Keep in mind that our commentary on the fund, as well as its past performance, is not a guarantee of what will happen in the future. It is also not financial advice – you should consider talking to a professional adviser if you're not sure whether an investment is right for you.
These investments are designed for long-term investors. As with all investments, your capital is at risk – investments can go down as well as up, currency fluctuations can affect returns, and you may not get back the full amount you invest.
How does the fund work?
The Triodos Global Equities Impact Fund aims to generate positive impact and competitive financial returns from a concentrated portfolio of large, listed companies pioneering the transition to a sustainable society. We select companies for their contribution to our sustainable transition themes. In an integrated financial and sustainability analysis we identify the impact of material environmental, social and governance (ESG) issues on a company's ability to create value.
Third quarter market overview
The third quarter began with robust gains in global equity markets, as measured by the MSCI World Index. This was led by US equities, where investors shifted focus from earlier tariff concerns to anticipated policy interest rate reductions by the Federal Reserve, as well as emerging opportunities in artificial intelligence. Progress on several trade agreements between the US and its key trading partners also underpinned the positive momentum in markets.
Despite these tailwinds, euro-based investors continued to face challenges from the ongoing weakness of the US dollar, which weighed on returns from dollar-denominated assets. Small-and mid-cap stocks, which are central to this fund, maintained performance on par with large caps throughout the quarter.
Equity markets continued their upward trajectory from the lows seen after the US tariff announcements in April, buoyed by renewed optimism around trade agreements and supportive macroeconomic data. Concerns about a potential GDP slowdown or recession receded, while a US rate cut and expectations of further easing provided additional momentum for the rally.
Performance update
In Q3 2025, the Triodos Global Equities Impact Fund achieved a Euro (EUR) return of 3% (a Pound Sterling, GBP, return of 5.93%), underperforming against its benchmark, which was boosted by US Big Tech and AI-related stocks. The fund’s limited exposure to these high-flying tech names, along with underperformance in healthcare and consumer staples holdings, held back returns compared to the benchmark. The portfolio added Novonesis, a sustainability-focused biotech, and exited Shin-Etsu Chemical due to weak fundamentals.
Investments which contributed to performance
EssilorLuxottica was a top contributor in the third quarter, achieving record revenue growth across all major regions and delivering its best-ever quarterly performance. Notably, AI glasses made a significant contribution to this growth.
KLA delivered robust financial results, with advanced packaging and reticle/photomask inspection revenues reaching all-time highs. The company also raised its outlook for wafer fab equipment growth in both 2025 and 2026, reflecting confidence in continued industry momentum.
Intuitive Surgical reported strong growth in global procedure volumes and a high number of surgical system placements, including its latest da Vinci 5 platform. The company subsequently raised its full-year procedure growth guidance.
Investments which detracted from performance
Alexandria Real Estate experienced a decline in occupancy during the quarter, reflecting the challenging supply-demand dynamics in the life sciences sector following recent U.S. government policy actions.
eBay faced margin pressures in the third quarter due to costs associated with its UK-managed shipping program, infrastructure challenges, and M&A-related expenses. Sales growth was also under pressure, as the removal of the global de minimis exemption contributed to a deceleration in volume growth.
RELX was impacted by a sector-wide derating, as renewed concerns about generative AI threats to intelligence business models weighed on sentiment. Additional worries about proposed significant cuts to U.S. federal funding for scientific research also posed potential risks to future growth.
Return
As of 31/10/2025
1M | 3M | YTD | 1Y | 3Y avg | 5Y avg | All avg | |
|---|---|---|---|---|---|---|---|
Triodos Global Equities Impact Fund KR-cap | 4.17% | 5.93% | 7.67% | 5.93% | 9.89% | 6.66% | 8.71% |
Triodos Global Equities Impact Fund KR-dis | 4.18% | 5.95% | 7.69% | 5.94% | 9.89% | 6.66% | 8.72% |
Benchmark | 4.37% | 8.81% | 14.05% | 19.34% | 16.27% | 15.22% | 12.64% |
Calendar year return
2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|
Triodos Global Equities Impact Fund KR-cap | 8.00% | 12.78% | -10.69% | 6.95% | 12.41% |
Triodos Global Equities Impact Fund KR-dis | 7.99% | 12.80% | -10.71% | 6.95% | 12.51% |
Benchmark | 20.98% | 17.34% | -8.41% | 22.86% | 12.61% |
Benchmark: Bloomberg Developed Markets Index in EUR converted to GBP. Returns are shown as percentages and calculated on the basis that any income has been reinvested. Returns incorporate the ongoing charges, but do not take into account the impact of the annual service charge on the performance of your investment.
The above averages or annualised returns take into account the effect of cumulative losses or gains on the performance of an investment. As such these averages are likely to differ from any calculation using the calendar year returns divided by the number of years.
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