were the worst.
Portfolio developments per 2018-07-31
We completed the purchase of Sabre Insurance Group in July. Sabre is a pure-play UK motor insurance company with c3% market share. The company philosophy is to calibrate the right price for every risk in the market and therefore its footprint is c96% but it particularly excels in (non-standard) premium business where its competitors do not have the data set to confidently price the risk. This drives very high profitability ratios and the company consequently generates significant excess capital which it returns to shareholders through a combination of regular and special dividends. We believe that the market does not yet fully understand the strength of Sabre’s business model and competitive advantage and is therefore mispricing the shares. We are comforted that management has shown a clear desire to engage with us on ESG issues and improve their reporting over time.
We sold our small position in Global Dominion Access which we received as a dividend from our holding in CIE Automotive. Faced with the decision to either buy it up to a full weight or sell the c0.5% position we met with management and analysed the business position, ESG reporting and valuation. Although it has some attractive qualities we decided that we did not support some elements of the strategy and have better uses for the capital.
This summer we have seen extreme and widespread high temperatures around the world fuelling climate concerns. The World Meteorological Organisation has warned of droughts, wildfires and harvest losses after the second hottest June on record. The need for climate resilience has arguably never been a greater focus and companies need to be aware of the implications – both in terms of risks and opportunities. The release of the Task Force on Climate-related Financial Disclosures (TCFD) recommendations last year accelerated this by providing a framework for disclosures on the financial impacts of physical and transition climate related risks. Engagement is a catalyst to address these issues as in our experience disclosure is still pretty limited. Also this month, the UK released the revised Governance Code which introduces a stricter view on tenure, succession and employee engagement requirements. The principle remains ‘comply and explain’ and we have already taken the opportunity to address these changes with several of our UK holdings.
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. This combination of political and economic uncertainty should provide good stock picking opportunities, at attractive valuations, within our favoured universe of quality companies.
We sold our small position in Global Dominion Access which we received as a dividend from our holding in CIE Automotive. Faced with the decision to either buy it up to a full weight or sell the c0.5% position we met with management and analysed the business position, ESG reporting and valuation. Although it has some attractive qualities we decided that we did not support some elements of the strategy and have better uses for the capital.
This summer we have seen extreme and widespread high temperatures around the world fuelling climate concerns. The World Meteorological Organisation has warned of droughts, wildfires and harvest losses after the second hottest June on record. The need for climate resilience has arguably never been a greater focus and companies need to be aware of the implications – both in terms of risks and opportunities. The release of the Task Force on Climate-related Financial Disclosures (TCFD) recommendations last year accelerated this by providing a framework for disclosures on the financial impacts of physical and transition climate related risks. Engagement is a catalyst to address these issues as in our experience disclosure is still pretty limited. Also this month, the UK released the revised Governance Code which introduces a stricter view on tenure, succession and employee engagement requirements. The principle remains ‘comply and explain’ and we have already taken the opportunity to address these changes with several of our UK holdings.
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. This combination of political and economic uncertainty should provide good stock picking opportunities, at attractive valuations, within our favoured universe of quality companies.
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 2018-07-31 (rebased)
Performance per 2018-07-31
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| Fund | Benchmark | |
|---|---|---|
| 1 month | 1.8 % | 2.2 % |
| 3 months | 2.4 % | 3.6 % |
| This year | -0.5 % | 3.7 % |
| 2015 | 18.0 % | 18.0 % |
| 2016 | 15.1 % | 19.5 % |
| 2017 | 16.6 % | 23.8 % |
| 1 year (on annual basis) | 1.9 % | 9.8 % |
| 3 years (on annual basis) i | 12.4 % | 17.0 % |
| 5 years (on annual basis) i | 10.4 % | 14.6 % |
| Since inception (on annual basis) i | 14.3 % | 13.4 % |
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 2018-07-31
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| 3 years | Since inception | |
|---|---|---|
| Maximum drawdown i | -6.56 % | 0.00 % |
| Tracking error i | 4.47 % | 0.00 % |
| Information ratio i | -1.03 | 0.00 |
| Beta i | 0.94 | 0.00 |
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 (2018-07-31)
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| Contribution i | Performance i | |
|---|---|---|
| Sweco AB | 0.64 % | 13.71 % |
| Mekonomen | 0.43 % | 28.97 % |
| Kardex | 0.35 % | 10.68 % |
| Rotork | 0.26 % | 6.63 % |
| Greggs | 0.21 % | 4.99 % |
Percentages shown for contributions and performances are based on Euros.
Bottom 5 contribution (2018-07-31)
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| Contribution i | Performance i | |
|---|---|---|
| BE Semiconductor Industries | -0.44 % | -19.41 % |
| Distribuidora Internac.de Alimentacion | -0.35 % | -16.14 % |
| Kingspan Group | -0.30 % | -7.38 % |
| Consort Medical | -0.19 % | -8.44 % |
| Industria Macchine Automatiche | -0.18 % | -3.50 % |
Percentages shown for contributions and performances are based on Euros.
Geographic allocation (2018-07-31)
28.1 %
United Kingdom
12.3 %
Switzerland
10.2 %
Sweden
9.5 %
Spain
9.4 %
Finland
8.7 %
Italy
8.3 %
Germany
4.0 %
Netherlands
3.7 %
Ireland
2.4 %
Denmark
2.1 %
Belgium
1.3 %
Cash
Totaal
100 %
Top 10 holdings (2018-07-31)
4.8 %
Sweco
4.6 %
Industria Macchine Automatiche
4.5 %
Hill & Smith
4.2 %
Rotork
4.2 %
Greggs
4.1 %
Brembo Spa
4.1 %
Implenia
4.0 %
Aurelius
4.0 %
Amer Sports
4.0 %
Cie Automotive
Totaal
42.5 %
Sector allocation (2018-07-31)
31.9 %
Industrial Goods & Services
11.9 %
Retail
10.6 %
Technology
10.0 %
Automobiles & Parts
7.8 %
Construction & Materials
6.4 %
Personal & Household Goods
6.2 %
Food & Beverage
4.2 %
Health Care
4.0 %
Financial Services
3.5 %
England
3.4 %
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 informationin 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 informationin 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. |
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
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Kempen (Lux) Sustainable European Small-cap Fund (the “Sub-Fundâ€) is a sub-fund of Kempen International Funds SICAV (the “Fundâ€), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The 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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