Triodos Fair Share Fund
Managed by Triodos Investment Management
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Triodos Fair Share Fund
Key Statistics
Fund Size
€277.6M
Target Return
3.3%
Annualized Return
4.1%
Launch Year
2002
Availability
Open for public
Structure
FGR
Product Category
Open-end
Domicile
Netherlands
GP Type
Single
Liquidity Level
High (<1 year)
Management Fee
2.2%
Carry
None%
ISIN
NL0013087968
Currencies
EUR
Investor Eligibility
Retail
Liquidity Options
Daily dealing at NAV with swing pricing (max 0.50%)
Highlights
Key Information Document (KID) – EU Funds
KID Risk Indicator
2 out of 7
Annual Returns (KID Scenarios)
Stressed
-1.5%
Moderate
2.5%
Favorable
3.3%
Average Total Cost Level (KID)
2.4%
Allocations
Geographic Focus
Investment Strategy
Industry Focus
Historical Performance
Performance Summary
| Share Class | Ticker | NAV | MTD | YTD | 1 Year | Five year | 3 Year | Since Inception |
|---|---|---|---|---|---|---|---|---|
| Class R-dis (EUR) | TFSF:NA | 35.48 | 0.34% | 4.08% | 6.01% | 3.09% | 2.48% | 4.07% |
| Class Z-dis (EUR) | — | 34.53 | 0.32% | — | — | — | — | — |
Information about fund
Triodos Fair Share Fund at a Glance
Triodos Fair Share Fund has financed microfinance institutions and SME banks in emerging markets since 2002. It is an open-ended Dutch fund for joint account (FGR) and an AIF, managed by Triodos Investment Management, which holds an AFM licence under article 2:65 Wft. Roughly two thirds of net assets are loans, including subordinated loans, and a third is minority equity. Units trade daily on Euronext Fund Services (class R) or through Triodos Bank (class Z), with no minimum investment. The fund is separate from the Luxembourg-based Triodos Microfinance Fund, run by the same manager.
Key Figures
Net Assets
EUR 277.6M
August 2026 factsheet; EUR 287.5M at end 2025
Return 5 Years
3.09% p.a.
Class R, net, to 31 Aug 2026; since 2002 4.07% p.a.
Return 2025
0.12%
Calendar year; 2024 3.44%, 2023 0.83%
Management Fee
2.20% p.a.
Ongoing charges 2.36% (2025), 2.44% (H1 2026); swing up to 0.50%
Risk Indicator
2 / 7
KID class R, 30 Jun 2026; holding period 5 years
Equity Share
33.9%
Of net assets, end Aug 2026; loans 50.7%, subordinated 14.3%
Terms & Liquidity
| Legal Structure | Open-ended fund for joint account (FGR) under Dutch law, fiscal investment institution (FBI); AIF, not UCITS; SFDR article 9 |
| Manager and Supervision | Triodos Investment Management B.V.; AFM licence as AIF manager (art. 2:65 Wft) plus MiFID top-up; fund in the AFM AIFM register as offered to retail investors; prudential supervision by DNB |
| Depositary and Legal Owner | BNP Paribas SA (depositary); Legal Owner Triodos Funds B.V. (legal owner); CACEIS administrator and transfer agent since 1 April 2026 |
| Unit Classes / ISIN | Class R NL0013087968 (Euronext Fund Services); class Z NL0015073UB2 (via Triodos Bank and other parties connected to CACEIS) |
| Minimum | None stated in the factsheets |
| Dealing | Daily at NAV with swing pricing up to 0.50% (higher in exceptional circumstances); no entry or exit fee |
| Liquidity Tools | Redemption gate from 1% of fund assets per trading day; borrowing up to 10% to meet redemptions; suspension possible |
| Distributions | Annual dividend; EUR 1.12 per class R unit paid 19 June 2026 |
| KID Scenarios (5 yr) | Stress -1.5%, unfavourable 0.4%, moderate 2.5%, favourable 3.3% a year (class R, 30 Jun 2026) |
Fund Managers
Florian Bankeman
Fund manager, first contact for the fund
Tim Crijns
Fund manager, financial inclusion
Points to weigh. About a third of the fund is in unlisted equity stakes in financial institutions, valued by the manager and mostly held in unhedged local currency, so returns can swing: 0.12% in 2025 and -3.6% in the first half of 2025, against 7.42% in 2021. The loans carry little or no collateral and go to lenders in emerging markets, with country, credit and currency risk. Costs of 2.36% to 2.44% a year take a large share of the gross return. Daily dealing is not unconditional: the manager can apply a swing of 0.50% or more, scale back redemptions from 1% of fund assets per day, or suspend dealing. Net assets have fallen by about a quarter since 2021. The fund overlaps in strategy and team with Triodos Microfinance Fund.
Deepdive & Related Funds
Other Triodos Investment Management Funds
Triodos Groenfonds (TGF)
Triodos Groenfonds is the Netherlands’ original green investment fund (launched June 1998, daily tradable on Euronext Amsterdam): €523.7 million lent to around 250–300 Dutch projects in renewable energy, organic farming, nature restoration, sustainable housing and, since 2025, circular economy, batteries and heat networks. Bond-like returns (3-year average +2.6% p.a., 1-year -0.9%), risk 2/7, ~1.04% ongoing costs, no minimum. Its green tax status lapsed on 1 April 2026 and the Dutch groenregeling ends in 2028.
Triodos Microfinance Fund (TMFF)
Triodos Microfinance Fund is an open-ended Luxembourg impact fund (SICAV II sub-fund, launched March 2009, SFDR Article 9) providing debt and equity to microfinance institutions, SME banks and other financial-inclusion providers in emerging markets. €315.6 million across 78 investees in 37 countries at 30 June 2025, down from €377 million at end-2024; average write-offs of 0.19% a year since launch; ongoing charges 2.2% (I class) to ~3.0% (retail classes); monthly liquidity; risk 3/7.
Comparable Funds
ASN Energie & Innovatiefonds
Open-ended Dutch impact fund, formerly the ASN Groenprojectenfonds, that lends to unlisted renewable energy and energy transition projects, at least 80% via senior secured loans. Article 9 SFDR, risk indicator 2 of 7, listed on Euronext Amsterdam and daily tradeable through ASN Bank. Net return since 1995: 1.97% per year.
ASN Microkredietfonds
The ASN Microkredietfonds is an open-ended Dutch microfinance fund established in 1996 that makes private loans and takes minority equity interests in microfinance institutions in low- and middle-income countries through the ASN Microkredietpool, a subfund of the ASN investment company ASN Beleggingsfondsen AIF N.V. (an AIF, not a UCITS) licensed by the AFM. The fund is traded on a daily basis through Euronext Fund Services. The costs of the fund amount to 2.30% per year. The risk indicator is 2 of 7.
Aubley Vastrentende Obligaties
Fixed-rate bond programme giving Dutch private investors exposure to PennantPark's US private credit funds. Two variants: 6% over 3 years and 7% over 5 years, with interest paid monthly and a minimum investment of EUR 100,000. Secured by a pledge with a minimum 110% coverage ratio. The issue is exempt from prospectus requirements and not supervised by the AFM or DNB.
BB Capital Private Credit Fund
Evergreen private credit fund-of-funds from Dutch manager BB Capital, launched in June 2024. Invests in specialised private credit funds providing direct, predominantly senior secured lending to mid-sized companies outside traditional banking channels. Targets a stable 6-8% net per year with quarterly dividends, no capital calls and day-one deployment. Managed by AFM-licensed BB Capital Management B.V.
BridgeFund Beleggen
Fixed-rate loan programme in which private and business investors lend from EUR 100,000 to Stichting Capital BridgeFund, which funds BridgeFund's portfolio of short-term loans to Dutch SMEs. Rates of 3.75% (flexible) to 6.00% (5 years) as of September 2026, paid monthly or compounded. Not a fund; not supervised by the AFM.
Bufr Fonds Vastgoedhypotheken 4
Pooled fund of Bufr Investeringsfonds B.V. that provides first-mortgage business loans on Dutch commercial real estate. Prognosed return 6.25% a year paid monthly, minimum EUR 100,000, term of three or five years, maximum 70% loan-to-value per loan. Manager is AFM-registered under the light regime (art. 2:66a Wft) without an AFM licence.
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