AFC - Asia Frontier Capital Ltd. / Asia Frontier Investments Limited

Ruchir Desai, Co-Fund Manager of the AFC Asia Frontier Fund discussed the impact of the Pakistan elections on Bloomberg TV on 9th February. The key for any new government in Pakistan is to negotiate a longer and larger loan program with the IMF - this is critical to support the ongoing macro and stock market recovery which can help re-rate valuations in Pakistan which are the lowest since 2008/2009.

Asia Frontier Capital's Desai on Pakistan Election Ruchir Desai, fund manager at Asia Frontier Capital, says the new Pakistan government should negotiate a new bailout program with the International Monetary Fund, as the country awaits its election results. He speaks on "Bloomberg Markets: Asia." (Source: Bloomberg)

AFC Asia Frontier Fund on Sri Lanka equity performance

AFC Asia Frontier Fund expects CSE to remain among best performers this year - Business | Daily Mirror AFC Asia Frontier Fund said the Colombo Stock Exchange (CSE) would continue to continue its market rally with strong ... ..

AFC held its quarterly webinar on Thursday, 18th January. Know more about what drove the strong outperformance by Asian Frontier Markets in 2023 especially the excellent performance by our AFC Iraq Fund and AFC Asia Frontier Fund!
Click on the link to watch!

Asian Frontier Markets Update 18th January 2024 Please check here to jump to different sections of this webinar: 0:00 Thomas Hugger - Introduction02:08 Ruchir Desai – AFC Asia Frontier Fund21:57 Ahmed Tab...

Ruchir Desai, Co-Fund Manager of the AFC Asia Frontier Fund discusses on RTHK Money Talk with Megha Chaddah about the strong outperformance by Asian Frontier Markets in 2023 and why we remain positive on 2024! Click the link below to listen to the full interview!
https://www.rthk.hk/radio/radio3/programme/money_talk/episode/929837

We are very happy that our AFC Iraq Fund was with a performance of +110.4% the Best-Performing Long-only Unleveraged Actively Managed Generalist Equity Fund in the World in 2023.

5th January 2024 (Hong Kong) – Asia Frontier Capital Limited is pleased to announce that its AFC Iraq Fund - according to our research – is the best-performing, long-only, unleveraged, actively managed, generalist equity fund in the world, with a superb net performance in 2023 of +110.37%, outperforming all other long-only, unleveraged, actively managed, generalist equity funds in the world.

Full details in the Press Release:

www.asiafrontiercapital.com

2023 was an excellent year for the AFC Asia Frontier Fund and for Asian frontier markets. The AFC Asia Frontier Fund and our investment universe significantly outperformed global benchmark indexes and other peer Asian stock markets.

Looking forward to 2024, we expect the positive performance for the AFC Asia Frontier Fund and the Asian frontier stock markets to continue as we believe 2023 was only the start of a broad-based rally in Asian frontier equity markets.

The key factors which will drive returns in 2024 will be: (1) Monetary easing by global central banks (2) Earnings recovery and (3) Discounted valuations.

Read more on why we are positive on Asian Frontier Markets in our AFC Asia Frontier Fund - 2023 Review and Outlook for 2024.
https://www.asiafrontiercapital.com/newsletter-2023/2023-review-and-outlook-2024.html

Ruchir Desai, Fund Manager at Asia Frontier Capital, discusses the investment opportunities he sees in Vietnam as well as a snapshot of the outlook for 2024 and which markets he thinks can have relative outperformance in 2024. He discusses with Rishaad Salamat and Yvonne Man on "Bloomberg Markets Asia." Click the link to watch the interview!

Asia Frontier Capital's Desai on Vietnam Picks Ruchir Desai, Fund Manager at Asia Frontier Capital, discusses the investment opportunities he sees in Vietnam, with the Southeast Asian attracting growing interest. He discusses with Rishaad Salamat and Yvonne Man on "Bloomberg Markets Asia." (Source: Bloomberg)

Ruchir Desai, Co-Fund Manager of the AFC Asia Frontier Fund talks this morning on RTHK Money Talk with Steven Filby. They discussed the strong outperformance of Asian Frontier Markets in 2023 and why this trend should continue into 2024.
Click on the link below to listen to the interview!
https://www.rthk.hk/radio/radio3/programme/money_talk/episode/919116

Pakistan Wins Initial IMF Deal for $700 Million Payout
The IMF program has stoked optimism among investors over Pakistan’s fiscal recovery, spurring a more than 50% return in its dollar bonds this year. Its benchmark equity gauge, the KSE-100 Index, is one of the best performers globally since the IMF deal in July.

Pakistan Wins Initial IMF Deal for $700 Million Payout Pakistan secured initial approval from the International Monetary Fund for the release of the next loan tranche from a $3 billion bailout program.

U.S. DFC Commits Half Billion Dollars to Port Infrastructure in Colombo, Sri Lanka

U.S. DFC’s commitment of $553 million in private-sector loans for the West Container Terminal will expand its shipping capacity, creating greater prosperity for Sri Lanka.

The Port of Colombo is the largest and busiest transshipment port in the Indian Ocean. It has been operating at more than 90 percent utilization since 2021, signaling its need for additional capacity. The new terminal will cater to growing economies in the Bay of Bengal, taking advantage of Sri Lanka’s prime position on major shipping routes and its proximity to these expanding markets.
https://www.dfc.gov/media/press-releases/dfc-commits-half-billion-dollars-port-infrastructure-colombo-sri-lanka

Asian frontier markets have had a very strong year so far in 2023 with a significant outperformance against global markets. Watch our AFC Quarterly Webinar which was held on 25th October 2023 to know more on what is driving this strong performance.

Asian Frontier Markets Update 25th October 2023 Please check here to jump to different sections of this webinar: 0:00 - Thomas Hugger - Introduction01:31 - Ruchir Desai – AFC Asia Frontier Fund22:28 - Ahm...

Ruchir Desai, Co-Fund Manager of the AFC Asia Frontier Fund discusses the Strong Outperformance of Asian Frontier Markets so far in 2023 with Nitin Dialdas on RTHK Money Talk. Click on the link to listen!

香港電台第三台 Money Talk - Money Talk A fast moving and topical business and finance show bringing you breaking business and economic news and financial market updates. Join our team and their expert guests for analysis and discussion on the day's top business stories live every weekday morning 8.05am to 9am (HKT) on RTHK Radio 3.  Li...

Vietnam’s Broker Stocks Get a Boost as Retail Trading Revs Up

“The banking sector has been reducing deposit rates which
has led retail investors to focus on investing in the stock
market,” and this is positive for the brokerage sector, said
Ruchir Desai, a co-fund manager of the AFC Asia Frontier Fund.

“If you believe that Vietnam’s structural long term
economic growth will translate into a more robust capital
markets industry, then brokerage names are a good proxy,” Desai
said.

Vietnam’s Broker Stocks Get a Boost as Retail Trading Revs Up A dizzying rally in Vietnamese brokerage shares this year is likely to continue as lower domestic borrowing costs boost retail participation in the stock market.

Ruchir Desai, Co-Fund Manager of the AFC Asia Frontier Fund discusses the positive impact of closer U.S. - Vietnam relations as both countries upgrade their relationship to a Comprehensive Strategic Partnership. Listen to more on Peter Lewis' Money Talk (from 37:22).
https://peterlewismoneytalk.substack.com/p/peter-lewis-money-talk-wednesday-671?r=2mzv7&utm_campaign=post&utm_medium=web

Biden Showcases Boeing, Chip Deals as US and Vietnam Draw Closer

Biden Showcases Boeing, Chip Deals as US and Vietnam Draw Closer US President Joe Biden announced a series of semiconductor, aerospace and infrastructure deals with business leaders in Vietnam, part of a push by the White House to deepen economic integration with Indo-Pacific nations that can provide a bulwark to China.

HSBC Says Bangladesh Stocks Have Potential Like India, Vietnam

HSBC Says Bangladesh Stocks Have Potential Like India, Vietnam Bangladesh’s equity market deserves more attention from global investors as rising consumption and foreign investments boost the outlook for corporate earnings, according to HSBC Holdings Plc.

Sri Lanka is back in business - Stocks and rupee are top performers as economic rebound takes hold. Read more on this in Ruchir Desai's opinion column in Nikkei Asia.

Sri Lanka is back in business Stocks and rupee are top performers as economic rebound takes hold

Asian Frontier Markets move into the second half of 2023 on a strong footing as the key headwinds of higher inflation and higher interest rates abate. Watch the AFC Quarterly Webinar held on 25th July 2023 to learn more on the outlook for our AFC Asia Frontier Fund, AFC Iraq Fund, AFC Uzbekistan Fund, and AFC Vietnam Fund.

Asian Frontier Markets Update 25th July 2023 Please check here to jump to different sections of this webinar: 0:00 - Thomas Hugger - Introduction01:19 - Ruchir Desai – AFC Asia Frontier Fund20:25 - Ahm...

Asian Frontier Markets have significantly outperformed regional peers so far in 2023 while the outlook gets more optimistic as inflation falls and the interest rate hiking cycle peaks out. Listen to more on this as Ruchir Desai, Co-Fund Manager of the AFC Asia Frontier Fund discusses the positive outlook for Asian Frontier Markets with Nitin Dialdas on RTHK Money Talk.

香港電台第三台 Money Talk - Money Talk A fast moving and topical business and finance show bringing you breaking business and economic news and financial market updates. Join our team and their expert guests for analysis and discussion on the day's top business stories live every weekday morning 8.05am to 9am (HKT) on RTHK Radio 3.  Li...

Asian Frontier Markets have had a strong first half of 2023 and the outlook for rest of the year remains positive as the interest rate hiking cycle turns - Tune into the AFC Quarterly Update Webinar on Tuesday, 25th July 2023 to know more! Register on the link below!

Welcome! You are invited to join a webinar: Asian Frontier Markets Update. After registering, you will receive a confirmation email about joining the webinar. We will be hosting our quarterly webinar on Tuesday, 25th July 2023, which will discuss our outlook and view on Asian frontier markets. The webinar will be held at 9:00am NY, 2:00pm UK, 3:00pm Swiss and 9:00pm HK/SG time. The speakers on the webinar will be: • Thomas Hugger, CEO & Fund Manager •...

Ruchir Desai, Co-Fund Manager of the AFC Asia Frontier Fund discusses the ongoing strong re-rating in Asian Frontier Markets with a focus on Sri Lanka. Listen more on Ruchir's discussion with Peter Lewis on the link below! (From 32:06)
https://peterlewismoneytalk.substack.com/p/peter-lewis-money-talk-thursday-20?sd=pf

Ruchir Desai, Co-Fund Manager of the AFC Asia Frontier Fund comments on the positive developments in Sri Lanka.

Double-Digit Gains Suggest Turning Point for Sri Lanka Markets Sri Lankan stocks surged as markets reopened following a three-day holiday, after a plan to revamp domestic debt eased concern over financial sector stability.

Ruchir Desai, Co-Fund Manager of the AFC Asia Frontier Fund comments on the big stock market move in Pakistan.

Pakistan Stocks Rise Most in Three Years to Trigger Market Halt Pakistan’s key stock gauge surged by the most in 15 years on Monday after the nation clinched an initial $3 billion loan deal from the International Monetary Fund, easing default fears.

Sri Lanka is Bouncing Back!
The platform is set for an economic recovery in Sri Lanka as tourism and remittances make a comeback, inflation cools and interest rates get cut. Read more in our AFC on the Road report on Sri Lanka by Ruchir Desai, Co-Fund Manager of the AFC Asia Frontier Fund.
https://www.asiafrontiercapital.com/travel-reports-2023/july-2023.html

Asia Frontier Capital's Desai on Frontier Markets
Asia Frontier Capital's Fund Manager Ruchir Desai discusses his outlook on frontier markets. He speaks with David Ingles, Yvonne Man and Rishaad Salamat on "Bloomberg Markets Asia".

Asia Frontier Capital's Desai on Frontier Markets Asia Frontier Capital's Fund Manager Ruchir Desai discusses his outlook on frontier markets. He speaks with David Ingles, Yvonne Man and Rishaad Salamat on "Bloomberg Markets Asia". (Source: Bloomberg)

Vietnam Stocks Set for Highest Close in 2023 as Outlook Improves
“The key reason for the recent rally is the back to back
interest rates cuts by the central bank as well as lower deposit
rates at the banks which is leading to some liquidity coming
back to the stock market,” said Ruchir Desai, co-fund manager of
the AFC Asia Frontier Fund. “Earnings bottoming out by end of
2023 and the central bank being more dovish going forward can
lead to a sustained rally going into 2024.”

Vietnam Stocks Set to Hit Eight-Month High as Outlook Improves Vietnam’s stocks rose, with the benchmark index on track to close at its highest level in more than eight months, as easing monetary policy and government efforts to boost the economy brighten the outlook for the nation’s equities.

Ruchir Desai talks Asian frontier markets with James Ross on RTHK Money Talk this morning in Hong Kong! Link to interview below.
https://www.rthk.hk/radio/radio3/programme/money_talk/episode/884470

Macron Says Mongolia to Supply Critical Metals for Green Push

Macron Says Mongolia to Supply Critical Metals for Green Push Mongolia has agreed to supply critical metals to France that it needs as part of its shift to a less carbon-intensive economy, Emmanuel Macron said on Sunday during the first ever visit to Ulaanbaatar by a serving French president.

Valuations for Asian frontier markets are extremely attractive and they have started 2023 on a strong note while Vietnam remains the prime beneficiary in Asia from shifting supply chains. Hear more about this in Ruchir Desai's interview with Peter Lewis on Peter Lewis' Money Talk (starts from 28.14)

PETER LEWIS' MONEY TALK - Wednesday 3 May 2023 Listen now (42 min) | Hong Kong’s economy exits recession with spending boom | Australia unexpectedly raises interest rates | IMF raises 2023 economic outlook for Asia