Editorial
As the year draws to a close, we take the obligatory look back. For responsAbility, 2009 was very much dominated by the international financial crisis and the question of whether, when and in what form it would spill over into microfinance. We have provided detailed information on these developments via our various communication channels. In summary, we can say that the entire microfinance market is undergoing a veritable stress test. In what is a new phase for the entire industry, important insights are being gained at all levels. Probably the most important from the point of view of investors is that despite a number of extremely adverse developments impacting a market still in the process of evolving, the industry, while not completely unscathed, has proven to be remarkably robust. This phase is not over. But even if individual players are still going to find the going tough, the experience will substantially strengthen everyone involved in the industry. You will find further regular information on current issues such as this in the market commentaries on our website: www.responsAbility.com/marketcommentary/en
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But in this edition of habari! we would to look at issues that have continued to develop over the course of the year, or which simply demonstrate once more that alongside microfinance there are other themes where forward-looking investors have the opportunity to earn financial returns while at the same time making a positive contribution to development. For example, you’ll find out why being poor is so expensive, and how you as a social investor can help reduce the poverty premium. We also look at controversial themes such as consumer loans, and efforts to develop ratings that may be surplus to requirements at this point in the industry’s development. In an interview with an Indian fund manager who invests in small and medium-sized enterprises (SMEs) at the base of the pyramid (the term “base of the pyramid” or “BOP” refers to people at the bottom end of the global income scale), we offer insights into an area of investment where responsAbility has a vehicle offering exclusive access.
The articles in this issue of the habari! cover both the present and the future of responsAbility’s work. But I’d like to start by talking about the past – and specifically the contribution that you, our investors, have made over the past year.
You have remained incredibly loyal to us, even when times got tough. Your trust, evidenced by the fact that we have seen constantly high inflows and only very small outflows, is what motivates us to go on working for people with a long-term horizon and those interested in social investments. For this we would like to extend our very special thanks.
We hope you enjoy reading this issue of the habari!, and wish you and your family a very happy festive season.
Yours, Klaus Tischhauser
Managing Director
responsAbility Social Investments AG
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