MICROCAPITAL BRIEF: Vision’s Dual Return Fund Loans $6.2m to Microfinance Institutions in Latin America, Africa, Central Asia

Absolute Portfolio Management GmbH, an Austrian investment company, has reported that the Dual Return Fund – Vision Microfinance, a sub-fund of Absolute’s Vision Microfinance, loaned the equivalent of USD 2 million to KazMicroFinance of Khazakstan and the equivalent of USD 4.2 million to unnamed microfinance institutions (MFIs) in Kyrgyzstan, Ecuador, Uruguay and Benin. Absolute reports that this is the first time it has invested in institutions in Uruguay and Benin.

The Dual Return Fund-Vision Microfinance reports in their newsletter released on October 25, 2011, that its microfinance investment portfolio experienced an annualized yield of 8 percent. As of the same month, Dual Return Fund reported loans outstanding to 66 MFIs in 27 emerging markets and had a fund volume of USD 114 million.

As of December 2010, KazMicrofinance reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 44.3 million, a gross loan portfolio of USD 36.5 million, 30,322 active borrowers, return on assets of 8.09 percent and return on equity of 29.1 percent.

By Ariana Malushi, Research Associate

About Dual Return Fund: The Dual Return Fund is a sub-fund of Vision Microfinance, both of which were created in 2006 by Absolute Portfolio Management GmbH, an Austrian investment company specializing in microfinance.  In April 2011, Dual Return Fund’s annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. The Dual Return Fund-Vision Microfinance reports in their newsletter released on October 25, 2011, that its microfinance investment portfolio experienced an annualized yield of 8 percent. As of the same month, Dual Return Fund reported loans outstanding to 66 MFIs in 27 emerging markets and had a fund volume of USD 114m.

About KazMicrofinance: Established in 1997 in Khazakstan, KazMicrofinance reported to the US-based nonprofit Microfinance Information Exchange (MIX) as of December 2010 total assets of USD 44.3 million, a gross loan portfolio of USD 36.5 million, 30,322 active borrowers, return on assets of 8.09 percent and return on equity of 29.1 percent.

Sources and Additional Resources:

“Dual Return Fund – Vision Microfinance Factsheet September, 2011” submitted to MicroCapital, October 2011

“Dual Return Fund – Vision Microfinance Factsheet October, 2011” submitted to MicroCapital, November 2011

MicroCapital.org story, Sept 14, 2011, “MICROCAPITAL BRIEF: Dual Return Fund of Vision Microfinance Loans $1.5m to Microfinance Institutions in Colombia, Dominican Republic,”  https://www.microcapital.org/microcapital-brief-dual-return-fund-of-vision-microfinance-loans-1-5m-to-microfinance-institutions-in-colombia-dominican-republic/

MicroCapital.org story, July 14, 2011, “MICROCAPITAL BRIEF: Dual Return Fund of Vision Microfinance Loans $3m to Microfinance Institutions in Mongolia, Georgia, Azerbaijan, Kyrgyzstan, Ecuador,” https://www.microcapital.org/microcapital-brief-dual-return-fund-of-vision-microfinance-loans-3m-to-microfinance-institutions-in-mongolia-georgia-azerbaijan-kyrgyzstan-ecuador/

MicroCapital.org story, May 12, 2011, “MICROCAPITAL BRIEF: Vision Microfinance’s Dual Return Fund Loans $6m to MFIs in Armenia, Ecuador, Georgia, Mexico, Peru; Unspecified Mexican MFI Defaults,” https://www.microcapital.org/microcapital-brief-vision-microfinance%E2%80%99s-dual-return-fund-loans-6m-to-mfis-in-armenia-ecuador-georgia-mexico-peru-unspecified-mexican-mfi-defaults/

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: KazMicroFinance,

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=KazMicroFinance

Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/