Results OESF and OEMF over the financial year 2005/2006
Dit is een origineel persbericht.
Results Orange European Smallcap Fund N.V. and Orange European Midcap Fund N.V. over the financial year 2005/2006
The results of Orange European Smallcap Fund N.V. and Orange European Midcap Fund N.V. over the financial year 2005/2006, comprising the period from 1 October 2005 to 30 September 2006 inclusive, were as follows.
Orange European Smallcap Fund N.V. (OESF) realised a total investment return including reinvestment of dividend of 21.4% based on Net Asset Value.
Orange European Midcap Fund N.V. (OEMF) realised a total investment return including reinvestment of dividend of 17.8% based on Net Asset Value.
David Simons, Managing Director: 'Investment returns over the reporting period have again been very strong, driven by continued improvement of corporate results on the back of accelerating growth in European economies, as well as the benefits of cost cutting efforts. Another major driver for stock price appreciation was increased M&A activity. Although providing a short-term outlook for the return prospects of the funds is notoriously hard, we believe that the annual returns as recorded over the last three years are unlikely to be repeated in the next twelve months. Longer-term, we are optimistic, as we continue to uncover attractive investment opportunities, based on a bottom-up stock selection process that is focused on identifying high quality companies and companies undergoing structural change.'
The annual report 2005/2006 is expected to be available at the end of November 2006.
The key figures of OESF as at 30 September 2006 were as follows:
Net assets1: EUR278.9m
Number of outstanding shares: 10,180,931
Net asset value per share: EUR27.39
Market price per share: EUR27.01
Proposed dividend per share: EUR0.36 (January 2007)
Total investment return2: 21.4%
The key figures of OEMF as at 30 September 2006 were as follows:
Net assets1: EUR187.0m
Number of outstanding shares: 7,928,485
Net asset value per share: EUR23.59
Market price per share: EUR23.25
Proposed dividend per share: EUR1.48 (January 2007)
Total investment return2: 17.8%
1 Before profit appropriation.
2 Based on net asset value per share and inclusive of dividend paid.
Amsterdam, 13 November 2006
Kempen Capital Management N.V.
For more information:
P.A.M. Gerla: +31 (0)20 348 8700
Bloomberg: OESF NA
OREURMC NA
Profile Orange European Smallcap Fund
Orange European Smallcap Fund aims to generate strong long-term investment results by investing in a concentrated portfolio of small European companies. The Fund's performance is typically benchmarked against the HSBC Smaller European Companies Index over a full market cycle. Most of the companies invested in have a market capitalisation of less than EUR3.0 billion.
The investment philosophy of the team is based on three core beliefs: 1) earnings drive stock prices in the long run; 2) change is a key catalyst; and 3) to avoid permanent capital losses is fundamental to achieve consistent investment results.
The fund uses a bottom-up stock selection process simultaneously focused on identifying high quality companies with strong returns on invested capital and companies undergoing structural changes. The fund only invests in a company's stock when the market underappreciates or ignores its potential.
Profile Orange European Midcap Fund
Orange European Midcap Fund aims to generate strong long-term investment results by investing in a concentrated portfolio of medium-sized European companies. The fund's performance is typically benchmarked against the FTSE Euromid ex-UK index over a full market cycle. Most of the companies invested in have a market capitalisation between EUR1.0 billion and EUR10 billion.
The investment philosophy of the team is based on three core beliefs: 1) earnings drive stock prices in the long run; 2) change is a key catalyst; and 3) to avoid permanent capital losses is fundamental to achieving consistent investment results.
The fund uses a bottom-up stock selection process simultaneously focused on identifying high quality companies with strong returns on invested capital and companies undergoing structural change. The fund only invests in a company's stock when the market underappreciates or ignores its potential.
Kempen & Co Profile
Kempen & Co is a Dutch merchant bank providing various specialised financial services in asset management, corporate finance and securities brokerage. Clients include institutional investors, companies, financial institutions, public and semi-public institutions, foundations and high-net-worth private clients.
Kempen Capital Management (KCM), a fully owned subsidiary of Kempen & Co, provides asset management services. KCM manages portfolios in European equities, bonds and real estate securities for a range of institutional investors, foundations and high-net-worth private clients, through mandates and investment funds, including the well-known 'Orange' funds. KCM's mission is to achieve attractive investment performance by fielding highly specialised asset management teams. Moreover, KCM offers integral fiduciary investment solutions and selects investment boutiques for its clients. KCM pursues optimal investment results and works with highly specialised management teams.
Kempen & Co Corporate Finance, a fully owned subsidiary of Kempen & Co, focuses on providing advice on mergers and acquisitions as well as capital market transactions. Clients include both listed and non-listed Dutch companies as well as foreign companies who have entered the Dutch market or are planning to do so.
Kempen & Co Securities focuses on securities brokerage, with special emphasis on Dutch stocks and derivatives and European real estate securities, serving professional investors in Europe and the US. Kempen & Co Securities provides clients with high-quality research and order execution.
For more information on Kempen & Co, go to: www.kempen.nl
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