MICROCAPITAL BRIEF: Austria’s Absolute Portfolio Management Issues Credits Worth $4m to Microfinance Institutions in Azerbaijan, Cambodia, Georgia, Honduras, Indonesia

In July 2013, Absolute Portfolio Management (APM), an Austria-based asset management company that offers investment and advisory services to microfinance institutions, issued approximately USD 4 million in credit to microfinance institutions (MFIs) located in Azerbaijan, Cambodia, Georgia, Honduras and Indonesia through its two microfinance funds, Dual Return Fund – Vision Microfinance and Dual Return Fund – Vision Microfinance Local Currency [1]. Among the investments, The Dual Return Fund – Vision Microfinance Local Currency renewed a loan of unspecified amount to the Honduras-based women’s cooperative Cooperativa Mixta Mujeres Unidas Limitada (COMIXMUL). The MFI helps approximately 26,000 women gain access to credit and savings programs and provides additional educational programs and medical services [2]. COMIXMUL further provides capacity building, medical checkups and access to low-cost drugs for its clients, who are rural and urban women pursuing business ventures. The credit amounts APM is issuing to the other MFIs is unknown.

The assets for APM’s Dual Funds were reported at USD 200 million as of July 2013. COMIXMUL’s total lending portfolio as of 2011 amounted to approximately USD 18.1 million, with an average loan size of USD 1,530 [3].

By Anesa Kratovac, Research Associate

About Absolute Portfolio Management

Absolute Portfolio Management GmbH (APM) is an Austria-based asset management company that offers investment and advisory services in microfinance and other sectors. The firm’s Dual Return Fund – Vision Microfinance and Dual Return Fund – Vision Microfinance Local Currency were created in 2006 and report USD 95.9 million and USD 41.4 million in total assets, respectively, as of February 25, 2013.

About Dual Return Fund-Vision Microfinance Local Currency

The Dual Return Fund – Vision Microfinance Local Currency is a sub-fund of Vision Microfinance, both of which were created in 2006 by Absolute Portfolio Management GmbH, an Austrian investment company with a focus on microfinance. The fund disburses local-currency loans directly to microfinance institutions (MFIs). As of October 2012, the fund volume reached USD 32.2 million and held loans outstanding to 30 MFIs in 16 emerging markets. As of November 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. Its total assets were USD 41.4 million as of February 25, 2013.

About The Dual Return Fund – Vision Microfinance

The Dual Return Fund – Vision Microfinance is a sub-fund of Vision Microfinance, both of which were created in 2006 by Absolute Portfolio Management GmbH, an Austrian investment company with a focus on microfinance. As of October 2012, the fund reported loans outstanding to 62 microfinance institutions (MFIs) in 22 emerging markets. Its total assets were USD 95.8 million as of February 25, 2013. As of November 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 Cooperativa Mixta Mujeres Unidas Limitada (COMIXMUL)

Cooperativa Mixta Mujeres Unidas Limitada (COMIXMUL) was established in 1968 in Honduras. It is a cooperative that provides microfinance services and business development programs to its members, who are primarily underserved women. As of December 31, 2010, COMIXMUL reported total assets of HNL 543 million (USD 29 million). COMIXMUL does not report financial information to the Microfinance Information Exchange (MIX), the US-based nonprofit data provider, and other financial information is unavailable.

Additional Sources and Resources:

[1] Information sent to Microfinance.org from VisionMicrofinance.com, “Vision Microfinance: Social Impact Investing” Update

[2] COMIXMUL Official Website, http://www.comixmul.hn/

[3] Working Capital for Community Needs (WCCN) Official Website, http://wccn.org/story/comixmul

MicroCapital.org Article, July 15, 2013, “MICROCAPITAL BRIEF: Absolute Portfolio Management’s Dual Return Funds Invest $9.5m in Microfinance Institutions (MFIs) of Eight European, Asian, Latin American Countries,” https://www.microcapital.org/microcapital-brief-absolute-portfolio-managements-dual-return-funds-invest-9-5m-in-microfinance-institutions-mfis-of-eight-european-asian-latin-american-countries/

MicroCapital.org Article, May 10, 2013, “MICROCAPITAL BRIEF: Absolute Portfolio Management Loans $13m from Dual Return Funds to Microfinance Institutions (MFIs) in South America, Eurasia Including FINCA Armenia,”  https://www.microcapital.org/microcapital-brief-absolute-portfolio-management-loans-13m-from-dual-return-funds-to-microfinance-institutions-mfis-in-south-america-eurasia-including-finca-armenia/

MicroCapital Universe Profile: Absolute Portfolio Management, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Absolute+Portfolio+Management

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: The Dual Return Fund – Vision Microfinance, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=DUAL+RETURN+VISION+MICROFINANCE+FUND

MicroCapital Universe Profile: Cooperativa Mixta Mujeres Unidas Limitada (COMIXMUL), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Cooperativa+Mixta+Mujeres+Unidas+Limitada+%28COMIXMUL%29

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