Welcome to Asia Frontier Capital
Asia Frontier Capital Ltd. is a pioneering fund management company based in Hong Kong that specializes in investing in high growth Asian frontier economies by managing the AFC Asia Frontier Fund, AFC Iraq Fund, AFC Uzbekistan Fund, and the AFC Vietnam Fund.
The AFC Asia Frontier Fund invests in public equities of Asian frontier countries that are seeing increasing consumption due to favorable demographic trends, rising incomes and high GDP growth. The fund invests in listed equities of companies that have their principal business activities in Bangladesh, Bhutan, Cambodia, Iraq, Kazakhstan, Kyrgyzstan, Laos, Maldives, Mongolia, Myanmar (Burma), Nepal, Pakistan, Papua New Guinea, Sri Lanka, Uzbekistan, and Vietnam.
The AFC Asia Frontier Fund is positioned to take advantage of the continuing economic shifts in these countries and offers high returns combined with significant diversification opportunities. This fund is directed by the founder and CEO of Asia Frontier Capital, Thomas Hugger, who has been investing in frontier markets across Asia and Africa for more than 20 years. The AFC Asia Frontier Fund is also co-managed by Ruchir Desai, who has been with Asia Frontier Capital since July 2013.
The AFC Iraq Fund was launched on the 26th June 2015 and aims to achieve long-term capital appreciation for investors by capturing value and growth potential in the post conflict high-growth & resource rich Iraq market. The fund emphasises long term investment horizon to truly capture the opportunity in Iraq. The fund's investable universe consists of locally listed companies that have their principal business activities in Iraq as well as foreign listed companies that have the majority of the business in Iraq as a whole including the prosperous Kurdish Region of Iraq (KRI). The AFC Iraq Fund offers access to investments in post conflict recovery potential of Iraq, including the KRI, and/or stability in its territory. The AFC Iraq Fund is managed by Asia Frontier Capital (Iraq) Limited, Cayman Islands under the executive leadership team of Thomas Hugger (CEO & Fund Manager) and Ahmed Tabaqchali (CIO) who have more than 47 years of investment experience as well as an extensive background covering global, emerging, frontier and MENA markets.
The AFC Uzbekistan Fund was launched on 29th March 2019 and aims to achieve long-term capital appreciation for investors by capturing the value and growth potential in the recently liberalized economy of Uzbekistan. As the government pursues an ambitious privatization reform of all non-core assets and enterprises, it is anticipated that there will be a marked increase in secondary and primary listings on the Tashkent Stock Exchange, helping it to rebound from a near decade of dormancy which resulted in the significant undervaluation of listed companies today. The AFC Uzbekistan Fund is therefore designed to offer investors high returns from growth in the equities market of Uzbekistan whilst offering a portfolio that has a low correlation with global equity markets, with an investable universe consisting of listed companies that have their principal business activities in Uzbekistan as well as foreign listed companies that have the majority of their business in countries bordering Uzbekistan. The AFC Uzbekistan Fund is managed under the executive leadership team of Thomas Hugger and Scott Osheroff.
The AFC Vietnam Fund invests exclusively in undervalued listed Vietnamese equities with a focus on small to medium size companies. This market segment offers a unique investment opportunity as the valuation gap between large- and small-cap stocks in Vietnam is significant and offers an attractive investment opportunity. The stock selection process is driven by a fundamental approach, to which the team applies a quantitative overlay in a controlled manner. The core investment process does not target any particular style bias and aims to outperform in most market environments. In conjunction with targeting the maximum upside potential the portfolio has been structured to mitigate corporate government and liquidity risks. The fund invests in a diversified portfolio of 50-80 attractively valued companies to carefully control concentration risk. This approach allows the fund to sell, or buy, positions without having a significant market impact. The fund is managed by Vicente Nguyen, a seasoned investment professional with over 10 years of experience in this field.
To subscribe to our monthly newsletter and register as a member on our website please click the 'Subscribe' button below. This information is restricted to qualified investors and Hong Kong professional investors. By registering you are indicating that you are a professional investor and will then be given access to our members area which contains the track record and performance of our funds as well as other information.
Our Latest Newsletter
Our Latest Travel Report
- 22-01-2020 The Daily Star: Solving bank troubles. GP regulator issues Key for DSE
- 14-01-2020 Bloomberg Radio - Ruchir Desai discusses cheap valuations and opportunities in Asian frontier markets
- 07-01-2020 Iraq Business News: “2019 Market Review and 2020 Outlook”
- 23-12-2019 Bloomberg TV: “Where to Find Opportunities in Asian Frontier Markets - Interview with Thomas Hugger”
- 03-12-2019 bne IntelliNews - AFC Capital: Uzbekistan’s capital markets at tipping point
- 20-11-2019 Bloomberg Radio - Ruchir Desai discusses outlook for Pakistan and Sri Lanka on Bloomberg Radio
- 11-11-2019 The Edge Markets: Investing Idea: Opportunities in rising frontier market Uzbekistan
- 27-09-2019 The Wandering Investor - The Case for Investing in Uzbekistan
- 09-09-2019 Forbes - Uzbekistan Is The Hidden Gem in China's New Silk Road
- 02-09-2019 Bloomberg - Vietnam And Bangladesh Offer Good Opportunities (Interview with Ruchir Desai)
- 23-08-2019 bne INTELLINEWS - FUNDS: Asia Frontier Capital pioneering foreign investments into Uzbek stocks
- 18-07-2019 RTHK Money Talk - Interview with Ruchir Desai on Frontier Markets - at the bottom of the linked page
- 19-06-2019 Bloomberg: “Vietnam, Bangladesh Benefitting from Trade War, Says Asia Frontier Capital Fund - Interview with Ruchir Desai”
- 12-06-2019 Asia Fund Managers: “Vietnam ist der Hauptprofiteur des Handelskonflikts” (in German)
- 31-05-2019 Bloomberg: “Vietnam And Bangladesh to benefit from Trade Tensions (Radio) - Interview with Ruchir Desai”
- 29-05-2019 Finanz und Wirtschaft: Stabilität statt offener Wahl (in German)
- 29-05-2019 Finanz und Wirtschaft: Usbekistan findet Anklang bei Investoren (in German)
- 27-05-2019 Chatham House: Iraq banks its future on Qi Card
- 21-05-2019 Al Jazeera: Ruchir Desai discusses Sri Lanka post Easter Sunday Attacks in the second video in the article titled "The US, Iran and global oil markets"
- 30-04-2019 1001 Iraq Thoughts: The Entrepreneurial Spirit of Iraqs Civil Movement
- 23-04-2019 Reuters: Sri Lanka may need more IMF help as blasts threaten tourism
- 22-04-2019 Bloomberg: Bombings to have negative impact on Sri Lanka's tourism industry Desai says (Interview with Ruchir Desai)
- 16-04-2019 Citywire Asia: 10 new funds that stole the limelight in Q1: #2 - Hong Kong fund manager launches new equity fund
- 25-03-2019 Spot (in Russian): Capital Controls Confirmed Gone with Asia Frontier Capital's Successful Repatriation / Впервые за долгие годы иностранный инвестор в Узбекистане смог конвертировать и репатриировать прибыль от продажи акций
- 25-03-2019 Spot (in Russian): Foreign Investors are waiting for restrictions on ownership of bank shares to be lifted / Иностранные финансисты ждут снятия ограничений на покупку акций банков Узбекистана
- 14-03-2019 bne Intellinews: Removal of capital controls new milestone for investors in Uzbek stocks
- 07-03-2019 Ahmed Tabaqchali (CIO AFC Iraq Fund) moderates panel at the 6th Annual Sulaimani Forum titled “Iraq and its neighbors towards a new regional order”. The session was titled: “ISX. The importance of foreign investment & the private sector. March 7, 2019”
- 22-02-2019 Bloomberg: Trump-Kim Summit is ‘Positive’ for Vietnam Stocks: Street Wrap
- 19-02-2019 Frontera: Frontier Markets Investment Portfolio: A Mining Site in Northern Myanmar
- 07-02-2019 Iraq Business News: Market Review: “Money makes the World go Round”
- 29-01-2019 Bluenotes: ASEAN: facing economic headwinds
- 28-01-2019 Citywire: Bangladesh election result to boost market sentiment
- 18-01-2019 KUN.UZ: Asia Frontier Capital from Hong Kong, Sturgeon Capital from London speak about their plans for Uzbekistan
- 16-01-2019 bne IntelliNews: Frontier investment funds are moving into Uzbekistan
- 11-01-2019 Bloomberg: Asia Frontier Markets Including Vietnam, Bangladesh 'Stand Out', Analyst Says (video) - Interview with Ruchir Desai”
- 09-01-2019 Financial Times: Iraqi stockpickers see a silver lining as public mood darkens
- 01-01-2019 Bloomberg: Frontier Investors Set to Add Bangladesh Assets After Polls
- 18-12-2018 Bloomberg: “Low Oil Prices Good For Some Asian Frontier Markets (Radio) - Interview with Ruchir Desai”
- 06-12-2018 Iraq Business News: “Market Review: Telecoms dial up Recovery”
- 07-11-2018 Iraq Business News: “Market Review: Volumes and Reversion to the Mean”
- 01-11-2018 Bloomberg: “In Vietnam, Poor Demand Leads to Peak Share Auction Withdrawals”
- 29-10-2018 Bitetech: “A Parallel Iraq – A thriving entrepreneurial culture has taken root”
- 09-10-2018 Iraq Business News: “Feast or Famine”
- 28-09-2018 Bloomberg: Vietnam Stands Out for Frontier Markets - Interview with Ruchir Desai
- 11-09-2018 Bloomberg: Investors See Opportunity in Vietnam - Interview with Ruchir Desai
- 29-08-2018 RTHK Money Talk: Emerging Markets Update: Saudi Arabia (skip to 46:00 for the interview with Thomas Hugger)
- 17-08-2018 Iraq in Context: Iran, Sanctions and Iraq: The Bigger Picture
- 01-08-2018 Al-Bayan Center for Planning and Studies: Understanding Iraq’s debt: An overview of its status, outlook and origins
- 01-08-2018 Al-Bayan Center for Planning and Studies: Understanding Iraq’s debt: An overview of its status, outlook and origins (in Arabic)
- 29-07-2018 AFC: Pakistan Election Update
- 25-07-2018 Bloomberg: Pakistan Stock 'Cheap,' Market Stability Needed, Asia Frontier Capital Says - Interview with Ruchir Desai
- 25-07-2018 RTHK Money Talk - Interview with Ruchir Desai regarding Vietnam
- 28-06-2018 Bloomberg Mongolia: Interview with Scott Osheroff (in Mongolian)
- 15-06-2018 1001 Iraqi Thoughts: The Protest movement the Politicians and the Elections
- 15-06-2018 Iraq Business News: “Forget the Donations, Stupid”: New Dynamics in Funding Reconstruction
- 01-06-2018 efinancialcareers: I left a top job in Hong Kong banking to invest in a frontier market. Here’s why
- 31-05-2018 Asia Asset Management: Financing the frontiers
- 25-05-2018 NDH: Andreas Vogelsanger, CEO of Asia Frontier Capital (Vietnam), still sees value from small and mid cap stocks. (in Vietnamese)
- 23-05-2018 HFM Asiahedge: Coffee with Thomas Hugger
- 23-05-2018 Party may have ended for Vietnamese large caps but there’s value to be found in small stocks
- 22-05-2018 Bloomberg: Vietnamese Stocks May Continue to Correct on Valuations: AFC
- 05-04-2018 Iraq Business News: Market Review: Market Consolidates
- 06-03-2018 Irak: la reconstruction au défi d’un secteur bancaire fragile (French)
- 06-03-2018 The American University of Iraq: Statehood in the Kurdistan Region of Iraq through an Economic Lens
- 03-03-2018 Iraq Business News: Market Review: Momentum & High-Quality Leadership
- 22-02-2018 Iraq Business News: “It’s Not the Donations, Stupid”: Key Points from Kuwait Conference
- 07-02-2018 Bloomberg: Asia Frontier's Hugger Likes Pakistani, Vietnamese, Bangladeshi Markets - Interview with Thomas Hugger
- 02-02-2018 Historic Grievance: A Flawed Narrative for Statehood?
- 24-01-2018 Bloomberg: Malfunction Shuts Vietnam’s Main Stock Exchange for a Second Day
- 18-01-2018 Opalesque Roundtable Hong Kong 2018
- 12-01-2018 The Financial Express: AFC Asia Frontier Fund allocates 18.1pc asset to Bangladesh market
- 11-01-2018 Handelsblatt: Hinterhof mit Aussicht (German)
- 08-01-2018 Myanmar Times: Trading of YSX-listed companies gains momentum
- 05-01-2018 IR Magazine: Four questions with frontier investor AFC
- 18-12-2017 Myanmar Times: Stock trading down, but investors remain interested
- 21-11-2017 IRIS - Ahmed Tabaqchali: Iraq's Economy after ISIS: An Investor's Perspective
- 03-11-2017 Iraq In Context: Rosneft in the Kurdish Region: Moscow's Balancing Act
Asia Frontier Investments Limited, a subsidiary of Asia Frontier Capital Ltd., is licensed by the Hong Kong Securities and Futures Commission "SFC" for Type 4 (Advising on Securities) and for Type 9 (Asset Management)
* The representative of the AFC Asia Frontier Fund (non-US), AFC Iraq Fund (non-US), AFC Uzbekistan Fund (non-US) and AFC Vietnam Fund in Switzerland is ACOLIN Fund Services AG, succursale Geneve, 6 Cours de Rive, 1204 Geneva. NPB Neue Privat Bank AG, Limmatquai 1 /am Bellevue, CH – 8024 Zürich, Switzerland is the Swiss Paying Agent. In Switzerland, shares shall be distributed exclusively to qualified investors. The fund offering documents, articles of association and audited financial statements can be obtained free of charge from the Representative. The place of performance with respect to shares distributed in or from Switzerland is the registered office of the Representative.
** 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). The AFC Iraq Fund is registered for sale to investors in Switzerland (qualified investors), Hong Kong & UK (professional investors), Singapore (accredited investors), and USA (accredited investors and qualified purchasers). The AFC Uzbekistan Fund is registered for sale to investors in Switzerland (qualified investors), Hong Kong & UK (professional investors), and Singapore (accredited investors). The AFC Vietnam Fund is registered for sale to investors in Japan, Switzerland (qualified investors), Hong Kong & UK (professional investors), and Singapore (accredited investors).
*** 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.