Fund developments

In 2015, the total net assets of Triodos SICAV I grew by 23.6%, from EUR 1,023.2 million (December 31, 2014) to EUR 1,265.1 million (December 31, 2015). 7.8% of the increase in net assets was due to solid investment returns, while the inflow of new funds from investors added another 15.8%. Triodos SICAV I is distributed in the Netherlands, Belgium, Germany, Denmark, France, Luxembourg and the United Kingdom and continues to gain interest from investors in each country.

Net assets as per December 31, 2015

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(in millions of EUR)

December 31, 2015

December 31, 2014

Percentage change

 

 

 

 

Triodos Sustainable Bond Fund

352.6

352.6

0.0%

Triodos Sustainable Equity Fund

534.2

405.1

31.9%

Triodos Sustainable Mixed Fund

216.4

160.7

34.6%

Triodos Sustainable Pioneer Fund

161.9

104.8

54.6%

 

 

 

 

 

 

 

 

 

1,265.1

1,023.2

23.6%

 

 

 

 

In 2015, the global economy grew at a rate of between 3.0% and 3.5% for the fourth year running. This is reflected in the 10.4% gain of the MSCI World Index (in euros). On the fixed income market, yields remained very low. For Triodos SICAV I these macro-economic trends also reveal themselves in the performances of its four sub-funds. The equity funds - Triodos Sustainable Equity Fund and Triodos Sustainable Pioneer Fund - realised returns of 15.6% (R-Dis including reinvestment of dividends) and 17.2% (R-Cap) respectively. These returns exceed the returns of the benchmark. Triodos Sustainable Mixed Fund realised a return of 6.1% (R-Dis including reinvestment of dividends), which also constituted an outperformance relative to the benchmark and was particularly due to the sub-fund’s overweight position in equities. Triodos Sustainable Bond Fund realised a return of -1.3% (R-Dis including reinvestment of dividends). The sub-fund’s underperformance relative to the benchmark was partly due to its overweight position in corporate bonds and its underweight position in Italian and Spanish sovereign bonds.

The strong performance of the fund - both in financial and sustainable terms - attracted an exceptional amount of attention from the media in 2015. An article about the fund was published in the Danish newspaper Jyllands-Posten; the head of Triodos Research was interviewed by German newspapers Frankfurter Rundschau and Berliner Zeitung, and the head of the Triodos SRI Funds was interviewed by the British newspapers The Guardian and The Financial Mail on Sunday and by the Dutch newspapers Volkskrant and De Telegraaf. The head of the Triodos SRI Funds was also interviewed for the Dutch television programme Nieuwsuur. These interviews mainly focused on fossil fuel divestments on the one hand and the fund’s positive choice for sustainable energy on the other hand.

The fund also received further international recognition. The German newspaper Handelsblatt awarded Triodos Sustainable Mixed Fund first prize in the category “Balanced Mixed Funds”, while RenditeWerk awarded the Mixed Fund "Stiftungsfonds des Jahres". German Öko Test ranked the Triodos SRI funds in the highest category of SRI funds with the strictest criteria. The Equity Fund and Pioneer Fund were two of three funds that were awarded the highest rating of three stars by the new German label for SRI funds, the FNG-Siegel. In Belgium the newspapers De Standaard and La Libre acclaimed Triodos Investment Management as the best SRI Fund House in Belgium for the fifth consecutive time. In the UK, the Pioneer Fund was awarded five stars by independent SRI Consultant 3D Investing for its strict sustainability criteria. Only three other funds received the same rating.

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