Investments

As at year end 2017, Triodos Organic Growth Fund has a portfolio of equity investments in five sustainable consumer goods companies in three different countries and across all parts of the value chain. The fund invests in these portfolio companies through equity participations and has representation on their boards. In 2017 the fund made one new investment and one add-on investment, resulting in 75.3% of the fund’s net assets being invested as per December 31, 2017.

Fund data, December 31, 2017

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Net assets

EUR 48,862,766

Portfolio value

EUR 36,803,380

Number of equity investments

5

Number of countries

3

 

 

 

Asset allocation (% of fund’s net assets), December 31, 2017

In the second quarter of 2017, the fund invested in Marqt, a Dutch sustainable food and groceries retailer. The fund has a significant minority stake in the company through a combination of preference and ordinary shares. Marqt was founded in 2008 by Quirijn Bolle and Meike Beeren – both with a background at Ahold, the largest Dutch food retailer. They started Marqt with the mission to radically change the value chain of food by introducing an innovative business model based on a fair distribution model for growers, processors and retailers and offering higher-quality food at a fair price. Since then Marqt has successfully grown its concept from three initial stores to fifteen stores in Amsterdam, Haarlem, Rotterdam and The Hague. In 2016 the company realised EUR 63 million in sales.

In the fourth quarter of 2017, the fund increased its shareholding in existing portfolio company Naty, in which the fund has held a strategic minority position since July 5, 2016. Since the fund’s initial investment, the company has shown high growth rates and a strong focus on innovation and online sales. The add-on investment further supports Naty in rationalising its shareholder base and its independent international growth strategy.

The portfolio companies continued to perform well in 2017, with very strong performances by both Aarstiderne and Naty. Total portfolio performance of the fund amounted to a gain of EUR 5.4 million (post dividend). The portfolio performance is mainly the result of increased EBITDA of the portfolio companies, in combination with positive developments in the market for comparable private equity transactions. Furthermore, three of the five portfolio companies distributed dividends totalling EUR 0.9 million to the fund.

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