Triodos Groenfonds (TGF)
Managed by Triodos Investment Management
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Triodos Groenfonds (TGF)
Key Statistics
Fund Size
€524M
Target Return
1.9%
Annualized Return
2.6%
Launch Year
1998
Availability
Open through selected distributors
Structure
Dutch investment company with variable capital (beleggingsmaatschappij met veranderlijk kapitaal), listed
Product Category
Open-end
Domicile
Netherlands
GP Type
Multi
Liquidity Level
High (<1 year)
Management Fee
0.85%
Carry
None%
High Water Mark
No
ISIN
NL0000440204
Currencies
EUR
Investor Eligibility
Retail
Liquidity Options
Daily tradable on Euronext Amsterdam
Highlights
Key Information Document (KID) – EU Funds
KID Risk Indicator
2 out of 7
Annual Returns (KID Scenarios)
Stressed
-1.5%
Moderate
-0.1%
Favorable
1.9%
Average Total Cost Level (KID)
1%
Allocations
Geographic Focus
Investment Strategy
Industry Focus
Portfolio Composition
Information about fund
The Netherlands’ Original Green Fund
Triodos Groenfonds is the old-timer of Dutch green investing: launched on 29 June 1998, tradable daily on Euronext Amsterdam, and for most of its life the flagship of the groenregeling, the Dutch tax scheme that rewards savers for financing certified green projects. The portfolio consists of around 250 to 300 projects across the Netherlands — wind and solar parks, energy cooperatives, organic farms, nature restoration and energy-efficient housing — and since 2025 the mandate also covers the circular economy, battery storage and district heating networks. Willy Bulsink manages the fund at Triodos Investment Management in Driebergen.
Key Figures (Aug/Sep 2026)
Fund Size
€523.7M
1 September 2026
3-Year Return
+2.6% p.a.
1 year -0.9%; 5 years -0.9% p.a.
Risk Indicator
2 / 7
Loan portfolio, low volatility
Ongoing Costs
~1.04%
Indicative
Liquidity
Daily
Euronext Amsterdam, no minimum
Green Status
Lapsed
1 April 2026; scheme ends 2028
Returns
The fund held €523.7 million at the start of September 2026. Its portfolio consists of long-dated loans to green projects at modest interest rates, so returns look more like bonds than equity. The one-year return to 31 August 2026 was -0.9%, the three-year average +2.6% a year and the five-year average -0.9% a year, with a risk indicator of 2 out of 7. The June 2026 dividend was €0.49 per share and ongoing costs are indicated at around 1.04% a year.
The End of the Tax Advantage
The big change is fiscal. The fund’s green status lapsed on 1 April 2026; the Dutch government is sharply reducing the green-investment tax benefit from 1 January 2027 and abolishing it from 1 January 2028. For years the box-3 exemption and tax credit were the main reason to accept below-market yields on long-dated green loans. From now on Triodos says it will lend at market rates, and the broader mandate is meant to help. There is no minimum investment and shares trade daily, which makes this one of the most liquid funds on Fundscouter — and one whose investment case has genuinely shifted.
Timeline of the groenregeling
| 1998 | Fund launched 29 June 1998 under the green investment scheme |
| 2025 | Mandate broadened to circular economy, battery storage, heat networks |
| 1 April 2026 | Fund’s green status (groenverklaring) lapses |
| 1 January 2027 | Green-investment tax benefit sharply reduced |
| 1 January 2028 | Scheme abolished |
Deepdive & Related Funds
Other Triodos Investment Management Funds
Triodos Fair Share Fund
The Triodos Fair Share Fund is an open-ended Dutch fund for joint account (FGR, an AIF) which invests since 2002 in microfinance and SME banks in emerging markets. At end-August 2026 loans accounted for approximately 51% of the total assets, subordinated loans for 14% and equities for 34%. Triodos Fair Share Fund trades on a daily basis and there is no minimum investment. The management fee is 2.20% and the risk indicator is 2 of 7.
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.
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ASN Energie & Innovatiefonds
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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
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BB Capital Private Credit Fund
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BridgeFund Beleggen
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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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