Summary – Fund Performance
The GLS Alternative Investments – Microfinance Fund (“Sub-Fund”) was launched on December 15, 2015 with a total volume of of EUR 21.2 million. As of year-end 2021, the total fund assets amounted to EUR 225.8 million. At this reporting date, investors had invested EUR 143.5 million in share class A and EUR 56.1 million in share class B. The volume of share class C remained at EUR 21.2 million. The volume of share class C amounts to EUR 26.2 million as of the reporting date.
As of December 31, 2021, EUR 184.9 million was invested in interest-bearing microfinance investments (81.9% of net fund assets)1. Overall, the investment allocation remains well diversified.
At the end of fiscal 2021, the subfund was invested in 71 microfinance institutions (MFIs) in 37 countries – compared with 71 MFIs from 36 countries at the end of 2020. The average outstanding loan size was EUR 1.5 million with an average remaining maturity of around 1.5 years. The average loan size has thus increased slightly from its previous year’s value of EUR 1.3 million, but the ratio of loan size to net fund assets remains clearly below 1 % and has even decreased marginally. In the long term, the absolute loan size is expected to continue to increase slightly in line with growing fund assets.
71 Institutions around the world
- Africa (indirect via Holdings)
- Latin America (LAC)