Kempen Non-Directional Partnership - Class A

Profile

Kempen Non-Directional Partnership (KNDP) is a fund-of-hedge-funds with a diversified exposure to hedge fund strategies. The portfolio typically consists of 10 to 20 underlying hedge funds. The fund has an unconstrained mandate and can invest in a wide array of primarily non-directional strategies, ranging from relative value strategies (e.g. arbitrage and long/short equity with limited directionality) to event driven strategies. The fund can invest in all asset classes and the structure of the fund also allows for investments in less liquid opportunities like distressed debt.

Hedge funds are sourced through an extensive industry network that shares a preference for focused, independent investment managers above the larger traditional asset managers. The concentrated investment approach allows for a thorough due diligence process that is executed by an experienced and specialized team. The members of the Investment Committee have an average industry experience of over twenty years.

The objective of the fund is to generate a long-term return in excess of Euribor + 2%.

Management team

Michiel Meeuwissen, Remko van der Erf, Igor Puljic, Jeanne Spronck

Performance per 2017-08-31 (rebased)

No chart data available

Performance per 2017-08-31

Slide to see more
  Fund
1 month 0.7 %
3 months 1.1 %
This year 4.9 %
2014 2.3 %
2015 -0.4 %
2016 3.6 %
3 years (on annual basis) i 2.2 %
5 years (on annual basis) i 4.2 %
Since inception (on annual basis) i 2.7 %
Till May 2006 the portfolio consisted of fund-of-hedgefunds and as of May 2006 the portfolio consists of direct investments in hedge funds. 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

Slide to see more
Total fund size
EUR 109.97 M 2017-08-31
Number of shares
441,460 2017-08-31
Net Asset Value i
EUR 17.33 2017-08-31
Kempen Non-Directional Partnership (the Sub-Fund) is a sub-fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available on the website of KCM (www.kempen.com/investmentfunds). The Subfonds is registered for offering in a limited number of countries. The countries where the subfund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Market developments per 2017-06-30

During the second quarter global equity markets produced a gain (in local currencies) of about 3%. Europe was the worst performing region – up only modestly - while Emerging Markets and Japan witnessed stronger returns. Given the USD’s 7% decline versus the EUR, global equity returns were negative to the tune of -3% when measured in EUR. European rates continued to bounce back and forth; between 20bps and 50bps in the case of 10-year German rates. The latest move up occurred towards the very end of the quarter as Draghi’s rhetoric appeared more hawkish. US 10-year rates also bounced up in the final days of the quarter after having reached a YTD low as recently as the 27th of June. Commodity prices too went through whipsaw like moves but ultimately finished the quarter lower with the oil price falling from $51 to $46 (WTI, price per barrel).
In this environment, Structured Credit managers (+3.4%, contributing +0.55%) experienced a strong quarter (their fifth consecutive quarter of positive contribution), with gains across RMBS, CMBS, CLOs and Consumer ABS. The Multi-Strategy managers (+3.2%, contributing +0.76%) also had a good quarter – with one of them to be discussed on the next page as the #1 contributor. The group of Equity-related managers consists of two Merger Arbitrage managers that had a decent quarter (+2.3%, contributing +0.17%). The three managers in the Macro / Systematic group on balance had a modest impact on performance (-0.3%, -10bps), but within the group there was considerable dispersion, with one of them ranking in the top #3 and the other two at the bottom of the list. Credit / Distressed on balance had very little impact on quarterly performance.

More information can be found in the Investment Letter on the documents page of this fund.

Portfolio developments per 2017-06-30

On the individual manager level 9 out of 14 core holdings (excluding holdings < 1%) contributed positively with the top-3 managers being:
1. Boussard & Gavaudan (+7.8%, contributing +0.51%). Two of this European Multi-Strategy fund’s largest positions were taken out during the second quarter, leading to solid gains. First, in April it was announced that EDF Energies Nouvelles was looking to acquire wind energy developer and operator Futuren at a premium to the last stock price. Given that Boussard & Gavaudan owned a material part of both the equity and the bonds of Futuren, this news helped the fund to produce a strong NAV gain. Second, in May it was announced that Mannai Corporation will be acquiring Boussard & Gavaudan’s remaining shares in GFI Informatique, at a price that was well above the last known stock price, leading to further NAV gains.
2. One William Street (+4.5%, contributing +0.49%). This Structured Credit manager generated gains across the board making it a stand-out performer in the global peer group.
3. Pharo Gaia (+6.9%, contributing +0.47%). This EM-focused Global Macro manager made money in Sovereign Credit (long of a host of EM countries in LatAm and Southern Europe amongst others), FX (long both EUR and EM currencies versus the USD), Rates (long a range of EM countries and short the short-end in the US), and Commodities (short oil).
The two meaningful detractors were:
1. Transtrend (-9.2%, detracting -0.23%). This trend-follower – like the vast majority of CTA’s during the second quarter – encountered a very difficult environment in light of (continuous) trend reversals in commodities, currencies, and rates. Slight gains in equities (where the fund is long) were not enough to offset losses in commodities (both long and short oil and natural gas as well as long silver), currencies (short Euro in April) and interest rates (long Bunds in June).
2. Bridgewater (-4.9%, detracting -0.28%). Shorts in Europe (EUR and periphery sovereign credit) and longs in commodities were the key quarterly detractors for this Global Macro manager.
Per July 1st 2017 the fund was invested in 14 holdings (excluding holdings < 1%).
The look-through net equity exposure increased from 13% to 14% and the look-through net corporate credit exposure remained stable at 9%. Only a very small part of the net equity exposure comes from Equityrelated managers with the majority coming from Macro / Systematic, Credit / Distressed, and Multi-Strategy managers.

More information can be found in the Investment Letter on the documents page of this fund.

Kempen Non-Directional Partnership (the Sub-Fund) is a sub-fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available on the website of KCM (www.kempen.com/investmentfunds). The Subfonds is registered for offering in a limited number of countries. The countries where the subfund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Performance per 2017-08-31 (rebased)

No chart data available

Performance per 2017-08-31

Slide to see more
  Fund
1 month 0.7 %
3 months 1.1 %
This year 4.9 %
2014 2.3 %
2015 -0.4 %
2016 3.6 %
3 years (on annual basis) i 2.2 %
5 years (on annual basis) i 4.2 %
Since inception (on annual basis) i 2.7 %
Till May 2006 the portfolio consisted of fund-of-hedgefunds and as of May 2006 the portfolio consists of direct investments in hedge funds. Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

Slide to see more
Distributing
No

Risk analysis (ex post) per 2017-08-31

Slide to see more
  3 years
Maximum drawdown i -5.10 %
Tracking error i 2.23 %
Information ratio i 1.67
Beta i 0.61
Kempen Non-Directional Partnership (the Sub-Fund) is a sub-fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available on the website of KCM (www.kempen.com/investmentfunds). The Subfonds is registered for offering in a limited number of countries. The countries where the subfund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

More information can be found in the the document Facts and Figures on the Documents page of this fund.

Kempen Non-Directional Partnership (the Sub-Fund) is a sub-fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available on the website of KCM (www.kempen.com/investmentfunds). The Subfonds is registered for offering in a limited number of countries. The countries where the subfund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Ongoing charges

Slide to see more
Management fee i
0.75 %
Service fee i
0.08 %
Taxe d'abonnement i
0.05 %
Indirect costs i
2% (estimate excl. possible performance fees)
Ongoing charges last financial year i
2.91 %

Other costs

Slide to see more
Entry fee
0,00 %
Exit fee
0,50 %
Kempen Non-Directional Partnership (the Sub-Fund) is a sub-fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available on the website of KCM (www.kempen.com/investmentfunds). The Subfonds is registered for offering in a limited number of countries. The countries where the subfund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Share class details

Slide to see more
Share class
A i
Investor type
Institutional & Private
Distributing
No
Objective
To generate a long term return in excess of Euribor +2%
Investment category
Hedge Fund Solutions
Universum
Global multi assets
Inception date
2001-10-01
Domicile
Luxembourg
May be offered to all investors in
Luxembourg, The Netherlands
UCITS status i
No
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Management company
Kempen Capital Management N.V.
Custodian
J.P. Morgan Bank Luxembourg S.A.

Tradability

Slide to see more
Listed
no
Pricing frequency
Subscriptions monthly on the first business day, redemptions quarterly, on the first business day of January, April, July and October
ISIN i
LU0138381354
Entry period purchase order
In order to be executed, orders must be received by J.P. Morgan Bank Luxembourg S.A. 5 business days before the dealing day. Your distributor may use longer entry periods.
Entry period sell order
In order to be executed, orders must be received by J.P. Morgan Bank Luxembourg S.A. 90 calendar days before the dealing day.Your distributor may use longer entry periods.
Details
Settlement for subcriptions is due 5 business days before the applicable dealing day. Settlement for redemption will normally take place within 19 business days after the appllicable dealing day.
Kempen Non-Directional Partnership (the Sub-Fund) is a sub-fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available on the website of KCM (www.kempen.com/investmentfunds). The Subfonds is registered for offering in a limited number of countries. The countries where the subfund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
Kempen Non-Directional Partnership (the Sub-Fund) is a sub-fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available on the website of KCM (www.kempen.com/investmentfunds). The Subfonds is registered for offering in a limited number of countries. The countries where the subfund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

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.

Fund approach to Responsible Investment

  • As we invest in hedge funds, we don't actively choose to invest in a certain company.
  • During our thorough due diligence process we ask managers what efforts they make regarding responsible investing.
  • Also, we check on as annual basis whether our funds have any exposure to the companies on our exclusion list.
  • We hope that by continuing to ask our managers about their ESG and RI policy, they will start considering formulating an RI policy especially if faced with similar queries from other investors.
  • When a manager is or becomes a signatory or informs us about a RI policy they are using, we open a dialogue to discuss the topic and find out what drove them to their current RI stance.
Kempen Non-Directional Partnership (the Sub-Fund) is a sub-fund of Kempen Alternative Investment Fund Sicav (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available on the website of KCM (www.kempen.com/investmentfunds). The Subfonds is registered for offering in a limited number of countries. The countries where the subfund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.