Kempen Global Property Fund NV - N

Profile

Kempen Global Property Fund N.V. (KGPF) has the objective to achieve strong relative investment results by investing in a concentrated portfolio of listed global property companies.

KGPF is managed on the basis of a bottom-up stock picking approach. KGPF's strategy is to exploit mispricings between the valuation of property companies in relation to the quality of their real estate portfolios, balance sheets, corporate governance and management capability to add value to the property portfolio.

Management team

Matthijs Storm, Egbert Nijmeijer, Lucas Vuurmans, Anna Niegowska, Jorrit Arissen, Dan Petrisor

Performance per 2018-07-31 (rebased)

No chart data available

Performance per 2018-07-31

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  Fund Benchmark
1 month 0.6 % 0.6 %
3 months 7.1 % 7.4 %
This year 5.0 % 3.9 %
2015 13.3 % 10.5 %
2016 9.3 % 7.2 %
2017 2.2 % -3.1 %
1 year (on annual basis) 9.6 % 5.4 %
3 years (on annual basis) i 6.4 % 2.8 %
Since inception (on annual basis) i 11.5 % 8.1 %
The results shown of the periods before 19 April 2017, the inception date of Kempen Global Property Fund N.V. Class N, are those of Kempen (Lux) Global Property Fund - Class I. Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The performance figures shown in the graph are rebased. The value of your investments may fluctuate. Past performance provides no guarantee for the future. Due to Easter a deviating net asset value (NAV) is used for the calculation of the performance figures. The NAV is calculated based on the closing prices of the Fund investments per 29 March 2018 (Europe), the closing prices of 2 April 2018 (North America) and calculated based on ‘snapshots’ prices of 3 April 2018 (Asian and Pacific investments).
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 10.60 M 2018-07-31
Share class size
EUR 10.60 M 2018-07-31
Number of shares
531,494 2018-07-31
Net Asset Value
EUR 20.21 2018-08-15
Transaction price
EUR 20.16 2018-08-14
Morningstar rating â„¢

Fund characteristics per 2018-07-31

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  Fund Benchmark
Number of holdings 49 335
Dividend yield i 3.47 % 3.83 %
Weighted average market capitalization i EUR 13,948 M EUR 12,092 M
P/E ratio i 15.64 14.16
Active share i 67.36 %
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM 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 are available on the website of KCM (www.kempen.com/investmentfunds). The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Market developments per 2018-07-31

Global property stocks were up in July with KGPF performing in-line with its benchmark. In Singapore after posting three quarters of strong price growth in the residential sector the Singaporean government introduced cooling measures by increasing the stamp duty and tightening the leverage limits. Our portfolio holdings UOL and City Development with 10-15% exposure to the residential market underperformed. We continue to see strong residential demand and do not alter our positioning. The Kempen Global Property strategy outperformed in Australia where KGPF benefited from the underweight in retail and generated outperformance with its holdings GPT and Mirvac.

July returns were positive and most global real estate markets continues to show strong momentum in 2018. Half year results are being reported and most European real estate companies continue to show positive rental growth. Especially Swedish real estate portfolios show strong momentum with NAVs on average up 19%. The office markets in Madrid and Milan also live up to their promises with Colonial reporting 10% like-for-like rent growth in Madrid and Coima reporting 4% for Milan. In contrast, UK retail portfolios are showing dismal performance with INTU (managing a portfolio of high quality shopping centers) reporting a year-on-year NAV decline of 12%. KGPF is significantly underweight UK retail and benefits from this polarization in returns.

Interestingly, US retail real estate is showing signs of improvement. The largest owner of high-quality shopping centers Simon Property Group reported 4.5% tenant sales growth over the last 12 months. Improving tenant sales growth drives rental and net operating income growth for Simon’s portfolio. Other positive growth figures came out of US hotels where group reservations are picking up and tourism and business travel continue to be strong. Park Hotels, for example, who manage an upper upscale hotel portfolio under the Hilton brand with assets in Hawaii, San Francisco and other US gateway cities. They reported a very strong 11.4% like-for-like NOI growth figure which gave a boost to its share price and fellow Hotel REITs.

Portfolio developments per 2018-07-31

Portfolio construction of KGPF is based on cluster neutrality. The Global portfolio has 19 clusters defined as homogeneous groups of real estate companies with similar underlying currency exposure. Examples are Australia, US offices and Switzerland. The portfolio weight of each cluster is approximately equal to the cluster’s benchmark weight. This ensures a diversified portfolio and neutralizes currency and macro-economic exposure versus the benchmark. KGPF assigns its risk budget on the real estate company level and is positioned towards companies with strong balance sheets and management teams with proven track records in NAV creation, and avoids property developers without stable income from an investment portfolio.

In the cluster Australia the portfolio position in GPT was reduced and proceeds were reinvested into Dexus. In the cluster US offices the weight in Boston Properties was reduced and moved to Hudson Pacific Properties. Lastly, in Singapore the weight in Capitaland Mall was reduced and reinvested in Mapletree Logistics. We turned more positive on the investment case of Mapletree Logistics as it is well positioned to benefit from the growth for logistics demand in Singapore. In contrast, we turned more negative on the portfolio quality of Boston Properties as the company has high exposure to weakening East Coast suburban office locations.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM 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 are available on the website of KCM (www.kempen.com/investmentfunds). The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Performance per 2018-07-31 (rebased)

No chart data available

Performance per 2018-07-31

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  Fund Benchmark
1 month 0.6 % 0.6 %
3 months 7.1 % 7.4 %
This year 5.0 % 3.9 %
2015 13.3 % 10.5 %
2016 9.3 % 7.2 %
2017 2.2 % -3.1 %
1 year (on annual basis) 9.6 % 5.4 %
3 years (on annual basis) i 6.4 % 2.8 %
Since inception (on annual basis) i 11.5 % 8.1 %
The results shown of the periods before 19 April 2017, the inception date of Kempen Global Property Fund N.V. Class N, are those of Kempen (Lux) Global Property Fund - Class I. Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The performance figures shown in the graph are rebased. The value of your investments may fluctuate. Past performance provides no guarantee for the future. Due to Easter a deviating net asset value (NAV) is used for the calculation of the performance figures. The NAV is calculated based on the closing prices of the Fund investments per 29 March 2018 (Europe), the closing prices of 2 April 2018 (North America) and calculated based on ‘snapshots’ prices of 3 April 2018 (Asian and Pacific investments).

Dividends

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Distributing
Yes
Last dividend
EUR 0.69
Ex-date last dividend
2018-02-05
Number of distributions per year
1
Dividend calendar

Risk analysis (ex post) per 2018-07-31

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  3 years Since inception
Maximum drawdown i -9.05 % -12.90 %
Tracking error i 1.87 % 1.80 %
Information ratio i 1.89 1.90
Beta i 0.98 1.00
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM 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 are available on the website of KCM (www.kempen.com/investmentfunds). The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Top 5 contribution (2018-07-31)

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  Contribution i Performance i
Simon Property Group 0.19 % 3.40 %
Henderson Land Development 0.15 % 5.21 %
Digital Realty Trust 0.13 % 8.34 %
Hufvudstaden 0.12 % 7.68 %
Avalonbay Communities 0.09 % 2.62 %

Bottom 5 contribution (2018-07-31)

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  Contribution i Performance i
Public Storage -0.16 % -4.11 %
Tokyu Fudosan -0.07 % -4.20 %
Ventas -0.07 % -1.99 %
Empire State Realty Trust -0.06 % -2.44 %
Hysan Development -0.06 % -2.22 %

Geographic allocation (2018-07-31)

52.6 %
United States
10.2 %
Japan
7.9 %
Hong Kong
5.0 %
United Kingdom
4.8 %
Australia
4.6 %
Germany
3.4 %
France
3.4 %
The Netherlands
2.7 %
Canada
2.5 %
Singapore
1.8 %
Nordics
0.9 %
Switzerland
0.2 %
Other
Totaal
100 %

Top 10 holdings (2018-07-31)

6.1 %
Simon Property Group
4.8 %
Prologis
4.1 %
Deutsche Wohnen
3.6 %
Public Storage
3.5 %
Regency Centers
3.4 %
Gecina
3.4 %
Avalonbay Communities
3.4 %
Unibail-Rodamco-Westfield
3.2 %
Host Hotels & Resorts
3.1 %
Henderson Land Development
Totaal
38.5 %

Sector allocation (2018-07-31)

24.8 %
Offices
24.0 %
Retail
21.2 %
Residential
15.8 %
Other
14.2 %
Industrials
Totaal
100 %
Kempen Capital Management N.V. (KCM) is themanagement company of Kempen Global Property Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM 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 are available on the website of KCM (www.kempen.com/investmentfunds). The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Ongoing charges

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Management fee i
0.63 %
Service fee i
0.20 %
Expected ongoing charges i
0.84 %
Ongoing charges last financial year i
0.97 %
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%

Other costs

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Upward swing factor i
0.25 %
Downward swing factor i
0.20 %
As of 1 January 2018 the swing factor has been adjusted from 0.25%/0.25% to 0.25%/0.20%.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM 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 are available on the website of KCM (www.kempen.com/investmentfunds). 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
FTSE EPRA/NAREIT Developed Index
Investment category
Real Estate
Inception date
2017-04-19
May be offered to all investors in
The Netherlands
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Administrator
BNP Paribas Securities Services S.C.A.
Management company
Kempen Capital Management N.V.
Custodian
BNP Paribas Securities Services S.C.A.
Morningstar rating â„¢

Tradability

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Listed
yes, listed on the NAV Trading Facility of Euronext
Subscription/Redemption Frequency
Daily
ISIN i
NL0012044739
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM 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 are available on the website of KCM (www.kempen.com/investmentfunds). The value of your investment may fluctuate. Past performance provides no guarantee for the future.
Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM 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 are available on the website of KCM (www.kempen.com/investmentfunds). 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 that we invest in. Our full voting records are available here.

Our fund approach to Responsible Investment

ESG is fully integrated in our investment process for the real estate funds. We believe financial and sustainability returns are indivisible and that those companies that can find the right balance between all stakeholders will drive value. In our investment framework there are three key aspects we look at in determining the warranted valuation: management value add, balance sheet and ESG. We are willing to pay up for those companies that excel in ESG. This believe is underpinned by academic literature.

We track the CO2 intensity for all companies in our universe and use this information to for our assumption for capital expenditure in valuing the real estate portfolio. We do not only invest in the ESG leaders but also in the laggards as we the potential value to be unlocked by providing capital to those who need it the most is massive

Kempen Capital Management N.V. (KCM) is the management company of Kempen Global Property Fund N.V. (the Fund). KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Fund is registered under the license of KCM 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 are available on the website of KCM (www.kempen.com/investmentfunds). The value of your investment may fluctuate. Past performance provides no guarantee for the future.