TlB Annual Report 2009 - Triodos Bank

TRIODOS MEERWAARDE AANDELENFONDS
(THE NETHERLANDS) AND TRIODOS VALUES
EQUITY FUND (EUROPE)
Triodos Meerwaarde Aandelenfonds has been
available in The Netherlands since 2000 and
uses the same investment strategy as Triodos
Values Equity Fund, which has been distributed
in Belgium, Denmark and Luxembourg since
2007. Both funds invest in the shares of multinational
companies worldwide.
As a consequence of the overall recovery in
stock market prices after losses until early
March, these two funds realised a return of 30%
and 27% respectively. Following these returns
and the successful merger with the Panda Fund
in Belgium, the total net assets of both funds
increased by 31% and 152% to eur 134 million
and eur 22 million respectively.
TRIODOS MEERWAARDE OBLIGATIEFONDS
(THE NETHERLANDS) AND TRIODOS VALUES
BOND FUND (EUROPE)
Triodos Meerwaarde Obligatiefonds has also
been available in The Netherlands since 2000
and uses the same investment strategy as
Triodos Values Bond Fund, which has been
distributed in Belgium, Denmark and Luxembourg
since 2007. Both funds invest in the
bonds of multinational companies globally.
After the upheaval in the financial markets and
the decline in confidence in 2008, the funds
benefited from the tightening risk spreads
between corporate and government bonds in
2009. Triodos Meerwaarde Obligatiefonds and
Triodos Values Bond Fund realised a return of
7.1% and 7.7% respectively. The net assets of
both funds increased by 23% and 25% to
eur 133 million and eur 12 million respectively.
TRIODOS MEERWAARDE MIXFONDS
(THE NETHERLANDS)
The Triodos Meerwaarde Mixfonds has been
available in The Netherlands for more than ten
years. In 2009, the fund maintained a defensive
investment strategy for most of the year,
investing a relatively large proportion of its
money in bonds and liquidities and maintaining
a relatively small position in shares. The bond
fund realised a return of 16.3%. Partly due to
this return, net assets increased by 10% to
eur 54 million.
TRIODOS VALUES PIONEER FUND (EUROPE)
Triodos Values Pioneer Fund, which is part of
Triodos Meerwaardefonds, has been distri buted
in Belgium, Denmark, Luxembourg and The
Netherlands since 2007. In 2009, the fund
invested in companies that are pioneers in
climate protection, promoting healthy lifestyles
and corporate social responsibility. The return
was slightly better then the reference index
with 31% and the net total assets increased by
eur 12 million (54%) to eur 35 million.
The promotion of corporate social responsibility
produced very positive results. We entered into
dialogue with almost 700 multinational companies,
resulting in a number of significant
improvements in their corporate social responsibility
policies and performance. These results
came in a number of sectors, including a large
number of financial institutions globally.
Through this, Triodos Bank has demonstrated
that sustainable investment on the stock market
is crucial to encourage sustainable corporate
behaviour.
SOCIALLY RESPONSIBLE INVESTMENT FUNDS
PROSPECTS FOR 2010
Whether the real economy has felt the worst
impact of the financial crisis remains unclear.
Market sentiment on the stock exchanges will
depend on the severity of the next stages in the
economic recession, its expected recovery, and
its impact on corporate turnover and profit
forecasts. Triodos Bank expects that the stock
market will, in time, again focus on issues of
structural growth, such as resolving the energy
issue and tackling climate change. The performance
of investments funds (in terms of both
return and net assets) investing in shares of
listed companies will, on the whole, develop in
line with movements on the stock exchange.
Triodos Bank’s funds can benefit from their
preference for shares in subsectors that contribute
to solutions for several of our global
crises, such as climate change and the food and
energy crises.
INVESTMENT IN ARTS AND CULTURE
(THE NETHERLANDS)
Triodos Bank offers its Dutch clients Triodos
Cultuurfonds. The fund was launched in 2006
and invests in cultural projects as defined by
the Dutch government because they aim to
improve and preserve arts and culture. In this
TRIODOS BANK - ANNUAL REPORT 2009 49