Results of the 2010 CGAP MIV Survey
The 2010 CGAP MIV Survey, powered by Symbiotics, is based on the industry standards for MIV reporting, the CGAP Microfinance Investment Vehicle Disclosure Guidelines. It provides the most comprehensive analysis of the market and includes key data and benchmarks from 90 Vehicles.
This fourth edition of the survey offers two levels of analysis:
- Key market trends from 90 Microfinance Investment Intermediaries (MII).
- Market data, benchmarks and performance analysis of 73 Microfinance Investment Vehicles (MIV), a sub-group of MIIs, organized in 6 peer groups.
It focuses on two dimensions:
- Financial performance with key benchmarks on growth, risk, return, efficiency and funding patterns.
- ESG commitment with the first global survey on ESG practices and data on a core set of social indicators.
|
Highlights from the 2010 MIV Survey:
- Ninety MIIs (compared to 80 in 2009) with combined assets under management of $7.7 billion as of December 2009 responded to the survey. They represent 93% of the MII market asset base, estimated at $8.2 billion.
- MIV asset growth slowed for the third consecutive year to 25% in 2009 (against 86% in 2007 and 34% in 2008), and survey respondents forecast a growth of only 15% for 2010.
- Private equity funds are growing faster (75% growth in assets) fueled by new commitments from institutional investors. Their investments are concentrated in India.
- Local currency investments jumped by 54% in 2009 and now account for 31% of all direct debt investments. The continuing impact of the credit crisis in several large microfinance markets translated into new loan-loss provisions representing 2% of the MIV direct debt microfinance portfolio as of December 2009.
- The average net portfolio yield reached an historical low of 7.9% at the end of 2009. The liquidity level jumped to a new high (17% of Assets). In this context, the average net return for fixed income funds in Euros has dropped to 3.2% against 5.9% in 2008.
- MIVs are increasingly committed to report on their ESG practices, 40% are using an environmental exclusion list; 81% have endorsed the Client Protection Principles; and 69% report on ESG issues to their investors.
|
|
 |
|
