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About AFC Asia Frontier Fund
AFC Asia Frontier Fund is managed by Asia Frontier Investments Limited. The fund aims to achieve long-term capital appreciation for investors by investing in listed equities of companies that have their principal business activities in high-growth Asian frontier markets. The fund primarily focusses on consumer, financial and infrastructure related companies.
Under the direction of CEO and Fund Manager, Thomas Hugger, and Ruchir Desai, co-Fund Manager, the Cayman Islands domiciled fund operates a combination top-down and bottom-up strategy to capture both growth and value opportunities in listed equities. The country universe includes Bangladesh, Bhutan, Cambodia, Georgia, Iraq, Jordan, Kazakhstan, Kyrgyzstan, Laos, Maldives, Mongolia, Myanmar (Burma), Nepal, Pakistan, Papua New Guinea, Sri Lanka, Uzbekistan, and Vietnam.
For more information on the fund's performance or to receive our latest fund factsheet and investor presentation please contact This email address is being protected from spambots. You need JavaScript enabled to view it..
Alternatively, you can find further details using the links on the left.
AFC Asia Frontier Fund Investment Strategy
The AFC Asia Frontier Fund is designed to offer investors high returns which have a lower correlation with global and emerging markets and provide a significant diversification opportunity for investor portfolios. The fund universe consists of Asia frontier countries which exhibit favourable demographics combined with rising incomes and high GDP growth rates. Due to the structural changes taking place in these economies, the fund invests in listed equities of companies that have their principal business activities in these high growth Asian frontier countries. The current fund universe consists of Bangladesh, Bhutan, Cambodia, Iraq, Kazakhstan, Kyrgyzstan, Laos, Maldives, Mongolia, Myanmar, Nepal, Pakistan, Papua New Guinea, Sri Lanka, Uzbekistan, and Vietnam.
The fund's investment strategy is a combination of a top-down and bottom-up approach which allows the fund to take advantage of growth and value opportunities. Top down analysis identifies macro trends which could impact industries or companies positively or negatively while bottom up analysis allows the fund to look for companies or industries which are valued attractively relative to their earnings growth, free cash flow and dividend yield.
To take advantage of the growth in these Asian frontier countries, the fund primarily invests in Consumer Staple, Consumer Discretionary, Financial and Infrastructure stocks. Additionally, the fund also invests in country specific sector stocks such as Textiles in Pakistan and Bangladesh, Tourism in Sri Lanka, Natural Resources in Mongolia and Papua New Guinea and Power Generation in Laos.
The fund's investment strategy consists of building a core portfolio of large cap and liquid stocks as well as a satellite portfolio of mid and small cap stocks. One of the fund's key sources of comparative advantages is the focus on capturing returns from small and mid-cap stocks which are often overlooked by larger, less flexible funds.
This investment strategy is backed by a systematic and pro-active research process which involves primary in-house research, on the ground visits and access to credible secondary research resources.
For more information on AFC Asia Frontier Fund please login to review our latest fund factsheet and investor presentation or be in touch with any questions at This email address is being protected from spambots. You need JavaScript enabled to view it..
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AFC Asia Frontier Fund Performance
Net Fund Performance - Class A USD - Net
US Investors: AFC Asia Frontier Fund
| USD-A | USD-B | CHF-A | CHF-B | EUR-A | EUR-B | |
|---|---|---|---|---|---|---|
| NAV | 1,702.77 | 1,781.06 | 1,540.89 | 1,358.78 | 1,566.42 | 1,519.51 |
| Since Inception | +70.28% | +78.11% | +54.09% | +35.88% | +56.64% | +51.95% |
| Inception Date | 30/03/12 | 30/03/12 | 30/03/12 | 31/01/14 | 31/01/14 | 31/07/14 |
| USD | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2012 | +0.91% | -7.56% | -0.27% | -0.26% | +0.85% | +3.64% | -0.96% | +0.62% | +3.62% | +0.15% | |||
| 2013 | +5.99% | -1.75% | -0.70% | +1.12% | +8.25% | -2.33% | -0.54% | -0.90% | +0.06% | -1.45% | +0.86% | +3.18% | +11.83% |
| 2014 | +7.34% | +1.67% | +2.72% | +1.53% | +2.60% | +0.07% | +1.59% | -0.05% | +2.10% | +2.52% | -0.15% | -0.62% | +23.24% |
| 2015 | -0.49% | -0.33% | -4.16% | +3.28% | -0.32% | +3.24% | +1.09% | -1.43% | -1.42% | +2.14% | -3.42% | +2.97% | +0.80% |
| 2016 | -3.51% | -0.77% | +1.89% | +2.30% | +3.79% | +1.85% | +3.19% | +2.54% | +2.33% | +0.84% | +2.57% | +3.69% | +22.50% |
| 2017 | +3.14% | -1.11% | +0.11% | +2.33% | +0.91% | -1.16% | -0.03% | -3.47% | +0.72% | -1.60% | +2.81% | -2.26% | +0.16% |
| 2018 | +2.41% | -1.51% | -1.49% | -3.49% | -4.50% | -2.70% | -2.16% | +0.68% | -1.40% | -5.52% | -1.54% | -0.75% | -20.07% |
| 2019 | -0.01% | -0.04% | -0.12% | -1.92% | -1.55% | -0.44% | -0.11% | -1.52% | -2.14% | -1.66% | +1.83% | +0.90% | -6.65% |
| 2020 | -3.92% | -2.82% | -14.24% | +4.20% | +4.11% | +1.00% | +4.86% | +4.30% | -1.16% | -1.35% | +6.35% | +5.64% | +5.11% |
| 2021 | +1.02% | +3.92% | +1.25% | +1.39% | +3.02% | +1.59% | -0.12% | +2.53% | +3.10% | +0.95% | -4.37% | +2.75% | +18.13% |
| 2022 | -3.08% | -2.27% | N/A | -3.40% | -6.13% | -4.47% | -1.83% | +2.44% | -5.45% | -1.02% | -0.26% | +0.31% | -22.73% |
| 2023 | +0.61% | +2.33% | +0.67% | +3.88% | -2.05% | +1.80% | +4.01% | +3.21% | +3.50% | -3.67% | +6.77% | +3.62% | +27.10% |
| 2024 | +0.43% | +3.11% | +1.10% | +3.80% | +0.88% | +9.64% |
| CHF | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2012 | -0.29% | -1.18% | -2.62% | +1.62% | -1.40% | +1.92% | -1.82% | +0.24% | +2.26% | -1.39% | |||
| 2013 | +5.65% | +0.84% | +0.62% | -0.96% | +11.36% | -3.46% | -2.54% | -0.52% | -2.64% | -1.20% | +0.78% | +1.60% | +8.97% |
| 2014 | +9.64% | -1.12% | +3.22% | +1.05% | +4.19% | -0.76% | +3.89% | +0.92% | +5.82% | +3.35% | +0.09% | +2.08% | +36.98% |
| 2015 | -7.83% | +3.33% | -2.36% | -0.80% | +0.19% | +2.38% | +4.39% | -1.23% | -0.21% | +2.98% | +0.94% | +0.01% | +1.20% |
| 2016 | -0.85% | -3.33% | -2.24% | +2.20% | +7.13% | +0.18% | +2.05% | +3.68% | +0.83% | +2.59% | +5.08% | +3.15% | +21.90% |
| 2017 | +0.26% | +0.39% | -0.13% | +1.54% | -1.67% | -2.25% | +0.81% | -3.75% | +1.39% | +1.31% | +1.01% | -2.98% | -4.19% |
| 2018 | -2.31% | +0.09% | -0.18% | -0.26% | -5.11% | -1.96% | -2.46% | -1.31% | -0.81% | -2.63% | -2.19% | -2.10% | -19.38% |
| 2019 | +0.57% | +0.44% | -0.12% | +0.43% | -3.19% | -3.26% | +1.38% | -1.59% | -1.39% | -2.72% | +3.14% | -2.23% | -8.40% |
| 2020 | -4.31% | -2.51% | -15.04% | +4.72% | +3.53% | -0.58% | +0.91% | +2.99% | +0.77% | -1.54% | +4.86% | +2.99% | -4.85% |
| 2021 | +1.64% | +4.94% | +4.64% | -1.59% | +1.20% | +3.86% | -1.89% | +3.06% | +4.26% | -0.89% | -3.07% | +1.02% | +18.11% |
| 2022 | -0.85% | -3.29% | N/A | +2.06% | -6.68% | -4.38% | -2.09% | +4.62% | -4.27% | +0.55% | -4.72% | -2.43% | -19.95% |
| 2023 | -0.13% | +4.20% | -1.78% | +1.23% | +0.33% | -0.23% | +0.88% | +4.68% | +6.58% | -4.01% | +1.91% | +0.10% | +14.13% |
| 2024 | +2.22% | +5.58% | +3.29% | +5.41% | -0.58% | +16.82% |
| EUR | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | -3.62% | +2.81% | +0.86% | +3.69% | -0.33% | +3.50% | +1.76% | +5.69% | +3.24% | +0.38% | +2.02% | +21.56% | |
| 2015 | +6.07% | +0.46% | +0.78% | -1.80% | +1.88% | +1.11% | +2.24% | -3.04% | -0.73% | +3.11% | +1.12% | -0.45% | +10.96% |
| 2016 | -2.57% | -1.06% | -3.06% | +1.40% | +6.16% | +2.15% | +1.85% | +2.37% | +0.98% | +2.47% | +4.33% | +3.10% | +19.25% |
| 2017 | +0.43% | +0.40% | -0.50% | +0.28% | -1.75% | -2.00% | -2.31% | -3.48% | +1.67% | -0.16% | +0.10% | -2.65% | -9.66% |
| 2018 | -1.31% | +0.59% | -2.19% | -1.81% | -1.20% | -2.74% | -2.39% | +1.62% | -1.64% | -3.06% | -1.47% | -1.70% | -16.09% |
| 2019 | -0.88% | +0.74% | +1.28% | -1.68% | -1.14% | -2.40% | +2.10% | -0.26% | -1.42% | -3.85% | +3.04% | -0.89% | -5.42% |
| 2020 | -2.62% | -1.96% | -14.36% | +4.95% | +2.54% | -0.16% | -0.30% | +3.08% | +0.76% | -0.69% | +3.47% | +3.24% | -3.58% |
| 2021 | +1.73% | +3.89% | +4.57% | -1.06% | +0.72% | +4.74% | -0.23% | +3.01% | +4.94% | +1.14% | -1.83% | +1.80% | +25.75% |
| 2022 | -1.71% | -2.56% | N/A | +3.11% | -8.11% | -2.14% | +0.80% | +4.04% | -8.03% | +2.80% | -5.02% | -3.69% | -19.47% |
| 2023 | -1.37% | +5.85% | -2.08% | +2.50% | +1.64% | -0.65% | +3.19% | +5.14% | +6.22% | -3.78% | +3.45% | +2.37% | +24.25% |
| 2024 | +2.24% | +3.27% | +1.23% | +5.28% | -0.52% | +11.95% |
| USD | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2012 | +0.94% | -7.55% | -0.24% | -0.23% | +0.88% | +3.67% | -0.94% | +0.64% | +3.65% | +0.37% | |||
| 2013 | +6.09% | -1.77% | -0.70% | +1.17% | +8.45% | -2.36% | -0.52% | -0.87% | +0.09% | -1.43% | +0.89% | +3.19% | +12.30% |
| 2014 | +7.53% | +1.72% | +2.79% | +1.58% | +2.67% | +0.09% | +1.65% | -0.03% | +2.16% | +2.59% | -0.13% | -0.62% | +24.07% |
| 2015 | -0.47% | -0.31% | -4.13% | +3.31% | -0.30% | +3.27% | +1.12% | -1.41% | -1.40% | +2.16% | -3.39% | +2.99% | +1.10% |
| 2016 | -3.49% | -0.75% | +1.91% | +2.32% | +3.82% | +1.91% | +3.28% | +2.61% | +2.40% | +0.87% | +2.65% | +3.78% | +23.25% |
| 2017 | +3.23% | -1.12% | +0.13% | +2.40% | +0.95% | -1.17% | 0.00% | -3.45% | +0.74% | -1.57% | +2.84% | -2.23% | +0.51% |
| 2018 | +2.44% | -1.49% | -1.46% | -3.46% | -4.47% | -2.68% | -2.13% | +0.71% | -1.38% | -5.49% | -1.51% | -0.72% | -19.83% |
| 2019 | +0.01% | -0.01% | -0.10% | -1.90% | -1.52% | -0.41% | -0.09% | -1.49% | -2.11% | -1.64% | +1.86% | +0.92% | -6.37% |
| 2020 | -3.90% | -2.79% | -14.22% | +4.22% | +4.14% | +1.03% | +4.89% | +4.32% | -1.13% | -1.33% | +6.38% | +5.67% | +5.43% |
| 2021 | +1.05% | +3.94% | +1.28% | +1.42% | +3.05% | +1.62% | -0.09% | +2.55% | +3.12% | +0.97% | -4.34% | +2.78% | +18.49% |
| 2022 | -3.05% | -2.25% | N/A | -3.35% | -6.11% | -4.45% | -1.80% | +2.46% | -5.42% | -0.99% | -0.24% | +0.33% | -22.50% |
| 2023 | +0.63% | +2.35% | +0.70% | +3.91% | -2.03% | +1.82% | +4.03% | +3.24% | +3.53% | -3.65% | +6.80% | +3.64% | +27.49% |
| 2024 | +0.46% | +3.13% | +1.13% | +3.83% | +0.91% | +9.77% |
| CHF | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | -1.23% | +3.42% | +1.10% | +4.30% | -0.76% | +4.00% | +0.95% | +5.97% | +3.44% | +0.11% | +2.14% | +25.78% | |
| 2015 | -7.81% | +3.35% | -2.34% | -0.77% | +0.21% | +2.41% | +4.41% | -1.21% | -0.18% | +3.01% | +0.96% | +0.03% | +1.51% |
| 2016 | -0.83% | -3.31% | -2.22% | +2.22% | +7.15% | +0.20% | +2.12% | +3.77% | +0.86% | +2.67% | +5.21% | +3.23% | +22.65% |
| 2017 | +0.28% | +0.41% | -0.11% | +1.58% | -1.66% | -2.22% | +0.83% | -3.73% | +1.42% | +1.34% | +1.04% | -2.96% | -3.90% |
| 2018 | -2.28% | +0.12% | -0.15% | -0.24% | -5.09% | -1.93% | -2.44% | -1.28% | -0.79% | -2.60% | -2.17% | -2.08% | -19.14% |
| 2019 | +0.59% | +0.47% | -0.10% | +0.46% | -3.16% | -3.23% | +1.41% | -1.56% | -1.36% | -2.70% | +3.17% | -2.21% | -8.12% |
| 2020 | -4.29% | -2.48% | -15.01% | +4.75% | +3.55% | -0.55% | +0.93% | +3.02% | +0.80% | -1.51% | +4.89% | +3.02% | -4.57% |
| 2021 | +1.67% | +4.97% | +4.67% | -1.56% | +1.22% | +3.88% | -1.86% | +3.08% | +4.29% | -0.86% | -3.05% | +1.05% | +18.46% |
| 2022 | -0.83% | -3.27% | N/A | +2.12% | -6.65% | -4.36% | -2.07% | +4.64% | -4.25% | +0.57% | -4.69% | -2.41% | -19.71% |
| 2023 | -0.10% | +4.23% | -1.75% | +1.25% | +0.36% | -0.21% | +0.91% | +4.70% | +6.60% | -3.99% | +1.93% | +0.12% | +14.47% |
| 2024 | +2.25% | +5.60% | +3.31% | +5.44% | -0.56% | +16.97% |
| EUR | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | +1.82% | +5.82% | +3.33% | +0.40% | +2.08% | +14.10% | |||||||
| 2015 | +6.22% | +0.49% | +0.81% | -1.78% | +1.91% | +1.15% | +2.31% | -3.06% | -0.71% | +3.14% | +1.17% | -0.44% | +11.46% |
| 2016 | -2.55% | -1.03% | -3.04% | +1.43% | +6.18% | +2.20% | +1.91% | +2.44% | +1.02% | +2.55% | +4.44% | +3.19% | +19.96% |
| 2017 | +0.46% | +0.43% | -0.48% | +0.30% | -1.73% | -1.97% | -2.29% | -3.46% | +1.69% | -0.14% | +0.12% | -2.62% | -9.39% |
| 2018 | -1.29% | +0.62% | -2.17% | -1.79% | -1.17% | -2.71% | -2.36% | +1.64% | -1.62% | -3.04% | -1.44% | -1.68% | -15.83% |
| 2019 | -0.86% | +0.76% | +1.31% | -1.66% | -1.12% | -2.37% | +2.13% | -0.24% | -1.39% | -3.82% | +3.07% | -0.86% | -5.13% |
| 2020 | -2.59% | -1.94% | -14.34% | +4.98% | +2.48% | -0.13% | -0.28% | +3.10% | +0.78% | -0.67% | +3.50% | +3.27% | -3.29% |
| 2021 | +1.75% | +3.91% | +4.59% | -1.04% | +0.75% | +4.77% | -0.21% | +3.04% | +4.97% | +1.16% | -1.81% | +1.83% | +26.13% |
| 2022 | -1.69% | -2.54% | N/A | +3.16% | -8.09% | -2.11% | +0.83% | +4.06% | -8.00% | +2.83% | -5.00% | -3.67% | -19.22% |
| 2023 | -1.35% | +5.87% | -2.05% | +2.53% | +1.67% | -0.63% | +3.21% | +5.17% | +6.25% | -3.76% | +3.48% | +2.40% | +24.62% |
| 2024 | +2.26% | +3.59% | +1.33% | +4.96% | -0.50% | +12.11% |
Non-US Investors: AFC Asia Frontier Fund (Non-US)
| USD-A | USD-B | CHF-A | CHF-B | EUR-A | EUR-B | |
|---|---|---|---|---|---|---|
| NAV | 1,702.65 | 1,780.84 | 1,540.89 | 1,358.78 | 1,566.43 | 1,519.51 |
| Since Inception | +70.26% | +78.08% | +54.09% | +35.88% | +56.64% | +51.95% |
| Inception Date | 30/03/12 | 30/03/12 | 30/03/12 | 31/01/14 | 31/01/14 | 31/07/14 |
| USD | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2012 | +0.90% | -7.56% | -0.27% | -0.26% | +0.85% | +3.64% | -0.96% | +0.61% | +3.62% | +0.14% | |||
| 2013 | +5.99% | -1.75% | -0.70% | +1.12% | +8.25% | -2.33% | -0.54% | -0.90% | +0.06% | -1.45% | +0.86% | +3.18% | +11.83% |
| 2014 | +7.34% | +1.67% | +2.72% | +1.53% | +2.60% | +0.07% | +1.59% | -0.05% | +2.10% | +2.52% | -0.15% | -0.62% | +23.24% |
| 2015 | -0.49% | -0.34% | -4.15% | +3.28% | -0.32% | +3.24% | +1.09% | -1.43% | -1.42% | +2.14% | -3.42% | +2.96% | +0.79% |
| 2016 | -3.51% | -0.77% | +1.89% | +2.30% | +3.80% | +1.85% | +3.19% | +2.54% | +2.33% | +0.84% | +2.57% | +3.69% | +22.51% |
| 2017 | +3.14% | -1.11% | +0.11% | +2.33% | +0.91% | -1.16% | -0.03% | -3.47% | +0.71% | -1.60% | +2.81% | -2.26% | +0.16% |
| 2018 | +2.41% | -1.51% | -1.49% | -3.49% | -4.50% | -2.70% | -2.16% | +0.68% | -1.40% | -5.52% | -1.54% | -0.75% | -20.07% |
| 2019 | -0.01% | -0.04% | -0.12% | -1.92% | -1.55% | -0.44% | -0.11% | -1.52% | -2.14% | -1.66% | +1.83% | +0.90% | -6.65% |
| 2020 | -3.92% | -2.82% | -14.25% | +4.20% | +4.11% | +1.00% | +4.86% | +4.30% | -1.16% | -1.35% | +6.35% | +5.64% | +5.11% |
| 2021 | +1.02% | +3.92% | +1.25% | +1.39% | +3.02% | +1.59% | -0.12% | +2.53% | +3.10% | +0.95% | -4.37% | +2.75% | +18.13% |
| 2022 | -3.08% | -2.27% | N/A | -3.40% | -6.13% | -4.47% | -1.83% | +2.44% | -5.45% | -1.02% | -0.26% | +0.31% | -22.73% |
| 2023 | +0.61% | +2.33% | +0.67% | +3.88% | -2.05% | +1.80% | +4.01% | +3.21% | +3.50% | -3.67% | +6.77% | +3.62% | +27.10% |
| 2024 | +0.43% | +3.11% | +1.10% | +3.80% | +0.88% | +9.64% |
| CHF | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2012 | -0.29% | -1.18% | -2.62% | +1.62% | -1.40% | +1.92% | -1.82% | +0.24% | +2.26% | -1.39% | |||
| 2013 | +5.65% | +0.84% | +0.62% | -0.96% | +11.36% | -3.46% | -2.54% | -0.52% | -2.64% | -1.20% | +0.78% | +1.60% | +8.97% |
| 2014 | +9.64% | -1.12% | +3.22% | +1.05% | +4.19% | -0.76% | +3.89% | +0.92% | +5.82% | +3.35% | +0.09% | +2.08% | +36.98% |
| 2015 | -7.83% | +3.33% | -2.36% | -0.80% | +0.19% | +2.38% | +4.39% | -1.23% | -0.21% | +2.98% | +0.94% | +0.01% | +1.20% |
| 2016 | -0.85% | -3.33% | -2.24% | +2.20% | +7.13% | +0.18% | +2.05% | +3.68% | +0.83% | +2.59% | +5.08% | +3.15% | +21.90% |
| 2017 | +0.26% | +0.39% | -0.13% | +1.54% | -1.67% | -2.25% | +0.81% | -3.75% | +1.39% | +1.31% | +1.01% | -2.98% | -4.19% |
| 2018 | -2.31% | +0.09% | -0.18% | -0.26% | -5.11% | -1.96% | -2.46% | -1.31% | -0.81% | -2.63% | -2.19% | -2.10% | -19.38% |
| 2019 | +0.57% | +0.44% | -0.12% | +0.43% | -3.19% | -3.26% | +1.38% | -1.59% | -1.39% | -2.72% | +3.14% | -2.23% | -8.40% |
| 2020 | -4.31% | -2.51% | -15.04% | +4.72% | +3.53% | -0.58% | +0.91% | +2.99% | +0.77% | -1.54% | +4.86% | +2.99% | -4.85% |
| 2021 | +1.64% | +4.94% | +4.64% | -1.59% | +1.20% | +3.86% | -1.89% | +3.06% | +4.26% | -0.89% | -3.07% | +1.02% | +18.11% |
| 2022 | -0.85% | -3.29% | N/A | +2.06% | -6.68% | -4.38% | -2.09% | +4.62% | -4.27% | +0.55% | -4.72% | -2.43% | -19.95% |
| 2023 | -0.13% | +4.20% | -1.78% | +1.23% | +0.33% | -0.23% | +0.88% | +4.68% | +6.58% | -4.01% | +1.91% | +0.10% | +14.13% |
| 2024 | +2.22% | +5.58% | +3.29% | +5.41% | -0.58% | +16.82% |
| EUR | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | -3.62% | +2.81% | +0.86% | +3.69% | -0.33% | +3.50% | +1.76% | +5.69% | +3.24% | +0.38% | +2.02% | +21.56% | |
| 2015 | +6.07% | +0.46% | +0.78% | -1.80% | +1.88% | +1.11% | +2.24% | -3.04% | -0.73% | +3.11% | +1.12% | -0.45% | +10.96% |
| 2016 | -2.57% | -1.06% | -3.06% | +1.40% | +6.16% | +2.15% | +1.85% | +2.37% | +0.98% | +2.47% | +4.33% | +3.10% | +19.25% |
| 2017 | +0.43% | +0.40% | -0.50% | +0.28% | -1.75% | -2.00% | -2.31% | -3.48% | +1.67% | -0.16% | +0.10% | -2.65% | -9.66% |
| 2018 | -1.31% | +0.59% | -2.19% | -1.81% | -1.20% | -2.74% | -2.39% | +1.62% | -1.64% | -3.06% | -1.47% | -1.70% | -16.09% |
| 2019 | -0.88% | +0.74% | +1.28% | -1.68% | -1.14% | -2.40% | +2.10% | -0.26% | -1.42% | -3.85% | +3.04% | -0.89% | -5.42% |
| 2020 | -2.62% | -1.96% | -14.36% | +4.95% | +2.45% | -0.16% | -0.30% | +3.08% | +0.76% | -0.69% | +3.47% | +3.24% | -3.58% |
| 2021 | +1.73% | +3.89% | +4.57% | -1.06% | +0.72% | +4.74% | -0.23% | +3.01% | +4.94% | +1.14% | -1.83% | +1.80% | +25.75% |
| 2022 | -1.71% | -2.56% | N/A | +3.11% | -8.11% | -2.14% | +0.80% | +4.04% | -8.03% | +2.80% | -5.02% | -3.69% | -19.47% |
| 2023 | -1.37% | +5.85% | -2.08% | +2.50% | +1.64% | -0.65% | +3.19% | +5.14% | +6.22% | -3.78% | +3.45% | +2.37% | +24.25% |
| 2024 | +2.24% | +3.27% | +1.23% | +5.28% | -0.52% | +11.95% |
| USD | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2012 | +0.94% | -7.55% | -0.24% | -0.23% | +0.88% | +3.67% | -0.94% | +0.64% | +3.65% | +0.36% | |||
| 2013 | +6.09% | -1.77% | -0.70% | +1.17% | +8.45% | -2.36% | -0.52% | -0.87% | +0.09% | -1.43% | +0.89% | +3.19% | +12.29% |
| 2014 | +7.53% | +1.72% | +2.79% | +1.58% | +2.67% | +0.09% | +1.65% | -0.03% | +2.16% | +2.59% | -0.13% | -0.62% | +24.07% |
| 2015 | -0.47% | -0.31% | -4.13% | +3.31% | -0.30% | +3.27% | +1.12% | -1.41% | -1.40% | +2.16% | -3.39% | +2.99% | +1.09% |
| 2016 | -3.49% | -0.75% | +1.91% | +2.32% | +3.83% | +1.91% | +3.28% | +2.61% | +2.40% | +0.87% | +2.65% | +3.78% | +23.26% |
| 2017 | +3.23% | -1.12% | +0.13% | +2.40% | +0.95% | -1.17% | 0.00% | -3.44% | +0.74% | -1.57% | +2.84% | -2.23% | +0.51% |
| 2018 | +2.44% | -1.49% | -1.46% | -3.46% | -4.47% | -2.68% | -2.13% | +0.71% | -1.38% | -5.49% | -1.51% | -0.72% | -19.83% |
| 2019 | +0.01% | +0.01% | -0.10% | -1.90% | -1.52% | -0.41% | -0.09% | -1.49% | -2.11% | -1.64% | +1.86% | +0.92% | -6.37% |
| 2020 | -3.90% | -2.79% | -14.22% | +4.22% | +4.14% | +1.03% | +4.89% | +4.32% | -1.13% | -1.33% | +6.38% | +5.67% | +5.43% |
| 2021 | +1.05% | +3.94% | +1.28% | +1.42% | +3.05% | +1.62% | -0.09% | +2.55% | +3.12% | +0.97% | -4.34% | +2.78% | +18.49% |
| 2022 | -3.05% | -2.25% | N/A | -3.35% | -6.11% | -4.45% | -1.80% | +2.46% | -5.43% | -0.99% | -0.24% | +0.33% | -22.50% |
| 2023 | +0.63% | +2.35% | +0.70% | +3.91% | -2.03% | +1.82% | +4.03% | +3.24% | +3.53% | -3.65% | +6.80% | +3.64% | +27.49% |
| 2024 | +0.46% | +3.13% | +1.13% | +3.83% | +0.91% | +9.77% |
| CHF | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | -1.23% | +3.42% | +1.10% | +4.30% | -0.76% | +4.00% | +0.95% | +5.97% | +3.44% | +0.11% | +2.14% | +25.78% | |
| 2015 | -7.81% | +3.35% | -2.34% | -0.77% | +0.21% | +2.41% | +4.42% | -1.21% | -0.18% | +3.01% | +0.96% | +0.03% | +1.51% |
| 2016 | -0.83% | -3.31% | -2.22% | +2.22% | +7.15% | +0.20% | +2.12% | +3.77% | +0.86% | +2.67% | +5.21% | +3.23% | +22.65% |
| 2017 | +0.28% | +0.41% | -0.11% | +1.58% | -1.66% | -2.22% | +0.83% | -3.73% | +1.42% | +1.34% | +1.04% | -2.96% | -3.90% |
| 2018 | -2.28% | +0.12% | -0.15% | -0.24% | -5.09% | -1.93% | -2.44% | -1.28% | -0.79% | -2.60% | -2.17% | -2.08% | -19.14% |
| 2019 | +0.59% | +0.47% | -0.10% | +0.46% | -3.16% | -3.23% | +1.41% | -1.56% | -1.36% | -2.70% | +3.17% | -2.21% | -8.12% |
| 2020 | -4.29% | -2.48% | -15.01% | +4.75% | +3.55% | -0.55% | +0.93% | +3.02% | +0.80% | -1.51% | +4.89% | +3.02% | -4.57% |
| 2021 | +1.67% | +4.97% | +4.67% | -1.56% | +1.22% | +3.88% | -1.86% | +3.08% | +4.29% | -0.86% | -3.05% | +1.05% | +18.46% |
| 2022 | -0.83% | -3.27% | N/A | +2.12% | -6.65% | -4.36% | -2.07% | +4.64% | -4.25% | +0.57% | -4.69% | -2.41% | -19.71% |
| 2023 | -0.10% | +4.23% | -1.75% | +1.25% | +0.36% | -0.21% | +0.91% | +4.70% | +6.60% | -3.99% | +1.93% | +0.12% | +14.47% |
| 2024 | +2.25% | +5.60% | +3.31% | +5.44% | -0.56% | +16.97% |
| EUR | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | +1.82% | +5.82% | +3.33% | +0.40% | +2.08% | +14.10% | |||||||
| 2015 | +6.22% | +0.49% | +0.81% | -1.78% | +1.91% | +1.15% | +2.31% | -3.06% | -0.71% | +3.14% | +1.17% | -0.44% | +11.46% |
| 2016 | -2.55% | -1.03% | -3.04% | +1.43% | +6.18% | +2.20% | +1.91% | +2.44% | +1.02% | +2.55% | +4.44% | +3.19% | +19.96% |
| 2017 | +0.46% | +0.43% | -0.48% | +0.30% | -1.73% | -1.97% | -2.29% | -3.46% | +1.69% | -0.14% | +0.12% | -2.62% | -9.39% |
| 2018 | -1.29% | +0.62% | -2.17% | -1.79% | -1.17% | -2.71% | -2.36% | +1.64% | -1.62% | -3.04% | -1.44% | -1.68% | -15.83% |
| 2019 | -0.86% | +0.76% | +1.31% | -1.66% | -1.12% | -2.37% | +2.13% | -0.24% | -1.39% | -3.82% | +3.07% | -0.86% | -5.13% |
| 2020 | -2.59% | -1.94% | -14.34% | +4.98% | +2.48% | -0.13% | -0.28% | +3.10% | +0.78% | -0.67% | +3.50% | +3.27% | -3.29% |
| 2021 | +1.75% | +3.91% | +4.59% | -1.04% | +0.75% | +4.77% | -0.21% | +3.04% | +4.97% | +1.16% | -1.81% | +1.83% | +26.13% |
| 2022 | -1.69% | -2.54% | N/A | +3.16% | -8.09% | -2.11% | +0.83% | +4.06% | -8.00% | +2.83% | -5.00% | -3.67% | -19.22% |
| 2023 | -1.35% | +5.87% | -2.05% | +2.53% | +1.67% | -0.63% | +3.21% | +5.17% | +6.25% | -3.76% | +3.48% | +2.40% | +24.62% |
| 2024 | +2.26% | +3.59% | +1.33% | +4.96% | -0.50% | +12.11% |
* By accessing information contained herein, users are deemed to be representing and warranting that they are either a Hong Kong Professional Investor or are observing the applicable laws and regulations of their relevant jurisdictions.
** The AFC Asia Frontier Fund is registered for sale to investors in Japan, Switzerland (qualified investors), Hong Kong & UK (professional investors), Singapore (accredited investors) and USA (accredited investors and qualified purchasers).
*** For Switzerland only: This is an advertising document. The state of the origin of the fund is the Cayman Islands. This document may only be provided to qualified investors within the meaning of art. 10 para. 3 and 3ter CISA. In Switzerland, the representative is Acolin Fund Services AG, Leutschenbachstrasse 50, 8050 Zurich, Switzerland, whilst the paying agent is NPB Neue Privat Bank AG, Limmatquai 1 / am Bellevue, 8024 Zurich, Switzerland. The basic documents of the fund report may be obtained free of charge from the representative. Past performance is no indication of current or future performance. The performance data do not take account of the commissions, if any, and fund transfer costs incurred on the issue and redemption of units.
How to Invest in AFC Asia Frontier Fund
Asia Frontier Capital Limited is a Cayman Islands domiciled fund management company that has open ended funds which are open for investment. Funds are domiciled in the Cayman Islands with the "AFC Asia Frontier Fund" open for US investors only and the "AFC Asia Frontier Fund (non-US)" open for non-US investors only.
Subscription to the funds is available on a monthly basis and close 5 working days prior to the last day of each calendar month. There are 2 share classes and the fund base currencies are USD, CHF and EUR.
If you were looking for information on the other funds, please click one of the following:
How to invest in AFC Iraq Fund
How to invest in AFC Uzbekistan Fund
How to invest in AFC Vietnam Fund
Invest Directly with AFC
To invest directly in AFC’s funds you will need to:
- complete the subscription documents
- provide KYC information
- arrange a funds transfer of the investment amount
The documents take approximately 20 minutes to complete. To enquire about this process or request the documents please contact This email address is being protected from spambots. You need JavaScript enabled to view it..
Whilst there are many ways to gain access to our funds, we generally advise potential investors to invest directly. The advantages compared to investing through a bank, platform or other provider include:
- No brokerage fees when subscribing to the funds
- No custody fees during the holding period
- Investors will receive a monthly update with number of shares held and latest NAV (can also be used for tax purposes in many countries)
- Investors will receive ad-hoc information such as the audited annual report
Invest via your Bank
You can enquire with your bank as to whether they have an established relationship with Asia Frontier Capital or access to our funds via another mechanism. Occasionally some investors have been trying to invest through their bank however some of the banks declined the order for unknown reasons.
In such a case, you should inform your bank that the following companies can provide fund execution services:
- Brown Brothers Harriman, New York (http://www.bbh.com)
- CITCO Global Securities Services Ireland (http://www.citco.com)
- Clearstream (http://www.clearstream.com)
- "FundSettle platform" of Euroclear, Brussels (https://my.euroclear.com)
- SIX Securities Services, Olten (http://www.six-securities-services.com)
- Societe Generale Securities Services Luxembourg (http://www.securities-services.societegenerale.com)
- Vidacos Nominees / Citibank London
These fund service providers have already invested in one of our funds on behalf of their clients.
Invest via a Fund Platform, Insurance Company or Nominee Provider
The AFC Asia Frontier Fund has already been included on various fund platforms:
- Friends Provident fund platform (https://www.fpinternational.com)
- Generali fund platform (https://www.generali.com)
- Quilter fund platform (https://www.quilter.com)
- Westerby The Pension Specialist (https://www.sipp-ssas-pensions.co.uk/)
We have received enquiries from clients regarding other fund platforms and the majority of platform providers indicated that they are able to begin their internal due diligence process on our funds when they receive a request from their existing clients.
If you would like assistance investing via your existing fund account please be in touch directly with them to enquire. We are also happy to help expedite this process on your behalf and encourage you to contact This email address is being protected from spambots. You need JavaScript enabled to view it. if you would like assistance from our team.
Invest via your IRA, SIPP or Superannuation Fund
US investors can invest in AFC Asia Frontier Fund through a "self-directed IRA". Millennium Trust Company (http://www.mtrustcompany.com/) is already offering this service and clients have already invested in AFC Asia Frontier Fund through Millennium Trust.
Non-US investors can also invest via their self directed retirement accounts and several clients from the UK and Australia have already subscribed in this manner.
As each juristiction has different regulations and administrative procedures please contact your retirement fund to enquire about potential options to invest. If you would like more information with regard to investing via your retirement vehicle please contact This email address is being protected from spambots. You need JavaScript enabled to view it..
Fund Information
| Class A | Class B | |
|---|---|---|
| Management Fee | 1.8% p.a. of NAV | 1.5% p.a. of NAV |
| Performance Fee | 10% NAV appreciation above 3 month USD LIBOR +2% and high water mark |
8% NAV appreciation above 3 month USD LIBOR +2% and high water mark |
| Subscriptions | 5 business days before month end | 5 business days before month end |
| Redemptions | Monthly at NAV – with 90 days notice | Monthly at NAV – with 180 days notice |
| Fund Base Currencies | USD, EUR, CHF | USD, EUR, CHF |
| Initial Minimum Investment (US Investors) | USD 50,000 for USD shares | USD 50,000 for USD shares |
| EUR 50,000 for EUR shares | EUR 50,000 for EUR shares | |
| CHF 50,000 for CHF shares | CHF 50,000 for CHF shares | |
| Initial Minimum Investment (non-US Investors) | USD 25,000 for USD shares | USD 25,000 for USD shares |
| EUR 25,000 for EUR shares | EUR 25,000 for EUR shares | |
| CHF 25,000 for CHF shares | CHF 25,000 for CHF shares | |
| Subsequent Minimum Investment (US & non-US Investors) | USD 5,000 for USD shares | USD 5,000 for USD shares |
| EUR 5,000 for EUR shares | EUR 5,000 for EUR shares | |
| CHF 5,000 for CHF shares | CHF 5,000 for CHF shares | |
| Valuation Day | Last day of each calendar month | Last day of each calendar month |
Fund Details for US Investors
| Securities Numbers: AFC Asia Frontier Fund | ||||||
| USD-A | EUR-A | CHF-A | USD-B | EUR-B | CHF-B | |
|---|---|---|---|---|---|---|
| ISIN | KYG0132A1013 | KYG0132A1278 | KYG0132A1435 | KYG0132A1195 | KYG0132A1351 | KYG0132A1500 |
| CUSIP | G0132A 101 | G0132A 127 | G0132A 143 | G0132A 119 | G0132A 135 | G0132A 150 |
| Bloomberg | LEASFAA KY | LEASFAE KY | LEASFAC KY | LEASFAB KY | LEASFBE KY | LEASFBC KY |
| Valoren | 22307796 | 22307800 | 22307802 | 22307803 | 22307804 | 22307805 |
Fund Details for Non-US Investors
| Securities Numbers: AFC Asia Frontier Fund (Non-US) | ||||||
| USD-A | EUR-A | CHF-A | USD-B | EUR-B | CHF-B | |
|---|---|---|---|---|---|---|
| ISIN | KYG0133A1004 | KYG0133A1269 | KYG0133A1426 | KYG0133A1186 | KYG0133A1343 | KYG0133A1590 |
| CUSIP | G0133A 100 | G0133A 126 | G0133A 142 | G0133A 118 | G0133A 134 | G0133A 159 |
| Bloomberg | LAFNUAU KY | LAFNUAE KY | LAFNUAS KY | LAFNUBU KY | LAFNUBE KY | LAFNUBS KY |
| Valoren | 21182352 | 22307831 | 22307834 | 22307835 | 22307836 | 22307838 |
Asia Frontier Investments Limited, a subsidiary of Asia Frontier Capital Limited, is licensed by the Hong Kong Securities and Futures Commission "SFC" for Type 4 (Advising on Securities) and for Type 9 (Asset Management)
* By accessing information contained herein, users are deemed to be representing and warranting that they are either a Hong Kong Professional Investor or are observing the applicable laws and regulations of their relevant jurisdictions.
** The AFC Asia Frontier Fund is registered for sale to investors in Japan, Switzerland (qualified investors), Hong Kong & UK (professional investors), Singapore (accredited investors) and USA (accredited investors and qualified purchasers).
*** For Switzerland only: This is an advertising document. The state of the origin of the fund is the Cayman Islands. This document may only be provided to qualified investors within the meaning of art. 10 para. 3 and 3ter CISA. In Switzerland, the representative is Acolin Fund Services AG, Leutschenbachstrasse 50, 8050 Zurich, Switzerland, whilst the paying agent is NPB Neue Privat Bank AG, Limmatquai 1 / am Bellevue, 8024 Zurich, Switzerland. The basic documents of the fund report may be obtained free of charge from the representative. Past performance is no indication of current or future performance. The performance data do not take account of the commissions, if any, and fund transfer costs incurred on the issue and redemption of units.
AFC Asia Frontier Fund Blog