Fresh Dutch SME Fund
Managed by OHV Institutional Asset Management B.V.
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Fresh Dutch SME Fund
Managed by
OHV Institutional Asset Management B.V.
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Key Statistics
Fund Size
€142.4M
Target Return
5.0%
Launch Year
2021
Min. Investment
€1
Availability
Open for public
Structure
FGR
Product Category
Open-end
Domicile
Netherlands
GP Type
Single
Liquidity Level
Semi-liquid
Management Fee
0.96%
Carry
No performance fee%
ISIN
NL00150002H6
Currencies
EUR
Investor Eligibility
Retail
Liquidity Options
Daily dealing at NAV
Highlights
Key Information Document (KID) – EU Funds
KID Risk Indicator
2 out of 7
Annual Returns (KID Scenarios)
Stressed
-11.21%
Moderate
4.03%
Favorable
4.95%
Average Total Cost Level (KID)
1.45%
Allocations
Geographic Focus
Investment Strategy
Industry Focus
Historical Performance
Performance Summary
Class A (D1) - NL00150002H6 — Performance from 2020-12-31 to 2026-08-31
NAV: 113.99
Performance Comparison
MTD
0.38%
Year to Date
2.77%
1-Year Return
4.22%
Annual Total Returns
| Year | Total Return |
|---|---|
| 2026 | 2.77% |
| 2025 | 4.26% |
| 2024 | 4.06% |
| 2023 | 3.74% |
Historical NAV Per Share
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | — | — | — | — | — | — | — | 113.99 | — | — | — | — |
| 2025 | — | — | — | — | — | — | — | — | — | — | — | 110.92 |
| 2024 | — | — | — | — | — | — | — | — | — | — | — | 106.39 |
| 2023 | — | — | — | — | — | — | — | — | — | — | — | 105.52 |
Class I (D2) - NL0015000PX9 — Performance from 2022-02-01 to 2026-08-31
NAV: 107.64
Performance Comparison
MTD
0.40%
Year to Date
2.92%
1-Year Return
4.45%
Annual Total Returns
| Year | Total Return |
|---|---|
| 2026 | 2.92% |
| 2025 | 4.48% |
Historical NAV Per Share
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | — | — | — | — | — | — | — | 107.64 | — | — | — | — |
| 2025 | — | — | — | — | — | — | — | — | — | — | — | 108.25 |
| 2024 | — | — | — | — | — | — | — | — | — | — | — | 107.07 |
Information about fund
Fresh Dutch SME Fund at a Glance
The Fresh Dutch SME Fund lends to established Dutch small and medium-sized companies and lets investors buy or sell units on every business day at net asset value. It started on 1 January 2021 as a joint initiative of Voordegroei, OHV and De Goudse. Voordegroei sources and monitors the loans; OHV takes the final decision on each loan. On 24 September 2026 the fund held EUR 142.4 million, spread over loans to more than 200 companies. Class A returned 4.26% after costs in 2025 and 2.77% in 2026 to the end of August. The manager, OHV Institutional Asset Management, holds an AFM licence.
Key Figures
Fund Assets
EUR 142.4M
24 Sep 2026; loans to 200+ companies
Return 2025 (Class A)
4.26%
After costs; 2024 4.06%, 2023 3.74% (annual reports)
Return YTD (Class A)
2.77%
To 31 Aug 2026; 4.22% over 12 months
Ongoing Costs
1.25%
Class A, realised; class I 1.08%; no entry fee
Minimum
EUR 1
Fund page, Sep 2026; class I from EUR 1M
Risk Indicator
2 / 7
Class A EID; holding period at least 3 years
Terms & Liquidity
| Legal Structure | Open-end closed fund for joint account (besloten FGR) under Dutch law, tax transparent; SFDR article 8; not listed on an exchange |
| Manager and Supervision | OHV Institutional Asset Management B.V.; AFM licence under art. 2:65 Wft (licence 15002252); DNB prudential supervision |
| Depositary and Administrator | CACEIS Bank, Netherlands Branch; auditor Forvis Mazars |
| Loan Sourcing | Voordegroei B.V. (an OHV subsidiary) selects, rates and monitors loans and receives 40% of the management fee; OHV has the final decision and veto |
| Strategy | Private loans to Dutch SMEs rated A+, A or B+ (B+ max 30%); min EUR 50,000 per loan; max 10% per loan; no fully subordinated loans; no leverage |
| Dealing | Every business day at NAV, direct or via Saxo, DEGIRO, InsingerGilissen, ABN AMRO, Fondsenplatform; orders 2 business days ahead |
| Redemption Limits | Notice 2 business days, 15 above 1% of the fund, extendable to 30; suspension possible when net redemptions exceed 2% a day |
| Costs | Management 0.96% (A) / 0.72% (I); no entry charge; exit charge 0.25%, max 0.50%, to the fund; no performance fee; EID cost impact 1.45% a year over 3 years |
| Share Classes / ISIN | A: NL00150002H6; I: NL0015000PX9 (from EUR 1M or via asset managers) |
Management
J.W. Brouwer
Statutory Director, OIAM
E.G. Bakker
Statutory Director, OIAM
Bart Vemer
Portfolio Manager at launch; co-founder of Voordegroei
Points to weigh. Daily dealing rests on a liquidity buffer, not on a market for the loans: the loans themselves cannot be sold, and the manager can extend notice to thirty business days or suspend redemptions when net outflows exceed 2% on a day. The fund page describes the fund as tradable 'via de beurs', but the prospectus states it is not listed. Voordegroei, which selects and monitors the loans and receives 40% of the management fee, belongs to the same OHV group as the manager, so the selection is not independent of the manager. SME loans are unrated by external agencies and the fund has had credit losses: a loan in default since 2023 was carried at 55% at the end of 2025, and a EUR 837,000 loan was settled at 80% in June 2026. Collateral figures differ between sources (about 120% coverage on the fund page, an average of 80% on the August 2026 factsheet), and collateral does not remove the risk of loss. Returns have stayed below the Euribor plus 3% benchmark in 2024 and 2025, and the 4.5% figure on the fund page is an expectation, not a promise.
Deepdive & Related Funds
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