Triodos Sustainable Mixed Fund

2015 was characterised by modest economic growth, low inflation and the policies pursued by central banks. All this led to a positive return for equities as well as bonds. The main index for global equities, the MSCI World Index (in euros) rose 10.4%. The indices for euro-denominated sovereign bonds and non-sovereign bonds, the iBoxx Euro Sovereigns Index and the iBoxx Euro Non-Sovereigns Index (total return), generated returns of 1.6% and 0.0% respectively. The decision to opt for a modest overweight in equities and a modest underweight in bonds in the sub-fund’s tactical asset allocation had a positive impact on the performance. During the year investors proved to have adequate risk appetites, as a result of which equities outperformed euro-denominated bonds. The strength of the US dollar relative to the euro furthermore enhanced the returns on equities. There were two points in time when Triodos Sustainable Mixed Fund temporarily deviated from this positioning: during the period of acute danger of a Greek exit from the euro and during the sharp market reaction following the publication of the Chinese growth data. These investment decisions resulted in a positive return.

Breakdown by investments as at
December 31, 2015* (as a % of total assets)

Top 5 equity holdings as at December 31, 2015*

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Name	Country	% of net assets
* Source: RBC Investor Services Bank
Roche Holding	Switzerland	1.3
Novo Nordisk	Denmark	0.9
Priceline.com	United States	0.9
Walt Disney	United States	0.8
Nike	United States	0.8