AFC Uzbekistan Fund (non-US) invests in listed equities in Uzbekistan.

1. AFC UZBEKISTAN FUND (NON-US) February 2021
Fund Category Uzbekistan Public Equities
Country Focus Uzbekistan/Kyrgyzstan
Subscriptions
Monthly at NAV (five
business days before
month end)
Redemptions
Monthly at NAV
90 days notice
Fund Manager Thomas Hugger
Chief Investment
Officer
Scott Osheroff
Investment
Manager
Asia Frontier Investments
Limited, Hong Kong
Fund Base
Currency
USD
Minimum
Investment
USD 10,000
Subsequent
Investments
USD 1,000
Management Fee 2% p.a. of NAV
Performance Fee
20% p.a. of NAV
appreciation with high
watermark
Fund Size USD 9.4 million
Fund Domicile Cayman Islands
Launch Date 29 March 2019
Custodian
Uzbekistan Central
Securities Depository
Auditor EY, Hong Kong
Administrator
Trident Fund Services,
Hong Kong
Legal Advisor Ogier, Hong Kong
Investment Objective
Achieve long-term capital appreciation by investing in listed equities of
companies that have their principal business activities in Uzbekistan and
Kyrgyzstan. The fund focuses primarily on investments in industrial,
manufacturing, financials and consumer-related stocks.
Fund Manager Comment
The AFC Uzbekistan Fund (Non-US) Class F shares returned +11.8% in
February with a NAV of USD 1,537.27, a new all-time high, bringing the return
since inception (29th
March 2019) to +53.7%, while the year-to-date return
stands at +14.6%. On an annualized basis, the fund returned +25.1% with a
Sharpe ratio of 1.70.
The stock market “ignites”!
During February, we saw broad price appreciation across the equity market as
communications with several local brokers has indicated that several hundred
thousand dollars have come into the market from investors throughout Canada,
Europe, Russia and the USA over the last few months and whose monies are
now actively being put to work. We knew this day would come sooner or later,
and it remains very early days in our view, that foreign investors would realize
the immense combination of value and growth on offer in the listed equity
market in a country whose macro-economic indicators are highly sound, thus
creating a proverbial feeding frenzy for equities. We further knew that in order
to benefit from this that we needed to launch the AFC Uzbekistan Fund when it
was still taboo to be investing in the country and when several-hundred-
thousand-dollar blocks of stock were still available at rock-bottom prices. In
preparation for the launch of the AFC Uzbekistan Fund, we shared our marketing
materials with hundreds of potential investors around the world, many of whom
told us that we are crazy for investing in such a country; ironically this broad-
based pessimism at the time of investing into Uzbekistan is exactly why the
opportunity was, and remains so attractive. As we often say to local and foreign
investors, when Starbucks Coffee outlets finally open in the second-tier cities
(Starbucks was slated to enter Uzbekistan prior to COVID-19), the "easy money"
will have already been made; in this case, we should have many years of positive
macro and micro tailwinds on our side.
At the end of February 2021, the fund was invested in 28 names and held 12.0%
in cash. The markets with the largest asset allocation were Uzbekistan (87.1%)
and Kyrgyzstan (0.9%). The sectors with the largest allocation of assets were
materials (53.2%) and financials (16.1%). The fund's estimated weighted
harmonic average trailing 12 months P/E ratio (only companies with profit) was
4.97x, the estimated weighted harmonic average P/B ratio was 1.15x, and the
estimated weighted average portfolio dividend yield was 7.81%.
1,537
700
800
900
1,000
1,100
1,200
1,300
1,400
1,500
1,600
1,700
1,800
1,900
Fund Performance (Net)
AFC Uzbekistan Fund USD (Net) TSE Index (normalized, in USD)
Contact Information
Asia Frontier Capital Ltd.
www.asiafrontiercapital.com
Mr. Thomas Hugger
CEO, Asia Frontier Investments Limited
Tel: +852 3904 1015, Fax: +852 3904 1017
th@asiafrontiercapital.com
Mr. Peter de Vries
Marketing Director,
Asia Frontier Investments Limited
Tel: +852 3904 1079, Fax: +852 3904 1017
pdv@asiafrontiercapital.com
Registered Office:
c/o Intertrust Corporate Services (Cayman)
Limited
One Nexus Way, Camana Bay
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

2. AFC UZBEKISTAN FUND (NON-US) February 2021
Monthly Performances AFC Uzbekistan Fund (Non-US) Class F
NAV as of 28th February 2021
Class F
NAV 1,537.27
Since Inception +53.73%
Inception Date 29/03/2019
Security Numbers (for the “Lead Series”)
Class F
ISIN KYG0133A2093
CUSIP G0133A 209
Bloomberg AFCUZFS KY
Valoren CH047075891
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2019 USD - - - +4.50% -0.10% +1.87% +1.15% -1.85% +0.06% +0.72% +1.13% +1.61% +9.33%
2020 USD -2.99% +0.78% -7.43% -3.06% +3.32% +1.49% +3.25% +6.68% +0.34% +5.70% +10.35% +3.44% +22.69%
2021 USD +2.50% +11.81% +14.61%
53.2%
16.1%
12.3%
6.2%
0.1% 0.1%
12.0%
0%
10%
20%
30%
40%
50%
60%
Sector Allocation
87.1%
0.9%
12.0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100% Country Allocation
DISCLAIMER
Investments in equities in Uzbeistan 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 Uzbekistan 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. © 2021 Asia Frontier Capital Ltd. All rights reserved.
* The representative of the fund in Switzerland is ACOLIN Fund Services AG, succursale Geneve, 6 Cours de Rive, 1204 Geneva. NPB Neue Privat Bank AG, Limmatquai 1 / am
Bellevue, CH – 8024 Zürich, Switzerland is the Swiss Paying Agent. In Switzerland, shares shall be distributed exclusively to qualified investors. The fund offering documents,
articles of association and audited financial statements can be obtained free of charge from the Representative. The place of performance with respect to shares distributed in or
from Switzerland is the registered office of the Representative.
* AFC Uzbekistan Fund (Non-US) is registered for sale to investors in Switzerland (qualified investors), Hong Kong (professional investors), and Singapore (accredited investors).
* Asia Frontier Capital manages funds for both US investors and non-US investors. This fund is for non-US investors only. If you are a US investor, please refer to the fact sheet
for the fund called “AFC Uzbekistan Fund”. 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.