Fund performance

Annual performance
TreeTop Global Balanced DH EUR

Evolution of the annual performance of TreeTop Global Balanced DH EUR

Evolution of the NAV (Net Asset Value) of TreeTop Global Balanced DH EUR

Latest NAV in EUR
(14-02-2020)
116,56

Cumulative returns
as of 14-02-2020

YTD 2,69%
1 year 6,77%

Annualized returns as of 14-02-2020

3 years -0,60%
5 years -1,63%
Origin* 1,88%

* from launch date of the sub-fund (2011).

Past performance is no guarantee of future performance.

Source: Degroof Petercam Asset Services and Bloomberg for the period 2011 - 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 Global SICAV
Name of sub-fund TreeTop Global Balanced
Type of product/ legal form/ applicable duty and applicable duration UCITS sub fund, being a SICAV under Luxembourg Law with undefinite end
Share class DH EUR
Dividend policy Distribution
Launch date 2011
ISIN code LU0694355560
Minimum initial inv. €250
Type of fund UCITS
Liquidity Daily
Domicile Luxembourg
Type of investor All investors
Management fee 1.00%
Performance fee 12% above 50% Germ. Gov. Bonds 5Y
Entry fee 0%
Ongoing charges 1,56%
Stock exchange transaction tax at redemption (or conversion) in Belgium N/A
Belgian tax on savings (Belgian withholding tax at redemption) 30%
Belgian withholding tax on dividends 30%

 

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.

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Ann. Perf.
2020 -0,11% - - - - - - - - - - - 2,69% (YTD)
2019 5,38% 3,04% -0,42% 2,30% -5,85% 2,59% -0,64% -1,20% -0,95% 2,66% 2,28% 1,65% 14,10%
2018 3,92% -1,59% -3,48% 0,89% -2,87% -1,84% 0,10% -0,57% -2,61% -8,86% -0,51% -5,30% -18,50%
2017 2,37% 3,33% 3,29% 0,91% -0,87% -0,13% 1,80% -0,38% 1,59% 1,31% -1,06% 1,62% 17,30%
2016 -8,05% -0,72% 3,78% -0,10% -2,08% -3,29% 4,29% 0,96% -0,22% -1,21% 0,10% -0,04% -3,80%
2015 0,56% 2,32% -0,20% 0,49% -1,53% -1,13% 0,95% -3,59% -2,79% 4,14% 0,03% -1,40% 0,50%
2014 -0,61% 2,41% -0,64% -0,49% -3,09% 0,44% 0,45% 0,80% -1,40% -0,92% 1,65% -0,54% 2,00%
2013 2,69% 0,51% 1,02% 1,21% 2,11% -2,58% 2,52% 0,00% 1,88% 2,48% 1,50% 1,40% 15,70%
2012 3,93% 3,22% -0,10% -0,52% -5,10% 0,96% 1,90% 1,16% 2,27% -0,35% 1,37% 2,72% 11,70%
2011 - - - - - - - - - - - 1,16% -1,70%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Perf. Ann.
2020 113,39 - - - - - - - - - - - 2,69% (YTD)
2019 107,87 111,15 110,68 113,23 106,61 109,37 108,67 107,37 106,35 109,18 111,67 113,51 14,10%
2018 134,60 132,46 127,85 128,99 125,29 122,98 123,10 122,40 119,20 108,64 108,09 102,36 -18,50%
2017 115,78 119,63 123,56 124,68 123,59 123,43 125,65 125,17 127,16 128,82 127,46 129,52 17,30%
2016 111,73 110,92 115,11 115,00 112,61 108,91 113,58 114,67 114,42 113,03 113,14 113,10 -3,80%
2015 125,16 128,06 127,81 128,43 126,46 125,03 126,22 121,69 118,29 123,19 123,23 121,51 0,50%
2014 126,28 129,32 128,49 127,86 123,91 124,45 125,01 126,01 124,25 123,11 125,14 124,46 2,00%
2013 112,80 113,37 114,53 115,92 118,37 115,32 118,23 118,23 120,45 123,44 125,29 127,05 15,70%
2012 102,17 105,46 105,35 104,80 99,46 100,41 102,32 103,51 105,86 105,49 106,93 109,84 11,70%
2011 - - - - - - - - - - - 98,31 -1,70%

Fund strategy

The sub-fund aims to increase the value of your investment over the long term through the active management of a diversified portfolio comprising different asset classes.

Under normal market conditions, the sub-fund invests in a diversified portfolio made up of different asset classes. The sub-fund may be exposed, on one hand, to international shares and, on the other hand, interest rate instruments, including bonds, money market instruments and bank deposits. Exposure to interest rate instruments is either through direct investments in these instruments or indirect investments through units of undertakings for collective investment in this type of instrument. The sub-fund may also use derivatives for investment purposes or to reduce investment risks (hedging). The subfund may invest in securities from issuers anywhere in the world, including in emerging markets, China and Russia. The sub-fund's exposure to shares of the asset class will not exceed 60%.

With a view of diversifying the sources of performance, the sub-fund is managed by different fund managers of TreeTop Asset Management, each following its own global active management approach. 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 sub-fund is managed on a discretionary basis with no reference to any indices.

The sub-fund may not be appropriate for investors who plan to withdraw their money within 4 years.

This share class intends to distribute a dividend annually.

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 Managers

Jacques Berghmans
Andrew Dalrymple
Sharon Bentley-Hamlyn

The investment process of TreeTop Global Balanced aims to diversify the sources of return between different asset classes, different regions, different economic sectors and different global managers. The portfolio is divided among two main components: an “equity” component exposed, directly or indirectly, to international equity markets and an “interest rate instruments” component made of bonds, money market instruments and bank deposits. 

  • The "equity" component is allocated to different fund management teams of TreeTop Asset Management each following its own global investment approach.
  • The "interest rate instruments" component is managed conservatively: priority is given to the protection of capital relative to performance. Investments are made either through direct investments in these instruments or indirect investments through units of undertakings for collective investment in this type of instrument. The majority of investments are made in securities denominated in Euros.

The resulting portfolio of the investment process is an international portfolio, balanced between the different asset classes and different risks but not indexed. Ongoing monitoring of risk aims to ensure that the "equity" risk of the overall portfolio does not exceed 60%.

There are no financial instruments without risk and investing is always taking a gamble on the future. In addition to errors in judgment, the numerous uncontrollable events of a political (political crisis, war...), economic, financial (banking crisis, monetary policy change…), technological (discovery causing profound changes...) or of a specific nature for each company (strategic error, competitive changes...) can seriously penalize a potentially interesting investment.

The most effective way to reduce risk is to diversify the sources of return and risk among the different asset classes, different regions, different economic sectors and different global managers.

Diversification of asset classes and preservation of capital

The overall portfolio includes a “fixed income” component the principal aim of which is the protection of invested capital. The sub-fund's objective is that the weighting of this component represents no less than 40% of the total portfolio.

Diversification of managers

The overall portfolio is managed by two or more management teams that each follows their own investment style.

Weighting of investments

The sub-fund's exposure to shares will not exceed 60%.

Geographic Diversification

The sub-fund may invest in securities from issuers anywhere in the world, including in emerging markets, China and Russia.

Hedging of currency risk

We believe that betting on currencies is risky and generally destroys shareholders’ value on the long term. Our added value lies in the selection of promising stocks and the management of equity risk. For the sake of transparency, to bring performance and to simplify our management process, 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.

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) up to 60% of the sub-fund may be invested in shares, 2) it 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 3) it may favor particular economic sectors or regions, including emerging markets.

Other risks to be considered

Moreover, it is also exposed to the following risks: liquidity (convertible bonds may become hard to value or to sell at a desired price and time), default (an issuer’s bonds could become worthless if it is unable to repay its debts), counterparty (the sub-fund could lose money if any entity with which it does business becomes unwilling or unable to honor its obligations to the sub-fund), legal and tax risks (the sub-fund could be affected by foreign legal and tax changes, some of which may be retroactive).

Portfolio allocation

Geographic spread

* including: Cash & deposits 29,7% - Gov. Bonds 2,5%

Top 10 sorted by underlying

Type of securities

Sector breakdown by underlying value

Equity Play / Yield Play

Top 5 convertible bonds

Description Weight (% NAV)
Total 10,0%
AGEAS / FORTIS BANK SA/NV FLOATING RATE PERPETUAL 8,0%
HORIZON PHARMA INV LTD 2.5% 15/03/22 2,0%

Top 5 equities

Description Weight (% NAV)
Total 9,0%
ASHTEAD GROUP PLC 2,0%
FUFENG GROUP LTD 2,0%
HYPOPORT AG 2,0%
NORWEGIAN FINANS HOLDING AS 2,0%
IWG PLC 1,0%

Top 10 by instrument

Market capitalisation

Evolution of ratios

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

Other statistics