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...
As for Russia, today we have a twofold picture. On the one hand there are decreasing in business activity in Russian manufacturing industry (PMI fell from 49.1 to 46.3 in September), reduction in export orders and decline in domestic demand but on the other hand a...
The Fund is currently fully invested with a roughly equal weighting across China, India and Russia. In Russia, despite the fact that the Economic growth in the first quarter of 2019 was lower than the Bank of Russia’s expectations (0.5% vs 1.2%), overall the...
The MENA region had a tough quarter as heavy weight Saudi Arabia (-8%) dragged markets lover. The only market that were spared were peripheral MENA markets who typically are less correlated to price movements in the GCC. Oman and Egypt gained 7% each while Morocco...
The main event during the quarter was the election and the unexpected outsized win of prime minister Modi. The new budget was presented and a continuation of promises made in his first 5 year chapter may be continued. In a land with almost 1.3 billion people, a...