Triodos Microfinance Fund’s investment portfolio grew by 4.9% to EUR 311.8 million (2016: EUR 297.2 million), which represents 85.3% of the fund’s net assets of EUR 365.3 million (2016: EUR 339.2 million). The fund made 63 disbursements (senior debt, subordinated debt and equity) in 2017 (2016: 48), for a total amount of EUR 82.7 million (2016: EUR 83.9 million). The geographical spread of the fund was further diversified through the addition of three new countries: El Salvador, Honduras, and Lebanon.

Asset allocation (% of fund’s net assets), December 31, 2017

Types of institutions (% of fund's net assets), December 31, 2017

Fund data, December 31, 2017

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Net assets

EUR 365,347,204

Portfolio value

EUR 311,815,994

Number of investment funds


Number of SME financial institutions


Number of MFIs


Number of microfinance holdings


Number of leasing companies


Number of loans


Number of subordinated loans


Number of equity investments


Number of countries





During 2017, the fund added 23 new debt investments in MFIs, SME banks and leasing companies in Asia, Latin America, Africa and the Middle East, and Central Asia to the fund’s portfolio.

The equity portfolio grew by 3.3%, from EUR 79.5 million in 2016 to EUR 82.1 million in 2017, representing 22.5% of the net assets of the fund on December 31, 2017 (2016: 23.4%). The fund became a shareholder in Financiera FAMA, a Nicaraguan microfinance institution that focuses on micro-entrepreneurs in the commerce and service sectors.

Overall, the performance of the equity investees remained strong and continued to show an upward trend, with the investees in Bolivia, Cambodia, Georgia, and Kazakhstan all recording strong operational performances. Furthermore, both investment funds in portfolio saw an upward increase in valuation. At the same time, the fund marked down its investments in India, due to the negative effects of the demonetisation measures in 2016, and in Tajikistan and Kyrgyzstan, because of increasingly challenging macro-economic conditions. The fund further made a small markdown on the investment in Cambodia, following a change in local regulations requiring the institution to comply with higher capital requirements in accordance with its position as a systemically important bank in the Cambodian economy. Despite the overall positive operational performance, the strong devaluation of local currencies and the US dollar had a negative impact on the valuation of equity investments denominated in local currencies, while the effect on equity investments in US dollars was limited due to the hedging contracts that are in place.

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