growth of the
fund’s net assets
Triodos SICAV II-Triodos Microfinance Fund’s net assets grew by 34.8% to EUR 220.4 million at the end of 2014, while its investment portfolio reached a value of EUR 192.9 million (87.5% of the fund’s net assets). The fund increased the number of its investments to 58 microfinance institutions (MFIs) and Small and Medium-sized Enterprise (SME) banks, two microfinance holding companies and one investment in a fund, covering 31 countries across Latin America, Asia, Africa, the Middle East and North Africa and Eastern Europe. The MFIs in the fund’s portfolio reached 8.2 million loan clients and served to review 6.4 million savers. In 2014 the return of the EUR-denominated institutional share classes was 6.0% and the three-year average annual return was 7.3%.