During the first year of its existence, Triodos Organic Growth Fund completed two equity investments, which together represent 34.0% of the current fund size. The first investment was in Danish food company Aarstiderne, the second in German (mainly) non-food company Triaz. Both investments fit well with the fund’s strategy to build a portfolio that is diversified across various sub-sectors and countries.

Since February 2014, Triodos Organic Growth Fund holds 20% of the shares in Aarstiderne A/S (Danish for ‘the Seasons’). Aarstiderne is an organic box scheme company with 120 employees. It delivers around 30,000 meal boxes per week in Denmark and Sweden via a subscription service to a base of 55,000 customers. This frontrunner in the Danish organic food sector offers both traditional boxes containing organic fruit and vegetables and – since four years – boxes containing measured ingredients, including meat and fish, for the preparation of specific meals, with recipes included. Triodos Organic Growth Fund acquired its shares from one of the founders of the company, who continues to hold the majority of the shares. The remaining shares are held by the members of the management team. The deal structure includes an earn-out mechanism for the founder, reflecting the growth expectations for the company while ensuring a fair entry price for the fund.

Portfolio data,
December 31, 2014 *

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Source: Triodos Investment Management

Total net asset value

EUR 28.4 million

Net asset value per share (Q-dis)

EUR 99.22

Number of equity investments


Number of subordinated loans


Number of countries





Asset allocation (% of total net asset value), December 31, 2014 *

Asset allocation (% of total net asset value), December 31, 2014 (pie chart)

* Source: Triodos Investment Management

In June 2014, Triodos Organic Growth Fund acquired a 20% stake in Triaz Group GmbH. Triaz is the leading German mail order company and online retailer for sustainable consumer goods and has a strong client base of over 750,000 active customers. The group currently operates the Waschbär, Mini-Bär, Vivanda, PranaHaus and B&W Naturpflege brands. Together, these platforms sell over 10,000 sustainable products, including organic clothing, shoes, jewellery, natural cosmetics, household goods, furniture and toys; environmentally sound and healthy products for almost every aspect of daily life. Triaz is active in Germany, Switzerland, Austria and the Netherlands and employs 350 people. The shares were acquired from the owner of the company, who continues to hold the remaining shares.

Sustainability reporting

In the fourth quarter of 2014, Triodos Organic Growth Fund initiated a sustainability measurement program at Aarstiderne, based on a tool which was developed in cooperation with Soil & More International. In the future, the so-called Sustainability Flower tool will serve as a basis to measure, manage and report on the sustainability aspects of investee companies, both during the due diligence phase and during the life of the fund’s investment. The Sustainability Flower captures generic economic, environmental, social and cultural investment criteria based on a company’s position and contribution to its value chain. It also serves as a management information system to track the realisation of company-specific sustainability objectives. The fund intends to further develop its impact measurement framework and to start its impact reporting during 2015.

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