Kempen Sustainable Global High Dividend Fund N

Profile

Kempen Sustainable Global High Dividend Fund (KSGHDF) offers a diversified portfolio of listed companies worldwide with an attractive dividend yield which comply with strict sustainability criteria. The portfolio contains around 55 investments. The environmental, social and governance (ESG) criteria are incorporated in the investment process. Investments in KSGHDF are screened by an independent data provider to assess compliance with environmental, social and governance (ESG) criteria. The management company uses strict sustainability criteria that minimizes or excludes investments in companies involved in controversial activities such as alcohol coal production and adult entertainment or have exposure to severe ESG controversies. KSGHDF integrates ESG factors in its investment process and aims to select companies that are able to manage their ESG risks and opportunities. KSGHDF strives to select investments with the focus on cash flow generation, healthy capital allocation and an attractive valuation.

The primary objective of KSGHDF is to achieve a structurally better long-term return, comprising capital gains plus net dividends, than the Morningstar Developed Markets Dividend Yield > 3% NR EUR Index.

KSGHDF pays out dividend on a quarterly basis and aims to pay all the received net dividends to the shareholders.

Management team

Joris Franssen, Luc Plouvier, Marius Bakker, Robert van den Barselaar, Reineke Davidsz, Roderick van Zuylen

Performance per 2022-12-31 (rebased)

No chart data available

Performance per 2022-12-31

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  Fund Benchmark
1 month -3.9 % -4.4 %
3 months 7.7 % 7.9 %
This year -3.4 % 7.6 %
2021 24.5 % 28.2 %
1 year (on annual basis) -3.4 % 7.6 %
Since inception (on annual basis) i 9.9 % 17.9 %
Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future For the calculation of the performance figures a deviant net asset value (NAV) is used. The NAV is calculated based on the closing prices of the fund investments per end of the month, in contrast of the original NAV issued, that partly is calculated based on the closing prices of the end of the month (North America) and calculated based on ‘snapshots’ prices of the first business day of the following month (Asian and Pacific investments). The deviating NAV is used for better comparison with the benchmark that is also calculated based on the closing prices of the investments.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 122.50 M 2022-12-31
Share class size
EUR 1.06 M 2022-12-31
Number of shares
38,059 2022-12-31
Net Asset Value
EUR 29.33 2023-01-31
Transaction price
EUR 29.41 2023-01-31

Fund characteristics per 2022-12-31

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  Fund Benchmark
Number of holdings 54
Dividend yield i 4.74 %
Weighted average market capitalization i EUR 41,784 M
P/E ratio i 9.16
Active share i 91.31 %
Kempen Sustainable Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen Umbrella Fund I NV (the “Fund”). Van Lanschot Kempen Investment Management NV) is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Information Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of Van Lanschot Kempen Investment Management NV (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Developments per 2022-12-31

With one of the weakest December months on record, the stock market ended 2022 in style. Investor sentiment was driven by worries about a weakening economy. According to the International Monetary Fund (IMF) 2023 is going to be tougher on the global economy than the one we have left behind. The economies of the EU, the US and China are simultaneously slowing down. The IMF expects that about one third of the world economy will end up in a recession. Tech-related stocks had strongly negative returns. At the start of 2022, these stocks were priced for perfection. Now that the growth outlook of these companies are deteriorating, the stocks are experiencing a substantial derating. Given our disciplined valuation-driven approach to investing, we were able to sidestep much of the downturn in these tech-related companies. Investors have clearly changed their attitude towards value stocks. Value stocks in general did substantially better than growth stocks. In this environment, the performance of KSGHDF was ahead of the broader market. KSGHDF also outperformed the style index (Morningstar Developed Markets Dividend Yield > 3% Index).

The sector that contributed most to the absolute and relative performance of KSGHDF was the industrials sector (ALD was up 16% in December). The relative performance was also benefited from strong stock selection within the energy sector. The sector that detracted most from the absolute performance of KSGHDF was the financial services sector. This was fully driven by the relatively large allocation towards this sector, not by stock selection. The relative performance of KSGHDF was modestly impacted by stock selection within the consumer staples sector (Sysco).

One of the best performing stocks in the portfolio was auto-leasing company ALD (+16% in December). Earlier in 2022, ALD announced the acquisition of LeasePlan, which would almost double the size of the company. To finance this acquisition, ALD announced a rights issue in November. The rights issue was a success and the transaction will proceed as planned. An important reason for a lowly rated share price had been the limited free float of the shares. I.e., Societe Generale owned 80% of ALD, which made it hard for institutional investors to buy a sizable position in ALD. After the rights issue, the free float will be substantially higher. Societe Generale’s ownership has been reduced to just over 50% of ALD. On our estimates, earnings per share could be 1.65 EUR within the next two years, which would leave the shares trading at less than 7 times earnings. For a market-leading company in and a strong management team, the shares are substantially undervalued. With the increased liquidity in the shares, we believe that the shares will benefit from a strong re-rating over the next two years.

The worst performing stock in the portfolio was Sysco (-15% in December). The US based company is the world’s largest foodservice distributor and caters food and related non-food items to for example restaurants, schools and hospitals. The company is recovering from the covid-pandemic. In December, the Chief Financial Officer (CFO) of Sysco unexpectedly announced his retirement. Although there appears to be no direct impact on the business, investors were disappointed by the news. We still believe that Sysco will continue its long term track record of growing its earnings and dividends steadily over time. The current dividend yield of Sysco is around 2.6%.

In December, we built up positions in Knorr-Bremse and in Medtronic. Knorr-Bremse is the global leader in braking systems for commercial transit vehicles such as trains and buses. The company has a 50% market share in breaking systems for trains, metros and other light rail vehicles. Thanks to safety regulation, best product line up, and strong customer relationships, it is likely that KB will be able to maintain their market share for many years to come. Big accidents caused by failing breaking systems cause human harm, wreak havoc on the train maker’s safety reputation, and puts pressure on local transportation authorities. Customers are therefore more interested in having the best product and not so much in paying the lowest price. Besides the strong market position, we also like the substantial stream of after-market revenues (e.g., brakes wear out, systems need periodic revision). The strong market position and cash flows allow KB to reinvest in R&D, thereby increasing their technological lead. The shares had shed more than 50% of the market price over the last 2 years. Much of the decline can be attributed to China (Covid-lockdowns and increasing local competition), Russia (Ukraine invasion), and cost inflation, which caused a substantial decline in operating margins. The latest quarterly report showed that the company is making progress on each of these problem areas. Operating margins appear to be on the rise again. The high quality nature of the business is not reflected in the valuation of the shares. We could establish our position in Knorr-Bremse at a price/earnings ratio of around 14. The shares provide a dividend yield of 3.5%.

Medtronic is one of the largest medical technology companies in the world. It has four business lines, which are Cardiovascular (e.g., pacemakers, catheters, stents), Medical Surgical (e.g., surgical stapling devices, robotic-assisted surgical products, and inhalation products), Neuroscience (e.g., spinal cord stimulation, neuro stimulators, implants), and Diabetes (e.g., insulin pumps and monitoring systems). With this wide portfolio of products and an aging population, Medtronic will benefit from strong industry-wide growth. The shares have done poorly over the last years as a result of the covid-pandemic, which has led to a reduction in surgical procedures. Medtronic also suffers from hiccups in their supply chain and from input cost inflation. Over time we expect Medtronic to fully recover from these temporary setbacks. The shares trade at historically modest multiples of earnings (~14x versus 18x), and provide a dividend yield of ~ 3.5%. Once Medtronic recovers from the temporary setbacks, we expect the shares to benefit from growing earnings and multiple expansion.

KSGHDF combines stock selection, an attractive dividend yield with strict sustainability criteria. We exclude companies with severe controversies or controversial activities. We take responsibility as an active manager to engage with the companies we invest in to encourage positive change. Furthermore, we integrate ESG opportunities and risks in our valuation model making the ESG value transparent. KSGHDF has the Towards Sustainability logo and 5 Globes by Morningstar, important recognitions of the high ESG standards of the strategy. We currently expect a dividend yield of around 4.8% for KSGHDF. This number is based on the consensus estimate of dividends paid out over the next 12 months. The valuation dispersion between, and within regions and sectors remains at a very high level. We are still able to find companies that are cash generative, have market leading positions and embrace and benefit from ESG trends. These companies are definitely not priced for that and are in our view a very interesting investments both in relative and absolute terms. In summary, the current environment offers the opportunity to buy a well-diversified portfolio with solid earnings power and an attractive ESG profile at an undemanding valuation.

Kempen Sustainable Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen Umbrella Fund I NV (the “Fund”). Van Lanschot Kempen Investment Management NV) is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Information Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of Van Lanschot Kempen Investment Management NV (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Performance per 2022-12-31 (rebased)

No chart data available

Performance per 2022-12-31

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  Fund Benchmark
1 month -3.9 % -4.4 %
3 months 7.7 % 7.9 %
This year -3.4 % 7.6 %
2021 24.5 % 28.2 %
1 year (on annual basis) -3.4 % 7.6 %
Since inception (on annual basis) i 9.9 % 17.9 %
Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future For the calculation of the performance figures a deviant net asset value (NAV) is used. The NAV is calculated based on the closing prices of the fund investments per end of the month, in contrast of the original NAV issued, that partly is calculated based on the closing prices of the end of the month (North America) and calculated based on ‘snapshots’ prices of the first business day of the following month (Asian and Pacific investments). The deviating NAV is used for better comparison with the benchmark that is also calculated based on the closing prices of the investments.

Dividends

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Distributing
Yes
Last dividend
EUR 0.34
Ex-date last dividend
2022-11-04
Number of distributions per year
4
Dividend calendar
Kempen Sustainable Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen Umbrella Fund I NV (the “Fund”). Van Lanschot Kempen Investment Management NV) is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Information Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of Van Lanschot Kempen Investment Management NV (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Top 5 contribution (2022-12-31)

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  Contribution i Performance i
ALD 0.29 % 16.48 %
MS&AD Insurance Group 0.10 % 5.12 %
Ferguson 0.10 % 5.11 %
Sun Hung Kai Properties 0.09 % 9.97 %
EDP - Energias de Portugal 0.05 % 3.03 %

Bottom 5 contribution (2022-12-31)

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  Contribution i Performance i
Sysco -0.30 % -14.74 %
Prudential Financial -0.24 % -11.18 %
Texas Instruments -0.24 % -11.67 %
Huntington Bancshares -0.23 % -11.13 %
Nexstar Media Group -0.19 % -10.92 %

Geographic allocation (2022-12-31)

24.6 %
United States
16.9 %
United Kingdom
7.0 %
Germany
6.9 %
Japan
6.2 %
Netherlands
4.6 %
Canada
4.1 %
Spain
4.1 %
Sweden
3.7 %
France
3.1 %
Singapore
2.2 %
Bermuda
2.2 %
Austria
14.6 %
Other
Total
100 %

Top 10 holdings (2022-12-31)

2.7 %
National Grid
2.7 %
Taylor Wimpey
2.7 %
ALD
2.6 %
Reckitt Benckiser
2.4 %
Technip Energies
2.3 %
Omnicom
2.2 %
Repsol
2.2 %
Triton International
2.2 %
BAWAG Group
2.2 %
Gilead Sciences
Total
24.3 %

Sector allocation (2022-12-31)

23.0 %
Financials
14.2 %
Telecommunications
13.0 %
Industrials
10.5 %
Health Care
9.5 %
Consumer Staples
9.4 %
Consumer Discretionary
5.7 %
Technology
4.6 %
Utilities
4.6 %
Energy
2.7 %
Basic Materials
1.8 %
Real estate
1.0 %
Other
Total
100 %
Kempen Sustainable Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen Umbrella Fund I NV (the “Fund”). Van Lanschot Kempen Investment Management NV) is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Information Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of Van Lanschot Kempen Investment Management NV (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
0.630 %
Service fee i
0.20 %
Expected ongoing charges i
0.83 %
Ongoing charges last financial year i
0.74 %
The ongoing charges figure of the last financial year relates to 2021/2022.

The service fee is determined annually on basis of the net asset value as of the last day of the previous financial year:
< or equal to EUR 200 million: 0.20%
Between EUR 200 million and EUR 700 million: 0.15%
>EUR 700 million: 0.10%
Kempen Sustainable Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen Umbrella Fund I NV (the “Fund”). Van Lanschot Kempen Investment Management NV) is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Information Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of Van Lanschot Kempen Investment Management NV (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Share class details

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Share class
N
Investor type
Institutional & Private
Distributing
Yes
Benchmark i
Morningstar Developed Markets Dividend Yield > 3% NR EUR Index
Investment category
High Dividend Equity
Inception date
2021-01-18
May be offered to all investors in
Netherlands
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Administrator
BNP Paribas S.A., Netherlands Branch
Management company
Van Lanschot Kempen Investment Management NV
Depositary and custodian
BNP Paribas S.A., Netherlands Branch

Tradability

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Listed
yes, listed on the NAV Trading Facility of Euronext
ISIN i
NL0014926404
Kempen Sustainable Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen Umbrella Fund I NV (the “Fund”). Van Lanschot Kempen Investment Management NV) is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Information Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of Van Lanschot Kempen Investment Management NV (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

No sustainable investment objective

The Kempen Sustainable Globl High Dividend Fund (the ‘Fund’) falls under the scope of article 8 of the SFDR, indicating that the fund promotes environmental and/or social characteristics. The fund does not have sustainable investment as its objective, but will have a minimum proportion of 4% of sustainable investments.

The Fund uses a combination of principal adverse impact indicators and exclusion criteria to ensure the sustainable investments do not significantly harm any of the sustainable investment objectives. Furthermore, we monitor the number of severe controversies and take this broad set of indicators into account in the portfolio construction, when integrating ESG factors and when executing our active ownership activities.Â

The Fund excludes companies through the application of strict exclusion criteria. These take into account international standards, such as the UN Global Compact framework, the OECD Guidelines for Multinational Enterprises, the UN Guiding Principles for Business and Human Rights, and our Principles for Responsible Investment commitments. The Fund applies additional exclusion criteria based on product involvement and business conduct. In addition, the fund excludes severe controversies on Human Rights, Labour Conditions, Corruption and Environment. As such, companies with a controversy score 4 & 5 by Sustainalytics or a Red flag on MSCI ESG impact monitor will be excluded.

Environmental or social characteristics of the financial product

The  Fund promotes environmental characteristics related to:
• Climate change mitigation and climate change adaptation in line with the Paris Climate Agreement; Â
• The protection of biodiversity and ecosystems; Â
• The transition to a circular economy.Â

The Fund promotes social characteristics related to:Â
• Decent work;Â
• Adequate living standards and wellbeing for end-users; Â
• Other social topics such as gender equality and broader diversity matters.Â

The environmental characteristics promoted by the Fund seek to contribute to the achievement of the climate goals of the Paris Agreement and the National Climate Agreement of the Netherlands (‘Klimaatakkoord’). This decarbonization pathway encompasses short-term (2025) objectives, a mid-term (2030) ambition and a long-term commitment to be net zero by 2050. Although there has been no index designated as a reference benchmark, by 2025 the Fund aims to have a carbon intensity that is below the EU Climate Transition Benchmark (EU CTB) pathway. This pathway assumes a carbon intensity that is 30% lower than the relevant Global Dividend benchmark in 2019 with a subsequent 7% annual reduction. Â

Investment strategy

Kempen Sustainable Global High Dividend Fund (KSGHDF) offers a diversified portfolio of listed companies worldwide with an attractive dividend yield ,while at the same time complying with strict exclusion and sustainability criteria. Our ESG-policy, described in the ESG Policy & Process document, is aimed at the promotion of environmental and/or social characteristics. This ESG policy is implemented in our strategy’s investment process across four pillars: Exclusion, ESG Integration, Active ownership and 4) Positive impact.Â

Before and after selecting the asset, we apply adequate (ESG) due diligence measures. This can help to enhance long-term risk adjusted returns for investors, in accordance with the investment objectives of the Fund. We  look at each company on a case-by-case basis, taking into account both material risks in a given industry and the company’s respective risk exposure, practices and disclosure. This includes:Â
- an assessment of good governance practices. The investee companies are rated for governance aspects using external research and internal assessments.Â
- the company’s exposure to past controversies and future ESG opportunities
Based on fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile and award a score (1-5).
Â

Proportion of investments

Information about the proportion of investments with environmental or social characteristics is available in the annex II of this product. Â

Monitoring of environmental or social characteristics

The holdings are screened quarterly for compliance with Kempen’s ESG criteria. The screening process allows Kempen to monitor the ESG performance of all companies in the fund. It also encourages engagement on potential issues identified. Furthermore, the results of the screening feeds into quarterly challenging sessions between ESG specialists and portfolio managers. These sessions are used to assess whether ESG risks and opportunities are sufficiently reflected in the investment decision making process of Kempen.

Methodologies

Principal Adverse Impact Indicators are monitored at individual holding level and at the portfolio level.Â

Kempen ESG Score serves as input throughout the investment process (exclusion, integration in the valuation models, engagement). Scores are based on 21 ESG risk factors, which are selected based on their materiality per industry.Â

Carbon emission intensity is used as the key carbon metric. We calculate carbon intensity based on revenues (weighted average carbon intensity), which we use for our commitment, ambition and objectives. We also calculate carbon intensity based on Enterprise Value, which is also used by the EU Benchmarks.

EU Taxonomy alignment is measured by turnover, for which we use a combination of actual data from investee companies and estimates on EU Taxonomy alignment made by a third party provider.Â

Engagement Milestones are used in order to measure engagement success. All engagement contacts are recorded and classified: Milestone 1 (company is informed), Milestone 2 (company acknowledges request), Milestone 3 (company commits to improve), up until Milestone 4 (proof of improvement).

Data sources and processing

External data providers include (but are not limited to)Â
- Institutional Shareholder Services (ISS), used for proxy voting, governance research, carbon data and Sustainable Development Goals data;Â
- MSCI ESG Research: used for company ESG Ratings, product involvement data, principal adverse indicators and to assess the degree to which the investments are in environmentally sustainable economic activities under the EU Taxonomy, measured by turnover;Â
- Sustainalytics: used for ESG Risk Ratings and product involvement data.Â
Internal as well as external data is collected and processed in several data analytics (including FactSet, PowerBI, Tableau) and internal compliance systems (including ThinkFolio).

Exclusion criteria

  Kempen criteria Additional criteria
Business conduct
Human Rights
Labour
Environment
Anti Corruption
Product involvement
Controversial Weapons
Tobacco
Thermal Coal
Tar Sands
Adult Entertainment
Alcohol
Animal Welfare & GMO
Gambling
Power Generation Nuclear
Power Generation Carbon Intensive
(Un)conventional Oil & Gas Extraction
Weaponry

Fund carbon emission targets

Limitations to methodologies and data

Externally provided ESG data is far from perfect. Therefore we conduct rigorous due diligence of the data used in our ESG processes to ensure the limitations will not affect the environmental and social characteristics. To ensure data quality we regularly engage with portfolio companies and third party vendors. Limitations include, but are not limited to discrepancies between company reported data and data provided by third parties, inconsistencies across data vendors, market cap bias and modelling assumptions.

Due diligence

Before a company is invested in, Portfolio Managers perform a due diligence on potential ESG risks and principal adverse impact indicators, opportunities, as well as potential past controversies. ESG due diligence is integrated in the different stages of the investment process (screening of the investable universe, fundamental research & portfolio management). ESG specialists challenge the portfolio managers on the implementation of the ESG process on a quarterly basis.
Kempen Sustainable Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen Umbrella Fund I NV (the “Fund”). Van Lanschot Kempen Investment Management NV) is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Information Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of Van Lanschot Kempen Investment Management NV (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
Kempen Sustainable Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen Umbrella Fund I NV (the “Fund”). Van Lanschot Kempen Investment Management NV) is the management company of the Fund. Van Lanschot Kempen Investment Management NV is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of KCM at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Information Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of Van Lanschot Kempen Investment Management NV (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The value of your investment may fluctuate. Past performance provides no guarantee for the future.