# Objectives and investment policy.
Investment objective
Triodos Euro Bond Impact Fund has sustainable investment as its objective as in article 9 of the SFDR. The fund aims to maximise positive impact in alignment with the investment policy and to generate long-term capital growth for its investors.
Investment policy
The fund primarily invests in Euro-denominated corporate bonds, impact bonds, sovereign bonds and sub sovereign bonds that combine good financial results with a good performance on environmental, social and governance issues. All bonds must be rated at least investment grade (≥BBB or equivalent). On average, 40% of the fund’s net assets are invested in sovereign bonds and 60% in corporate bonds and sub sovereign bonds issued by international financial institutions and (semi-)public institutions.
Companies, international financial institutions and (semi-) public institutions are selected following a comprehensive and integrated assessment of their financial, social and environmental performance. Countries and their regions must meet the minimum standards defined.
The fund is actively managed. It compares its returns with the iBoxx Euro Corporates Overall Total Return (60%) and the iBoxx Euro Eurozone Sovereign 1-10 Total Return (40%). The fund does not aim to replicate or outperform the benchmark, from which it may deviate because it only invests in bonds that meet strict sustainability criteria.
Sustainable investment strategy
The sustainability research process for corporates and sub sovereigns issued by international financial institutions and (semi-)public institutions includes the following two steps:
(1) selection of companies that materially contribute to at least one of the seven transition themes (sustainable food & agriculture, sustainable mobility & infrastructure, renewable resources, circular economy, prosperous & healthy people, innovation for sustainability, and social inclusion & empowerment) through their products, services or processes, and (2) elimination of companies that do not meet the minimum standards defined. Sovereign bonds and sub sovereign bonds issued by regional or local authorities must be issued by members of the European Union (and their regions) that meet the minimum standards defined. For impact bonds the steps are (1) elimination of issuers that do not meet the minimum standards defined,
(2) selection of bonds that invest in projects with measurable positive impact and (3) selection of bonds with sustainable processes.
Other information
- Investors may subscribe and redeem units on any valuation day.
- Distribution shares may pay a dividend to their holders whereas capitalisation shares capitalise their entire earnings.

Translation (ENES, 2022-08-31):
# Objetivos y política de inversión.
Objetivo de inversión
Triodos Euro Bond Impact Fund tiene como objetivo la inversión sostenible según el artículo 9 del SFDR. El objetivo del fondo es obtener un crecimiento del capital a largo plazo para sus inversores.
Política de inversión
El fondo invierte fundamentalmente en bonos corporativos, bonos de impacto social, bonos soberanos y bonos subsoberanos denominados en euros que combinan buenos resultados financieros con un buen rendimiento y se centran en cuestiones medioambientales, sociales y de gobernanza. Como mínimo, todos los bonos deben tener una calificación de grado de inversión (≥BBB o equivalente).
En promedio, el 40% de los activos del fondo se invierten en bonos soberanos y el 60% en bonos corporativos y bonos subsoberanos emitidos por instituciones financieras internacionales e instituciones (semi)-públicas. Las empresas, las instituciones financieras internacionales y las instituciones (semi)-públicas se seleccionan mediante una evaluación global e integrada de su rendimiento financiero, social y medioambiental. Los países y sus regiones deben cumplir los estándares mínimos definidos.
El fondo se gestiona de forma activa. Su rendimiento puede compararse con el iBoxx Euro Corporates Overall Total Return (60%) y el iBoxx Euro Eurozone Sovereign 1-10 Total Return (40%). El fondo no intenta copiar ni superar al índice de referencia, del que podría desviarse porque solo invierte en bonos que cumplen unos criterios estrictos de sostenibilidad.