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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Asian frontier markets delivered strong May 2026 performance led by Uzbekistan's landmark UzNIF IPO and Pakistan's resilient recovery from Middle East conflict volatility. Uzbekistan's capital markets development is accelerating from an extremely low base while Vietnam shows a historic valuation disconnect with the fund's portfolio at 8.8x earnings despite 40% earnings growth."
Asia Frontier Capital's May 2026 newsletter highlights strong performance across frontier Asian markets despite elevated geopolitical risks from the Middle East conflict. The AFC Uzbekistan Fund returned +5.2% in May and +36.2% year-to-date, driven by the historic UzNIF IPO that raised USD 604 million with 4x oversubscription in London. The manager views Uzbekistan's accelerating capital markets development as transformational, with retail participation expanding from an extremely low base. Pakistan's KSE-100 Index has fully recovered conflict-related losses, supported by successful bond issuances and ongoing IMF-led reforms. Vietnam's economy shows impressive resilience with 19.7% export growth and record tourism, though the stock market exhibits a historic valuation disconnect with the AFC Vietnam Fund portfolio trading at 8.8x earnings versus 14x for the broader index despite delivering superior earnings growth. Iraq's banking sector is paying exceptionally large dividends with effective yields up to 19.5%. The manager remains optimistic about long-term prospects while acknowledging near-term geopolitical uncertainties, believing high-quality holdings and strong earnings growth will drive performance through volatility.
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