It is possible to invest in the funds managed/distributed by TreeTop through other financial institutions, but higher fees will most likely be charged (e.g. entry charges, custodian fees, etc.).
For its actively managed funds, TreeTop Asset Management strives to seize opportunities whenever and wherever they present themselves. The attention of our fund managers is focused on the timely identification of new regional and sectoral investment themes throughout the world. What’s more, to optimise the balance between risk and performance, TreeTop Asset Management diversifies the sources of return and risk for the portfolios of the funds it manages across multiple economic sectors and regions.
Between 1900 and 2015, the global stock market achieved an annualised real return (after inflation) of 5.0%*.
* It goes without saying that past performance is no guarantee of what the future holds.
At TreeTop Asset Management, we believe there is no such thing as a good or bad time to invest in the stock market. Forecasting and identifying market outliers is a risky affair. An effective way to invest in the stock market is simply to spread your investments over time by regularly buying shares in global funds during both market upswings and market slumps.
We would advise that you invest only the money you won’t be needing in the next few years. Equity investment should be focused on a long-term vision in order to limit the potential impact of market volatility on the money you invest.
We want to bring the opportunity to benefit from the potential performance of the stock market and TreeTop’s expertise to anyone looking for an alternative to a savings account. That’s why all the funds managed/distributed by TreeTop available on TreeTop Online are now accessible starting from €250.
In the world of investment, nothing is certain. As history has shown, no investment is immune to setbacks. The stock market, the bond market and the housing market have all experienced periods of crisis with major losses of value.
The world is in a perpetual state of change. Some changes are slow, while others are fast; some are structural and some are temporary, but all bring with them risks and opportunities. Currently, so-called ‘low-risk’ assets offer extremely low returns. Did you know that savings accounts have been losing an average of 1% in real value for the past three years due to inflation? In other words, slowly but surely, you are losing your purchasing power. These are all signs that diversifying your investments and investing part of your savings in the stock market with a medium- or long-term strategy not only makes good sense, but also ensures effective wealth management. The stock market grants access to companies which are able to take advantage of these opportunities.
At TreeTop Asset Management, we carefully examine each and every investment. Since we were founded, it has been the cool-headed approach, the expertise and the responsiveness of our fund managers that has given us the tools to roll with the punches, thereby transforming crisis into opportunity rather than trauma.
The European debt crisis, with its trail of depressing statistics on growth, unemployment and bankruptcy, paints a grim and not trully accurate picture of the world economy. What’s happening on a global level is that economic growth is still there – thanks mainly to the contribution of emerging countries. Of course, this reality reflects various different situations, with some regions or sectors structurally weak while others are showing strong growth. TreeTop Asset Management firmly believes that crises also provide opportunities that must be actively and steadfastly pursued.
Investors who look at the average return on shares over the long term will find that it is generally higher than for other asset classes. The advantage of investing in the stock market is therefore undeniable. However, if you look at annual stock market returns, you will see that they are extremely volatile. This high level of volatility is what sometimes puts investors off, causing them to hesitate and often lose the confidence to take the first step.
What we should take away from all this is that, while there is no denying the advantage of investing in the stock market, crises will always be a part of it. It would be a lie to tell you otherwise. The stock market will always have ‘good’ and ‘bad’ years, but nobody can accurately predict which it will be at the start of any given year! A ‘good’ year is not necessarily followed by a ‘bad’ year, and vice versa. With that in mind, the best way to take advantage of the average return on the stock market is this: first of all, invest in the stock market each year – thus making it a long-term investment – and, secondly, invest on a global scale.
Investors who are afraid of the impact of crises on their capital do not necessarily need to steer clear of the stock market. Rather, they should invest a smaller portion of their capital in the stock market, but maintain that investment at all times. They should also try not to seek out the ‘best’ time to buy, as what tends to happen is that they gain confidence (following successive rises that they missed out on) and subsequently sell when the markets have fallen. The stock market certainly has its place in a diversified portfolio, but it requires a long-term vision.
Active management involves the use of one or more professionals to manage the portfolio of a fund based on their own convictions. These convictions are based on the analysis and research that they carry out to identify what they feel are the most promising investments. The general aim of active management is to outperform a particular benchmark market index over the long term. The management fees for an actively managed fund are generally higher, as it requires greater human resources.
The goal in passive management, or index management, is simple: it aims to reproduce the performance of a given market index as closely as possible. The management fees for an index fund are generally lower, as the management process can be predominantly automated. If the index chosen is made up of multiple constituents – like the MSCI All Country World Index, for example, which has more than 2,000 shares – passive management offers low-cost access to a broadly diversified portfolio.
TreeTop Asset Management feels it is a wise move to diversify its investments between both types of management, to balance risks and potential performances.
The purpose of the KIID or Key Investor Information Document is to provide investors with essential information about the fund in question. It is not a promotional document. The information it contains is that required by law, designed to help investors understand what it means to invest in that fund and what the associated risks are. We recommend that you read it so you can make an informed decision about whether or not to invest.
The aim of an index fund is to reproduce or track the performance of a particular market index, such as BEL20 or the S&P 500.
Returns and the net asset value (NAV) are calculated in the currency of the share class in question. They take into account ongoing charges, including management and performance fees, but not any of the entry charges or transaction fees you might have to pay.
You can check all of the costs and fees related to the funds here: Pricing for the funds managed/distributed by TreeTop.
Performance calculations are based on the historical NAVs published in the newspapers L’Echo or De Tijd, or on the websites www.fundsquare.net or https://www.treetopam.com/en/funds/treetop-active-funds.
Investment funds offer three major advantages, namely diversification, simplicity and access to professional management.
Diversification – This is one of the cornerstones of portfolio management. It has consistently proven to be an effective method of risk management by spreading the sources of return and risk across multiple asset types. However, holding a large number of securities is not a guarantee of effective risk management. A well-diversified portfolio should consist of assets which offer relatively independent performance. In order to achieve a well-diversified equity portfolio, you need to purchase shares in a variety of economic sectors and regions. For the individual investor, managing a well-diversified portfolio can become quite costly and requires relatively significant capital.
Simplicity – When you buy even just one investment fund, from €250 invested, you immediately gain access to a well-diversified portfolio with regular reviews of its allocation in order to ensure goals are met and investment policies are followed.
Professional management – When you buy an investment fund, you are choosing a professional portfolio manager. This manager will use the money you invest to buy and sell securities based on careful research, all the while ensuring healthy diversification of the portfolio they are managing. In most cases, members of the general public have neither the time nor the expertise necessary for such intensive research and analysis, which are vital when choosing the right investment.
The generic terms ‘fund’ or ‘investment fund’ refer to an entity which pools the savings of multiple investors and rely on professional investment managers to manage these assets based on a predefined strategy.
Such funds currently represent hugely popular investment products all around the world. They offer both professional and less experienced savers and investors an array of benefits, including diversification, simplicity and access to professional management. Investment funds are usually regulated, and each of the investment funds available on TreeTop Online fulfils all requirements of the EU Directive on Undertakings for Collective Investment in Transferable Securities (UCITS Directive). The directive imposes strict rules to protect investors, namely by regulating portfolio diversification and placing restrictions on borrowing. Furtermore, TreeTop Asset Management does not hold the SICAV’s assets itself, but rather uses an independent custodian bank to ensure their safeguarding. Their financial statements are audited by an independent auditor.
A SICAV (Société d’Investissement à Capital Variable) is a particular type of investment fund. It differs from other funds in that it is a company whose corporate purpose (its goal) is to raise capital and manage it collectively for the benefit of its shareholders. When you invest in a SICAV, you effectively purchase shares in that company and benefit from all the rights of a shareholder, such as attending and voting at the SICAV’s General Meetings. Its capital is described as ‘variable’ because the SICAV issues new shares when you invest in the fund and buys them back when you redeem your shares. As you can see, it is therefore not your intermediary who purchases your shares, but rather the SICAV itself, which will generally pay their net asset value and cancel them. All of the funds available on TreeTop Online are SICAVs.
Three types of tax apply to transactions carried out on TreeTop Online. See which taxes apply to which funds managed/distributed by TreeTop.
1. The Belgian tax on stock market transactions (TOB), payable on redemption (i.e. sale) or conversion of SICAV capitalisation shares. This tax is charged at a rate of 1.32% (max. €4,000) of the proceeds from the investor’s sale of capitalisation shares.
2. The Belgian tax on savings (TBE), which is a withholding tax on redemption of units in a UCITS (30%).
The TBE is payable on redemption (i.e. sale) of SICAV shares investing, directly or indirectly, more than 25% in debt securities (i.e. bank deposits, bonds and money market instruments). The TBE is charged at a rate of 30% and applied to the share of the capital gains made by the investor at the time of sale, which corresponds to income interest and capital gains on debt securities.
Funds which invest less than 25% in debt securities are not subject to the TBE.
3. Belgian withholding tax of 30% on dividends, which is applied to dividends paid out by SICAV distribution shares.
The old saying that you shouldn’t put all your eggs in one basket does, of course, also apply to the funds managed/distributed by TreeTop. The funds managed/distributed by TreeTop are managed by a number of different fund managers are dirved by specific, tailored investment policy stated in the Key Investor Information Document (KIID). The KIIDs of the funds managed/distributed by TreeTop can be found on our website. It might then be wise to allocate your investments between several fund managers. What’s more, depending on their investment profile, investors will diversify their portfolio between several different asset classes (e.g. shares, bonds, etc.).
An investment fund is an investment vehicle managed professionally by an asset management company like TreeTop Asset Management S.A. Each fund is managed according to specific investment goals and policies, details of which can be found in the fund’s Key Investor Information Document (KIID). The KIIDs of the funds managed/distributed by TreeTop can be found on our website. If a fund’s investment policy states that it will invest in equities, the fund manager will buy shares on the stock market on behalf of that fund. The equity portfolio will then depend on the fund’s investment policy. Whereas a global index fund might hold thousands of different shares, an equity portfolio that is actively managed with conviction will hold less than a hundred.
If you would like to open an account, simply complete our "Open a TreeTop account" form. To make things even easier, you can complete and confirm your application using your e-ID. However, if you do not have an e-ID, the more traditional method is still available to you – we’ll e-mail you the form to sign. Please print, sign and return it to us together with a copy of your identity document and a recent proof of address (no more than three months old).
Once TreeTop Asset Management has received all the needed information, you will receive a confirmation by e-mail that your TreeTop Online account has been opened successfully. From there, all you need to do is activate your account by making a transfer to your TreeTop Online account from the bank account you listed on your application. Two to four days later, you will receive a Digipass and a PIN code to access your TreeTop Online client area, where you can start investing right away in the funds managed/distributed by TreeTop.
TreeTop Online is available exclusively to Belgian residents acting as private investors.
As a professional client, you have the option to invest in funds managed/distributed by TreeTop via our Private Wealth Management services (subject to a minimum investment of €250,000).
- Brokerage fee of €9 per transaction carried out via TreeTop Online
No brokerage fees are charged for investment plans
- No custodian fees
- No account management fees from €10,000 invested in the funds managed/distributed by TreeTop
If less than €10,000 invested: €12.50/quarter
- There are no entry fees for subscription to actively managed funds through TreeTop Online or through a discretionary management mandate, investment advice mandate or reception and transmission of client orders mandate signed with TreeTop Asset Management Belgium
For index funds, only the 0,1% entry fee charged by the fund is applicable.
Fees are charged for the everyday management of the funds managed/distributed by TreeTop. These fees are presented in the corresponding prospectus and an estimate is provided in the Key Investor Information Document (KIID). The KIIDs of the funds managed/distributed by TreeTop can be found on our website.
Please note that these fees are deducted from the assets of the funds managed/distributed by TreeTop and not from your TreeTop Online account.
As a stockbroking firm, TreeTop Asset Management Belgium is not authorised to pay interest on TreeTop Online cash accounts.
TreeTop Asset Management ensures that its investors receive relevant information to make the right investments. However, TreeTop does not offer personal recommendations via TreeTop Online. Investors are responsible for building their own investment profile according to their goals, their wealth, their risk tolerance and their knowledge, as well as for choosing the fund(s) which best match that profile.
TreeTop Online gives you the opportunity to invest in several investment funds managed by one or more experienced fund managers. Through these funds, you can benefit from the first-class expertise of our fund managers. The funds managed/distributed by TreeTop offer the distinctive feature of investing all or part of their assets in an equity portfolio that is diversified across economic sectors and regions. Depending on the fund, the equity component may vary from 30% all the way up to 100%.
TreeTop Online clients can draw inspiration from our model portfolios tailored to match a wide array of generic investor profiles.
However, please remember that it is crucial to check the information documents available for the funds before investing. The Key Investor Information Document, the prospectus and the latest annual and half-yearly reports can be found on our website www.treetopam.com or are available free on request from TreeTop Asset Management S.A. – 12, rue Eugène Ruppert – L-2453 Luxembourg, as well as from the paying agent in Belgium: Banque Degroof Petercam SA, rue de l’industrie 44B – 1040 Bruxelles.
Investors not willing to invest part of their savings in equities, or who are not comfortable with a degree of volatility in the value of their investments, will not find a suitable investment solution with TreeTop. TreeTop offers investment solutions focused on long-term savings, and so we firmly believe that a portfolio must include a diversified equity component.
If you are investing over €250,000, you can request assistance from one of our Financial Advisors.
Our Financial Advisors will guide you through the range of funds marketed by TreeTop Asset Management, working with you to build a tailored solution. Call us on +32 2 613 15 30 to arrange a meeting with a Financial Advisor.
Our model portfolios aredesigned to fit a wide array of generic investor profiles. Think of them as a general guide to investing, but without offering personal investment advice. It is crucial that you read all of the fund documents before deciding to invest based on a model portfolio. The documents required by law are the prospectus, the annual and half-yearly reports and the Key Investor Information Document (KIID). The KIIDs for the funds managed/distributed by TreeTop can be found on our website.
When transferring funds from your current bank account to your TreeTop Online account, please provide your current bank with your TreeTop portfolio number (9145***) and specify TreeTop Asset Management Belgium as the custodian of the account.
If you would like to transfer the funds from your TreeTop account internally or to another financial institution, please complete, sign and return the ‘Securities Transfer Out’ form to TreeTop Asset Management Belgium. In your client area, click on ‘Transfer’ and ‘Securities Transfer’ to download the document ‘Securities Transfer Out – Blank form’.
Securities transfers may take up to four to six weeks. If after six weeks the securities have not appeared in your TreeTop account, we recommend that you contact your transferring financial institution. If there has been a problem with the transfer, they will contact us.
If you want to cancel an order, select it on the ‘Pending orders’ tab in the ‘Invest’ section and confirm with your Digipass. Please note that cancellation will only be possible until the fund’s cut-off time, which is the deadline for submitting the order for execution.
If you need to make changes to your personal information, please use the ‘Update Client Data’ form in the ‘My profile’ section of your client area. For security reasons, please send us this request by e-mail or post.
Yes, you can. For example, you can open an account for your children and control it until they come of age.
You can track the progress of your portfolio via your TreeTop Online client area.
You will also receive a quarterly report in the "Inbox" section with a detailed summary of your account activity for the last quarter. This report will provide details of the positions, performance and transactions of your portfolio.
You can access your TreeTop Online account every day between 6 am and midnight.
TreeTop Online supports the following browsers: Firefox 37.0.1, macOS Safari, Chrome 41.0.22 and Internet Explorer 10 (or later versions).
YTD stands for Year To Date, which refers to the performance achieved during the period from the beginning of the year until the current date. For a portfolio created later in the year, it determines the performance of the portfolio since the time it was created.
The "high-watermark" is the highest net asset value that a given investment fund has ever reached.
"High-watermarks" ensure that the fund manager is not paid for poor performance and will only receive performance fees if the fund exceeds its highest ever net asset value.
For example, say a fund’s net asset value drops to €120 after having reached a peak of €150. In this case, the fund manager will only be paid the performance fee when the net asset value exceeds its record value of €150.
Please note that, in the case of fund share classes which pay out a dividend, this data will be adjusted to reflect any dividends distributed.
TreeTop Asset Management Belgium is regulated and authorised to act as a stockbroking firm under the prudential supervision of the National Bank of Belgium (www.NBB.be). As such, it is authorised to hold accounts and sell investment funds.
All funds available on TreeTop Online fulfil the requirements of Belgian or Luxembourg law and are authorised for sale to the Belgian public.
TreeTop Asset Management has €150 million (*) in shareholders’ equity, which it primarily invests in the very same SICAVs as those it markets to its clients, and under the same conditions. (*) Consolidated figure audited on 31/12/2015
The funds managed/distributed by TreeTop are open-ended collective investment companies (SICAVs). The money you invested in the SICAV is managed according to the investment goal and policy of the fund you selected, under the prudential supervision of the SICAV’s custodian bank. Descriptions of both the fund’s investment goal and its investment policy can be found in the Key Investor Information Document (KIID). The KIIDs of the funds managed/distributed by TreeTop can be found on our website. As a result, TreeTop Asset Management is in no way free to use your money as it pleases.
When you invest in a fund managed/distributed by TreeTop that is governed by an investment policy specifying that it will invest primarily in shares of companies, you indirectly become a co-owner of those shares. At TreeTop, we do not deal in speculative investments in abstract values or currency – we are dedicated to shares in companies which are active in the real economy.
When you invest in a fund that is actively managed/distributed by TreeTop, its fund managers always endeavour to select companies known for the quality of their products, services and management capabilities – in other words, companies which are generating growth and wealth.
Transparency and openness are central to our philosophy, so we make sure our clients receive regular updates explaining what our fund managers are doing with their money and why. We send out a quarterly report to provide each and every investor with detailed information regarding each fund: portfolio contents, breakdown of performance and, for active funds, the main reasons behind selecting particular investments.
In order to maximise the chances of benefiting from the potential of your investments in the stock market, it is best to adopt a long-term vision. The Key Investor Information Document (KIID) of each fund managed/distributed by TreeTop indicates a minimum recommended investment horizon and can be found on our website. However, you are of course free to redeem the shares you hold in funds managed/distributed by TreeTop at any time. In this case, you would sell back your shares to the fund at the net asset value (NAV) calculated following receipt by the fund of your redemption instruction. The proceeds from the securities redemption, less taxes and any fees owed, would then be transferred to your cash account within three business days.
Visit our website for daily updates on the NAV of each fund managed/distributed by TreeTop.
Please note, however, that the funds may temporarily suspend redemptions under exceptional circumstances, as specified in the prospectus.
The funds managed/distributed by TreeTop are open-ended collective investment companies (SICAVs). By investing in a fund managed/distributed by TreeTop, you ultimately become a co-owner of that SICAV. This means that you, and only you, are the owner of the SICAV shares you hold in your account – they are in no way included in the assets of the financial intermediaries you use or those of TreeTop Asset Management. In other words, should any of those intermediaries run into problems, your shares in the SICAV will not only still be yours, they will also be kept safe from the intermediary’s creditors.
The investment funds managed/distributed by TreeTop available on TreeTop Online fulfil all requirements of the EU Directive on Undertakings for Collective Investment in Transferable Securities (UCITS Directive). The directive imposes strict rules designed to protect investors, namely by regulating portfolio diversification and placing restrictions on borrowing. What’s more, TreeTop Asset Management does not hold the SICAV’s assets itself, but rather uses an independent custodian bank to ensure their safeguarding.
Last but not least, our fund managers work tirelessly to manage the risks attached to the SICAV. To that end, they monitor the investments held by the SICAV and focus on healthy diversification of the portfolio across economic sectors and regions.
However, please note that the value of the shares in the SICAV will fluctuate based on the changes in the value of its assets. Consequently, the value of your shares may rise and fall, so please be aware of the risk that you might not recover the amount you initially invested. It goes without saying that past performance is no guarantee of what the future holds.