Results

Financial results

On December 31, 2015, the net assets of Triodos Organic Growth Fund amounted to EUR 30.1 million. The net asset value per share (Q-dis) increased from EUR 99.22 per year-end 2014 to EUR 102.34 as on December 31, 2015. The fund received total income amounting to EUR 0.9 million over 2015, mainly consisting of dividend income from its equity investments (EUR 0.8 million). The remainder is related to interest. Expenses in 2015 amounted to EUR 1.0 million, while unrealised value gains in the portfolio also amounted to EUR 1.0 million. The net result of Triodos Organic Growth Fund over 2015 therefore amounts to EUR 0.9 million.

Return

The net asset value per share (Q-dis) increased by 3.1% in 2015 (2014: -0.8%), which resulted in an average return per annum since inception of 1.2%. Given the fact that it is taking longer than expected to reach satisfactory investment levels, this can be considered a positive development. The long-term target return of the fund 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

1-year return

Average return p.a. since inception

 

 

 

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

 

*

NAV per share is based on share prices as published on December 31, 2015, i.e. the last price at which shares were traded in the reporting period.

Q-dis (EUR)

3.1%

1.2%

 

 

 

Liquidity

The liquidity ratio of Triodos Organic Growth Fund is 66.0%1 of the net assets at the end of 2015 (2014: 67.5%). This is significantly higher than expected due to the above-mentioned absence of new investments in 2015. At this stage the alternative investment fund manager (“investment manager”) Triodos Investment Management 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 2016.

1 Investment restrictions are presented against total assets. The liquidity ratio is presented against net assets.

Costs

The main recurring item in the Triodos Organic Growth Fund cost structure is the management fee paid to the investment manager. 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. Other significant costs are related to RBC Investors Services Bank S. A, amongst others, for their depositary and administrative services. The ongoing charges, including the management fee, represented 3.01% of the net assets in 2015. This is well below the upper limit of 3.50% set for the annual ongoing charges.

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