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ASN Microkredietfonds
Key Statistics
Fund Size
€167.7M
Target Return
3.6%
Annualized Return
2.4%
Launch Year
1996
Availability
Open for public
Structure
Subfund of ASN Beleggingsfondsen AIF N.V. (open-end AIF)
Product Category
Open-end
Domicile
Netherlands
GP Type
Single
Liquidity Level
High (<1 year)
Management Fee
2.3%
Carry
None%
ISIN
NL0014270266
Currencies
EUR
Investor Eligibility
Retail
Liquidity Options
Daily dealing via Euronext Fund Services
Highlights
Key Information Document (KID) – EU Funds
KID Risk Indicator
2 out of 7
Annual Returns (KID Scenarios)
Stressed
-7.66%
Moderate
1.09%
Favorable
3.64%
Average Total Cost Level (KID)
2.3%
Allocations
Geographic Focus
Investment Strategy
Industry Focus
Historical Performance
Performance Summary
R-Class (EUR, distributing) — Performance from 1996-06-14 to 2026-08-31
NAV: 50.56
Performance Comparison
MTD
0.21%
Year to Date
3.29%
1-Year Return
4.52%
3-Year Return
0.78%
Annualized Since Inception
2.43%
Information about fund
ASN Microkredietfonds at a Glance
The ASN Microkredietfonds has lent to microfinance institutions since 1996. It is a subfund of ASN Beleggingsfondsen AIF N.V. and invests only in the ASN Microkredietpool, which on 30 June 2026 held direct investments in 80 MFIs in 43 countries, mainly loans plus some minority equity stakes. The manager, ASN Impact Investors (ASN Beleggingsinstellingen Beheer B.V.), holds an AFM licence as AIF manager under article 2:65 Wft. The fund is an AIF, not a UCITS, and is open to retail investors with daily dealing through Euronext Fund Services. Its stated aim is a modest financial return alongside financial inclusion, and it is separate from the ASN Energie & Innovatiefonds.
Key Figures
Fund Size
EUR 167.7M
R-class value, 31 Aug 2026; pool EUR 350.9M at 30 Jun 2026
Return Since 1996
2.43% p.a.
Net, to 31 Aug 2026; 5 yr 1.42% p.a., 10 yr 1.32% p.a.
Return 2025
-3.06%
Calendar year; 2024 0.45%, 2023 5.18%
Fund Costs
2.30% p.a.
No entry, exit or performance fee; ASN Bank service fee up to 0.30%
Risk Indicator
2 / 7
EID 6 Aug 2026; recommended holding period 5 years
Portfolio
80 MFIs
Direct holdings in 43 countries, 30 Jun 2026
Terms & Liquidity
| Legal Structure | Subfund A8 of ASN Beleggingsfondsen AIF N.V., open-end Dutch investment company with variable capital; AIF, not UCITS; SFDR article 9 |
| Manager and Supervision | ASN Beleggingsinstellingen Beheer B.V. (ASN Impact Investors); AFM licence as AIF manager, art. 2:65 Wft; fund in the AFM AIFM register as offered to retail investors |
| Depositary and Adviser | BNP Paribas S.A., Netherlands Branch (depositary); Triple Jump B.V. (investment adviser to the pool) |
| Share Class / ISIN | R-class NL0014270266 (EUR, Euronext Amsterdam); SI-class from EUR 500,000 and I-class from EUR 10 million for qualified investors |
| Minimum | No minimum stated for the R-class; one share (NAV EUR 50.56 on 31 Aug 2026) |
| Dealing | Daily via Euronext Fund Services; orders by 16:00, priced the next trading day; entry and exit surcharge 0% |
| Liquidity Tools | Manager can raise the exit discount, borrow up to 15% of the pool, or suspend issuance and redemption |
| Distributions | Annual dividend; EUR 2.20 per share paid in 2026 for financial year 2025 |
| KID Scenarios (5 yr) | Stress -7.66%, unfavourable -3.41%, moderate 1.09%, favourable 3.64% a year (EID 6 Aug 2026) |
Fund Manager
Sascha Noé
Fund manager since 2017
Points to weigh. Returns are low for the risk taken: 1.32% a year over ten years after 2.30% fund costs, with losses of 3.6% in 2020 and 3.06% in 2025, and ASN says returns up to 2024 were achieved under a different investment policy. The loans are unlisted and made to financial institutions in emerging markets, so defaults, write-downs and currency moves drive results; hedging cost 1.49% in the first half of 2026 and up to 30% may be held unhedged in local currencies. Daily dealing depends on the pool's cash: the manager can close the fund for redemptions. The pool is shared with five ASN mixed funds, which owned just over half of it on 30 June 2026. The investment adviser, Triple Jump, is 23% owned by an ASN Bank subsidiary. Holding the fund at ASN Bank adds a service fee of up to 0.30% a year.
Deepdive & Related Funds
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