Publications

New report: SME Finance Loans for Growth Impact Report 2017

This impact report aims to measure the extent to which the Loans for Growth (LFG) fund meets its objectives to foster job creation, employment and entrepreneurship in emerging and frontier markets through SME finance.
The current report is the first in a series of four annual impact reports, which follow a sample of enterprises financed by the LFG fund in 12 low- and middle-income countries in 2017.
In addition to illustrating the outreach of the total LFG portfolio, it provides insights into the characteristics of the SMEs in terms of employment, access to finance, assets, financial performance and challenges faced.

New report: The Financial Performance of Impact Investing Through Private Debt

In this new report, the Global Impact Investing Network (GIIN) and Symbiotics present the first comprehensive analysis of the financial performance of private debt impact investment funds. The report sheds light on the business model, investment strategies, financial performance, and impact measurement practices of two types of funds: Private Debt Impact Funds (PDIF) investing primarily in emerging markets and Community Development Loan Funds (CDLF) exclusively investing in the United States

Authored by: Abhilash Mudaliar, Hannah Schiff, Rachel Bass, Marina Parashkevova Holmegaard, Ramkumar Narayanan, Basile Quartier

Download the full report: Financial Performance of Impact Investing Through Private Debt

Download the Private Debt Impact Fund Chapter

Download the Community Development Loan Fund Chapter

Strategy Outlook Q1 2018

2018 will be a pivotal year for financial inclusion in emerging markets. David Grimaud, CFA, Head of Asset Allocation at Symbiotics gives us a strategic outlook for the first quarter of 2018. Alongside the full report, watch the video where David explains the goal of the Asset Allocation function within Symbiotics and how the outlook affects our investment decisions and recommendations to investor clients.

Please join us in sharing this report among your networks!

White paper: Managing and Measuring Social Performance

This new white paper builds on Symbiotics’ experience on the topic of social performance, shedding light on the rationale behind our social narrative. It describes the set of tools and practices that we use internally to measure and manage the social performance of our investments in microfinance, both at our investees’ and investors’ levels.

White paper: Going unhedged in frontier markets

Providing local currency funding to frontier market has proven to be a key aspect of impact investing.

Through its investment practice and experience, Symbiotics has moved one step further: building unhedged local currency portfolios for clients. The company has originated 420 transactions for more than USD 600M volume in unhedged investments since 2010. Through a historical analysis of hedging costs and currency movement, it is observed that investors could have benefitted from a material premium, rewarding them for such risk taking over time.

Since 2005, this premium for unhedged investing would average at 3.7%, sometimes reaching 10% for a diversified basket portfolio. On the contrary, a hedged strategy would result in a premium of 2.5% at most during periods of strong local currency weakness.

Overall, going unhedged appears to be an interesting strategy for investors with patience and some risk tolerance.

2017 Symbiotics Microfinance Investment Vehicles Survey

The 2017 Symbiotics MIV survey is an annual survey which aims to provide comprehensive market trends and peer group analysis on microfinance off-shore investments. The survey, in its 11th edition, is based on December 2016 financial and social performance indicators reported by a large number of microfinance investment vehicles (MIVs). Since 2015, it has included Microfinance Investment Funds that are not open to multiple investors. Participating MIVs report their data based on the CGAP MIV Disclosure Guidelines (2010) and the Microfinance Investment Vehicles Disclosure Guidelines: Additional Indicators (2015) developed by Symbiotics in collaboration with other microfinance asset managers.

Annual Report 2016

This annual report provides our firm’s 2016 results in terms of markets, financial institutions, investments, portfolios and impact.

White paper: Why microfinance matters to investors

This white paper explores different factors that will contribute to a new investment paradigm over the coming decades, namely demographics, credit markets, and the global internet connectivity. As no investor portfolio is immune to these dynamics, our publication makes a case for why microfinance investments make sense in light of these global challenges and how it offers investors a solution to long-term challenges.

Microfinance Funds – 10 years of research and practice

“A review and analysis of CGAP & Symbiotics’ Microfinance Investment Vehicles Surveys”

Our white paper, co-written with CGAP on the past 10 years of investments in microfinance is available now.
Don’t forget to subscribe to our research mailing-list, if you want to be kept informed of our future research publications.

Corporate Brochure

A full overview of Symbiotics’ organization and business activities as well as key highlights.

Symbiotics 2015 Annual Report

Read our first public Annual report that was published in June. It offers a review of Symbiotics 2015 business activities, market coverage, financial institution partnerships and social performance.

Swiss Microfinance Investment Report

A review of the microfinance investment vehicles managed in Switzerland.

2016 Symbiotics Microfinance Investment Vehicles (MIV) Survey

The 9^th edition of the Symbiotics Microfinance Investment Vehicles (MIV) Survey has just been published. It is the only industry survey providing a full overview of market trends as well as a peer group analysis of global microfinance investment vehicles. These specialized intermediaries include microfinance investment funds open to multiple and single investors. MIVs offer financial institutions serving low-income clients in emerging markets access to a broad range of financial products.

Small Enterprise Impact Investing

Exploring the “Missing Middle” beyond Microfinance.

Microfinance Investments

An investor’s guide to financing the growth and wealth of small enterprises and low income households in emerging economies.

Microfinance Investment Vehicles Disclosure Guidelines: Additional Indicators

The present document contains sets of new financial and ESG indicators that serve as a guideline for the reporting of microfinance investment vehicles. The new performance indicators were developed by Symbiotics in collaboration with a few other microfinance asset managers in response to a quick evolution of the microfinance investment industry. They complement the consensus guidelines put together by CGAP and other industry stakeholders in 2010 (i.e: “Microfinance Investment Vehicles Disclosure Guidelines 2010”).

2014 Symbiotics MIV Survey Report

The 2014 Symbiotics MIV Survey aims to provide comprehensive market trends and peer group analysis on the microfinance off-shore investment industry. This eight annual survey compiles information from 80 Microfinance Investment Vehicles (MIVs) which have reported their data as of December 2013, using the CGAP MIV Disclosure Guidelines. The report allows fund managers and microfinance investors to benchmark themselves across a variety of key financial and social performance indicators. The study sample covers 94% of the total MIV market asset base, which is estimated at USD 9.9 billion.

Symbiotics Microfinance Index (SMX)
10-year Track Record Outperforming Mainstream Asset Classes

Over the past decade, Symbiotics’ in-house microfinance index, the SMX, has served as an industry benchmark for microfinance fund managers and institutional investors. This paper traces the risk-return profile of the index since January 2004 and compares it with other asset classes. The results underline the effectiveness of microfinance investments in generating stable absolute returns while providing investors with portfolio diversification.