This report covers the period from January 1, 2022, to December 31, 2022. The GLS Alternative Investments – Microfinance Fund (“subfund”) was launched on December 15, 2015, with a total volume of EUR 21.2 million. As of year-end 2022, the total fund assets amounted to EUR 243.3 million. As of this date, private investors (Class A) had invested EUR 154.6 million and large investors (Class B) EUR 57.2 million.
The third tranche amounts to EUR 31.5 million as of the reporting date. As of December 31, 2022, EUR 201.0 million was invested in interest-bearing microfinancial assets (82.6 % of net fund assets).
Overall, the investment allocation remains well diversified. At the end of fiscal year 2022, the subfund was invested in 67 microfinancial institutions (MFIs) in 37 countries, compared with 71 MFIs from 37 countries at the end of 2021. The average outstanding loan size remained at EUR 1.5 million, with an average remaining maturity of approximately 1.45 years. The average loan size has remained almost constant compared to the previous year, however, the loan size to net fund assets ratio remains clearly below 1 % and has marginally decreased in 2022. In perspective, the absolute loan size is expected to continue to increase slightly in line with growing fund assets.
Please note: All data presented here, including loan volume and portfolio composition, is based on the respective annual and / or monthly reports, which are publicly available.
This marketing communication is for informational purposes only and does not constitute an investment recommendation or advice or an offer to buy or sell fund units.
It is explicitly not directed at natural persons or legal entities whose place of residence or business is subject to a foreign jurisdiction that imposes restrictions on the dissemination of such information, in particular not for US citizens or persons domiciled or permanently resident in the USA.
The only basis for the purchase of fund units are the Key Information Document (KID), the current sales prospectus and the most recently published and audited semi-annual and annual report. A current version of the sales documents in German is available free of charge in paper form from the depositary, the management company and online at www.ipconcept.com.
The investment fund is subject to a risk of increased volatility. No assurance can be given that the investment objectives will be achieved. Information on past performance does not allow any conclusions about future performance. In general, every investment carries the risk of capital loss.
Any performance figures shown are net figures. If an investor wishes to purchase units for €1,000, he must pay €1,025 with an issue premium of 2.5%. The investor may incur securities account costs and other costs (e.g., custody or safekeeping costs), which reduce the performance. The tax treatment depends on the individual circumstances of each investor. An investment is associated with risks. For detailed information on opportunities and risks, please refer to the current sales documents.
The management company may decide to discontinue the arrangements it has made for the distribution of the units of its collective investment undertakings in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU. Further information on investor rights in German can be found on the management company’s website at https://www.ipconcept.com/ipc/de/anlegerinformation.html.
Information on sustainability-related aspects in accordance with EU Regulation 2019/2088 can be found at https://www.ipconcept.com/fs/getdata.php?m=getDoc&id=PSzBxMfcvdrEWZnOaY56.