Fund performance

Annual performance
TreeTop World Equity Index IH

Evolution of the annual performance of TreeTop World Equity Index IH vs MSCI AC World in EUR(1)

(1) MSCI All Countries World Index Net Dividend Reinvested in EUR.

Evolution of the NAV (Net Asset Value) of TreeTop World Equity Index IH vs MSCI AC World in EUR(1)

(1) MSCI All Countries World Index Net Dividend Reinvested in EUR.

Latest NAV in EUR
(09-07-2020)
1331,26

Cumulative returns
as of 09-07-2020

Fund MSCI AC World in EUR (1)
YTD -4,99% -4,33%
1 year 2,27% 3,47%

Annualized returns as of 09-07-2020

Fund MSCI AC World in EUR (1)
3 years 5,26% 7,45%
5 years 5,69% 6,86%
Origin* 5,49% 5,88 %

* from launch date of the sub-fund (2015).

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

Source: Amundi Asset Management for the period 2015 – 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 SICAV
Name of sub-fund TreeTop World Equity Index
Management Company TreeTop Asset Management S.A.
Delegated Investment Manager Amundi Asset Management
Type of product/ legal form/ applicable duty and applicable duration UCITS sub fund, being a SICAV under Belgian Law with undefinite end
Share class IH EUR
Dividend policy Capitalisation
Launch date 2015
ISIN code BE6275995957
Minimum initial inv. €5,000,000
Type of fund UCITS
Liquidity Daily
Domicile Belgium
Type of investor Professional investors (not natural persons)
Management fee 0.15%
Performance fee -
Entry fee 0.1%
Outgoing fee 0.05%
Ongoing charges 0.30%
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

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.

Fund strategy

In subscribing to TreeTop World Equity Index, you are investing in a sub-fund whose objective is to replicate, as closely as possible, the performance of the MSCI ACWI Index, net return reinvested in the “lndex”, regardless of its positive or negative development.

Day to day, for all classes of shares, the Management Company aims to achieve a tracking-error between the changes in the share valuations of the sub-fund and those of the Index inferior to 0.50% (with no guarantee in this regard from the Management Company). The valuation of equities included in this calculation is that of the sub-fund shares excluding hedging.

Partial currency hedging is in place for the IH share class : this exposure is 100% hedged against EUR on the following currencies: USD, GBP, JPY, CAD, CHF and AUD, but exposure to other currencies will not be covered. Using the composition of the MSCI ACWI Index as of 31 December 2019 as a benchmark, this means that the portion of the portfolio that is unhedged against currency risk amounts to approximately 15%, this proportion may be subject to change over time depending on changes to the foreign currencies listed in the Index. Thus, for share classes with currency exchange hedging, the tracking error levels relative to the Index may be different, due, in particular, to the impact that the hedging strategy of the currency exchange risk can have. For the IH share class, the exchange risk will be reduced by the partial coverage but the tracking error compared to the MSCI ACWI Index, which is not currency hedged, will be higher. The historical differences allow an estimate this level of tracking error to be 5% (estimate based on normal market conditions), this level, however, may be exceeded in case of high currency volatility between them.

The Index is an equity index calculated and published by the international index provider MSCI Inc. (“MSCI”). Equities included in the composition of the MSCI ACWI Index are among the most important values from the equity markets of developed and emerging countries.

Exposure to the Index will be achieved through physical replication, through direct investments in all constituents of the Index (particularly in shares of companies in the developed world and emerging markets). This replication may result in potentially significant portfolio transaction costs having an impact on yields. These costs are borne by the assets of the sub-fund, in addition to the fees mentioned in the section ‘Fees’ of the corresponding KIID. However, in order to manage inputs and outputs, as well as the characteristics of certain local equity markets (market access, local liquidity), the management company may combine physical replication with synthetic replication by using derivative instruments such as futures contracts. Regardless of the chosen method of replication, the sub-fund will permanently maintain complete exposure to the Index. In the case of synthetic replication of the Index, the counterparty risk will increase. The sub-fund may enter into temporary acquisitions and disposals of securities. Financial futures instruments may also be used for hedging purposes and/or to achieve investment objectives.

Net income and net realised gains of the sub-fund are systematically reinvested.

The sub-fund currency is the euro.

You may request reimbursement of your shares on any banking day in Brussels; buyback operations are executed on a daily basis. For more information on the composition of the sub-fund and its operation, please refer to the prospectus of the SICAV.

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

The IH share class is reserved for professional investors other than natural persons. The initial minimum subscription of EUR 10 million, with a partial exchange hedge.

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

Fund Manager

Amundi Asset Management

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 factor: it is invested in shares which carry higher risks than bonds or money market instruments.

Other risks to be considered

Moreover, it is be exposed to other risks:

  • Counterparty risk : the sub-fund could lose money if any entity with which it does business becomes unwilling or unable to honor its obligations to the fund. This risk is present when using financial instruments for the synthetic replication of the Index.
  • Currency exchange risk: risk of an investment value being affected by a change in the exchange rate.

Portfolio allocation

Geographic spread

Source: MSCI ACWI

Top 10 sorted by underlying

Description Weight (% NAV)
Total 14,6%
APPLE INC 3,0%
MICROSOFT CORP 2,8%
AMAZON.COM INC 2,2%
ALPHABET INC 1,9%
FACEBOOK INC 1,2%
JOHNSON & JOHNSON 0,8%
VISA INC 0,7%
JPMORGAN CHASE & CO 0,7%
NESTLE SA 0,7%
UNITEDHEALTH GROUP INC 0,6%

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 14,6%
APPLE INC 3,0%
MICROSOFT CORP 2,8%
AMAZON.COM INC 2,2%
ALPHABET INC 1,9%
FACEBOOK INC 1,2%
JOHNSON & JOHNSON 0,8%
VISA INC 0,7%
JPMORGAN CHASE & CO 0,7%
NESTLE SA 0,7%
UNITEDHEALTH GROUP INC 0,6%

Market capitalisation

Evolution of ratios

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

Other statistics