Fund performance

Annual performance
TreeTop Global Opportunities B USD

Evolution of the annual performance of TreeTop Global Opportunities B USD vs MSCI AC World in USD(1)

(1) MSCI All Countries World Index Net Dividend Reinvested in USD. 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 Global Opportunities B USD vs MSCI AC World in USD(1)

(1) MSCI All Countries World Index Net Dividend Reinvested in USD. 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 USD
(21-09-2018)
159,69

Cumulative returns
as of 21-09-2018

Fund MSCI AC World in USD (1)
YTD -15,34% 4,11%
1 year -9,44% 9,90%

Annualized returns as of 21-09-2018

Fund MSCI AC World in USD (1)
3 years 5,20% 12,33%
5 years 2,22% 8,44%
10 years 6,89% 7,33%
Origin* 4,46% 4,72 %

* from launch date of the sub-fund (2008).

Past performance is no guarantee of future performance.

Source: Banque Degroof Petercam Luxembourg and Bloomberg for the period 2008 - 2018

The returns are calculated in the reference currency: USD (returns in EUR can go up or down depending on exchange rate fluctuations). The historical performance in EUR was negatively affected by exchange rate fluctuations.

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 Opportunities
Type of product/ legal form/ applicable duty and applicable duration UCITS sub fund, being a SICAV under Luxembourg Law with undefinite end
Share class B USD
Dividend policy Capitalisation
Launch date 2008
ISIN code LU0338394058
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 (as of 31/12/17) 1,53%
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) N/A
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.

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Ann. Perf.
2018 4,18% -4,33% -4,39% 1,05% -5,50% -3,01% 2,12% -3,41% - - - - -15,34% (YTD)
2017 3,05% 3,57% 4,18% 1,96% 2,87% 2,26% 3,59% -0,84% 4,28% 2,11% 1,57% 2,89% 36,30%
2016 -10,38% -0,32% 7,57% 2,99% -0,12% -4,90% 6,35% 3,05% -0,50% -2,65% -1,79% 0,30% -1,70%
2015 -1,68% 8,30% -1,34% 3,09% 0,98% -2,61% -0,16% -7,67% -6,20% 8,04% -0,27% -0,64% -1,40%
2014 -1,74% 3,59% -1,72% -0,74% 0,74% 0,92% -0,61% 0,17% -3,97% -3,30% 2,46% -2,19% -6,50%
2013 7,24% 0,20% 0,91% 2,94% 3,48% -4,85% 5,29% -0,39% 5,17% 3,86% 1,27% 3,19% 31,60%
2012 6,27% 7,18% -0,92% -1,30% -9,86% 1,10% 2,32% 3,41% 4,95% -0,48% 1,65% 5,27% 20,10%
2011 -0,12% 1,70% 0,12% 3,30% -1,41% -4,48% -2,10% -11,02% -9,65% 9,37% -9,20% 0,38% -22,40%
2010 -2,86% 2,54% 8,97% 0,38% -9,00% -3,48% 6,97% -2,65% 9,35% 3,33% -0,52% 6,29% 19,10%
2009 -4,48% -3,16% 12,65% 14,74% 15,40% -0,42% 10,85% 1,53% 5,89% -0,90% 5,23% 4,27% 78,00%
2008 -1,30% 3,02% 2,90% 2,66% 2,87% -9,08% -3,11% -4,17% -16,34% -25,03% -7,40% 8,38% -41,30%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Perf. Ann.
2018 196,52 188,01 179,75 181,64 171,65 166,49 170,02 164,23 - - - - -15,34% (YTD)
2017 142,61 147,70 153,87 156,89 161,39 165,03 170,95 169,51 176,77 180,50 183,34 188,63 36,30%
2016 126,18 125,78 135,30 139,34 139,17 132,35 140,76 145,05 144,32 140,50 137,98 138,39 -1,70%
2015 140,40 152,06 150,02 154,66 156,18 152,10 151,86 140,21 131,52 142,09 141,71 140,80 -1,40%
2014 150,00 155,39 152,72 151,59 152,71 154,12 153,18 153,44 147,35 142,49 146,00 142,80 -6,50%
2013 124,40 124,65 125,79 129,49 133,99 127,49 134,24 133,72 140,64 146,07 147,93 152,65 31,60%
2012 102,68 110,05 109,04 107,62 97,01 98,08 100,36 103,78 108,92 108,40 110,19 116,00 20,10%
2011 124,31 126,42 126,57 130,75 128,91 123,14 120,56 107,27 96,92 106,00 96,25 96,62 -22,40%
2010 101,55 104,13 113,47 113,90 103,65 100,04 107,01 104,17 113,91 117,70 117,09 124,46 19,10%
2009 56,09 54,32 61,19 70,21 81,02 80,68 89,43 90,80 96,15 95,28 100,26 104,54 78,00%
2008 98,70 101,68 104,63 107,41 110,49 100,46 97,34 93,28 78,04 58,51 54,18 58,72 -41,30%

Fund strategy

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

Under normal market conditions, the sub-fund invests mainly in shares from issuers anywhere in the world, including in emerging markets, China and Russia. The sub-fund also invests in other types of securities that are consistent with its objective. The sub-fund may use derivatives for investment purposes or to reduce investment risks (hedging).

Fundamental to the fund manager's approach is the belief that companies with accelerating earnings growth will deliver the best absolute returns. This points the sub-fund towards those areas experiencing high growth, or where growth is re-accelerating. The subfund aims to invest in about 50 to 70 companies diversified in terms of economic sectors and geographical areas. 

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 6 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

Peter Robson

Co-Fund Managers

Ben Shields
Jonathan Alvis

The portfolio aims to deliver consistent absolute returns for investors over the long term, by investing in growth opportunities wherever they occur. Fundamental to this approach is the belief that companies with accelerating earnings growth will deliver the best absolute returns. This points the portfolio towards those areas experiencing high growth, or where growth is re-accelerating. The portfolio will be concentrated into about 50-70 equity or equity related names while currency, options and convertible bond positions will be used to reduce risk. The sub-fund will be long only with the ability to hedge out some market risk.

The Process uses a combination of company meetings, stock-screening, and macro economic analysis. Company visits are essential in order to find those companies with a suitable earnings profile, and to pick up macro economic trends. Over his many years investing, the manager has built up an extensive network of contacts. He does not believe in investing in a vacuum, so uses macro analysis to identify areas/sectors whose improving conditions will give a tail wind to growth.

Key areas of focus are:

  • Accelerating Earnings Growth 
  • Cyclical Recovery
  • Positive Free Cash Flow
  • Sustainable Competitive Advantage
  • Positive Earnings Revision Yield
  • Catalyst for Change

Once an interesting opportunity is identified, the manager must assess how much has been factored into valuations. A range of measures is used including:

  • Discounted Cash Flow
  • Discussion with sell side analysts
  • Historic valuation ranges
  • Cross border and in market comparison
  • Price/Earnings to Growth ratios
  • Alternate valuation metrics e.g. Enterprise Value/Invested Capital

The position is then scaled after considering potential return, liquidity and the opportunity set.

 

The sub-fund is diversified across regions and sectors and focuses on regions experiencing high growth, or where growth is re-accelerating. The portfolio will be concentrated in about 50-70 equity names. Cash can be held up to 40% but for the vast majority of the time the portfolio will be fully invested and derivative protection can be taken out to further reduce exposure to market volatility.

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) it invests mainly in shares, and 2) 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: 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 (>5%): USA 33,0% - UK 11,9% - India 9,2% - Japan 5,9% - Australia 5,6% - Germany 5,1%

Top 10 sorted by underlying

Description Weight (% NAV)
Total 30,0%
NATIONAL OILWELL VARCO INC 3,6%
IQE PLC 3,4%
FPT CORP 3,3%
PRESTIGE ESTATES PROJECTS 3,1%
ITRON INC 2,9%
DEUTSCHE BANK AG-REGISTERED 2,9%
CITIGROUP INC 2,9%
INDIABULLS HOUSING FINANCE 2,7%
FORTUM 2,6%
NUANCE COMMUNICATIONS INC 2,6%

Type of securities

Sector breakdown by underlying value

Equity Play / Yield Play

Top 5 convertible bonds

Top 5 equities

Top 10 by instrument

Description Weight (% NAV)
Total 30,0%
NATIONAL OILWELL VARCO INC 3,6%
IQE PLC 3,4%
FPT CORP WRT (JPM) 3,3%
PRESTIGE ESTATES PROJECTS WRT (CLSA) 3,1%
ITRON INC 2,9%
DEUTSCHE BANK AG-REGISTERED 2,9%
CITIGROUP INC 2,9%
INDIABULLS HOUSING FINANCE WRT (CLSA) 2,7%
FORTUM 2,6%
NUANCE COMMUNICATIONS INC 2,6%

Market capitalisation

Evolution of ratios

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

Other statistics