Results

Financial results

On December 31, 2016, the net assets of Triodos Organic Growth Fund amounted to EUR 37.4 million (2015: EUR 30.1 million). The net asset value per share (Q-dis) increased from EUR 102.34 as on December 31, 2015 to EUR 109.34 as on December 31, 2016. The fund received a total income of EUR 0.9 million over 2016, mainly consisting of dividend income, from its equity investments. Expenses in 2016 amounted to EUR 1.1 million, while the (mainly unrealised) value gains in the portfolio amounted to EUR 2.5 million. The net result of Triodos Organic Growth Fund over 2016 therefore amounts to EUR 2.3 million. Due to these positive overall returns on the portfolio, as well as net inflow into the fund (EUR 5.1 million during the year), the fund’s net assets increased by EUR 7.3 million to EUR 37.4 million as per the end of 2016.

Return

The net asset value per share (Q-dis) increased by 6.8% in 2016 (2015: 3.1%), which resulted in an average return per annum since inception of 3.1%. 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

Average return p.a. since inception

*

NAV per share is based on share prices as per December 30, 2016, i.e. the last price at which shares were traded in the reporting period.

 

 

Q-dis (EUR)

6.8%

3.1%

 

 

Liquidity

The liquidity ratio of Triodos Organic Growth Fund is 30.0% of the net assets at the end of 2016 (2015: 66.0%). During 2016, the fund received subscriptions amounting to EUR 6.4 million and redemptions amounting to EUR 1.3 million, resulting in a net inflow of EUR 5.1 million. The fund expects to see further growth in assets in the year ahead, as fundraising is continued in order to facilitate future investments.

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 north-western Europe), relatively frequent travelling is required. Other significant costs are the fees paid to RBC Investors Services Bank, for instance for its depositary and administrative services.

The ongoing charges, including the management fee, represented 3.00% of the net assets in 2016 (2015: 3.01%). This is well below the upper limit of 3.50% set for the annual ongoing charges.

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