Triodos Sustainable Mixed Fund

At the beginning of 2014 the fundamental outlook led us to adjust the neutral positioning across asset categories for Triodos Sustainable Mixed Fund. The asset allocation was modified to include a modest overweight of the riskier equity asset category and a modest underweight for bonds. Despite a turbulent start to the first quarter, this proved the right decision. The decision taken in June to temporarily bring the equity weight back to neutral proved less successful. Contrary to our expectations, the ECB actually eased its policy more than the market had anticipated. In reaction, the fund reverted to its modestly overweight position in equities and further expanded this position in mid-October by taking advantage of the sharp stock market correction. This tactical position was closed in early November, resulting in an attractive return. The fund ended the year with a modestly overweight position in equities versus a mildly underweight position in bonds.

Breakdown by investments
per December 31, 2014*

Triodos Sustainable Mixed Fund – Breakdown by investments per December 31, 2014 (pie chart)

Top 5 share holdings
per December 31, 2014*

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Name

Country

% of net assets

 

 

 

*

Source: RBC Investor Services Bank

Roche Holding

Switzerland

1.0

Comcast Corporation

United States

0.9

Walt Disney

United States

0.9

Priceline.com

United States

0.8

Hain Celestial Group

United States

0.8

 

 

 

Top 5 corporate bond holdings
per December 31, 2014*

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Name

% of net assets

 

 

 

*

Source: RBC Investor Services Bank

2.625%

European Investment Bank
2010-2018

1.7

2.500%

Kreditanstalt für Wiederaufbau
2012-2022

1.3

3.750%

VW International Finance –
perpetual

1.3

1.875%

Compass Group
2014-2023

1.3

2.250%

Compagnie de Financement Foncier 2012-2015

1.3

 

 

 

Top 5 sovereign bond holdings
per December 31, 2014*

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Name

% of net assets

 

 

 

*

Source: RBC Investor Services Bank

0.750%

Dutch Government bond
2012-2015

2.8

3.750%

French Government bond
2009-2019

2.3

4.000%

Austrian Government bond
2006-2016

2.1

4.250%

French Government bond
2006-2023

2.0

2.250%

Belgian Government bond
2013-2023

1.3

 

 

 

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