Results

Financial results

On December 31, 2017, the net assets of Triodos Organic Growth Fund amounted to EUR 48.9 million (2016: EUR 37.4 million). The net asset value per share (Q-dis) increased from EUR 109.34 as on December 31, 2016 to EUR 120.64 as on December 31, 2017. The fund received dividends of EUR 0.9 million from its equity investments over 2017 and realised value gains on investments amounted to EUR 0.3 million. Expenses in 2017 amounted to EUR 1.3 million, while the unrealised value gains in the portfolio amounted to EUR 4.4 million. The net result of Triodos Organic Growth Fund over 2017 therefore amounts to EUR 4.4 million. Due to these positive overall returns on the portfolio, as well as net inflow into the fund (EUR 7.0 million during the year), the fund’s net assets increased by EUR 11.5 million to EUR 48.9 million as per the end of 2017.

Return

The net asset value per share (Q-dis) increased by 10.3% in 2017 (2016: 6.8%), which resulted in an average return per annum since inception of 4.9%. This increase is in line with expectations and is mainly attributable to strong earnings growth at the fund’s portfolio companies and, to a lesser extent, to higher valuation multiples in financial and M&A markets.

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

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Share class

1-year return

3-year return p.a.

Return p.a. since inception

*

NAV per share is based on share price as per December 29, 2017, i.e. the last price at which shares were traded in the reporting period.

 

 

 

 

Q-dis (EUR)

10.3%

6.7%

4.9%

 

 

 

 

Liquidity

The liquidity ratio of Triodos Organic Growth Fund is 24.6% of the net assets as at the end of 2017 (2016: 30.0%). During 2017, the fund received subscriptions amounting to EUR 8.4 million and redemptions amounting to EUR 1.4 million, resulting in a net inflow of EUR 7.0 million. The fund expects to see further growth in net assets in the year ahead, as fundraising is continued in order to facilitate future investments.

Costs

The main recurring item in the cost structure of Triodos Organic Growth Fund is the management fee paid to the AIFM, Triodos Investment Management. The AIFM uses this fee primarily to cover staff-related costs and travel expenses incurred in connection with the labour-intensive investment process. A new investment on average takes at least six months to be put into effect, 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 North-western Europe), relatively frequent travelling is required. Other costs include the fees paid to RBC Investor Services Bank for their depositary and administrative services.

The ongoing charges, including the management fee, represented 2.96% of the net assets in 2017 (2016: 3.00%). This is well below the upper limit of 3.50% set for the annual ongoing charges. More detailed information about management fees and ongoing charges can be found in the (PDF:) Notes to the financial statements.

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