The AFC Iraq Fund is an equity fund focused on investments in Iraq and foreign companies doing business in Iraq. The fund offers monthly subscriptions and redemptions at net asset value. It aims to achieve long-term capital appreciation by investing in a diversified portfolio of listed Iraqi and foreign equities. As of June 2018, the fund was invested in 14 companies across Iraq, Norway, and the UK, with largest allocations to the financial and consumer staples sectors. For the month, the fund returned -2.5%, outperforming its benchmark which lost -3.5%, and has gained 17.1% year-to-date compared to the benchmark's decline of -0.6%.
Equity Market - What to expect in August 2021?Vinod Prajapati
Although with slower pace, all major indices continued upward journey in the month of July. Mid and Small-caps led the way up this month along with real estate and metal index.
So, where will the market headed in August? Here is what experts have to say...
AFC Iraq Fund April 2016 Fund FactsheetThomas Hugger
AFC Iraq Fund's investment thesis is to achieve long-term capital appreciation by investing in a diversified portfolio of listed Iraq equities as well as foreign listed companies that derive the majority of their business from Iraq and / or Kurdistan.
Stronger GDP Data Suggests Resilient Economy
Summary
Economy: Second-quarter GDP improves to
2.6% assisted by increase in consumer
spending and export growth
Fed Policy: Yellen leaves rates unchanged/
suggests October start to portfolio reduction
Sentiment: Indicators of investor psychology
show leap in optimism
Strongest Sectors: Financials, tech,
materials and industrials
Equity market what to expect in November 2021Vinod Prajapati
In the month of October Large, mid- and small-sized Indian equities performed within a relatively tight range.
So, how will the market perform in November? Here is what experts have to say...
Equity Market - What to expect in August 2021?Vinod Prajapati
Although with slower pace, all major indices continued upward journey in the month of July. Mid and Small-caps led the way up this month along with real estate and metal index.
So, where will the market headed in August? Here is what experts have to say...
AFC Iraq Fund April 2016 Fund FactsheetThomas Hugger
AFC Iraq Fund's investment thesis is to achieve long-term capital appreciation by investing in a diversified portfolio of listed Iraq equities as well as foreign listed companies that derive the majority of their business from Iraq and / or Kurdistan.
Stronger GDP Data Suggests Resilient Economy
Summary
Economy: Second-quarter GDP improves to
2.6% assisted by increase in consumer
spending and export growth
Fed Policy: Yellen leaves rates unchanged/
suggests October start to portfolio reduction
Sentiment: Indicators of investor psychology
show leap in optimism
Strongest Sectors: Financials, tech,
materials and industrials
Equity market what to expect in November 2021Vinod Prajapati
In the month of October Large, mid- and small-sized Indian equities performed within a relatively tight range.
So, how will the market perform in November? Here is what experts have to say...
Weekly Market Notes for August 14, 2017Sarah Cuddy
Summary
Economy: Consumer Comfort Index jumps to 16-year high; inflation data shows CPI rising at 1.7% year-over-year; wholesale prices (PPI) declined in July
Fed Policy: Weak inflation data triggers decline in expectations the Fed will raise rate again in 2017
Sentiment: Indicators of investor psychology show optimism excessive
Strongest Sectors: Financials remain near top in relative strength - long-term bullish indicator for stocks
Scott Minerd, Chairman of Investments and Global CIO, analyzes global macroeconomic trends most likely to shape the investment environment in 10 charts.
Summary
Economy: Housing rebounds –starts
increase for first time in four months – Building
permits climb the most since fourth quarter
2015; Conference Board’s Leading Economic
Index climbs most since December
Fed Policy: Policy committee meets July 25-
26 – no change expected in interest rates
Sentiment: Indicators of investor psychology
show optimism ticking up last week
Strongest Sectors: Financials, tech,
materials, industrials and health care
Weekly Market Notes for August 14, 2017Sarah Cuddy
Summary
Economy: Consumer Comfort Index jumps to 16-year high; inflation data shows CPI rising at 1.7% year-over-year; wholesale prices (PPI) declined in July
Fed Policy: Weak inflation data triggers decline in expectations the Fed will raise rate again in 2017
Sentiment: Indicators of investor psychology show optimism excessive
Strongest Sectors: Financials remain near top in relative strength - long-term bullish indicator for stocks
Scott Minerd, Chairman of Investments and Global CIO, analyzes global macroeconomic trends most likely to shape the investment environment in 10 charts.
Summary
Economy: Housing rebounds –starts
increase for first time in four months – Building
permits climb the most since fourth quarter
2015; Conference Board’s Leading Economic
Index climbs most since December
Fed Policy: Policy committee meets July 25-
26 – no change expected in interest rates
Sentiment: Indicators of investor psychology
show optimism ticking up last week
Strongest Sectors: Financials, tech,
materials, industrials and health care
You can choose from an extensive range of high-quality Shariah Compliant mutual funds to match your unique investment goals and risk appetite. https://www.ablfunds.com/our-offerings/shariah-compliant-offerings/
You can choose from an extensive range of high-quality Shariah Compliant mutual funds to match your unique investment goals and risk appetite. https://www.ablfunds.com/our-offerings/shariah-compliant-offerings/
Frothy global assets are flashing warning signs despite the lack of an obvious catalyst to sell
Political action to redress rising inequality may provide the trigger
Avoiding major market corrections can have a huge impact on long term portfolio returns
The outlook for oil remains murky but expectations for a significant rally have receded
Macro-economic indicators suggest a subdued outlook for the GCC
Profits for listed regional companies are stable but the ‘subsidy arbitrage’ is over
AFC Asia Frontier Fund: Factsheet as of 31.07.2020Thomas Hugger
The AFC Asia Frontier Fund invests in listed equities from Bangladesh, Cambodia, Iraq, Kazakhstan, Kyrgyzstan, Laos, Maldives, Mongolia, Myanmar, Pakistan, Papua New Guinea, Sri Lanka, Uzbekistan and Vietnam.
AFC Asia Frontier Fund Factsheet 30.6.2018Thomas Hugger
AFC Asia Frontier Fund invests in listed equities from Bangladesh, Cambodia, Iraq, Kazakhstan, Kyrgyzstan, Laos, Maldives, Mongolia, Myanmar, Pakistan, Papua New Guinea, Sri Lanka, Uzbekistan and Vietnam.
AFC Asia Frontier Fund Factsheet - May 2017Thomas Hugger
AFC Asia Frontier Fund invests in listed equities of Asian frontier markets like Bangladesh, Cambodia, Iraq, Laos, Maldives, Mongolia, Myanmar, Pakistan, Papua New Guinea, Sri Lanka and Vietnam.
AFC Vietnam Fund invests in a diversified portfolio of listed Vietnamese companies as well as those that relate to non-Vietnamese companies with main business operations in Vietnam. The fund currently has a focus on small to medium cap equities which are considered underpriced.
AFC Asia Frontier Fund Presentation: December 2015Thomas Hugger
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, Laos, Maldives, Mongolia, Myanmar (Burma), Nepal, Pakistan, Papua New Guinea, Sri Lanka 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.
Asia Frontier Capital - AFC Iraq Fund presentationThomas Hugger
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.
Asia Frontier Capital - AFC Asia Frontier Fund presentation 2015.07.09Thomas Hugger
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, Laos, Maldives, Mongolia, Myanmar (Burma), Nepal, Pakistan, Papua New Guinea, Sri Lanka 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.
Asia Frontier Capital - AFC Vietnam Fund presentation 2015.08.09Thomas Hugger
The AFC Vietnam Fund invests exclusively in listed Vietnamese equities to capture value in growth companies with a focus on the 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 presently much wider than in comparable neighboring markets and the valuations are significantly depressed versus their regional peers. The fund adopts a fundamental-quantitative approach and employs an in-house earnings model to identify attractive companies where we see high growth opportunities. In conjunction with targeting the maximum upside potential the portfolio has been structured to mitigate corporate government and liquidity risks. The fund invest in a diversified portfolio of 60-70 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 directed under the executive leadership of Thomas Hugger, Andreas Karall and Andreas Vogelsanger who have more than 75 years combined experience managing investments in frontier markets, Asia and around the world.
The AFC Iraq Fund will be launched on the 15th May 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.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
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Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
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Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s Dholera
AFC Iraq Fund Factsheet 30.6.2018
1. AFC IRAQ FUND June 2018
Fund Category Iraq Public Equities
Country Focus Iraq
Subscriptions
Monthly at NAV (five business
days before month end)
Redemptions
Monthly at NAV
90 days notice for Class D
180 days notice for Class E
Benchmark Rabee USD Index
Fund Manager Thomas Hugger
Chief Investment
Officer
Ahmed Tabaqchali
Investment Manager
Asia Frontier Capital (Iraq) Ltd.,
Cayman Islands
Investment Advisor
Asia Frontier Investments
Limited, Hong Kong
Fund Base Currency USD
Minimum Investment USD 25,000
Subsequent Investments USD 10,000
Management Fee
Class D: 1.8% p.a. of NAV
Class E: 1.5% p.a. of NAV
Performance Fee
Class D: 18% p.a. of NAV
appreciation with high
watermark
Class E: 15% p.a. of NAV
appreciation with high
watermark
Fund Domicile Cayman Islands
Launch Date 26 June 2015
Custodian Iraq Depository Centre (IDC)
Auditor Ernst & Young, Hong Kong
Administrator Custom House, Singapore
Legal Advisor Ogier, Hong Kong
Contact Information
Asia Frontier Capital Ltd.
www.asiafrontiercapital.com
Mr. Thomas Hugger
CEO, Asia Frontier Capital Ltd.
Tel: +852 3904 1015, Fax: +852 3904 1017
th@asiafrontiercapital.com
Mr. Peter de Vries
Marketing Director, Asia Frontier Capital Ltd.
Tel: +852 3904 1079, Fax: +852 3904 1017
pdv@asiafrontiercapital.com
Registered Office:
c/o Intertrust Corporate Services (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9007, 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 a diversified portfolio of listed Iraqi
equities as well as foreign listed companies that derive the majority of their business from Iraq.
Fund Information
The AFC Iraq Fund Class D shares returned −2.5% in June with a NAV of USD 664.67 which
is an out-performance versus its benchmark, the RSISUSD index, which lost −3.5%. Year to date
the AFC Iraq Fund Class D shares are up +17.1% vs −0.6% for the RSISUSD index.
Activity in the economy at large, and the market in particular, came to a virtual standstill at the
start of the month as it coincided with last two weeks of Ramadan followed by the Eid holidays.
Following the elections, claims of fraud surfaced as in past elections, however this time there
was an unusual action by parliament to force a recount of the whole vote and a wholesale
annulment of certain types of votes. Objections to parliament’s action were raised to the Supreme
Federal Court, whose ruling on 21st
June provided a framework for a workable compromise as
evidenced by its wholesale acceptance by all the political parties.
Ultimately it will not significantly change the balance of power of the main election winners.
The process of government formation continued unabated during this period and the broad
outlines of it are taking shape. However, irrespective of how it is formed, it would need to address
the reconstruction of the liberated areas, estimated at USD 88bn over five years.
Prevailing negative perceptions of Iraq’s ability to fund this have not reflected the transformative
effects of higher oil on its ability to self-fund. These effects are a potential cumulative two-year
budget surplus of USD 18.8bn by end of 2018 instead of the projected USD 19.4bn deficit. This
equals a stimulus of 14.5% of non-oil GDP thus further accelerating economic activity.
The stock market’s action was a continuation of the same trends of the last few months. Banks
continued to decline on concerns over the effects of the shrinking FX margins on their earnings,
brought on by increasing signs of an improvement in liquidity in the broader economy. FX
spreads are one of many sources of revenues for the higher quality banks but constitute the bulk
of earnings for the lower quality banks.
These concerns fail to take into account the transformative effects of the surpluses on the banks’
future earnings through the simulative effects they would have on economic activity. This
leverage worked in reverse during the double whammy of the ISIS conflict and the collapse in
oil prices as government finances were crushed by increasing expenses and declining revenues.
These led to dramatic expenditures cuts by the government through cancelling capital spending,
which due to its centrality in the economy, led to year-year drops in non-oil GDP of −3.9%,
−9.6% and −8.1% for 2014, 2015 and 2016 respectively. The effects were disastrous for private
sector businesses whose finances deteriorated, and which in turn affected the quality of bank
loans as these businesses accounted for the bulk of bank lending.
Consequently, the banks’ earning suffered from the increasing non-performing loans (NPL’s)
coupled with negative loan growth, as well as from declining/negative deposit growth. Its logical
to conclude that the sea change which has taken place in the government’s financial health would
reverse these negative trends as the significant stimuluses to non-oil GDP should lead to
sustainable economic activity, providing room for the banks to recover and grow again.
As of 30th
June 2018, the AFC Iraq Fund was invested in 14 names and held 2.6% in cash. The
fund invests in both local and foreign listed companies that have the majority of their business
activities in Iraq. The markets with the largest asset allocation were Iraq (96.1%), Norway
(3.0%), and the UK (0.9%). The sectors with the largest allocation of assets were financials
(47.9%) and consumer staples (21.7%). The estimated trailing median portfolio P/E ratio was
12.91x, the estimated trailing weighted average P/B ratio was 0.88x, and the estimated portfolio
dividend yield was 6.67%.
665
400
500
600
700
800
900
1,000
1,100
Fund Performance (Net)
AFC Iraq Fund USD (Net) Rabee USD Index