ASN-Novib Microcredit Fund (ANMF) was established by ASN Bank and Oxfam Novib in 1999, and is currently our largest fund under management. Created with the goal of encouraging broader participation of all levels of society in the market economies of developing countries, ANMF allows private individuals to invest in financial intermediaries by issuing shares, which can be traded on a daily basis. ANMF invests in expanding and mature financial intermediaries. It operates in countries in Africa, Asia, Eastern 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. For 2013, ANMF achieved a net return of 4.1 per cent (2012: 5.5 per cent).

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  2013 2014 2015
Assets under management EUR 216M EUR 204M EUR 209M
Invested capital EUR 193M EUR 200M EUR 198M
Number of portfolio companies 104 98 87
Average exposure per portfolio company EUR 1.8M EUR 2M EUR 2.2M
Distribution by currency

EUR 6% USD 68% Local currency 26%

Portfolio outstanding by instrument

Equity 24% Loans 60% Subordinate loans 8% Deposit agreements 8%

Geographic distribution of ASN-Novib Microcredit Fund 2015