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.
Click below to watch the virtual video pitchbook for the AFC Uzbekistan 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 Special Edition
Our Latest Webinars
- Webinar: Asia Frontier Capital - AFC Asia Frontier Fund
- Webinar: Asia Frontier Capital - Uzbekistan and Vietnam
- 13-01-2022 Bloomberg Wealth: Investing in Asian Frontier Markets: Asia Frontier Capital CEO - Interview with Thomas Hugger
- 12-01-2022 The Independent: South Asian stock markets: Hopes still not omitted by omicron
- 11-01-2022 RTHK Money Talk – Asian frontier markets - Interview with Ruchir Desai
- 10-01-2022 Nikkei Asian Review: Mongolia stock market turns heads with 133% gain
- 08-01-2022 Al Jazeera - Counting the Cost - What lies ahead for the global economy in 2022?
- 06-01-2022 Newsnextbd.com: South Asia Stocks 2021: Lanka, BD and India most vibrant PAK dull
- 04-01-2022 Bloomberg TV: Vietnam Will Have Strong Recovery in 2022: Asia Frontier Capital - Interview with Ruchir Desai
- 01-01-2022 New Age Business: Dhaka stocks fare better in 2021 despite Oct-Dec volatility
- 28-12-2021 The Business Standard: Asian Frontier Capital stands firm on Bangladesh equities
- 22-12-2021 Bloomberg: Vietnam, Kazakhstan Among Resilient Markets: Asia Frontier Fund
- 19-12-2021 MENAFN - Iraqi Market Review: 'Winter Flash Floods'
- 30-11-2021 Kursiv: Uzmetkombinat plans to triple its production capacity by 2030 - “Узметкомбинат» планирует втрое увеличить мощность производства к 2030 году” (in Uzbek)
- 29-11-2021 Nikkei Asian Review: Sri Lankan stocks soar even as economic alarm bells ring
- 26-11-2021 Interview with Ruchir Desai - Taking the pulse of Asia’s frontier markets
- 10-11-2021 Bloomberg: Asia Frontier Fund Adds Two Vietnam Tourism Companies in Oct.
- 01-11-2021 bne IntelliNews: Uzmetkombinat – one of Uzbekistan’s blue-chip companies
- 01-11-2021 CAFEF: Will the "Stock Market Party" end when inflation increases? - “Bữa tiệc chứng khoán” có tàn khi thêm gia vị lạm phát?” (in Vietnamese)
- 28-10-2021 Webinar: Asia Frontier Capital - AFC Asia Frontier Fund
- 20-10-2021 Vietnam Investment Review / ĐẦU TƯ CHỨNG KHOÁN: AFC Vietnam Fund is still "full" of shares
- 14-10-2021 Bloomberg: Commodities Boom, Tourism Hopes Fuel Southeast Asia Stock Rally
- 08-10-2021 Bloomberg: Frontier Markets a Haven In Global Energy Crisis: Taking Stock
- 06-10-2021 bne IntelliNews: Uzbekistan’s capital markets entering Phase II
- 21-09-2021 The Business Standard: Bangladesh bourses give highest return among peers
- 16-09-2021 Bloomberg: Unlikely Champion of Global Stocks Rally Hopes Gains Will Hold
- 10-09-2021 Financial Times: Uzbekistan pins hopes on renewable energy
- 23-08-2021 The Business Standard: Banks put Tk4,100cr in stocks last year
- 21-08-2021 WSJ Emerging & Growth Markets
- 20-08-2021 Bloomberg: Vietnam Stocks Plunge as Officials Tighten Stay-Home Order
- 09-08-2021 Asia Fund Managers: Vietnam – die bessere Investmentstory als China?
- 06-08-2021 Interview with Andreas Vogelsanger - Vietnam – better investment story than China?
- 03-08-2021 risingbd - Bangladesh assures a guaranteed high rate of return to investors
- 31-07-2021 Ruchir Desai discusses Sri Lanka’s macroeconomic situation on Al Jazeera – Counting the Cost – from 6’10
- 26-07-2021 Hanoitimes: Major VIetnamese corporations take lead
- 25-07-2021 Forbes: Why Investor Jim Rogers Is Poking Around Uzbekistan
- 14-07-2021 Bloomberg: Virus Flips High-Flyer Vietnam to World’s Worst: Taking Stock
- 12-07-2021 Bloomberg: Vietnams Stock Benchmark Tanks
- 05-07-2021 bne IntelliNews: A bumpy road towards relevance for Kazakhstan's AIFC stock market
- 11-06-2021 Undervalued Shares: How to Invest in Frontier Countries (Part 3): Iraq
- 07-06-2021 Invest Sri Lanka Forum - Hear from Ruchir Desai – Co-Fund Manager at AFC Asia Frontier Fund on his experience in investing in Sri Lanka's capital markets
- 03-06-2021 RTHK Money Talk – Interview with Ruchir Desai – discussing the outperformance of Asian frontier markets so far in 2021
- 24-05-2021 WSJ Emerging & Growth Markets
- 19-05-2021 Renaissance Capital – MENA Investor Conference – Spotlight on Kurdistan and Iraq
- 18-05-2021 Webinar: Asia Frontier Capital - Uzbekistan and Vietnam
- 04-05-2021 Bloomberg: Frenzied Retail Investors Lead
- 07-04-2021 Asiamoney: Military coup scuppers Myanmar’s future
- 01-04-2021 AsianInvestor: Investors in Myanmar face tough call after coup
- 15-03-2021 Vietstock: Foreign investors still bank on Vietnamese stocks despite overload
- 15-03-2021 Vietstock: What do foreign investors think about the overload of the trading system? (in Vietnamese) / Nhà đầu tư ngoại nghĩ gì về nghẽn lệnh chứng khoán?
- 10-03-2021 Vietstock: AFC Vietnam Fund is placing a big bet on the financial and consumer industries (in Vietnamese) / AFC Vietnam Fund đặt cược lớn vào ngành tài chính và tiêu dùng
- 04-03-2021 MENAFN - Market Review: Market Roars Back to Life
- 26-02-2021 TheStar: Investment funds in Vietnam remain optimistic despite poor performance
- 23-02-2021 Bloomberg: Vietnam Back to Winning Ways After January Hiccup: Taking Stock
- 20-02-2021 Bloomberg: Unilever’s Pakistan Delivery Partner Plans IPO to Expand Network
- 11-02-2021 Bloomberg: Asia Frontier Buys Kaspi, Frontier Digital Ventures
- 08-02-2021 Atlantic Council’s Middle East Programs deepens expertise with addition of nonresident fellows
- 04-02-2021 Iraq Business News: Market Review: "Of Assassinations and Corporate Activities"
- 01-02-2021 Bloomberg: Myanmar Crisis a Negative For Investor Sentiment in Near Term, Asia Frontier Capital's Desai Says
- 01-02-2021 Bloomberg: Watch Yoma Strategic as Myanmar Detains Leaders: Asia Frontier
- 19-01-2021 Bloomberg: Stocks in Vietnam Look to Earnings, Flows as Rally Stumbles
- 12-01-2021 Bloomberg: Asia Frontier Buys Pakistan’s Waves Shares on Appliances Demand
- 11-01-2021 VnExpress International: VN-Index poised to breach historical peak
- 07-01-2021 The Wandering Investor: Top 3 International Real Estate Markets for 2021
- 06-01-2021 Atlantic Council: Gone With the Muhasasa: Iraq’s Static Budeget Process, and the Loss of Financial Control
- 05-01-2021 bne IntelliNews: OUTLOOK 2021 Uzbekistan
- 05-01-2021 MENAFN - Market Review: Stock Market Rallies on Currency Devaluation
- 03-01-2021 Financial Times: Iraq boosts coffers by $2bn in Chinese prepaid oil deal
- 03-01-2021 The National: Iraq confirms $2bn oil prepayment agreement with Chinese firm
- 02-01-2021 VnExpress International: Valuations of Vietnamese stocks could soar in 2021
- 28-12-2020 AsiaFundManagers.com - Asia Frontier Markets: Economic growth full steam ahead
- 28-12-2020 AsiaFundManagers.com - Asia Frontier Markets: Wirtschaftswachstum volle Kraft voraus
- 26-12-2020 Asian frontier markets present valuation gap – WSJ Emerging & Growth Markets Weekly
- 24-12-2020 BNN Bloomberg: Iraq’s Currency Devaluation May Not Be Enough to Salvage Sinking Economy
- 20-12-2020 Al Arabiya: The devaluation of the Iraqi Dinar - interview with Ahmed Tabaqchali (in Arabic)
- 09-12-2020 bne IntelliNews: AFC CAPITAL: Uzbekistan’s stock market re-rating has much further to run
- 16-11-2020 Vietnam Investment Review / ĐẦU TƯ CHỨNG KHOÁN: Biden presidency is positive for Vietnamese stock market / Quỹ lớn lạc quan với thị trường chứng khoán Việt Nam (in Vietnamese)
- 12-11-2020 RTHK Money Talk - Interview with Ruchir Desai on Frontier Markets - discussing the strong stock market and economic recovery in Asian frontier markets
- 09-11-2020 Iraq Business News: Market Review: "Foreigners tip-toeing into the Market"
- 09-11-2020 Bloomberg: Vietnam’s Stocks to be Boosted by Biden Win, Market Watchers Say
- 27-10-2020 Vietnam Investment Review / ĐẦU TƯ CHỨNG KHOÁN: Quỹ lớn lạc quan với thị trường chứng khoán Việt Nam (in Vietnamese)
- 12-10-2020 Dhaka Tribune: Q3 2020: Bangladeshi capital market deemed Asia's best
- 11-10-2020 MENAFN: Market Review: Still the Dog Days of Summer
- 06-10-2020 bne IntelliNews: AFC CAPITAL: Uzbekistan’s “Golden Cross”
- 29-09-2020 Bloomberg: Buy World-Beating Sri Lankan Stocks on Macro Data: Asia Frontier
- 26-09-2020 VnExpress.net: Vietnam stock market ‘undervalued’, says international fund
- 16-09-2020 The Wandering Investor: One of the most undervalued frontier markets
- 09-09-2020 The Business Standard: Low interest fuels stock market to perform best globally
- 27-08-2020 Global Capital Asia: Crisis Talk — with Thomas Hugger, CEO of Asia Frontier Capital
- 13-08-2020 bne IntelliNews: AFC Capital: Uzbekistan stakes claim as Gold Country
- 07-08-2020 Bloomberg: Vietnam Stock Bulls Keep Faith as Fresh Virus Wave Raises Alarm
- 22-07-2020 Vietnam Investment Review / ĐẦU TƯ CHỨNG KHOÁN: AFC Vietnam Fund: Đã tới thời điểm chứng khoán Việt tăng nhờ nội lực (in Vietnamese)
- 19-07-2020 The Sunday Times: Controlling pandemic key for CSE’s rise
- 18-07-2020 Barron's: Vietnam Is Booming Economically. Not Its Stock Market
- 16-07-2020 The Accounts that Didn’t Bark: Iraq’s Hidden State Balances
- 06-07-2020 MENAFN - Tabaqchali: Revisiting the Iraq Thesis, Five Years Later
- 25-06-2020 Bloomberg: Mongolia’s Ruling Party Keeps Big Majority After Covid-19 Success
- 16-06-2020 Bloomberg: Foreign Investors Return to Vietnam Stocks on Lockdown Success
- 01-06-2020 Daily FT: Valuations of sound CSE listed firms attractive for investing: Experts
- 26-05-2020 Regulation Asia: Foreign Investors Flee Sri Lankan Bank Stocks Amid Dividend Ban
- 23-05-2020 The National: Shell in discussions with Iraq to navigate 'exceptional circumstances'
- 12-05-2020 Nikkei Asian Review: Cambodia's stock market marks a milestone amid crisis
- 12-05-2020 RTHK Money Talk: Frontier Markets - interview with Ruchir Desai
- 08-05-2020 bne IntelliNews - AFC Capital: Uzbekistan leads regionalization that is the new globalization
- 08-05-2020 Bloomberg - Market Closures in South Asia Leave ‘Bitter Taste’ for Foreign Funds
- 07-05-2020 MENAFN - Market Review: Lockdown Iraq and the Month of Sundays
- 28-04-2020 FinanceAsia: The wild card: Can frontier markets equities bounce back?
- 17-04-2020 American Consequences: ‘The Year of the Protest Meets the Year of the Lockdown’
- 14-04-2020 Bloomberg: Vietnam Stocks Become World’s Best After Extreme Turmoil in March
- 14-04-2020 CAFEF: Asia Frontier Capital: “Lựa chọn cổ phiếu chưa bao giờ dễ dàng đến thế khi định giá đang ở mức thấp nhất trong vòng 10 năm” (in Vietnamese)
- 13-04-2020 Bloomberg: Making the Case for Asia’s Frontier Markets: Taking Stock
- 16-03-2020 Bloomberg: When Pondering How Much Worse, Asia Stock Investors Think 2008
- 11-03-2020 LSE: Between a Rock and a Hard Place: Budget Realties, Protestor Demands
- 06-03-2020 MENAFN - Iraq Business News: Market Review: Foreigners Sell, Locals Buy
- 03-03-2020 bne IntelliNews - AFC: Uzbekistan’s golden hedge in a time of coronavirus
- 26-02-2020 Bloomberg Radio – Ruchir Desai discusses impact of Covid-19 on Asian Frontier Markets
- 25-02-2020 Bloomberg: Vietnam Is the ‘Favorite’ Story for Fund Managers Seeking Growth
- 22-02-2020 Travelnews: Asia Frontier Capital - Bangladesh Journey Report
- 21-02-2020 IFR Asia magazine – Acleda Bank eyes Cambodia IPO record
- 19-02-2020 Finanz und Wirtschaft: Bangladesch ist Favorit für die Industrialisierung - Interview with Thomas Hugger (in German)"
- 11-01-2020 IFR Asia magazine – Government to sell stakes in OGDC and Pakistan Petroleum
- 05-02-2020 MENAFN: Market Review: A Tale of Two Markets
- 05-02-2020 Bloomberg: Vietnam Stock Slump Second Worst to China After Lunar New Year
- 30-01-2020 Iraq Business News: Tabaqchali: US Sanctions and the Illusion of Power
- 28-01-2020 The Daily Star: Renata to set foot in the US this year
- 27-01-2020 LSE: US Sanctions and the Illusion of Power
- 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
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.