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 60 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 Global Dividend Net Total Return Index.

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

Management team

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

Performance per 2021-09-30 (rebased)

No chart data available

Performance per 2021-09-30

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  Fund Benchmark
1 month -0.5 % -0.3 %
3 months 1.9 % 0.8 %
This year 17.6 % 19.5 %
Since inception (on annual basis) i 17.6 % 19.5 %
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 124.87 M 2021-09-30
Share class size
EUR 0.86 M 2021-09-30
Number of shares
29,927 2021-09-30
Net Asset Value
EUR 29.43 2021-10-26
Transaction price
EUR 29.50 2021-10-26

Fund characteristics per 2021-09-30

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  Fund Benchmark
Number of holdings 57
Dividend yield i 3.91 %
Weighted average market capitalization i EUR 40,871 M
P/E ratio i 11.45
Active share i 87.53 %
Kempen Sustainable Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen Umbrella Fund I NV (the “Fund”). Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM 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 Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (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 2021-09-30

The absolute return of KSGHDF was modestly negative in September. That was in line with the Morningstar Developed Markets Dividend Yield > 3% NR EUR Index. The sector that contributed most to the absolute performance was the energy sector. The relative performance was held back by our substantial underweight position in energy. Stocks like Technip Energies and Repsol performed well. The sector that detracted most from the absolute performance of KSGHDF was the industrials sector.

One of the best relative contributors was Repsol. Repsol is a Spanish integrated oil and gas company. Repsol's production comes mainly from Trinidad, Venezuela, Brazil and the US. Their main downstream operations (petrol stations) are based in Spain. Repsol has set ambitious renewable targets that will put Repsol on the forefront of the energy transition. Currently, Repsol is benefiting from higher energy prices and increasing refining margins. Despite the strong run-up of the shares (up more than 16% in September), both price/earnings ratio (8 times expected 2022 earnings) and dividend yield (~5%) remain attractive.

One of the detractors from performance was Taylor Wimpey, declining 15%. Taylor Wimpey is one of the largest housebuilders in the UK by volume. Over the last weeks, fear of input cost inflation is taking its toll on the homebuilders. Building materials like cement, bricks, wood and iron have become more expensive. Although cost inflation is generally a negative, most of the cost inflation can be passed through to the home buyers. Strong demand and disciplined supply is creating a strong pricing tailwind for UK homebuilders. In August, Taylor Wimpey reported higher than expected average selling prices, which translated into strong profit margins. Both price/earnings ratio (8 times expected 2022 earnings) and dividend yield (~7%) indicate that the shares are offering good value at the current levels.

We have finalized our purchase of Technip Energies. Technip Energies is an EPC (Engineering, Procurement, Construction) contractor in the energy industry: they build LNG terminals, refineries or other industrial plants for their customers, which include
NOCs and oil majors. Technip Energies was spun off from Technip FMC earlier this year. With an expected dividend of approximately 3.1% and a substantial discount to peers, we believe Technip Energies is a promising investment.

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 a Towards Sustainability logo, which is an important recognition of the high ESG standards of the strategy.

We currently expect a dividend yield of around 4.7% for KSGHDF. This number is based on the consensus estimate of dividends paid out over the next 12 months. Based on those estimates the annual growth in dividends for KSGHDF will be more than 10%. 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 digitalization and 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”). Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM 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 Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (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 2021-09-30 (rebased)

No chart data available

Performance per 2021-09-30

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  Fund Benchmark
1 month -0.5 % -0.3 %
3 months 1.9 % 0.8 %
This year 17.6 % 19.5 %
Since inception (on annual basis) i 17.6 % 19.5 %
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 0.28
Ex-date last dividend
2021-08-05
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”). Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM 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 Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (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 (2021-09-30)

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  Contribution i Performance i
Repsol 0.53 % 16.41 %
Yamaha Motor 0.23 % 11.75 %
MS&AD Insurance Group 0.17 % 8.21 %
SK Telecom (US) 0.12 % 6.49 %
Bridgestone 0.11 % 5.59 %

Bottom 5 contribution (2021-09-30)

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  Contribution i Performance i
Taylor Wimpey -0.33 % -15.00 %
Deutsche Post -0.17 % -8.56 %
ABB -0.16 % -7.44 %
Vodafone Group -0.14 % -7.30 %
Cisco -0.13 % -6.07 %

Geographic allocation (2021-09-30)

24.0 %
United States
12.4 %
United Kingdom
7.4 %
Netherlands
6.5 %
Japan
6.0 %
Canada
5.8 %
France
5.8 %
Spain
3.8 %
Sweden
3.6 %
Taiwan
3.6 %
Germany
2.2 %
Greece
2.1 %
Bermuda
2.1 %
Belgium
2.0 %
Singapore
2.0 %
Switzerland
1.9 %
Portugal
1.9 %
Korea Republic Of
1.4 %
Hong Kong
1.1 %
Austria
1.0 %
Australia
0.8 %
Finland
0.3 %
Cash
2.1 %
Other
Total
100 %

Top 10 holdings (2021-09-30)

3.7 %
Repsol
2.2 %
MS&AD Insurance Group
2.2 %
Nationale Nederlanden Group
2.2 %
Yamaha Motor
2.2 %
Ahold Delhaize Koninklijke
2.2 %
Hellenic Telecomm. Organization
2.1 %
Triton International
2.1 %
Huntington Bancshares
2.1 %
Bridgestone
2.1 %
Avalonbay Communities
Total
23.2 %

Sector allocation (2021-09-30)

24.5 %
Financials
13.8 %
Telecommunications
12.5 %
Industrials
10.0 %
Consumer Discretionary
8.1 %
Consumer Staples
6.9 %
Health Care
5.9 %
Utilities
5.8 %
Energy
5.7 %
Technology
4.6 %
Real estate
1.9 %
Basic Materials
0.3 %
Other
Total
100 %
Kempen Sustainable Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen Umbrella Fund I NV (the “Fund”). Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM 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 Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (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%
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”). Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM 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 Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (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 Global Dividend Net Total Return Index (euro)
Investment category
High Dividend Equity
Inception date
2021-01-18
May be offered to all investors in
The Netherlands
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Management company
Kempen Capital Management N.V.
Depositary and custodian
BNP Paribas Securities Services S.C.A.

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”). Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM 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 Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (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”). Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM 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 Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (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’S VISION AND MISSION

Kempen Capital Management is an asset manager that believes in stewardship and investment focusing on the long-term for the benefit of all stakeholders. Value creation is at the heart of the services we provide to our clients. We believe that being an engaged shareholder on environmental, social and governance (ESG) issues and retaining a long-term focus are critical to helping our clients to preserve and create sustainable wealth that yields both positive real-world impact and economic returns.

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KEMPEN-WIDE APPROACH TO RESPONSIBLE INVESTMENT

We are committed to creating sustainable alpha. The four pillars of our ESG policy are:Â

  • ESG integration: ensuring sustainability risks and opportunities are adequately considered in our investment analysis and processes;

  • Exclusion & avoidance: not investing in companies involved in controversial activities or conduct;

  • Active ownership: being responsible stewards of our clients’ capital and using our influence through engagement and voting to improve corporate conduct on specific ESG issues and achieve positive change;

  • Positive impact: investing with the objective of achieving positive real-world outcomes and impact, such as contributing to the UN Sustainable Development Goals (SDGs).

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To put our mission and vision into practice we engage with our investee companies on a wide array of strategic, financial and ESG topics. As an active owner we use our influence to improve our investee companies’ ESG performance. This helps us address some of the most pressing and important sustainability issues facing business and the world. Our focus themes for engagement are: human rights, labour rights, climate change and governance.Â

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Through collaboration with other investors we contribute to the development of principles and standards of corporate responsibility at both sector and investee company level.Â

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Our full voting records are available here.

Climate change

As a long-term investor, we believe climate change represents a systemic risk facing the economy, society and environment. We want to consider the risks and opportunities this presents to our investments in the coming decades. We have therefore set a long-term commitment (2050), a mid-term ambition (2030) and short-term objectives (2025).

  • 2050 commitment: Net-zero investor.  Â
  • 2030 ambition: To align with a Paris Agreement pathway (listed and non-listed investments) and Dutch Klimaatakkoord.  Â
  • 2025 objectives: To align with a pathway towards achieving the Paris Agreement (listed investments) and Dutch Klimaatakkoord goals.[1]

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The Kempen climate change policy can be found here (under climate change policy).

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[1]We use carbon intensity as a metric to come to the pathway of net-zero emissions. As we care about the direction of travel and reduction of carbon emissions in the economy, it might be that the actual reducing trend may deviate from the suggested average trend line. The pathway is derived from the pathway of the EU Benchmarks.

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OUR FUND APPROACH TO RESPONSIBLE INVESTMENT

The investment objective of Kempen Sustainable Global High Dividend Fund is to offer investors the opportunity to invest in an actively and professionally managed long-term portfolio of companies from around the world that pay above-average dividend yields, while at the same time complying with strict exclusion and sustainability criteria.

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We aim to align with a pathway towards achieving the Paris Agreement and Dutch Klimaatakkoord goals for our portfolio, as well as the EU Climate Transition Benchmark[2].

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[2] The EU Benchmarks consists of two climate benchmarks, Climate Transition Benchmark and Paris Aligned Benchmark, which have the aim to reach net-zero emissions by 2050 - in line with the 1.5?C scenarios from the IPCC. As we care about the direction of travel and reduction of carbon emissions in the economy, it might be that the actual reducing trend may deviate from the average pathway. We use carbon intensity (based on Revenues) as the forward looking climate metric.

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Kempen’s ESG policy is incorporated into our fund’s investment process via the following pillars: exclusion, integration and active ownership.

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Exclusion & avoidance

In line with Kempen’s general policy, the Sustainable Global High Dividend Fund excludes all companies on Kempen’s Exclusion and Avoidance lists.

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Companies that ‘Fail’ marked against the criteria of the UN Global Compact or are on the Watchlist are also excluded.

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The fund also excludes companies involved in serious controversies and uses data provider Sustainalytics to this end. It rates the controversies on a scale of 1 to 5, with 5 being the highest or ‘severe’ category. Those companies that receive a Sustainalytics rating of category 4 or 5 are excluded from the Sustainable Global High Dividend Fund.

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More information on our exclusion criteria and thresholds can be found here.

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The Sustainable Global High Dividend Fund also excludes companies based on additional sustainability criteria as listed in the table below.

EXCLUSION CRITERIA FOR KEMPEN SUSTAINABLE GLOBAL HIGH DIVIDEND FUND

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KEMPEN CRITERIA

ADDITIONAL SUSTAINABILITY CRITERIA

Corporate conduct

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x     Human rights

V

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x     Labour rights

V

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x     Environment

V

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x     Anti-corruption

V

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Product involvement

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x     Controversial weapons

V

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x     Tobacco

V

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x     Thermal Coal

V

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x     Tar Sands

V

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x     Adult Entertainment

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V

x     Alcohol

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x     Animal welfare & GMO

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V

x     Gambling

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V

x     Nuclear power

       generation

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V

x     Carbon-intensive

       power generation

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V

x     (Un)conventional

       oil & gas extraction

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V

x     Weaponry

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V

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ESG integration

ESG criteria are an integral part of the investment process at Kempen. The goal is to include ESG factors in the same way as other factors. This means that the portfolio managers conduct a thorough strategic analysis of the companies that incorporates material ESG risks and opportunities. This analysis yields assumptions that form the input for the valuation model used within the fund.

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Depending on their impact, ESG factors may be included in the valuation model in a variety of ways. For instance, a company’s profitability or growth may be adjusted and identified as an ESG value. This compels the portfolio manager to consider how the ESG factor affects the company’s value, while at the same time providing transparency on the ESG value of each company.

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Active ownership: engagement

As active investors we conduct comprehensive engagement processes with the companies in our portfolio with the objective of unlocking value and reducing risk.Â

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Our engagement process defines clear objectives, with the progress and results being tracked and well documented. If at any stage the company refuses to cooperate, divestment will be considered.

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In 2020, engagement with companies focused on aspects such as the energy transition and the related reduction in carbon emissions.

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Active ownership: voting

Exercising our voting rights is also an essential part of our sustainable investment philosophy. ISS provides us with voting recommendations based on our own voting and governance policies. Agenda items are dealt with on a case-by-case basis.

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We often inform the company of our voting intention ahead of the meeting and, where there is a recommendation to vote against management, ask the company to clarify its stance. After careful analysis, we form our own opinion and vote accordingly.

Risks

For more information about the mid and long term risks associated with the investments:

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* Although Kempen Capital Management N.V.’s information providers, including without limitation, MSCI ESG Research LLC and its affiliates (the “ESG Parties”), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

ESG Report
Screening MSCI ESG Research
Screening MSCI ESG Research
UN global impact
Bron en
disclaimer en
Kempen Sustainable Global High Dividend Fund (the “Sub-Fund”) is a sub-fund of Kempen Umbrella Fund I NV (the “Fund”). Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM 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 Investor Document (available in Dutch) and the prospectus (available in English). These documents are available on the website of KCM (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.