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Kempen Non-Directional Partnership is awarded Morningstar's highest rating of five stars

21 July 2022

Remko van der Erf and Theo Nijssen, both Managing Director at Manager Research Solutions, commented on the fund's success as follows: ‘We are proud of the recognition that this rating brings. Through proactive investment, our experienced team realised a significant amount of added value for our clients. That includes a positive investment result in the first half of 2022. This ultimate recognition of our investment approach motivates us to continue to focus on achieving the best possible results for all our clients.'

The Morningstar rating is a measure that compares a fund’s risk-adjusted performance relative to other funds within the same asset category. The Morningstar rating is determined using a mathematical formula that adjusts the historical return of an investment fund for costs and risk. 

Kempen Non-Directional Partnership - established in 2001 - is a multi-manager fund with a diversified exposure to hedge fund strategies. The fund is managed by Van Lanschot Kempen's broad Manager Research Solutions team and the portfolio managers are Michiel Meeuwissen, Theo Nijssen and Remko van der Erf. The portfolio usually comprises between 10 and 20 underlying hedge funds. Kempen Non-Directional Partnership is not subject to any investment restrictions and may invest in a wide range of strategies, ranging from relative value strategies and alternative credit strategies to macro/systematic strategies. The focus is on strategies that have little or no correlation with traditional markets, supplemented with a number of alternative credit funds.


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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 Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund 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 English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM ( The information on the website is (partly) available in Dutch and English. 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. 

This press release is a translation of the Dutch language original and is provided as a courtesy only. In the event of any disparities, the Dutch language version will prevail. No rights can be derived from any translation thereof.

About Kempen Capital Management

Kempen Capital Management is a specialist investment manager with a focused approach and a clear investment philosophy. We believe in long-term stewardship for our clients and other stakeholders. Kempen provides sustainable returns, fiduciary management services, manager selection, portfolio construction and monitoring, alongside a number of actively-managed investment strategies. As of 31 December 2021, Kempen Capital Management had a total of €91.9 billion in client assets under management.

Kempen Capital Management, part of Van Lanschot Kempen, is a specialist and independent wealth manager. Kempen Capital Management NV is licensed as a manager of various UCITS and AIFs and authorised to provide investment services and as such is subject to supervision by the Netherlands Authority for the Financial Markets. Kempen Capital Management (UK) Ltd is licensed as a manager and subject to supervision by the Financial Conduct Authority.

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