Triodos Investment Management’s total assets under management decreased by 13% to EUR 5.5 billion (2021: 17% increase) during the year. This decline in assets under management can mainly be explained by negative market movements as the investment funds overall lost 11% of their value following market developments in 2022. For a part it can also be attributed to cautious investor sentiment following the war in Ukraine, high inflation and rising interest rates.
The combined assets under management of the Triodos Impact Equities and Bonds Funds (Triodos SICAV l), which invest in listed companies, decreased by 12.9% to EUR 2,656.0 million as a result of negative market movements. The assets under management in the discretionary portfolios of Triodos Bank Private Banking Netherlands, which are managed by Triodos Investment Management, decreased by 16.6% to EUR 752.8 million.
Triodos Energy Transition Europe Fund, the fund that invests in assets and companies that generate renewable energy, improve energy efficiency and/or offer energy flexibility, grew its assets under management during the year by 41.3% to EUR 184.0 million. This increase is for a large part a result of the fact that the fund benefited from sharply rising energy prices in 2022.
Triodos Microfinance Fund, the fund that invests in financial institutions in emerging markets, saw its asset under management increase by 8.7% to EUR 527.4 million. Triodos Fair Share Fund, the sister fund of Triodos Microfinance Fund tailored to retail investors specifically, , saw its assets under management decrease by 4.7% to EUR 363.3 million.
Assets under management of the Dutch Triodos Green Fund, the fund that invests in green projects that promote sustainable development, decreased by 25.3% to EUR 888.0 million. This decrease can mainly be attributed to rising interest rates and cautious investor sentiment, negatively impacting the level of inflow into the fund.
Triodos Food Transition Europe Fund, the fund that offers investors the opportunity to participate in the growth of the organic consumer and sustainable lifestyle sector in Europe, decreased by 12.2% to EUR 63.5 million. This decrease is mainly the result of market dynamics negatively impacting the performance of the underlying portfolio which is reflected in the fund’s Net Asset Value.
Triodos Emerging Markets Renewable Energy Fund, the fund that invests in the much-needed energy transition in emerging markets by providing long-term senior debt to utility-scale wind, solar and run-of-the-river hydro projects and which was launched in October of 2020, saw its assets under management grow by 35.0% to EUR 34.5 million.
Triodos Multi Impact Fund, the Triodos fund-of-funds, decreased its fund size by 9.7% to EUR 31.0 million by the year end.
The Triodos Impact Strategy Funds, four Fund-of-Funds that invest in eight Triodos funds and across all of Triodos Investment Management’s impact themes, were launched in January of 2022 and closed the year at a combined AUM of EUR 149.5 million.