Responsible Investment Management and Advisory Services

ASN-Novib Microcredit Fund (ANMF) was established by ASN Bank and Oxfam Novib in 1999. ANMF allows private individuals to invest in financial service providers in developing countries by issuing shares, which can be traded on a daily basis. ANMF invests in expanding and mature financial service providers in Africa, Asia, Europe and Latin America. As an open-ended fund, ANMF can offer long-term equity and follow-on investments, along with senior and subordinated debt. As of October 2015, ANMF became the first microfinance investment fund with a listing in Europe. For 2016, ANMF achieved a net return of 2%.

  2014 2015 2016
Assets under management EUR 204M EUR 209M EUR 240M
Invested capital EUR 200M EUR 198M EUR 224M
Number of portfolio companies 98 87 79
Average exposure per portfolio company EUR 2M EUR 2.2M EUR 2.8 M
Distribution by currency

EUR 7% USD 56% Local currency 37%

Portfolio outstanding by instrument

Equity 15% Loans 79% Subordinate loans 6%

Geographic distribution of ASN-Novib Microcredit Fund 2016