Kempen (Lux) Global Listed Infrastructure Fund - Class AN

Profile

Kempen International Funds SICAV - Kempen (Lux) Global Listed Infrastructure Fund (the Fund) has the objective to offer Investors the opportunity to invest in an actively and professionally managed portfolio of listed infrastructure companies globally.

The Fund primarily aims to generate a return in excess of FTSE Global Core Infrastructure 50/50 (the “Benchmark”) in the long-term, comprising capital gains or losses plus net dividend.

Management team

Thomas van der Meij, Jags Walia

Performance per 2022-05-31 (rebased)

No chart data available

Performance per 2022-05-31

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  Fund Benchmark
1 month 0.2 % 0.7 %
3 months 9.8 % 11.0 %
This year 8.2 % 8.5 %
2019 28.2 % 27.2 %
2020 -6.8 % -12.0 %
2021 20.7 % 23.6 %
1 year (on annual basis) 21.3 % 23.8 %
3 years (on annual basis) i 10.5 % 9.0 %
Since inception (on annual basis) i 13.9 % 12.7 %
A deviating Net Asset Value (NAV) is used for the calculation of the performance figures. This NAV is calculated based on closing prices of the Fund investments thereby deviating from the NAV which was originally issued and partly calculated based on snapshots (Asia & Pacific investments). The deviating NAV is used to make a better comparison with the benchmark, which is also solely based on closing prices of the investments. However, for the calculation of the performance of 30 November 2021 the originally issued NAV of 1 December 2021 was used as the deviating NAV could not be calculated due to technical circumstances. Also for the calculation of the performance of 31 December 2021 the originally issued NAV of 3 January 2022 was used as the deviating NAV could not be calculated due to technical circumstances. 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

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Total fund size
EUR 141.92 M 2022-05-31
Share class size
EUR 93.93 M 2022-05-31
Number of shares
2,408,471 2022-05-31
Net Asset Value i
EUR 38.17 2022-07-04
Turnover rate
75.72 %
Morningstar rating â„¢
The turnover rate figure is per the end of the financial year of the fund and will be updated once a year.

Fund characteristics per 2022-05-31

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  Fund Benchmark
Number of holdings 39 238
Dividend yield i 2.51 % 2.73 %
Weighted average market capitalization i EUR 44,416 M EUR 41,570 M
P/E ratio i 21.17
Active share i 53.79 %
Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). 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.

Developments per 2022-05-31

The FTSE Global Core infrastructure index continued its upward trend as it gained 0.7% in May, showing the diversification benefits of listed infrastructure again as the MSCI World index lost 1.4% over the same period. The positive performance was mainly driven by US pipelines and utilities in May. Year-to-date, the listed infrastructure index is up 8.5% as the sector benefits from its defensive characteristics, while the energy security and independence has become increasingly important following the geopolitical uncertainty.

The Fund was lagging the benchmark slightly this year. As such, the Fund is roughly in line with benchmark YTD (net), while generating a 8.5% absolute (net) return in the first five month of 2022. Strong share price development of Pipeline stocks in the US, but also by Emerging Market infrastructure companies and Utilities in Europe contributed mainly to the overall return YTD.

During the month, we have added Inwit to the portfolio as the company will benefit from strong growth combined with a strong balance sheet. The company offers great inflation protection, while its revenues are not linked to volume. The latter offers protection if economic growth slows down.

On a stock level, the biggest positive contribution in May came from:
1) Adani Ports (-16%) which we don’t own as the company gave back its strong performance of April. The company reported weak results, yet guidance was strong;
2) CCR (+11%) reported better than expected Q1 results driven by traffic performance and better revenues from urban mobility; and
3) Williams (+6%) which also reported better than expected Q1 results and increased its guidance.

The biggest negative contributions came from:
1) Malaysia Airports (-6%) traded lower in May on no company specific news;
2) Union Pacific (-7%) as all railroad companies traded lower due to worries that higher fuel costs and cost inflation weigh on profitability. UNP outperformed peers relatively; and
3) Vinci (-3%) on no company specific news.

The Kempen infrastructure investment strategy strikes a balance between qualitative, quantitative, sustainability analysis. Our experience and know-how in the area of infrastructure and legislation in combination with extensive data analysis, is converted into fact-based investment decision-making. Our unique valuation analysis and investment process focuses on the long term, carefully following megatrends such as digitization, urbanization and the energy transition. Next to the quantitative approach the investment strategy contains three equally weighted qualitative parameters that determine the warranted valuation: management added value, Infrastructure regulation / quality and ESG. The portfolio managers score each company covered on these three parameters. Companies that excel in ESG for example will be assigned a higher score and hence the warranted valuation for an investment increases.

Portfolio construction of the Strategy is based on cluster neutrality. This ensures a diversified portfolio and neutralizes currency and macro-economic exposure versus the benchmark.

Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). 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.

Performance per 2022-05-31 (rebased)

No chart data available

Performance per 2022-05-31

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  Fund Benchmark
1 month 0.2 % 0.7 %
3 months 9.8 % 11.0 %
This year 8.2 % 8.5 %
2019 28.2 % 27.2 %
2020 -6.8 % -12.0 %
2021 20.7 % 23.6 %
1 year (on annual basis) 21.3 % 23.8 %
3 years (on annual basis) i 10.5 % 9.0 %
Since inception (on annual basis) i 13.9 % 12.7 %
A deviating Net Asset Value (NAV) is used for the calculation of the performance figures. This NAV is calculated based on closing prices of the Fund investments thereby deviating from the NAV which was originally issued and partly calculated based on snapshots (Asia & Pacific investments). The deviating NAV is used to make a better comparison with the benchmark, which is also solely based on closing prices of the investments. However, for the calculation of the performance of 30 November 2021 the originally issued NAV of 1 December 2021 was used as the deviating NAV could not be calculated due to technical circumstances. Also for the calculation of the performance of 31 December 2021 the originally issued NAV of 3 January 2022 was used as the deviating NAV could not be calculated due to technical circumstances. Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

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Distributing
No

Risk analysis (ex post) per 2022-05-31

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  3 years Since inception
Maximum drawdown i -20.99 % -20.99 %
Tracking error i 2.46 % 2.33 %
Information ratio i 0.60 0.54
Beta i 0.96 0.96
Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). 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.

Top 5 contribution (2022-05-31)

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  Contribution i Performance i
NextEra Energy 0.32 % 5.53 %
Williams Cos 0.23 % 6.43 %
CCR 0.23 % 10.63 %
American Tower Corp 0.19 % 4.65 %
Aena SME 0.12 % 4.29 %

Bottom 5 contribution (2022-05-31)

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  Contribution i Performance i
Union Pacific -0.25 % -7.08 %
Malaysia Airports -0.18 % -6.22 %
Cellnex Telecom -0.13 % -5.68 %
Canadian Pacific Railway -0.11 % -4.43 %
American Water Works Company -0.09 % -2.90 %

Geographic allocation (2022-05-31)

57.3 %
United States
6.4 %
Australia
6.0 %
Spain
3.8 %
Japan
3.5 %
Mexico
3.2 %
Canada
3.1 %
Philippines
2.6 %
Italy
2.5 %
United Kingdom
2.5 %
Malaysia
2.3 %
China
2.3 %
France
2.3 %
Brazil
2.2 %
Other
Total
100 %

Top 10 holdings (2022-05-31)

6.4 %
Transurban Group
5.8 %
NextEra Energy
4.5 %
American Electric Power
4.5 %
Sempra Energy
4.2 %
American Tower Corp
3.7 %
Williams Cos
3.6 %
WEC Energy Group
3.4 %
Entergy Corp
3.4 %
Cheniere Energy
3.3 %
Union Pacific
Total
42.8 %

Sector allocation (2022-05-31)

45.2 %
Utilities
29.7 %
Industrial Goods & Services
9.3 %
Oil & Gas
7.4 %
Real Estate
2.3 %
Construction & Materials
2.3 %
Travel & Leisure
2.2 %
Telecommunications
1.8 %
Other
Total
100 %
Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). 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.

Environmental and/or social characteristics promoted

The Kempen Global Listed Infrastructure Fund (the “Fund”) falls under the scope of article 8 of the SFDR which means that the Sub-Fund promotes environmental and/or social characteristics. By investing in infrastructure companies, clients benefit from exposure to a niche sector that offers predictable cash flows, inflation protection and diversification. The Fund believes that this asset class will enjoy secular growth, driven by digitalization, demographic changes and the energy transition.

The sector plays a key role in facilitating the global move towards a lower carbon eneRgy system (with Sustainable Development Goals Clean Energy (SDG 7) and Climate Action (SDG 13). The Fund therefore commits to the climate goals of the Paris Agreement and Dutch Climate Accord. This encompasses short-term (2025) objectives, a mid-term (2030) ambition and a long-term commitment to be net zero by 2050.

Fund carbon emission targets

Morningstar sustainability rating

ESG Investment process

The promotion of environmental and/or social characteristics is achieved through the consistent implementation of the funds ESG policy. The ESG policy is fully implemented in our strategy’s investment process across the three relevant pillars of: Exclusion, ESG integration and Active ownership.

In the investment process we assess the ESG profile of a company. We look at each company on a case-by-case basis, taking into account material risks in a given industry in combination with the company’s respective risk exposure, practices and disclosure. This includes an assessment of good governance practices. The investee companies are rated for governance aspects using external research as well as making internal assessments.Furthermore, we look into the company’s exposure to past controversies and future ESG opportunities. Based on the fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile and award a score (1-5). We apply adequate due diligence measures when selecting the assets and such due diligence measures take into account sustainability risk and ESG related risks as it could help to enhance long-term risk adjusted returns for investors, in accordance with the investment objectives of the Fund.

Exclusion

The Fund applies exclusion criteria. These take into account international standards, such as UN Global Compact Framework, the OECD Guidelines for Multinational Enterprises, 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.

Key figures

  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
Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). 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.

 

SWING FACTORS

An overview of the current swing factors are available here.

Ongoing charges

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Management fee i
0.750 %
Service fee i
0.20 %
Taxe d'abonnement i
0.05 %
Expected ongoing charges i
1.00 %
Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). 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.

Share class details

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Share class
AN i
Investor type
Private
Distributing
No
Benchmark i
FTSE Global Core Infrastructure 50/50 Index
Investment category
Infrastructure
Universum
Global equities
Inception date
2019-01-02
Domicile
Luxembourg
May be offered to all investors in
Belgium, France, Luxembourg, Switzerland, The Netherlands, United Kingdom
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Administrator
BNP Paribas Securities Services S.C.A., Luxembourg branch
Management company
Kempen Capital Management N.V.
Depositary and custodian
BNP Paribas Securities Services S.C.A., Luxembourg branch
Morningstar rating â„¢

Tradability

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Minimum subscription
Initial subscription €1
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU1890810655
Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). 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.
Kempen (Lux) Global Listed Infrastructure Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

Paying agent and representative in Switzerland is RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. The Sub-Fund is registered with the Dutch Authority for the Financial Markets (AFM) under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch, English and several other languages, see website) and the prospectus (available in English). These documents of the Fund are available at the registered office of the Fund located at 60, avenue J.F. Kennedy, L-1855, Luxembourg and on the website of KCM (www.kempen.com/en/asset-management). 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.