Results

Financial results

On December 31, 2014, the total net asset value of Triodos Organic Growth Fund amounted to EUR 28.4 million. The net asset value per share (Q-dis) decreased from EUR 100.00 at launch to EUR 99.22 as on December 31, 2014.

The fund received dividend income from its equity investments and interest amounting in total to EUR 0.5 million. Expenses in 2014 amounted to EUR 0.8 million. Including unrealised gains of EUR 0.1 million, the net result of Triodos Organic Growth Fund over 2014 was EUR -0.2 million.

Return

The net asset value per share (Q-dis) decreased by 0.8% between the launch date and the end of 2014. The result to date exceeds expectations, as it had been expected that the share price would decline more sharply during the ramp-up phase of the portfolio. The long-term target return is 8.0% per annum, which Triodos Organic Growth Fund aims to achieve through a combination of dividend income and value gains in the portfolio.

Return based on net asset value (NAV) per share

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Share class

6-month return

Average return p.a. since inception

 

 

 

Source: RBC Investor Services Bank S.A. and Triodos Investment Management

Q-dis (EUR)

-0.6%

-0.8%

 

 

 

Liquidity

Liquidity and other current assets of Triodos Organic Growth Fund represent 66.0% of the total net asset value at the end of 2014. This is in line with expectations, as the fund is currently building up its portfolio. At this stage the Investment Manager will not undertake active fundraising until the fund is sufficiently invested and liquidity has declined, which is expected to occur in the second half of 2015.

Costs

The main recurring item in the Triodos Organic Growth Fund cost structure is the management fee paid to the Alternative Investment Fund Manager (Investment Manager), Triodos Investment Management. The latter uses this fee primarily to cover staff costs and travel expenses incurred in connection with investments. The investment process is generally quite labour intensive. A new investment on average takes at least six months, from the initial meeting to the signing of contracts and other documentation. As the fund focuses on investment opportunities across a number of European countries (with the initial focus on northwest Europe) relatively frequent travelling is required. The ongoing charges, including the management fee, represented 2.87% of the total net asset value since the fund was launched in January 2014. This is well below the upper limit of 3.5% set for the annual ongoing charges.

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