Today, Triodos Investment Management has communicated to the shareholders in Triodos Culture Fund its intent to transfer the fund’s portfolio to Triodos Bank Netherlands and to dissolve the fund.

Triodos Investment Management started Triodos Culture Fund in 2006 as an investment proposition for Dutch investors wanting to invest in the cultural sector. An important pillar of the fund was the Dutch fiscal scheme in place at that time for investments in the cultural sector. This fiscal scheme came to an end in 2012 and since then the fund’s assets under management declined from EUR 165 million (end of 2011) to approximately EUR 87 million (end of March 2018).

Attempts have been made to increase the fund’s return by further diversifying the fund’s portfolio and by doing so to compensate the loss of fiscal benefits for investors. Unfortunately, given the ongoing outflow of investors, these attempts have proven to be successful to only a limited extent. The ongoing decline of the assets under management will eventually lead to a disproportional distribution of cost among the remaining shareholders. Also, it could lead to an increase of the portfolio risk which in turn could affect the fund’s risk profile.

These developments have instigated a process within Triodos Investment Management to assess the fund’s future. Combined with a strategic choice to focus more actively on a number of specific sectors, amongst others Energy & Climate, Inclusive Finance, Sustainable Food & Agriculture and Socially Responsible Investing, Triodos Investment Management has decided to present a proposal to dissolve Triodos Culture Fund to the shareholders in the fund.

The decision to make this proposal has been made jointly with the fund’s Supervisory Board and will be voted on by the shareholders during the Annual General Meeting of Triodos Culture Fund on 25 May 2018.

See the full press release for more information (available in Dutch only).