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 |
|---|---|---|---|---|---|---|
AFC Asia Frontier Fund declined 7.9% in March due to Middle East conflict but outperformed benchmark. Two-week U.S.-Iran ceasefire creates opportunity for market rally, especially in energy-importing countries like Bangladesh, Pakistan, Sri Lanka, and Vietnam. Fund's diversified exposure across energy-importing and exporting countries provides resilience, with Iraq and Uzbekistan funds posting gains despite volatility.
Asian frontier markets offer significant diversification benefits and are positioned for recovery as Middle East tensions potentially de-escalate, with the AFC Asia Frontier Fund's balanced exposure across energy-importing and energy-exporting countries providing resilience during geopolitical volatility.
The manager expects Asian frontier markets to rally in the near term if Middle East de-escalation continues, especially in Bangladesh, Pakistan, Sri Lanka and Vietnam which have corrected the most. Valuations have opened up, particularly in Pakistan, and any further de-escalation should lead to continued re-rating in these markets.
As of Mar 31, 2026
Value Partners Group Limited was established in 1993 by Cheah Cheng Hye and V-Nee Yeh as one of Asia's pioneering asset management firms. The company achieved the distinction of being the first asset management firm listed on the Hong Kong Stock Exchange in November 2007 with stock code 806.HK. With headquarters in Hong Kong and regional offices in Shanghai, Beijing, Shenzhen, and Singapore, Value Partners maintains comprehensive Asian market coverage. The firm has grown to manage approximately US$6.2 billion in assets as of December 2025, serving institutional and individual clients across Asia Pacific, Europe, and North America. Value Partners has won over 300 awards since its founding, establishing itself as a recognized leader in Asian investment management. The firm specializes in value investing strategies across equities, fixed income, alternatives, multi-asset, and quantitative solutions. Value Partners Hong Kong Limited, the fund manager, holds SEC registration with CRD number 157477 and manages approximately $4.1 billion with a team of 111 professionals. The company positions itself as the 'Greater China expert' with extensive on-the-ground research capabilities. Recent corporate developments include GF Securities acquiring a 20.2% stake in June 2023, strengthening the firm's strategic partnerships.
The fund employs a dual approach combining equity and fixed income investments in Asian securities related to innovative technologies and business innovations. The investment strategy focuses on four key themes: e-commerce, fintech and online entertainment; artificial intelligence, big data, and internet of things; electric vehicles; and automation. The fund uses both quantitative and qualitative screening to identify companies benefiting from emerging technological trends across Asia. A flexible asset allocation approach allows shifting between equities and fixed income to manage volatility and enhance defensive characteristics during market downturns. The investment team conducts extensive due diligence with over 6,500 meetings annually to support fundamental analysis. The fund targets not less than 70% allocation to Asian equity and/or fixed income securities in the innovation space. Geographic diversification spans Taiwan, South Korea, Hong Kong, Japan, and China to capture regional innovation opportunities. The approach emphasizes high-conviction positions in market leaders while maintaining portfolio stability through fixed income exposure. The strategy leverages Asia's demographic advantages with 60% of global population and younger demographics driving digital transformation.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The manager demonstrates solid conviction through specific country allocations, named positions, and clear thesis about diversification benefits. The fund holds 63 companies with largest positions sized at 5.6% and 4.0%, showing moderate concentration. Specific performance expectations and catalyst-driven outlook indicate above-average conviction.
Growth Outlook
The manager expresses cautious optimism about near-term prospects following the ceasefire announcement, expecting Asian frontier markets to rally if de-escalation continues. However, this is tempered by acknowledgment of ongoing uncertainty and geopolitical risks.
Risk Appetite
The fund maintains its diversified positioning across multiple countries and sectors with modest cash levels (4.3%). While not defensive, the manager emphasizes the balanced exposure as a risk management feature rather than aggressive deployment.
Capital Deployment
Cash levels remain modest at 4.3% with some position adjustments in Mongolia (new position initiated, some increased, others reduced). This represents minor rotation activity rather than significant net deployment or de-risking.
Forward Guidance
The manager indicates readiness to benefit from any de-escalation and views corrections as potential buying opportunities, particularly in Pakistan. There's a clear bias toward deployment if conditions improve, though contingent on geopolitical developments.
Language Signal
Language is balanced with both opportunity-focused terms (rally, re-rating, attractive valuations, buying opportunity) and risk-aware language (uncertainty, volatility, considerable risks). Slightly more constructive than bearish overall.
Perceived Risk
The manager explicitly discusses considerable geopolitical risks, potential for conflict escalation into all-out regional war, and various nightmare scenarios. Detailed analysis of oil supply disruptions, inflation pressures, and market vulnerabilities indicates high perceived risk in the environment.
Opportunity Density
The manager sees selective opportunities emerging from the correction, particularly in Pakistan where valuations have opened up. References to attractive valuations across markets and potential buying opportunities suggest moderate opportunity density, though focused on specific geographies.
Time Horizon
The manager discusses both near-term catalyst dependency (ceasefire negotiations, de-escalation) and longer-term structural themes (banking developments in Iraq, economic transformation over next few years). The approach balances immediate geopolitical developments with multi-year investment horizons.
Key Catalysts
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