TlB Annual Report 2009 - Triodos Bank

TRIODOS SICAV II-TRIODOS MICROFINANCE
FUND (EUROPE)
In 2009 Triodos Bank launched Triodos Microfinance
Fund, a new sub-fund under its sicav-ii
structure. The fund was launched in March
2009 with institutional investors from both The
Netherlands and the uk in a first close of eur 22
million. The fund is open to institu tional
investors and private banking clients internationally.
New investors came in with net assets
increasing by 79% to eur 39 million by the end
of 2009. The fund’s microfinance portfolio
reached eur 22 million or 56% of the fund’s
total assets and was invested in 12 microfinance
institutions in 10 different countries in Latin
America, Asia, Africa and Eastern Europe.
TRIODOS FAIR SHARE FUND
(THE NETHERLANDS)
Triodos Fair Share Fund also experienced strong
growth, increasing its assets by 38% from
eur 60 million to eur 83 million at the end of
2009. The investors in the fund benefit from
the Dutch tax scheme for social-ethical investment.
In 2009, the fund achieved an exceptionally
good return of 12%, excluding a 2.5% tax
credit for private investors.
TRIODOS-DOEN FOUNDATION
(THE NETHERLANDS)
Triodos-Doen Foundation began in 1994 as a
partnership between Triodos Bank and doen
Foundation. The fund invests in microfinance
institutions with a higher risk profile and is
able to provide local currency funding. In 2009
the fund increased total assets with 23% to
eur 69 million.
HIVOS-TRIODOS FUND (THE NETHERLANDS)
Hivos-Triodos Fund was founded in 1994 as a
partnership between Triodos Bank and Hivos
Foundation. The non profit structure and the
cooperation with Hivos Foundation enable the
fund to accept higher than average risks in order
to enable innovative investments. The fund
invests in microfinance institutions with a
higher risk profile and provides local currency
funding. In 2009 assets of the Fund remained at
eur 45 million.
SUSTAINABLE TRADE FINANCE (EUROPE)
2009 was the second year of operation for
Triodos Sustainable Trade Fund. The fund
finances cooperative and private exporters in
developing countries, producing certified organic
and/or fair trade goods. The trade finance it
provides consists of seasonal short-term loans,
making sure that farmers are paid a fair price for
their produce. In 2009, finance from the fund
amounted to almost eur 9 million. In total,
21 loans were made benefiting 22 cooperative and
private exporters, making 13 different products
in 17 countries. They include coffee, cotton, soya
beans, olive oil, sesame seed and sugar. Triodos
Sustainable Trade Fund receives most of its
funding from a credit facility provided by
Triodos Bank. Stichting Hivos and Stichting
icco were founding guarantors that enabled the
Marilou van Golstein
Brouwers: ‘The way the world
looks tomorrow will depend
on how we invest our money today. If we
want a sustainable future, more investors
will need to increase the impact of their
investments. With Triodos Investment
Management, they can.’
launch of the fund in 2008. In 2009, additional
guarantees and funding was provided by the
Dutch government through its Millennium
Agreement programme, the Swiss government,
the Felicitas Foundation and the G-Star Raw
Denim Foundation. Funds also came from
Unitaid/World Health Organisation, to finance
the production of artemisia, an herbal plant
used as a key ingredient for anti-malaria
medicines. The malaria parasite is resistant to
all malarial medicines, other than Artemisia
based drugs. The first disbursements in this
sector are expected to be made early in 2010.
EMERGING MARKETS FUNDS PROSPECTS FOR
2010
Triodos sicav-ii Triodos Microfinance Fund,
Triodos Fair Share Fund, Stichting Triodos-
Doen and Stichting Hivos Triodos Fonds expect
to grow by at least eur 39 million to eur 265
million in 2010. Triodos Sustainable Trade
Fund expects to grow by approximately eur 5
million to eur 14 million.
TRIODOS BANK - ANNUAL REPORT 2009 47