Fund performance

Annual performance
TreeTop Convertible International AH EUR

Evolution of the annual performance of TreeTop Convertible International AH EUR vs MSCI AC World(1)

(1) MSCI All Countries World Index Net Dividend Reinvested in local currency. The fund is actively managed and its portfolio differs from the index mentioned. Consequently, the performance of the fund will differ from the performance of the index.

Evolution of the NAV (Net Asset Value) of TreeTop Convertible International AH EUR vs MSCI AC World(1)

(1) MSCI All Countries World Index Net Dividend Reinvested in local currency. The fund is actively managed and its portfolio differs from the index mentioned. Consequently, the performance of the fund will differ from the performance of the index.

Latest NAV in EUR
(17-09-2020)
272,26

Cumulative returns
as of 17-09-2020

Fund MSCI AC World (1)
YTD -2,52% 2,52%
1 year 2,91% 9,83%

Annualized returns as of 17-09-2020

Fund MSCI AC World (1)
3 years -5,13% 8,35%
5 years -1,64% 9,71%
10 years 3,12% 9,86%
Origin* 7,77% 6,98 %

* from launch date of the sub-fund (1988).

Past performance and NAV evolution are no guarantee of future performance.

Source: Degroof Petercam Asset Services and Bloomberg for the period 1988 - 2020

The returns are calculated in the reference currency: EUR.

The returns are calculated in the reference currency of the share class, reflect ongoing charges, including management and performance fees, taken from the sub-fund, but do not reflect any entry charges you might have to pay.

The calculations of yields are based on the historical NAVs which are consultable in the newspapers l'Echo or De Tijd.

General information

Name of fund TreeTop Convertible SICAV
Name of sub-fund TreeTop Convertible International
Management Company TreeTop Asset Management S.A.
Type of product/ legal form/ applicable duty and applicable duration UCITS sub fund, being a SICAV under Luxembourg Law with undefinite end
Share class AH EUR
Dividend policy Capitalisation
Launch date 1988
ISIN code LU0012006317
Minimum initial inv. €250
Type of fund UCITS
Liquidity Daily
Domicile Luxembourg
Type of investor All investors
Management fee 1.20%
Performance fee 12% High Watermark
Entry fee 0%
Ongoing charges 1.63%
Stock exchange transaction tax at redemption (or conversion) in Belgium 1.32% (max 4.000 EUR)
Belgian tax on savings (Belgian withholding tax at redemption) 30%
Belgian withholding tax on dividends N/A

 

Risk and Reward Profile

1 2 3 4 5 6 7

Lower risk (but not risk-free)

Potentially lower reward

Higher risk


Potentially higher reward

For more information about the fund’s risk/reward profile see the latest KIID and prospectus.

Mediation service
For complaints relating to investment products and services - address your concern to the financial sector Ombudsman: Banks – Credits - Investments Mediation Service, North Gate II, Avenue Roi Albert II 8 B-1000 Brussels (www.ombudsfin.be or [email protected]).
The mediation service may suggest solutions for resolving the dispute. In the event of a lack of mutual acceptance of the proposed solutions, either party can turn to the competent courts.

Handling of client complaints
Send your complaint, in writing, to the attention of the “Compliance Officer”, at the following address: TreeTop Asset Management Belgium, rue des Francs, 79, 1040 Brussels.
We will send you an acknowledgement of receipt within 5 working days. We will analyze your complaint and give a detailed response in the month following its receipt, provided that the complaint is complete and specific.

 

Documents

It is essential to read and aknowledge the fund information documents before subscribing. The KIID, prospectus and the last annual and semi annual reports are at your disposal.

The NAVs of the sub­fund are also published in the newspapers l'Echo or De Tijd.

You can obtain additional information on this fund, including the prospectus, the latest annual report, any later semi-annual report and the most recent price of the shares from the fund management company established at 12, rue Eugène Ruppert, L-2453 Luxembourg. They are available free of charge in English, French and Dutch.

Fund strategy

The sub-fund aims to increase the value of your investment over the long term.

Under normal market conditions, the main part of the portfolio is invested in convertible bonds and/or other fixed income securities, bank deposits and warrants or call options on shares and, up to 10% of the sub-fund's assets in units of undertakings for collective investment that represent these asset classes. The sub-fund may also invest in shares or other instruments equivalent to shares and use derivatives for investment purposes or to reduce investment risks (hedging).

The fund manager selects - based on criteria such as product innovation, quality of management, sector leadership, valuation - companies around the world that appear to offer solid growth prospects or whose securities seem to him undervalued. The sub-fund invests in a concentrated portfolio made of shares of these companies and/or in financial instruments convertible in shares or entitling the sub- fund to acquire shares of these companies. The main part of the portfolio is managed in an endeavour to replicate the financial behaviour of a convertible bonds portfolio. To this end, the fund manager ensures that (i) at least 50% of the portfolio is invested in bonds or other fixed income instruments and (ii) the global exposure of the sub-fund to the equity market, through shares and other financial instruments whose value is linked to shares, shall not exceed 100% of the sub-fund's net asset. The manager's objective is to hedge positions in currencies other than the euro which represent more than 2.5% of the net asset value of the share class.

The MSCI All Country World index provides a reference of the investment universe of the fund manager. It is provided for information purpose only as indeed the sub-fund is managed on a discretionary basis and its portfolio will show a significant departure from the index.

The sub-fund may not be appropriate for investors who plan to withdraw their money within 5 years.

This share class does not distribute dividends (meaning that any income earned by the sub-fund is added to the share price).

You can place orders to buy or sell shares of the sub-fund daily.

These objectives as well as the investment policy are an exact copy of those indicated in the corresponding KIID.

Fund Manager

Jacques Berghmans

Main risk factors defining the risk level

The sub-fund does not offer either protection or any capital guarantee or a guaranteed yield. 

The risk/reward rating of the sub-fund reflects the following factors: 1) the sub-fund invests in shares and/or other instruments such as warrants or call options on shares and convertible bonds whose value is linked to shares, 2) the sub-fund may invest in a limited number of securities, 3) the sub-fund may invest a part of its portfolio in warrants or call options on shares that are more volatile than shares and may loose their value at expiry date, and 4) the sub-fund may favour particular economic sectors or regions, including emerging markets.

Other risks to be considered

Moreover, it is also exposed to the following risks:

  • Liquidity risk: Convertible bonds may become hard to value or to sell at a desired price and time particularly when market conditions are unusual or when the issuer encounters financial difficulties.
  • Default risk: An issuer's bonds could become worthless if it is unable to repay its debts.
  • Legal and tax risks: The sub-fund could be affected by foreign legal and tax changes, some of which may be retroactive.
  • Counterparty risk: The sub-fund could lose money if any entity with which it does business becomes unwilling or unable to honour its obligations to the sub-fund.

Portfolio allocation

Geographic spread

Top 10 sorted by underlying

Description Weight (% NAV)
Total 51,2%
FUFENG GROUP LTD 8,0%
HORIZON THERAPEUTICS PLC 6,9%
VIPSHOP HOLDING LTD ADR 5,9%
AGEAS/FORTIS BANK "cashes" 4,7%
LIVANOVA PLC 4,7%
REALPAGE INC 4,3%
COHERUS BIOSCIENCES 4,3%
ANTA SPORTS PRODUCTS LTD 4,2%
PACIRA BIOSCIENCES INC 4,2%
BAOZUN INC-SPN ADR 4,0%

Type of securities

Sector breakdown by underlying value

Consumer Discretionary Sector: encompasses businesses sensitive to economic cycles (automotive, household durable goods, textiles & apparel, hotels, restaurants, leisure facilities, media and consumer retailing).

Consumer Staples Sector: encompasses businesses less sensitive to economic cycles (food, beverages and tobacco, non-durable household goods, personal products, drug retailing and consumer super centers).

Top 5 convertible bonds

Top 5 equities

Top 10 by instrument

Description Weight (% NAV)
Total 49,1%
FUFENG GROUP LTD 8,0%
HORIZON THERAPEUTICS PLC 6,9%
AGEAS / FORTIS BANK SA/NV FLOATING RATE PERPETUAL 4,7%
LIVANOVA USA INC 3% 12/15/25 4,7%
REALPAGE INC 1.5% 05/15/25 4,3%
COHERUS BIOSCIENCES 1 .5% 04/15/26 4,3%
ANLLIAN CAPITAL 0% 05/02/25 4,2%
PACIRA PHARMA 0.75% 08/01/25 4,2%
BAOZUN 1 5/8 05/01/24 4,0%
SBI HOLDINGS INC 0% 07/25/25 3,8%

Market capitalisation

Evolution of ratios

* Before 30/06/2006, these data are issued from underlying stocks of the SICAV TreeTop Convertible International.

Other statistics

Delta 0.9
Credit spread (bp) 451
Duration 2.44
Market Cap. (€ mill.) 9.1
1Y projected P/E 15.48
Estimated 5Y LTG 15.02
Current ROE 16.13


Delta: the degree of sensitivity (between 0 and 1) of a bond to a change in price of its underlying share. A delta of 0.50 means that the convertible tends to increase or decrease by 5% for a 10% increase or decrease in the share price.
Credit Spread: the interest rate spread, expressed in basis points (bps), which debt issued by a corporate borrower must offer, over the same term, versus government debt. By way of example, this spread will be around 20 bps (i.e. 0.20%) for an investment grade corporate borrower (AAA or AA rating), whereas it could easily be as high as 200 bps for a higher risk company (B rating).
Duration: a concept which is similar to, but more scientific, than the average life of a bond in general, and a convertible bond in particular. If interest rates rise or if a company’s creditworthiness starts to deteriorate, it is obvious that a short-term bond will suffer less than a long-term bond.
Market Capitalisation: a company’s total value at a given point in time, obtained by multiplying the stock market price by the number of shares in circulation.
1Y projected P/E (Price Earnings ratio): this ratio gives the rate at which a company capitalises its annual earnings. It is an indicator of a share’s relative expensiveness.
Estimated 5Y LTG (Long Term Growth): an estimate, by analysts, of a company’s earnings per share growth rate over the next 5 years.
Current ROE (Return On Equity): the ratio between a company’s net profit and shareholders’ equity (capital + reserves). This is a good criterion for assessing whether the management is making good use of the capital provided by shareholders.