Results

Financial results

Triodos Renewables Europe Fund closed its financial year with a net operating gain of EUR 1.6 million. EUR 3.0 million was generated from dividends, interest and EUR 1.6 million in subordinated debt repayments to the fund, resulting in a cash yield on a portfolio level of 6.4%. The cash yield was lower than the 9.2% of 2013; partly due to lower results from the wind investments and partly due to the fact that the Spanish solar investment did not distribute income to the fund in 2014. The bottom line result was positive (EUR 2.2 million), which benefited from a positive revaluation of the portfolio with EUR 0.6 million, besides a net operating income.

Return

The overall performance of the fund (I-cap) was 4.1%, despite returns falling by 0.6% in the last three months of the year. The fund’s value grows as the renewable energy assets within the investment portfolio mature. This value is calculated by forecasting the future dividend, interest and loan repayments of the wind and solar pv projects. Whilst the fund’s value developed positively over the year, fourth quarter performance was negatively impacted by the end-of-year review of its portfolio. The adjustment in valuation was mainly driven by below-average wind resources and therefore income from the fund’s wind assets in 2014, and a downward adjustment of the long-term European electricity price outlook.

Return based on net asset value (NAV) per share*

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1 year
return

3 year
return p.a.

5 year
return p.a.

Return p.a.
since inception

 

 

 

 

 

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

 

*

NAV per share is based on the last share prices published during the year, i.e. the last trading share prices of the reporting period.

**

This share class was launched in 2013. Due to a limited history historic returns are based on the R-share class, which has an identical investment policy.

R-Share

3.5%

-1.5%

1.1%

2.4%

Z-Share**

4.1%

-1.3%

1.3%

2.5%

I-Share

4.1%

-1.0%

1.7%

3.0%

 

 

 

 

 

Liquidity

In the course of the year, the fund’s liquidity position (cash and cash equivalents) increased from 17.3% of the net asset value at the end of 2013 to 20.9% by the end of 2014. The increase is due to a combination of net inflow of shareholder funds and the receipt of dividend, repayments and interest. Given its open-ended strucuture the fund has a liquidity target of 10%. The fund aims to fully deploy the EUR 6.8 million capital (surplus liquidity) with a view to both enhancing the fund’s financial performance and the environmental impact.

Costs

The largest item in the cost structure of Triodos Renewables Europe Fund is the management fee paid to the Alternative Investment Fund Manager (Investment Manager), Triodos Investment Management. The Investment Manager takes care of the investment -and risk management.

In 2014 Triodos Renewables Europe Fund’s ongoing charges, including the management fee, amounted to 2.48% for the Z share class, 2.85% for the R share class and 2.49% for the I share class (2.50%, 3.06% and 2.48% respectively in 2013).

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