Triodos Sustainable Pioneer Fund

The main contributor to the performance of Triodos Sustainable Pioneer Fund was the Healthy People theme. Edwards Lifesciences (heart valves) performed well, as the company benefited from favourable corporate news and a significant expansion of its end market. The fund established positions in Insulet (supplier of the Omnipod insulin management system) and Cerus (supplier of blood safety products). Among the companies focusing on organic food Hain Celestial Group was a particularly strong performer. The fund expanded its position in this segment by buying shares in WhiteWave Foods (Alpro) and Royal Wessanen (Zonnatura, Bjorg). The position in supermarket chain Whole Foods Market was sold because of deteriorating prospects.

The share price trends of many stocks covered by the Climate Protection theme disappointed. Solar cell manufacturers were particularly weak, but this was mainly due to the sharp fall of the oil price, which is an important indicator for share price performance in this segment. Furthermore, the import controls introduced by the United States and Europe led to an underperformance of Chinese solar cell and solar panel manufacturers. The share price of GT Advanced Technologies fell sharply after Apple pulled out of an important contract with the company, whereupon the fund sold its holding in the company. The positions in manufacturers of ‘smart’ electricity meters were also sold. The proceeds were reinvested in companies focusing on energy-saving (LED lighting).

Breakdown by country
per December 31, 2014*

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Country

% of net assets

 

 

*

Source: RBC Investor Services Bank

United States

61.8

Canada

4.4

Ireland

4.2

Great Britain

3.6

Cayman Islands

3.6

Denmark

3.5

Germany

3.5

Switzerland

3.0

Spain

2.3

Others

9.6

 

 

Breakdown by theme
per December 31, 2014*

Triodos Sustainable Pioneer Fund – Breakdown by theme per December 31, 2014 (pie chart)

Stocks covered by the Clean Planet theme performed in line with the market. This was due in particular to the contribution of water stocks. The fund established a holding in newly selected (Chinese) water stocks Beijing Enterprises Water, CT Environmental Group and Sound Global. These companies may benefit from the growing attention in China for the environment and water quality. The share price performances of companies focusing on recycling disappointed. The fund reduced its position in this segment by selling Shanks and Sims Metal Management. The position in Aegion (water infrastructure) was sold because the company no longer meets the fund’s sustainability criteria.

Stocks covered by the CSR Pioneers theme generated attractive returns. The share price rise of Tesla Motors, in particular, contributed to the strong performance. The holdings in paper manufacturers Huhtamaki en DS Smith were sold in view of disappointing growth in Europe and currency headwinds. The proceeds were reinvested in software company Red Hat (Linux) and restaurant chain Chipotle Mexican Grill.

Top 10 holdings, December 31, 2014*

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Name

Country

Theme

% of net assets

 

 

 

 

*

Source: RBC Investor Services Bank

Tesla Motors

United States

CSR Pioneer

3.5

PerkinElmer

United States

Healthy People

3.5

Hain Celestial Group

United States

Healthy People

3.2

Stericycle

United States

Clean Planet

3.1

Edwards Lifesciences

United States

Healthy People

2.8

Chipotle Mexican Grill

United States

CSR Pioneer

2.7

Xylem

United States

Clean Planet

2.7

Pentair

Ireland

Clean Planet

2.6

Vestas Wind Systems

Denmark

Climate Protection

2.5

Insulet Corporation

United States

Healthy People

2.4

 

 

 

 

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