Fund performance

Annual performance
TreeTop Patrimoine International P EUR

Evolution of the annual performance of TreeTop Patrimoine International P EUR vs Composite Index(1)

(1) Composite Index consisting of 40% Euro Government 1-3Y TR Bonds index and 60% 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 Patrimoine International P EUR vs Composite Index(1)

(1) Composite Index consisting of 40% Euro Government 1-3Y TR Bonds index and 60% 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
(14-02-2020)
148,00

Cumulative returns
as of 14-02-2020

Fund Composite Index (1)
YTD 2,75% 2,18%
1 year 9,89% 11,85%

Annualized returns as of 14-02-2020

Fund Composite Index (1)
3 years 1,99% 6,99%
5 years 1,13% 5,53%
Origin* 4,82% 7,66 %

* 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 Portfolio SICAV
Name of sub-fund TreeTop Patrimoine International
Type of product/ legal form/ applicable duty and applicable duration NON-UCITS sub fund, being a SICAV under Luxembourg Law with undefinite end
Share class P EUR
Dividend policy Capitalisation
Launch date 2011
ISIN code LU0675135841
Minimum initial inv. €250,000
Type of fund Non-UCITS
Liquidity Daily
Domicile Luxembourg
Type of investor All investors
Management fee 1.00%
Performance fee None
Entry fee* Max. 1.5%
Ongoing charges 1,00%
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 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.

* There are no entry fees for subscription to actively managed funds through a discretionary management mandate, investment advice mandate or reception and transmission of client orders mandate signed with TreeTop Asset Management Belgium.

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 0,06% - - - - - - - - - - - 2,75% (YTD)
2019 5,00% 2,74% -0,39% 2,32% -3,02% 2,36% -0,88% -1,00% -0,98% 2,86% 2,46% 1,47% 13,40%
2018 3,73% -1,42% -3,39% 1,18% 0,54% -1,92% -0,17% -0,54% -2,65% -8,17% -0,59% -5,06% -17,40%
2017 2,00% 3,24% 2,99% 0,79% 1,12% -0,35% 1,43% -0,58% 2,00% 1,49% -1,28% 1,45% 15,20%
2016 -7,44% -1,02% 3,03% 0,30% 1,40% -3,12% 3,94% 0,81% -0,35% -0,81% 0,53% 0,13% -3,00%
2015 1,45% 2,73% 0,75% 0,31% 1,38% -2,13% 0,93% -4,07% -2,83% 4,29% 0,29% -1,66% 1,10%
2014 -0,64% 2,49% -0,80% -0,46% 0,96% 0,47% 0,49% 0,88% -1,22% -0,75% 1,67% -0,48% 2,60%
2013 2,61% 0,74% 1,11% 1,29% 1,99% -2,68% 2,46% 0,10% 2,13% 2,47% 1,84% 1,51% 16,60%
2012 4,21% 3,02% 0,13% -0,31% -4,30% 1,05% 1,87% 1,28% 1,95% -0,24% 1,23% 2,70% 13,00%
2011 - - - - - - - - - - -0,83% 1,02% 0,80%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Perf. Ann.
2020 144,12 - - - - - - - - - - - 2,75% (YTD)
2019 133,35 137,01 136,48 139,65 135,43 138,62 137,40 136,03 134,70 138,55 141,96 144,04 13,40%
2018 159,53 157,27 151,94 153,73 154,56 151,60 151,34 150,52 146,53 134,56 133,77 127,00 -17,40%
2017 136,21 140,62 144,83 145,98 147,61 147,10 149,20 148,34 151,30 153,56 151,59 153,79 15,20%
2016 127,48 126,18 130,00 130,39 132,21 128,08 133,13 134,21 133,74 132,66 133,36 133,54 -3,00%
2015 138,15 141,92 142,98 143,42 145,40 142,31 143,63 137,79 133,89 139,63 140,04 137,72 1,10%
2014 131,90 135,19 134,11 133,49 134,77 135,40 136,07 137,27 135,60 134,58 136,83 136,18 2,60%
2013 116,85 117,71 119,02 120,56 122,96 119,66 122,60 122,72 125,33 128,42 130,78 132,75 16,60%
2012 104,98 108,15 108,29 107,95 103,31 104,39 106,34 107,70 109,80 109,54 110,89 113,88 13,00%
2011 - - - - - - - - - - 99,72 100,74 0,80%

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 mainly made of shares, warrants or call options on shares on the one hand and bonds and other fixed income instruments including bank deposits on the other. The sub-fund may also use derivatives for investment purposes or to reduce investment risks (hedging). The sub-fund may invest in securities form issuers anywhere in the world, including in emerging markets. The sub-fund's exposure to shares will not exceed 60%. Investments will be made either directly or through funds managed by TreeTop Asset Management. 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 sub-fund will invest in EUR share classes, hedged against the foreign exchange risk provided such share classes are available. The sub-fund is managed on a discretionary basis with no reference to any indices.

Fund Managers

Jacques Berghmans
Andrew Dalrymple
Sharon Bentley-Hamlyn

The investment process of TreeTop Patrimoine International 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 (shares, other instruments equivalent to shares, warrants and call options on shares...) and a “fixed income” 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 "fixed income" component is managed conservatively: priority is given to the protection of capital relative to performance. Investments are thus made in government bonds, bonds from corporate or financial institutions of quality or bank deposits. 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 judgement, 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

Each management teams manages a diversified portfolio within the overall portfolio. As a general rule the value of a stock taken individually should rarely represent more than 5% of the overall value of the portfolio.

Sector Diversification

A distribution between the various sectors of the MSCI is sought in the “equity” component of the portfolio.

Geographic Diversification

Three major areas of investment are considered: America, Europe-Africa, and Asia-Pacific. The sub-fund’s objective in the management of the “equity” component is that no area taken individually represents in general more than 50% of that component.

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 sub-fund will invest in EUR share classes, hedged against the foreign exchange risk provided such share classes are available.

Portfolio allocation

Geographic spread1

* including: Cash & deposits 28,0% - Gov. Bonds 3,4%

(1) This fund invests in other funds managed by TreeTop Asset Management. Portfolio structure information are based on the investments and securities held directly and through these funds.

Top 10 sorted by underlying

Type of securities1

(1) This fund invests in other funds managed by TreeTop Asset Management. Portfolio structure information are based on the investments and securities held directly and through these funds.

Sector breakdown by underlying value

Equity Play / Yield Play

Top 5 convertible bonds

Description Weight (% NAV)
Total 10,8%
AGEAS / FORTIS BANK SA/NV FLOATING RATE PERPETUAL 10,1%
HORIZON PHARMA INV LTD 2.5% 15/03/22 0,7%

Top 5 equities

Description Weight (% NAV)
Total 8,6%
ASHTEAD GROUP PLC 2,3%
FUFENG GROUP LTD 1,9%
NORWEGIAN FINANS HOLDING AS 1,6%
HYPOPORT AG 1,5%
IWG PLC 1,3%

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