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The Asia Frontier Fund USD A-shares gained +0.1% in March 2017. The fund under performed the MSCI Frontier Markets Asia Index (+0.4%) the MSCI World Index (+0.8%) and the MSCI Frontier Markets Index which was up +1.3%. The USD A shares achieved a NAV of USD 1,740.18. The performance of the AFC Asia Frontier Fund A-shares since inception on 30th March 2012 now stands at +74.0% versus the MSCI Frontier Markets Asia Index which is up +16.9% and MSCI Frontier Index (+10.6%) during the same time period. The fund’s annualized performance since inception is +11.7% p.a. while its YTD performance stands at +2.1%. The broad diversification of the fund’s portfolio has resulted in lower risk with an annualized volatility of 9.06%, a Sharpe ratio of 1.28 and a correlation of the fund versus the MSCI World Index USD of 0.33, all based on monthly observations since inception. The best performing indexes in the AAFF universe in March were Cambodia (+5.4%), Laos (+3.5%) and Bangladesh (+1.9%). The poorest performing markets were Iraq (−11.7%) and Mongolia (−3.3%). The top-performing portfolio stocks this month were an oil exploration company from Papua New Guinea (+61.8%), an investment company from Myanmar (+40.0%), a Mongolian gold exploration company (+33.3%) and a Mongolian duty free operator which was up 25.2%. In March, we added to existing positions in Bangladesh, Iraq, Laos, Mongolia, Pakistan and Vietnam and partially sold three Mongolian holdings and exited completely a Pakistani textile company. We newly added a Pakistani paint company, a Bangladeshi mobile phone operator, a Sri Lankan conglomerate and two new holdings in Vietnam: a conglomerate focusing on consumer goods and a petroleum transportation company. As of 31st March 2017, the portfolio was invested in 112 companies, 1 fund and held 4.4% in cash. The two biggest stock positions were a pharmaceutical company in Bangladesh (8.1%) and a Pakistani pharmaceutical company (4.9%). The countries with the largest asset allocation include Vietnam (26.6%), Pakistan (26.1%), and Bangladesh (17.5%). The sectors with the largest allocation of assets are consumer goods (29.7%) and healthcare (18.6%). The estimated weighted average trailing portfolio P/E ratio (only companies with profit) was 20.05x, the estimated weighted average P/B ratio was 3.41x and the estimated portfolio dividend yield was 3.08%.

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