Absolute Portfolio Management GmbH (APM), Austrian-based investment and asset management company that offers microfinance institutions (MFIs) financing and investment strategy advisory services, recently disbursed a loan of USD 1 million to KazMicroFinance (KMF), a microfinance institution (MFI) in Kazakhstan, via the Dual Return Fund, a sub-fund of Vision Microfinance created by APM that issues direct loans to MFIs in developing countries. According to the US-based nonprofit Microfinance Information Exchange (MIX), KMF reported total assets USD 61.5 million, gross loan portfolio of USD 52.5 million, return on assets (ROA) of 5.95 percent, return on equity (ROE) of 19.33 percent and 46,000 active borrowers as of 2011. KMF does not accept deposits. The fund also disbursed USD 500,000 to Imon International LLC, a microlending organization (MLO) in Tajikistan. According to MIX, IMON reported total assets of USD 51.3 million, gross loan portfolio of USD 45.2 million, return on assets (ROA) of 5.07 percent, return on equity (ROE) of 18.94 percent and 42,500 active borrowers as of 2011. IMON does not accept deposits.
The Dual Return Fund-Vision Microfinance Local Currency, an APM sub-fund that issues fixed-income investments in local currency to MFIs in developing countries, disbursed the equivalent of USD 500,000 to Frontiers, a microfinance investment vehicle in Kyrgyzstan that provides wholesale loans to credit unions and microfinance organizations. As of its 2010 annual report, Frontiers reported total assets of USD 26.4 million. The Dual Return Fund-Vision Microfinance Local Currency also disbursed the equivalent of USD 500,000 to Thaneakea Phum (Cambodia) Ltd. (TPC), a microfinance institution that serves low-income women in rural areas of the country. According to MIX, TPC reported total assets of USD 46.2 million, gross loan portfolio of USD 33.3 million, return on assets (ROA) of 3.73 percent, return on equity (ROE) of 20.34 percent, 96,500 active borrowers, deposits of USD 72,750 and 3,751 depositors as of 2011.
As of 2011, APM’s Dual Return Fund-Vision Microfinance and Dual Return Fund-Vision Microfinance Local Currency report USD 87.4 million and USD 32.2 million in total assets, respectively.
By Jennifer Young, Research Associate
About Absolute Portfolio Management (APM)
Absolute Portfolio Management GmbH is an Austrian-based investment and asset management company that offers microfinance institutions (MFIs) financing and investment strategy advisory services. The firm’s Dual Return-Vision Microfinance and Dual Return Fund-Vision Microfinance Local Currency were created in 2006; the funds report USD 87.4 million and USD 32.2 million in total assets, respectively as of 2011.
About Dual Return Fund-Vision Microfinance
The Dual Return Fund is a sub-fund of Vision Microfinance, which was created in 2006 by Absolute Portfolio Management GmbH, Austrian-based investment and asset management company that offers microfinance institutions (MFIs) financing and investment strategy advisory services. During 2011, the fund provided investors with net returns of 3.23 percent for its EUR (I) Share Class. As of August 2012, the fund’s volume reached EUR 79 million (USD 102 million) with loans outstanding to 59 MFIs in 24 emerging markets. Dual Return Fund reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of EUR 81 million (USD 105 million). In April 2012, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector.
About Dual Return Fund-Vision Microfinance Local Currency
The Dual Return Fund-Vision Microfinance Local Currency is a sub-fund of Vision Microfinance, which was created in 2006 by Absolute Portfolio Management GmbH, Austrian-based investment and asset management company that offers microfinance institutions (MFIs) financing and investment strategy advisory services. The Vision Microfinance Local Currency fund disburses local-currency loans directly to microfinance institutions (MFIs). During 2011, the fund provided investors with net returns of 4.55 percent for its USD (I) Share Class, achieved a fund volume of USD 22.9 million with loans outstanding to 27 MFIs in 16 emerging markets. In April 2012, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector.
About Kazmicrofinance LLC
KazMicrofinance LLC, founded in 1997, is a non-banking financial institution that offers training as well as individual and group loans across Kazakhstan. According to the US-based nonprofit Microfinance Information Exchange (MIX), KMF reported total assets USD 61.5 million, gross loan portfolio of USD 52.5 million, return on assets (ROA) of 5.95 percent, return on equity (ROE) of 19.33 percent and 46,000 active borrowers as of 2011.
About Imon International LLC
Imon International LLC is a microfinance institution (MFI) in Tajikistan offering lending, leasing, consulting and advisory services to small enterprises, microfinance institutions and small banks. Imon was founded by the National Association of Business Women of Tajikistan, a public organization and US-based nonprofit Mercy Corps in 1999 as “Microloans in Tajikistan”. In 2007, the founders transformed the organization into a commercial operation, Imon International LLC. The organization has since grown to operate seven full branches and 33 field offices. In April 2009, Imon received a rating of “A” from Microfinanza, a rating agency based in Italy, indicating that Imon has “Very good operations and performance. Exposition to risks is minimum and risks are very well monitored and managed. Stable and unlikely to be adversely affected by foreseeable events.” According to the US-based nonprofit Microfinance Information Exchange (MIX), IMON reported total assets of USD 51.3 million, gross loan portfolio of USD 45.2 million, return on assets (ROA) of 5.07 percent, return on equity (ROE) of 18.94 percent and 42,500 active borrowers as of 2011.
About Frontiers Microlending Company
Frontiers Microlending Company (Frontiers) was founded in 2003 by donations channeled through the American non-profit organization Agricultural Cooperative Development International/Volunteers in Overseas Cooperative Assistance (ACDI/VOCA) as part of the Central Asia Microfinance Alliance (CAMFA), a project financed by the United States Agency for International Development (USAID). Frontiers provides wholesale loans to credit unions and microfinance organizations. As of its 2010 annual report, Frontiers reported total assets of USD 26.4 million.
About Thaneakea Phum (Cambodia) Limited
Thaneakea Phum (Cambodia) Limited (TPC) was launched in 1994 in Cambodia as part of the Small Enterprise Development program of US-based nonprofit Catholic Relief Services (CRS). In 2002, the initiative was incorporated as a limited liability company and given the name Thaneakea Phum (Cambodia) Limited. In 2003, TPC received its license from the National Bank of Cambodia to operate as an official microfinance institution. According to the US-based nonprofit Microfinance Information Exchange (MIX), TPC reported total assets of USD 46.2 million, gross loan portfolio of USD 33.3 million, return on assets (ROA) of 3.73 percent, return on equity (ROE) of 20.34 percent and 96,542 active borrowers, deposits of USD 72,750 and 3,751 depositors as of 2011.
Sources and Additional Resources
Information submitted by Absolute Portfolio Management GmbH to MicroCapital.
MicroCapital Story: “MICROCAPITAL BRIEF: Absolute Portfolio Management Dual Return Fund Loans $8m to Microfinance Institutions in Azerbaijan, Cambodia, Ecuador, Indonesia, Kazakhstan, Tajikistan,” September 27, 2012.
https://www.microcapital.org/microcapital-brief-absolute-portfolio-management-dual-return-fund-loans-8m-to-microfinance-institutions-in-azerbaijan-cambodia-ecuador-indonesia-kazakhstan-tajikistan-3/
MicroCapital.org Story: “MICROCAPITAL BRIEF: Austrian Absolute Portfolio Management to Launch Dual Return Fund-Vision Microfinance Local Currency,” September 30, 2010.
https://www.microcapital.org/microcapital-brief-austrian-absolute-portfolio-management-to-launch-dual-return-fund-vision-microfinance-local-currency/
MicroCapital Universe Profile: Absolute Portfolio Management
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Absolute+Portfolio+Management
MicroCapital Universe Profile: Dual Return Vision Microfinance Fund
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=DUAL+RETURN+VISION+MICROFINANCE+FUND
MicroCapital Universe Profile: The Dual Return Fund – Vision Microfinance Local Currency
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Dual+Return+-+Vision+Microfinance+Local+Currency+Fund
MicroCapital Universe Profile: KazMicroFinance
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=KazMicroFinance
MicroCapital Universe Profile: Imon International LLC
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=IMON+International
MicroCapital Universe Profile: Frontiers
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=FRONTIERS
MicroCapital Universe Profile: Thaneakea Phum (Cambodia) Ltd.
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Thaneakea+Phum+%28Cambodia%29+Limited
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