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)

Triodos Sustainable Mixed Fund – Breakdown by investments (pie chart)

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

 

 

 

Top 5 corporate bond holdings as at
December 31, 2015*

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Name

% of net assets

 

 

 

*

Source: RBC Investor Services Bank

2.375%

Priceline.com 2014-2024

1.7

4.750%

European Investment Bank 2007-2017

1.5

4.125%

Kreditanstalt für Wiederaufbau 2007-2017

1.4

2.250%

Kreditanstalt für Wiederaufbau 2010-2017

1.3

2.625%

European Investment Bank 2010-2018

1.2

 

 

 

Top 5 sovereign bond holdings as at
December 31, 2015*

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Name

% of net assets

 

 

 

*

Source: RBC Investor Services Bank

3.250%

French Government bond 2010–2021

1.8

0.250%

German Government bond 2014-2019

1.5

3.500%

French Government bond 2010-2026

1.5

2.250%

French Government bond 2012-2022

1.3

3.250%

Dutch Government bond 2011-2021

1.1

 

 

 

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