The AFC Asia Frontier Fund (Non-US) (AAFF) USD A-shares decreased by −2.1% in September 2019 with a NAV of USD 1,260.35. The fund underperformed the AFC Frontier Asia Adjusted Index (+5.9%), the MSCI Frontier Markets Asia Net Total Return USD Index (+0.7%), the MSCI Frontier Markets Net Total Return USD Index (−2.0 %) and the MSCI World Net Total Return USD Index (+2.1%) The performance of the AFC Asia Frontier Fund A-shares since inception on 31st March 2012 now stands at +26.0% versus the AFC Frontier Asia Adjusted Index, which is down −5.4% during the same time period. The fund’s annualized performance since inception is +3.1%, while its 2019 performance stands at −7.6%. The broad diversification of the fund’s portfolio has resulted in lower risk with an annualised volatility of 8.91%, a Sharpe ratio of 0.27 and a correlation of the fund versus the MSCI World Net Total Return USD Index of 0.33, all based on monthly observations since inception.

The best performing indexes in the AAFF universe in September were Cambodia (+34.4%), Pakistan (+8.1%), and Vietnam (+1.3%). The poorest performing markets were Laos (−4.6%) and Bangladesh (−2.9%). The top-performing portfolio stocks this month were a Pakistani paint company (+9.7%), a Mongolian food products company (+9.1%), a Bangladeshi ice cream/dairy company (+6.9%), a Bangladeshi bank (+6.2%), and a Mongolian real estate company (+5.8%).

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