The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 12, 2026
Asia Frontier Capital reported mixed monthly performance across its fund suite in September 2026 amid heightened Middle East geopolitical tensions and crude oil volatility. The flagship AFC Asia Frontier Fund USD A-shares declined -1.8% net of fees (-3.6% for MSCI Frontier Markets Asia Net Total Return USD Index), bringing year-to-date net performance to +9.2% net of fees. The AFC Uzbekistan Fund rose +0.9% net to reach an all-time high NAV (+70.8% net YTD), while the AFC Iraq Fund and AFC Vietnam Fund declined -4.9% net (+6.8% net YTD) and -3.7% net (-12.4% net YTD), respectively. Cash allocations remained controlled across strategies, with the Asia Frontier Fund holding 3.1% cash, Uzbekistan Fund at 4.78%, Iraq Fund at 4.5%, and Vietnam Fund holding 2.0% cash. Macroeconomic resilience across Asian frontier economies remained supported by strengthened fiscal and external account buffers, insulating currencies and sovereign credit ratings despite regional conflicts. Sri Lanka received a credit rating upgrade from Fitch to 'B-', following earlier sovereign upgrades for Uzbekistan, Pakistan, and Kazakhstan. Geographically, Oman continues to benefit from its strategic location outside the Strait of Hormuz, achieving +5.2% year-on-year GDP growth and an inclusion on FTSE Russell's watchlist for Emerging Markets status. Concurrently, Vietnam achieved formal inclusion in FTSE Russell's Secondary Emerging Market universe, unlocking projected structural capital inflows of up to USD 6 billion. Portfolio activity and key exposures centered on domestic market modernization and value realization. In Uzbekistan, portfolio holding Uzbek Commodity Exchange (URTS) expanded its derivatives capabilities via a joint venture with Phillip Nova. In Vietnam, small- and mid-cap equities continue to trade at substantial valuation discounts, illustrated by holdings like Phu Tai JSC (6.4% weight) trading at 5x forward earnings despite 16.5% earnings growth. Across regional strategies, sector exposures remain heavily anchored in financials and materials.
Capitalize on early-stage economic transformations, structural market infrastructure upgrades, and under-researched consumer and financial franchises across resilient Asian frontier and emerging markets.
The manager maintains a positive multi-year outlook for Asian frontier markets, noting that their significantly strengthened fiscal and external account positions provide solid macro insulation against external energy shocks. Structural reforms, retail investor adoption, and international benchmark index upgrades across Vietnam, Uzbekistan, and Oman are anticipated to drive substantial institutional liquidity and equity re-ratings through 2027.
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