Triodos Microfinance Fund (TMFF)
Managed by Triodos Investment Management
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Triodos Microfinance Fund (TMFF)
Key Statistics
Fund Size
€316M
Target Return
3.7%
Launch Year
2009
Min. Investment
€250,000
Availability
Open for public
Structure
Luxembourg SICAV (Part II), sub-fund of Triodos SICAV II
Product Category
Open-end
Domicile
Luxembourg
GP Type
Single
Liquidity Level
High (<1 year)
Management Fee
1.75%
Carry
None%
High Water Mark
No
ISIN
LU0402513674
Currencies
EUR
Investor Eligibility
Retail
Liquidity Options
Monthly redemptions
Highlights
Key Information Document (KID) – EU Funds
KID Risk Indicator
3 out of 7
Annual Returns (KID Scenarios)
Stressed
-1.6%
Moderate
3.1%
Favorable
3.7%
Average Total Cost Level (KID)
2.2%
Allocations
Geographic Focus
Investment Strategy
Industry Focus
Portfolio Composition
Historical Performance
Information about fund
Financial Inclusion Debt and Equity Since 2009
Triodos Microfinance Fund is one of the oldest and largest open-ended impact funds in Europe dedicated to financial inclusion. Launched in March 2009 as a sub-fund of the Luxembourg umbrella Triodos SICAV II and managed by Triodos Investment Management, it provides senior and subordinated debt as well as equity to microfinance institutions, SME banks, leasing companies and fintech lenders in emerging markets, with most currency exposure hedged back to euros. It is one of the few retail-accessible funds classified under Article 9 of the SFDR, with sustainable investment — financial inclusion — as its explicit objective.
Key Figures (30 June 2025)
Net Assets
€315.6M
Down from €376.7M at end-2024
Investees
78
37 countries; 26 equity stakes
Write-offs Since 2009
0.19% p.a.
H1 2025: €4.3M (1.4%)
Ongoing Charges
2.2–3.0%
I class 2.2%; B/R ~3.0%
Liquidity
Monthly
~5% cash + €30M standby line
SFDR
Article 9
Risk indicator 3/7
Portfolio and Recent Performance
As of 30 June 2025 the fund had €315.6 million invested across 78 investees in 37 countries: 45 microfinance institutions, 23 SME banks, four investment funds, three leasing companies and three holdings, with equity stakes in 26 of them. The largest positions were Ipak Yuli Bank in Uzbekistan (9.7% of net assets), Unity Trust Bank in the UK (7.9%), Credo Bank in Georgia (7.2%), Centenary Bank in Uganda (6.6%) and KazMicroFinance in Kazakhstan (5.9%). The fund is smaller than it was: net assets fell from €418 million in mid-2024 to €377 million at end-2024, and the first half of 2025 — in which the euro rose 13% against the dollar — produced a net loss of €15.2 million. The NAV of the I capitalisation class slipped from €48.18 to €46.08 over those six months.
Portfolio (semi-annual report, 30 June 2025)
| Institution types | 45 microfinance institutions, 23 SME banks, 4 investment funds, 3 leasing companies, 3 microfinance holdings |
| Instruments | 46 investees with senior loans, 14 with subordinated loans, 26 with equity |
| Top holdings | Ipak Yuli Bank (UZ) 9.7%, Unity Trust Bank (UK) 7.9%, Credo Bank (GE) 7.2%, Centenary Bank (UG) 6.6%, KazMicroFinance (KZ) 5.9% |
| Provisions | 3.8% of net assets (3.1% at start of 2025); held for Peru, Mexico, Myanmar, Indonesia, South Africa, Colombia |
| NAV per share | I cap €46.08 (€48.18 at end-2024); B cap €40.97; R cap €40.87 |
| Share classes | B, I, R, Z (EUR), CH-Institutional (CHF), K-Institutional (GBP); I EUR Dis LU0402513674 |
Credit Quality, Costs and Liquidity
Credit quality remains the fund’s strength: the average annual write-off ratio since launch in 2009 is just 0.19%. But 2025 was a harder year, with write-offs of €4.3 million (1.4%) in Myanmar, South Africa, Costa Rica and Ukraine and provisions rising to 3.8% of net assets. Ongoing charges are high for a debt fund — 2.2% for the institutional I class and roughly 3.0% for the retail B and R classes. The fund holds about 5% in cash and has a €30 million standby facility from Triodos Bank to meet redemptions, which are possible monthly. Retail investors can access it through Triodos Bank in the Netherlands, Belgium and Germany; the risk indicator is 3 out of 7.
Deepdive & Related Funds
Other Triodos Investment Management Funds
Triodos Fair Share Fund
The Triodos Fair Share Fund is an open-ended Dutch fund for joint account (FGR, an AIF) which invests since 2002 in microfinance and SME banks in emerging markets. At end-August 2026 loans accounted for approximately 51% of the total assets, subordinated loans for 14% and equities for 34%. Triodos Fair Share Fund trades on a daily basis and there is no minimum investment. The management fee is 2.20% and the risk indicator is 2 of 7.
Triodos Groenfonds (TGF)
Triodos Groenfonds is the Netherlands’ original green investment fund (launched June 1998, daily tradable on Euronext Amsterdam): €523.7 million lent to around 250–300 Dutch projects in renewable energy, organic farming, nature restoration, sustainable housing and, since 2025, circular economy, batteries and heat networks. Bond-like returns (3-year average +2.6% p.a., 1-year -0.9%), risk 2/7, ~1.04% ongoing costs, no minimum. Its green tax status lapsed on 1 April 2026 and the Dutch groenregeling ends in 2028.
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