Investments

Triodos Microfinance Fund’s investment portfolio grew by 26.3% to EUR 297.2 million (2015: EUR 235.3 million), which represents 83.2% of the fund’s total assets of EUR 357.1 million (2015: EUR 305.0 million). The fund made 48 disbursements (senior debt, subordinated debt and equity) in 2016 (2015: 41). The geographical spread of the fund was further diversified through the addition of three new countries: Belarus, Costa Rica and Pakistan.

Fund data, December 31, 2016
 

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Total assets

EUR 357,093,982

Net assets

EUR 339,201,563

Portfolio value

EUR 297,219,228

Number of investment funds

2

Number of SME FIs

14

Number of MFIs

56

Number of financial holding companies

4

Number of loans

98

Number of subordinated loans

12

Number of equity investments

17

Number of countries

36

 

 

 

Asset allocation (% of fund’s total assets),
December 31, 2016

Asset allocation (% of fund’s total assets) (pie chart)

Types of institutions (% of fund’s total assets), December 31, 2016

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MFIs

60.8%

SME FIs

17.9%

Investment funds

1.1%

Financial holdings

3.4%

 

 

 

 

Total

83.2%

 

 

 

During 2016, the fund added 13 new debt investments in MFIs and SME banks in Asia and Latin America to the fund’s portfolio.

The fund also added four new equity investments to the portfolio, including three in India: Intellegrow, Aavishkaar Venture Management Services Group and Sonata Finance. The fund also invested in a private equity fund, Accion Frontier Inclusion Fund, a global impact venture capital fund with a global focus that aims to catalyse new approaches to financial inclusion for the unbanked and underbanked.

The equity portfolio grew by 35.9%, from EUR 58.5 million in 2015 to EUR 79.5 million in 2016, representing 22.3% of the total assets of the fund on December 31, 2016 (2015: 19.2%).

The equity portfolio performed well in 2016. The fund’s equity investees in Bolivia, Cambodia, Georgia, India and Kazakhstan all recorded strong performances. At the same time, the macro-economic environment in some countries - in particular Azerbaijan - remains challenging. The fund further marked down its investments in FINCA Microfinance Holding and Access Microfinance Holding, both of which have significant exposure to Azerbaijan.

Microfinance portfolio Triodos Microfinance Fund

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