Kempen European Smallcap Fund N.V. (KESF) aims to generate strong long-term investment results by investing in a concentrated portfolio of small European companies. KESF is managed on the basis of a bottom-up stock picking strategy that focuses on the identification of high quality companies and special situations. High quality companies have a proven and sustainable competitive advantage that has translated in strong returns on invested capital, while special situations include companies that will benefit from a restructuring of their cost base or capital structure, a change in management, or for example, new regulation. The fund manager believes that consistent investment results can be achieved using its investment philosophy that focuses on earnings as a key driver of stock prices in the long run, and change within a company as a catalyst. KESF only invests when risk and reward are asymmetrically related.
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