I-AM Vision Microfinance Market commentary
New investments in Southeast Asia, Central Asia, and Eastern Europe
In September 2026, I-AM Vision Microfinance placed investments in Mongolia, Kyrgyzstan, Tajikistan, Vietnam and Romania. The investment in Tajikistan is intended to contribute positively to UN Sustainable Development Goal 1 “No Poverty” as the microfinance institution allocates more than half of its loan portfolio to micro and small enterprises with an average loan size of less than USD 3,500.
GreenStars Market commentary
Equity Markets and Rising Bond Yields
In September, global equity markets delivered mixed performance. While technology and AI-related companies recorded further gains, many cyclical and interest-rate-sensitive sectors came under pressure, resulting in a marked deterioration in market breadth.
I-AM Global Macro Market commentary
Inflation fears drive interest rates sharply higher; stock markets prove surprisingly resilient
September was the month of the central banks: both the ECB and the Fed raised their key interest rates by 25 basis points each – the first time in years that both have raised rates in unison. For the Fed, it was the first interest rate hike since July 2023; for the ECB, it was the second this year. The markets reacted with a sharp rise in yields, particularly at the short end of the yield curves. Against this backdrop, the equity markets proved surprisingly stable and volatility was low.
Social impact made visible - Microfinance projects 2025
Microfinance is becoming increasingly important as an asset class
In recent years, microfinance has developed into a serious alternative within institutional portfolios. In a market environment characterised by uncertainty, many investors particularly value its stable returns and low correlation with traditional capital market movements and asset classes. Even in challenging investment years such as 2008 or 2022, microfinance was able to deliver a positive return contribution to the portfolio. (Please note, however, that losses on the capital invested may also occur.) Microfinance investments offer direct access to the real economy in emerging and developing countries, thereby facilitating a combination of financial return and measurable social impact. In our view, it is precisely this link that is crucial: capital is not merely invested but is specifically deployed to generate economic development.
Further information on funds, investments and financial markets can be found in the press section and blog of Erste Asset Management.
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This marketing document is provided for non-binding information purposes only and does not represent any offering or invitation to purchase or sell units in an investment fund, and nor should it be deemed an invitation to submit an offer for conclusion of any contract on investment services or collateral performance. This document cannot replace the advice of your personal investment advisor. Any unauthorized use hereof, in particular its reproduction, processing, transmission or publication is forbidden. The author hereof as well as any enterprises affiliated with them exclude herewith all and any liability in full for the correctness, completeness or actuality of the information contained and opinions stated herein. All performance figures indicated are gross performance figures.
Please note: Fund-based investments are subject to general economic risks as well as fluctuations in value which may result in losses – and even the total loss of the capital invested. Express reference is made to the detailed risk notices provided in the prospectus. Unit classes denominated in foreign currencies entail an additional currency risk.
Their performance may rise or fall due to currency fluctuations.