The document provides information on the AFC Asia Frontier Fund, an investment fund focused on public equities in emerging Asian frontier markets. Key details include: the fund's monthly subscription and redemption terms, its benchmark index, fund managers and investment manager, available share classes and their fees, fund size and performance since inception in 2012. The summary also includes commentary on the fund's July 2020 performance and positioning at the end of the month.

1. AFC ASIA FRONTIER FUND July 2020
Fund Category
Asian Frontier Countries
Public Equities
Country Focus
Bangladesh, Cambodia, Iraq,
Kazakhstan, Kyrgyzstan, Laos,
Maldives, Mongolia,
Myanmar, Pakistan, Papua
New Guinea, Sri Lanka,
Uzbekistan, Vietnam
Subscriptions
Monthly at NAV (five
business days before month
end)
Redemptions
Monthly at NAV
90 days notice for Class A
180 days notice for Class B
Benchmark
AFC Adjusted Frontier Asia
Index
Fund Managers
Thomas Hugger
Ruchir Desai
Investment
Manager
Asia Frontier Investments
Limited, Hong Kong
Fund Base
Currencies
USD, EUR, CHF
Minimum
Investment
USD 50,000 or
EUR 50,000 or
CHF 50,000
Subsequent
Investments
USD/EUR/CHF 5,000
Management Fee
Class A: 1.8% p.a. of NAV
Class B: 1.5% p.a. of NAV
Performance Fee
Class A Shares
10% NAV appreciation above
3 month USD LIBOR +2%
and high water mark
Performance Fee
Class B Shares
8% NAV appreciation above 3
month USD LIBOR +2% and
high water mark
Fund Size USD 10.3 million
Fund Domicile Cayman Islands
Launch Date 30 March 2012
Main Custodian
Banks
Deutsche Bank, Singapore /
DBS, Hong Kong
Auditor EY, Hong Kong
Administrator
Trident Fund Services, Hong
Kong
Legal Advisor Ogier, Hong Kong
US Tax Advisor
Morgan, Lewis & Bockius
LLP, Boston
Contact Information
Asia Frontier Capital Ltd.
www.asiafrontiercapital.com
Mr. Thomas Hugger
Tel: +852 3904 1015, Fax: +852 3904 1017
th@asiafrontiercapital.com
Registered Office:
c/o Intertrust Corporate Services (Cayman) Ltd.
190 Elgin Avenue, George Town
Grand Cayman KY1-9005, Cayman Islands
Hong Kong Office:
Asia Frontier Investments Limited
905, 9th
Floor, Loon Kee Building
267-275 Des Voeux Road Central
Hong Kong
Investment Objective
Achieve long-term capital appreciation by investing in listed equities of companies that have
their principal business activities in high-growth Asian frontier markets. The fund focuses
primarily on investments in consumer related stocks, financials, and infrastructure.
Fund Manager Comment
The AFC Asia Frontier Fund (AAFF) USD A-shares increased by 4.9% in July 2020 with a
NAV of USD 1,171.64. The fund underperformed the AFC Frontier Asia Adjusted Index
(+8.5%) but outperformed the MSCI Frontier Markets Asia Net Total Return USD Index
(−1.6%), the MSCI Frontier Markets Net Total Return USD Index (−0.7%) and the MSCI
World Net Total Return USD Index (+4.8%). The performance of the AFC Asia Frontier Fund
A-shares since inception on 31st
March 2012 now stands at +17.2% versus the AFC Frontier
Asia Adjusted Index, which is down by −4.1% during the same time period. The broad
diversification of the fund’s portfolio has resulted in lower risk with an annualised volatility of
10.56%, and a correlation of the fund versus the MSCI World Net Total Return USD Index of
0.50, all based on monthly observations since inception.
The best performing indexes in the AAFF universe in July were Pakistan (+14.1%) and Iraq
(+7.3%). The poorest performing markets were Vietnam (−3.2%) and Laos (−1.3%). The top-
performing portfolio stocks this month were a Mongolian junior gold miner (+66.7%), a
Pakistani paint company (+55.8%), a Pakistani truck manufacturer (+48.0%), a Pakistani
passenger car manufacturer (+43.0%), and a Bangladeshi pharmaceutical company (+39.4%).
In July, the fund bought a Sri Lankan latex glove manufacturer, added to existing positions in
Mongolia, Sri Lanka and Vietnam and reduced its exposure to existing holdings in Bangladesh,
Mongolia and Vietnam.
At the end of July 2020, the portfolio was invested in 73 companies, 2 funds and held 6.0% in
cash. The two biggest stock positions were a pump manufacturer from Vietnam (10.6%), and
an investment company in Myanmar (4.6%). The countries with the largest asset allocation
were Mongolia (20.4%), Vietnam (18.1%), and Iraq (11.1%). The sectors with the largest
allocation of assets were consumer goods (25.0%) and industrials (16.3%). The fund's estimated
weighted harmonic average trailing 12 months P/E ratio (only companies with profit) was
7.73x, the estimated weighted harmonic average P/B ratio was 0.84x and the estimated
weighted average portfolio dividend yield was 3.34%.
NAV as of 31st
July 2020
USD-A USD-B CHF-A CHF-B EUR-A EUR-B
NAV 1,171.64 1,211.48 1,107.67 965.58 1,009.31 967.71
Since Inception +17.16% +21.15% +10.77% -3.44% +0.93% -3.23%
Inception Date 30/03/2012 30/03/2012 30/03/2012 31/01/2014 31/01/2014 31/07/2014
1,172
700
800
900
1,000
1,100
1,200
1,300
1,400
1,500
1,600
1,700
1,800
Fund Performance - USD Class A - Net
AFC Frontier Asia Adjusted Index* AFC Asia Frontier Fund (after fees)
*) MSCI Frontier Markets Asia Net Total Return USD Index until 31st May 2017 and 37% of this index and 63% of the Karachi Stock Exchange 100

2. AFC ASIA FRONTIER FUND July 2020
Monthly Performances AFC Asia Frontier Fund Class A
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2012 USD +0.91% -7.56% -0.27% -0.26% +0.85% +3.64% -0.96% +0.62% +3.62% +0.15%
2013 USD +5.99% -1.75% -0.70% +1.12% +8.25% -2.33% -0.54% -0.90% +0.06% -1.45% +0.86% +3.18% +11.83%
2014 USD +7.34% +1.67% +2.72% +1.53% +2.60% +0.07% +1.59% -0.05% +2.10% +2.52% -0.15% -0.62% +23.24%
2015 USD -0.49% -0.33% -4.16% +3.28% -0.32% +3.24% +1.09% -1.43% -1.42% +2.14% -3.42% +2.97% +0.80%
2016 USD -3.51% -0.77% +1.89% +2.30% +3.79% +1.85% +3.19% +2.54% +2.33% +0.84% +2.57% +3.69% +22.50%
2017 USD +3.14% -1.11% +0.11% +2.33% +0.91% -1.16% -0.03% -3.47% +0.72% -1.60% +2.81% -2.26% +0.16%
2018 USD +2.41% -1.51% -1.49% -3.49% -4.50% -2.70% -2.16% +0.68% -1.40% -5.52% -1.54% -0.75% -20.07%
2019 USD -0.01% -0.04% -0.12% -1.92% -1.55% -0.44% -0.11% -1.52% -2.14% -1.66% +1.83% +0.90% -6.65%
2020 USD -3.92% -2.82% -14.24% +4.20% +4.11% +1.00% +4.86% -8.00%
2012 CHF -0.29% -1.18% -2.62% +1.62% -1.40% +1.92% -1.82% +0.24% +2.26% -1.39%
2013 CHF +5.65% +0.84% +0.62% -0.96% +11.36% -3.46% -2.54% -0.52% -2.64% -1.20% +0.78% +1.60% +8.97%
2014 CHF +9.64% -1.12% +3.22% +1.05% +4.19% -0.76% +3.89% +0.92% +5.82% +3.35% +0.09% +2.08% +36.98%
2015 CHF -7.83% +3.33% -2.36% -0.80% +0.19% +2.38% +4.39% -1.23% -0.21% +2.98% +0.94% +0.01% +1.20%
2016 CHF -0.85% -3.33% -2.24% +2.20% +7.13% +0.18% +2.05% +3.68% +0.83% +2.59% +5.08% +3.15% +21.90%
2017 CHF +0.26% +0.39% -0.13% +1.54% -1.67% -2.25% +0.81% -3.75% +1.39% +1.31% +1.01% -2.98% -4.19%
2018 CHF -2.31% +0.09% -0.18% -0.26% -5.11% -1.96% -2.46% -1.31% -0.81% -2.63% -2.19% -2.10% -19.38%
2019 CHF +0.57% +0.44% -0.12% +0.43% -3.19% -3.26% +1.38% -1.59% -1.39% -2.72% +3.14% -2.23% -8.40%
2020 CHF -4.31% -2.51% -15.04% +4.72% +3.53% -0.58% +0.91% -13.79%
2014 EUR -3.62% +2.81% +0.86% +3.69% -0.33% +3.50% +1.76% +5.69% +3.24% +0.38% +2.02% +21.56%
2015 EUR +6.07% +0.46% +0.78% -1.80% +1.88% +1.11% +2.24% -3.04% -0.73% +3.11% +1.12% -0.45% +10.96%
2016 EUR -2.57% -1.06% -3.06% +1.40% +6.16% +2.15% +1.85% +2.37% +0.98% +2.47% +4.33% +3.10% +19.25%
2017 EUR +0.43% +0.40% -0.50% +0.28% -1.75% -2.00% -2.31% -3.48% +1.67% -0.16% +0.10% -2.65% -9.66%
2018 EUR -1.31% +0.59% -2.19% -1.81% -1.20% -2.74% -2.39% +1.62% -1.64% -3.06% -1.47% -1.70% -16.09%
2019 EUR -0.88% +0.74% +1.28% -1.68% -1.14% -2.40% +2.10% -0.26% -1.42% -3.85% +3.04% -0.89% -5.42%
2020 EUR -2.62% -1.96% -14.36% +4.95% +2.45% -0.16% -0.30% -12.49%
Monthly Performances AFC Asia Frontier Fund Class B
2012 USD +0.94% -7.55% -0.24% -0.23% +0.88% +3.67% -0.94% +0.64% +3.65% +0.37%
2013 USD +6.09% -1.77% -0.70% +1.17% +8.45% -2.36% -0.52% -0.87% +0.09% -1.43% +0.89% +3.19% +12.30%
2014 USD +7.53% +1.72% +2.79% +1.58% +2.67% +0.09% +1.65% -0.03% +2.16% +2.59% -0.13% -0.62% +24.07%
2015 USD -0.47% -0.31% -4.13% +3.31% -0.30% +3.27% +1.12% -1.41% -1.40% +2.16% -3.39% +2.99% +1.10%
2016 USD -3.49% -0.75% +1.91% +2.32% +3.82% +1.91% +3.28% +2.61% +2.40% +0.87% +2.65% +3.78% +23.25%
2017 USD +3.23% -1.12% +0.13% +2.40% +0.95% -1.17% 0.00% -3.45% +0.74% -1.57% +2.84% -2.23% +0.51%
2018 USD +2.44% -1.49% -1.46% -3.46% -4.47% -2.68% -2.13% +0.71% -1.38% -5.49% -1.51% -0.72% -19.83%
2019 USD +0.01% -0.01% -0.10% -1.90% -1.52% -0.41% -0.09% -1.49% -2.11% -1.64% +1.86% +0.92% -6.37%
2020 USD -3.90% -2.79% -14.22% +4.22% +4.14% +1.03% +4.89% -7.84%
2014 CHF -1.23% +3.42% +1.10% +4.30% -0.76% +4.00% +0.95% +5.97% +3.44% +0.11% +2.14% +25.78%
2015 CHF -7.81% +3.35% -2.34% -0.77% +0.21% +2.41% +4.41% -1.21% -0.18% +3.01% +0.96% +0.03% +1.51%
2016 CHF -0.83% -3.31% -2.22% +2.22% +7.15% +0.20% +2.12% +3.77% +0.86% +2.67% +5.21% +3.23% +22.65%
2017 CHF +0.28% +0.41% -0.11% +1.58% -1.66% -2.22% +0.83% -3.73% +1.42% +1.34% +1.04% -2.96% -3.90%
2018 CHF -2.28% +0.12% -0.15% -0.24% -5.09% -1.93% -2.44% -1.28% -0.79% -2.60% -2.17% -2.08% -19.14%
2019 CHF +0.59% +0.47% -0.10% +0.46% -3.16% -3.23% +1.41% -1.56% -1.36% -2.70% +3.17% -2.21% -8.12%
2020 CHF -4.29% -2.48% -15.01% +4.75% +3.55% -0.55% +0.93% -13.64%
2014 EUR +1.82% +5.82% +3.33% +0.40% +2.08% +14.10%
2015 EUR +6.22% +0.49% +0.81% -1.78% +1.91% +1.15% +2.31% -3.06% -0.71% +3.14% +1.17% -0.44% +11.46%
2016 EUR -2.55% -1.03% -3.04% +1.43% +6.18% +2.20% +1.91% +2.44% +1.02% +2.55% +4.44% +3.19% +19.96%
2017 EUR +0.46% +0.43% -0.48% +0.30% -1.73% -1.97% -2.29% -3.46% +1.69% -0.14% +0.12% -2.62% -9.39%
2018 EUR -1.29% +0.62% -2.17% -1.79% -1.17% -2.71% -2.36% +1.64% -1.62% -3.04% -1.44% -1.68% -15.83%
2019 EUR -0.86% +0.76% +1.31% -1.66% -1.12% -2.37% +2.13% -0.24% -1.39% -3.82% +3.07% -0.86% -5.13%
2020 EUR -2.59% -1.94% -14.34% +4.98% +2.48% -0.13% -0.28% -12.33%
Security Numbers for each of the Share Classes (for the “Lead Series”)
USD-A USD-B CHF-A CHF-B EUR-A EUR-B
ISIN KYG0132A1013 KYG0132A1195 KYG0132A1435 KYG0132A1500 KYG0132A1278 KYG0132A1351
CUSIP G0132A 101 G0132A 119 G0132A 143 G0132A 150 G0132A 127 G0132A 135
Bloomberg LEASFAA KY LEASFAB KY LEASFAC KY LEASFBC KY LEASFAE KY LEASFBE KY
Valoren 22307796 22307803 22307802 22307805 22307800 22307804
Reuters LP68161764 LP68162466 LP68162465 LP68162468 LP68162464 LP68162467
20.4%
18.1%
11.1%
10.5%
9.5%
7.9%6.9%
5.2%
1.7%1.5%1.2%
6.0%
0%
5%
10%
15%
20%
25%
Country Allocation
21.6%
16.3%
13.6%
11.4%
9.8%
8.6%
4.7%
3.7%
2.0%1.5%0.8%
6.0%
0%
5%
10%
15%
20%
Sector Allocation
DISCLAIMER
Investments in equities in frontier markets are subject to market risk, idiosyncratic risk, liquidity risk, and currency exchange rate risk. The fund may use financial derivative instruments as a part of the investment process. This
document does not constitute an offer to sell, or a solicitation of an offer to buy shares in AFC Asia Frontier Fund. We will not make such offer or solicitation prior to the delivery of an offering memorandum, the operating agreement
or articles of association, a subscription booklet, and other materials relating to the matters herein. Before making an investment decision, we advise potential investors to read these materials carefully and to consult with their tax,
legal, and financial advisors. The materials have not been reviewed by the regulatory authority of any jurisdiction. Investment is open only to accredited investors as defined by the relevant legal jurisdiction of residence and/or
nationality. We have compiled this information from sources we believe to be reliable, but we cannot guarantee its accuracy. We present our opinions without warranty. Past performance is no guarantee of future results. © 2020
Asia Frontier Capital Ltd. All rights reserved.
*Asia Frontier Capital manages funds for both US investors and non-US investors. This fund is for US accredited investors and qualified purchasers only. If you are a non-US investor, please refer to the fact sheet for
the fund called “AFC Asia Frontier Fund (non-US)”. 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.