Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
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. Iraq's banks are paying exceptional dividends. Geopolitical risks remain elevated but fundamentals and valuations support long-term conviction.
Full Quick Take
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. Iraq's banks are paying exceptional dividends. Geopolitical risks remain elevated but fundamentals and valuations support long-term conviction.
AFC Asia Frontier Fund delivered 23.1% returns in 2024, the second consecutive year of strong outperformance. Pakistan and Sri Lanka led gains globally, driven by monetary easing and economic recovery. Vietnam achieved 7.0% GDP growth despite stock market underperformance. Fund maintains positive 2025 outlook across key markets with continued structural improvements and policy support.
Full Quick Take
AFC Asia Frontier Fund delivered 23.1% returns in 2024, the second consecutive year of strong outperformance. Pakistan and Sri Lanka led gains globally, driven by monetary easing and economic recovery. Vietnam achieved 7.0% GDP growth despite stock market underperformance. Fund maintains positive 2025 outlook across key markets with continued structural improvements and policy support.
