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.
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 Ltd.: AFC Asia Frontier Fund presentationThomas Hugger
AFC Asia Frontier Fund invests in listed equities of the fast growing Asian economies like Bangladesh, Bhutan, Cambodia, Laos, Maldives, Mongolia, Myanmar (Burma), Nepal, Pakistan, Papua New Guinea, Sri Lanka and Vietnam.
AFC Asia Frontier Fund invests in fast growing Asian frontier countries like Bangladesh, Cambodia, Iraq, Laos, Mongolia, Myanmar (Burma), Papua New Guinea, Pakistan, Sri Lanka and Vietnam. Due to the emerging middle class and opportunities for developing infrastructure in these countries, the fund’s main investment focus is the consumer and infrastructure sector. The AFC Asia Frontier Fund is positioned to take advantage of the continuing economic shifts in these countries.
AFC Asia Frontier Fund presentation 2014.06.09Thomas Hugger
AFC Asia Frontier Fund invests in listed equities in Bangladesh, Cambodia, Iraq, Laos, Maldives, Mongolia, Myanmar, Pakistan, Papua New Guinea, Sri Lanka and Vietnam
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 Ltd.: AFC Asia Frontier Fund presentationThomas Hugger
AFC Asia Frontier Fund invests in listed equities of the fast growing Asian economies like Bangladesh, Bhutan, Cambodia, Laos, Maldives, Mongolia, Myanmar (Burma), Nepal, Pakistan, Papua New Guinea, Sri Lanka and Vietnam.
AFC Asia Frontier Fund invests in fast growing Asian frontier countries like Bangladesh, Cambodia, Iraq, Laos, Mongolia, Myanmar (Burma), Papua New Guinea, Pakistan, Sri Lanka and Vietnam. Due to the emerging middle class and opportunities for developing infrastructure in these countries, the fund’s main investment focus is the consumer and infrastructure sector. The AFC Asia Frontier Fund is positioned to take advantage of the continuing economic shifts in these countries.
AFC Asia Frontier Fund presentation 2014.06.09Thomas Hugger
AFC Asia Frontier Fund invests in listed equities in Bangladesh, Cambodia, Iraq, Laos, Maldives, Mongolia, Myanmar, Pakistan, Papua New Guinea, Sri Lanka and Vietnam
Find out what ESG stands for and what relevance does it play for your equity portfolio? Find out how the Quantum India ESG Equity Fund filters companies based on the proprietary ESG scoring methodology. Explore how the portfolio is constructed.
www.Quantumamc.com
This fund is designed especially for those who are looking to simplify asset allocation across the three asset classes of equity, debt and gold. This fund can give you a diversified and balanced portfolio allocation while limiting downside risks compared to an equity fund. Explore the process behind the dynamic asset allocation and how does the Quantum Multi Asset Fund of Funds scheme performance compare to traditional saving instruments.
www.Quantumamc.com
Explore the investment philosophy and process used for Quantum fixed income products. Find answers to fund and research objective & portfolio construction process used for the Quantum Liquid Fund and Quantum Dynamic Bond Fund.
www.Quantumamc.com
Find out the investment criteria and process followed for Quantum’s flagship Fund – Quantum Long Term Equity Value Fund. Explore the portfolio construction and how is it tuned to capture the benefits of the long-term India growth story.
www.Quantumamc.com
Discover the need for Gold in one’s portfolio and explore efficient financial forms of investing in Gold with Quantum Gold Fund ETF and Quantum Gold Saving Fund compared with other forms of gold investment.
Find out how the Quantum tax saving fund portfolio is constructed using the value investing style. Learn about the advantages of investing in this fund and lots more.
www.Quantumamc.com
Quantum Long Term Equity Value Fund is the flagship mutual fund of Quantum Mutual Fund. The Mutual Fund follows the Value style of investing giving potential for risk-adjusted returns over the long term. Learn more about the fund’s investment process and the bottom-up stock selection process. For product label please click the following link: https://www.quantumamc.com/Product-Label/QLTEVF.jpg
Understand the portfolio construction process followed with QMAFOFQuantum Mutual Fund
Quantum Multi Asset Fund of Funds: Understand the portfolio construction process followed with Quantum Multi Asset Fund of Funds. Since ideal allocation is not static, this fund allows you to simplify the asset allocation process. The fund manager dynamically allocates between equity, debt and gold depending on the market conditions. See how it compares to a fixed deposit.
www.Quantumamc.com
Quantum Tax Saving Scheme is an open-ended diversified ELSS (Equity Linked Savings Scheme) that offer you dual benefits of tax savings and capital appreciation over the long term, due to the underlying equity component. Learn about Quantum Tax Saving Fund stock picking and portfolio construction process.
www.Quantumamc.com
Find out what ESG stands for and what relevance does it play for your equity portfolio? Find out how the Quantum India ESG Equity Fund filters companies based on the proprietary ESG scoring methodology. Explore how the portfolio is constructed.
www.Quantumamc.com
This fund is designed especially for those who are looking to simplify asset allocation across the three asset classes of equity, debt and gold. This fund can give you a diversified and balanced portfolio allocation while limiting downside risks compared to an equity fund. Explore the process behind the dynamic asset allocation and how does the Quantum Multi Asset Fund of Funds scheme performance compare to traditional saving instruments.
www.Quantumamc.com
Explore the investment philosophy and process used for Quantum fixed income products. Find answers to fund and research objective & portfolio construction process used for the Quantum Liquid Fund and Quantum Dynamic Bond Fund.
www.Quantumamc.com
Find out the investment criteria and process followed for Quantum’s flagship Fund – Quantum Long Term Equity Value Fund. Explore the portfolio construction and how is it tuned to capture the benefits of the long-term India growth story.
www.Quantumamc.com
Discover the need for Gold in one’s portfolio and explore efficient financial forms of investing in Gold with Quantum Gold Fund ETF and Quantum Gold Saving Fund compared with other forms of gold investment.
Find out how the Quantum tax saving fund portfolio is constructed using the value investing style. Learn about the advantages of investing in this fund and lots more.
www.Quantumamc.com
Quantum Long Term Equity Value Fund is the flagship mutual fund of Quantum Mutual Fund. The Mutual Fund follows the Value style of investing giving potential for risk-adjusted returns over the long term. Learn more about the fund’s investment process and the bottom-up stock selection process. For product label please click the following link: https://www.quantumamc.com/Product-Label/QLTEVF.jpg
Understand the portfolio construction process followed with QMAFOFQuantum Mutual Fund
Quantum Multi Asset Fund of Funds: Understand the portfolio construction process followed with Quantum Multi Asset Fund of Funds. Since ideal allocation is not static, this fund allows you to simplify the asset allocation process. The fund manager dynamically allocates between equity, debt and gold depending on the market conditions. See how it compares to a fixed deposit.
www.Quantumamc.com
Quantum Tax Saving Scheme is an open-ended diversified ELSS (Equity Linked Savings Scheme) that offer you dual benefits of tax savings and capital appreciation over the long term, due to the underlying equity component. Learn about Quantum Tax Saving Fund stock picking and portfolio construction process.
www.Quantumamc.com
Ponencia para el Ministerio de Medio Ambiente y Medio Rural y Marino.
Junio 2011
Ponentes:
Manuel Serrano y Lourdes Rodríguez
Programa de Alta Formación para Gestores de Empresas de la Cadena Agroalimentaria.
Coolhunting Empresarial para Gestores de la Cadena Agroalimentaria: Innovación, Internacionalización y Competitividad sin límites.
Asociación Española de Coolhunting
DESCANSO Y RELAJACION
Tel. (503) 25341501
Cel. (503) 71974319
Email: descansoyrelajacion@gmail.com
En esta presentación encontrará información importante acerca de por que debemos de ddormir las horas suficientes en beneficio de nuestra salud, principalmente porque es el momento en que nuestro cuerpo se regenera.
Conozca mas AQUI: http://bit.ly/descansosalud
Diario epistolar de mis andanzas en Cuautla, amores con mis vecinas y demis vecinas, comentrios sobre personajes de la politica, televison, etc. las opiniones de mis amigos sobre mis opiniones.
Manual de Gestión para acreditación de una ONG para AECID. Definición procesos, flujogramas, descripción puestos trabajo, fichas y protocolos funcionamiento en todos procesos.
AFC Asia Frontier Fund Presentation February 2023ThomasHugger1
The AFC Asia Frontier Fund operates a combination top-down and bottom-up strategy to capture both growth and value opportunities in listed equities. The country universe includes Bangladesh, Cambodia, Georgia, Iraq, Jordan, Kazakhstan, Kyrgyzstan, Laos, Maldives, Mongolia,
Myanmar (Burma), Pakistan, Papua New Guinea, Sri Lanka, Uzbekistan , and Vietnam.
If you are looking to simplify your fund selection process, you could opt for a fund of funds that invest in other equity funds. Get details into how the fund portfolio selection process takes place after qualitative and quantitative research. In addition, this fund offers investors the flexibility of managing and tracking just one NAV and one mutual fund.
www.Quantumamc.com
Out of the universe of equity funds, how does an investor select a good diversified portfolio of equity schemes? Leave the fund selection and portfolio diversification to the fund manager of Quantum Equity Fund of Funds that has underlying investments in well-researched diversified equity funds of third party equity mutual fund schemes.
www.Quantumamc.com
SBI Magnum Equity Fund: An Equity Mutual Fund Scheme - Sep 17SBI Mutual Fund
SBI Magnum Equity Fund aims to provide the investor long – term capital appreciation by investing in high growth companies along with the liquidity of an open-ended mutual fund scheme through investments primarily in equities and the balance in debt and money market instruments. SBI Magnum Equity Fund is positioned as large cap mutual fund. The fund is suitable for investors who are looking for long term capital appreciation with relatively lower risk. To know more about this fund, please visit SBI Mutual Fund website https://www.sbimf.com/en-us/equity-schemes/sbi-magnum-equity-fund
Understand the underlying portfolio composition of fixed income investments such as liquid funds and dynamic bond funds. Also, get details into the fund objective and the process of investment
www.Quantumamc.com
Quantum Tax Saving Fund is an ELSS (Equity Linked Savings Scheme) that allows you to save tax u/s 80C and create wealth over the long term. ELSS mutual fund has the shortest lock-in period of 3 years. Find answers into the portfolio construction process used for the Quantum Tax Saving Fund and the performance as of June 2021.
www.Quantumamc.com
SBI Magnum Multicap Fund: An Open-Ended Equity Mutual Fund Scheme - Nov 17SBI Mutual Fund
SBI Magnum Multicap Fund invests across various market caps and sectors for long-term capital appreciation. This fund invests 50-90% in large cap, 10-40% in midcap and 0-10% in small cap. SBI Magnum Multicap Fund is ideal for investors looking for capital appreciation with a long term investment horizon. Know more about this mutual fund at https://www.sbimf.com/en-us/equity-schemes/sbi-magnum-multicap-fund
SBI Magnum Equity Fund: An Equity Mutual Fund Scheme - Nov 17SBI Mutual Fund
SBI Magnum Equity Fund aims to provide the investor long – term capital appreciation by investing in high growth companies along with the liquidity of an open-ended mutual fund scheme through investments primarily in equities and the balance in debt and money market instruments. SBI Magnum Equity Fund is positioned as large cap mutual fund. The fund is suitable for investors who are looking for long term capital appreciation with relatively lower risk. To know more about this fund, please visit SBI Mutual Fund website https://www.sbimf.com/en-us/equity-schemes/sbi-magnum-equity-fund
SBI Magnum Multicap Fund: An Open-ended Growth Scheme - March 17SBI Mutual Fund
SBI Magnum Multicap Fund provides investors with opportunities for long-term growth in capital along with the liquidity of an open-ended scheme through an active management of investments in a diversified basket of equity stocks spanning the entire market capitalization spectrum and in debt and money market instruments. To learn more about this mutual fund check SBI Mutual Fund page
https://www.sbimf.com/en-us/equity-schemes/sbi-magnum-multicap-fund
SBI Magnum Multicap Fund: An Open-Ended Equity Mutual Fund Scheme - Sep 17SBI Mutual Fund
SBI Magnum Multicap Fund invests across various market caps and sectors for long-term capital appreciation. This fund invests 50-90% in large cap, 10-40% in midcap and 0-10% in small cap. SBI Magnum Multicap Fund is ideal for investors looking for capital appreciation with a long term investment horizon. Know more about this mutual fund at https://www.sbimf.com/en-us/equity-schemes/sbi-magnum-multicap-fund
SBI Magnum Multicap Fund: An Open-ended Growth Scheme - May 17SBI Mutual Fund
SBI Magnum Multicap Fund provides investors with opportunities for long-term growth in capital along with the liquidity of an open-ended scheme through an active management of investments in a diversified basket of equity stocks spanning the entire market capitalization spectrum and in debt and money market instruments. To learn more about this mutual fund check SBI Mutual Fund page
https://www.sbimf.com/en-us/equity-schemes/sbi-magnum-multicap-fund
SBI Emerging Business Fund: An Equity Mutual Fund Scheme - Sep 17SBI Mutual Fund
SBI Emerging Business Fund focuses on emerging businesses and invests in companies that are considered emergent. It has the flexibility to invests across market caps. SBI Emerging Business Fund may invests into large, mid and/or small cap stocks in any proportion based on the market conditions making the most of various market phases. Visit SBI Mutual Fund to know more this fund at https://www.sbimf.com/en-us/equity-schemes/sbi-emerging-businesses-fund
AFC Asia Frontier Fund invests in stock exchange listed equities of the following fast growing Asian economies: Bangladesh, Bhutan, Cambodia, Iraq, Laos, Maldives, Mongolia, Myanmar, Nepal, Pakistan, Papua New Guinea, Sri Lanka and Vietnam.
Asia Frontier Capital Ltd. is the manager of the fund.
SBI Emerging Business Fund: An Equity Mutual Fund Scheme - Nov 17SBI Mutual Fund
SBI Emerging Business Fund focuses on emerging businesses and invests in companies that are considered emergent. It has the flexibility to invests across market caps. SBI Emerging Business Fund may invests into large, mid and/or small cap stocks in any proportion based on the market conditions making the most of various market phases. Visit SBI Mutual Fund to know more this fund at https://www.sbimf.com/en-us/equity-schemes/sbi-emerging-businesses-fund
6th annual investment conference speaker profileShane See
This is the speaker's profile for one of the Biggest Investment Conference in Malaysia. The inaugural PhillipCapital Investment Conference is one of the most sort after conference by investors. If you've checked out the list of speakers speaking at the conference, you will know why the conference is always a sell out, year after year.
Similar to Asia Frontier Capital - AFC Asia Frontier Fund presentation 2015.07.09 (20)
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 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.
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.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the what'sapp contact of my personal pi merchant to trade with.
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Seminar: Gender Board Diversity through Ownership NetworksGRAPE
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2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
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Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
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How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
3. 3
Proven Expertise In Frontier Markets
• Asia Frontier Capital Limited was created in June 2013 through a Management Buy Out from
Leopard Capital
• The founder and CEO, Thomas Hugger, has more than 20 years experience in investing in
Frontier Markets
• Licensed by SFC Hong Kong for Type 4 (advising on securities) and Type 9 (asset management)
Attractive Equities Identified in Structured Investment Policy
• Asia Frontier Capital has identified equities with good upside potential
• The Fund has access to numerous primary and secondary research sources
• A Structured Investment and Research process is being followed
AFC Asia Frontier Fund
INTRODUCING ASIA FRONTIER CAPITAL
4. Our Team
Thomas Hugger, CEO and Fund Manager, has spent 27 years in
private banking and has been investing in Asian and African
Frontier Markets since 1993. He is the former Managing Partner,
CFO & COO of Leopard Capital; and was previously a Managing
Director and Head of Portfolio Management at LGT Bank in Hong
Kong. Mr. Hugger was the founding shareholder of one of the
largest brokerage companies in Bangladesh. He is also a Certified
Financial Investment Analyst (CFIA) and Investment Adviser
(Switzerland) and a Certified European Federation of Financial
Analysts Societies (EFFAS) Financial Analyst.
Ahmed Tabaqchali, CIO of Iraq Investments, is an experienced capital
markets professional with over 22 years of experience in MENA
markets as well as the US. He is currently a board member of the Credit
Bank of Iraq and former Executive Director of NBK Capital, the
investment banking arm of the National Bank of Kuwait. Prior to these
roles Ahmed was Managing Director and Head of International
Institutional Sales at WR Hambrecht + Co. This followed on from roles
as a Managing Director at KeyBanc Capital Markets and Director &
Head of Capital Markets & Institutional Sales at Jefferies Int'l in London.
Ahmed is an Iraqi as well as British national and holds a M.Sc. in
Mathematics from Oxford University in England, a B.Sc. (Hons, 1st class)
in Mathematics from Victoria University and a B.Sc. in Mathematics
from Canterbury University in New Zealand.
Ruchir Desai, Senior Investment Analyst, is an MBA graduate in
Finance from CUHK Business School at The Chinese University of
Hong Kong and is also an alumnus of The Fuqua School of Business
at Duke University where he spent a semester during his MBA
program. He is currently a CFA Level III candidate. Prior to being
based in Hong Kong, Ruchir was based in Mumbai where he spent
two years as a Senior Analyst at HandsOn Ventures LLC, a mid-
market private equity group focused on investments in the
Business Services industry. Prior to this role, he spent three years
as a Research Analyst at Pioneer Investcorp Ltd, an institutional
brokerage based in Mumbai.
Stephen Friel, Marketing Director, holds a Master of Development
Economics with Distinction from University of Queensland and is also
an alumnus of CUHK Business School at The Chinese University of Hong
Kong. Prior to joining Asia Frontier Capital, Stephen supported the
launch of a Hong Kong based hedge fund where he conducted research
on Japanese equities. He is also a former International
Business/Strategy Lecturer at The Queensland University of Technology
Business School. His background in Development Economics has seen
him spend an extensive amount of time on the ground in emerging and
frontier markets such as Vietnam, Thailand, Laos, Cambodia, Papua
New Guinea, The Philippines and Vanuatu.
Scott Osheroff, Regional Research Analyst, holds a Bachelor’s
Degree in Business Administration with a Concentration in Finance
from Northeastern University. Prior to joining Asia Frontier Capital,
Scott worked with Pathfinder Capital Management in Southeast
Asia and Mongolia. Prior to this role, Scott co-founded a publishing
company whose principal asset, EmergingFrontiers.com, was
leveraged to provide investment coverage on public and private
investments in Asia’s frontier markets. He has spent the last two
years between Mongolia and Cambodia.
Ms. Margaret Kwok, Accounting & Administration Executive, has over
30 years of prior work experience in accounting, administration, and
financial services at institutions such as Christfund Securities, PFC
International, and Guoyuan Securities. She holds advanced level
certificates in Accounting & Costing from London Chamber of
Commerce & Industry and a Certificate in Accountancy from Kwai
Chung Technical Institute. Margaret is fluent in Cantonese, Mandarin
and English.
4AFC Asia Frontier Fund
OUR TEAM
5. Our Team
Thomas Hugger, CEO and Fund Manager,
has spent 27 years in private banking and has
been investing in Asian and African Frontier
Markets since 1993. He is the former
Managing Partner, CFO & COO of Leopard
Capital; and was previously a Managing
Director and Head of Portfolio Management
at LGT Bank in Hong Kong. Mr. Hugger was
the founding shareholder of one of the
largest brokerage companies in Bangladesh.
He is also a Certified Financial Investment
Analyst (CFIA) and Investment Adviser
(Switzerland) and a Certified European
Federation of Financial Analysts Societies
(EFFAS) Financial Analyst.
Hon. Andrew Fraser, Director, is a graduate of
St John's College, Oxford after which he held
numerous posts in the financial sector both in
the City of London and elsewhere. He has
previously held positions as; CEO of Baring
Securities in the UK, Chairman of Equity
Partners Ltd., a Bangladesh investment bank,
as well as Chairman of Bridge Securities, a
quoted Korean company, amongst other posts.
At present he is a global investor based in
London.
Dr. Marc Faber, is CEO, investment advisor
and fund manager of Marc Faber Limited. He
is the publisher of a widely read monthly
investment newsletter The Gloom, Boom
and Doom report which highlights global
investment opportunities. Dr. Faber is
respected around the world for his market
forecasts over the past three decades.
5AFC Asia Frontier Fund
SHAREHOLDERS OF ASIA FRONTIER CAPITAL LIMITED
7. 7AFC Asia Frontier Fund
WHY ASIAN FRONTIER MARKETS
AFC Asia Frontier
Fund Universe
Bangladesh
Cambodia
Iraq
Laos
Maldives
Mongolia
Myanmar
Pakistan
Papua New Guinea
Sri Lanka
Vietnam
8. 8
Excellent upside potential
due to high GDP growth
Low Correlation and
Diversification at
attractive Valuations
Increasing
Consumption
Favourable
Demographics
AFC Asia Frontier Fund
WHY ASIAN FRONTIER MARKETS
Manufacturing shift
from China
9. 9
Diversification has led to Low Correlations for the Fund with Global Markets
AFC Asia Frontier Fund
Source: Bloomberg, Asia Frontier Capital. Correlations based on Monthly Returns and Gross Fund Returns
AAFF – AFC Asia Frontier Fund
WHY ASIAN FRONTIER MARKETS
Correlation of AAFF with MSCI Indexes since Inception (30th March 2012)
Variable AAFF
MSCI World
Index
MSCI Emerging
Markets Index
MSCI BRIC
Index
MSCI Frontier
Markets Index
MSCI World Index 0.25 1.00
MSCI Emerging Markets Index 0.25 0.77 1.00
MSCI BRIC Index 0.27 0.74 0.98 1.00
MSCI Frontier Markets Index 0.60 0.61 0.55 0.53 1.00
MSCI Frontier Markets Asia Index 0.81 0.25 0.27 0.26 0.62
Correlation of AAFF with MSCI Indexes since May 2013 - Start of Fed Taper Fear
MSCI World Index -0.15 1.00
MSCI Emerging Markets Index -0.11 0.72 1.00
MSCI BRIC Index -0.10 0.67 0.98 1.00
MCSI Frontier Markets Index 0.46 0.51 0.47 0.42 1.00
MSCI Frontier Markets Asia Index 0.79 0.04 0.08 0.07 0.57
10. 10
Low Correlations for the Fund with Global Markets has led to excellent Risk-Return profile
Annualised Volatility vs. Gross Return (Since Inception, March 2012)
AFC Asia Frontier Fund
Source: Bloomberg. *Correlations based on Monthly Returns and Gross Fund Returns
AAFF – AFC Asia Frontier Fund
Annualised
Volatility
Cumulative
Returns*
AAFF 9.74% 71.48%
MSCI World Index 10.38% 32.29%
MSCI Emerging
Market Index
14.06% -6.64%
MSCI BRIC Index 17.70% -8.09%
MSCI Frontier
Markets Index
11.54% 18.95%
MSCI Frontier
Markets Asia Index
13.78% 20.08%
WHY ASIAN FRONTIER MARKETS
AFC Asia
Frontier Fund
USD A
MSCI World
MSCI Emerging
Markets
MSCI BRIC
MSCI Frontier
Markets
MSCI Frontier
Markets Asia
-10%
0%
10%
20%
30%
40%
50%
60%
70%
80%
0% 5% 10% 15% 20%
GrossReturn
Annualised Volatility
11. 11
Low Correlation to Global Markets
Asian Frontier markets are under researched and have the potential to provide
returns with low correlations to global markets
AFC Asia Frontier Fund
WHY ASIAN FRONTIER MARKETS
Source: Bloomberg. *Based on 5 years monthly data
-0.05
-0.01
0.10
0.28 0.28
0.33
0.36
0.51
0.59
-0.2
0.0
0.2
0.4
0.6
0.8
Correlation with the MSCI World Index ISXGI Index (Iraq)
DSE Broad Index (Bangladesh)
CSX Index (Cambodia)
MSE Top 20 Index (Mongolia)
LSXC Index (Laos)
KSE All Share Index (Pakistan)
Colombo All Share Index (Sri
Lanka)
VH Index (Vietnam - Hanoi)
VN Index (Vietnam - Ho Chi Minh)
12. 12
Attractive Valuations
Asian Frontier markets offer attractive dividend yields
and lower Price to Earnings and Price to Book ratios
relative to emerging markets
Asian Frontier markets are valued attractively relative
to emerging Asian countries
AFC Asia Frontier Fund
Source: Bloomberg. P/E is based on Trailing 12 Months and P/B is latest reporting period.
WHY ASIAN FRONTIER MARKETS
Select Asian Frontier Index Valuations
Country Index P/E (x) P/B (x)
Dividend
Yield (%)
Laos LSXC 7.7 1.3 6.8
Pakistan KSE100 10.5 1.9 5.1
Vietnam VNINDEX 13.3 1.9 3.7
Sri Lanka CSEALL Share 13.9 1.5 2.5
Emerging Asia Index Valuations
Country Index P/E (x) P/B (x)
Dividend
Yield (%)
Malaysia FBMKLCI 16.7 1.9 3.3
Thailand SET 19.5 2.0 3.0
Philippines PCOMP 20.4 2.7 1.9
Indonesia JCI 21.8 2.4 2.0
India BSE SENSEX 22.3 3.1 1.3
Source: Bloomberg. P/E is based on Trailing 12 Months and P/B is latest reporting period.
13. 13AFC Asia Frontier Fund
WHY ASIAN FRONTIER MARKETS
Low Market Cap/GDP relative to Emerging Markets Offers Value
Source: Bloomberg, Asia Frontier Capital
4% 8% 11%
27% 27%
34% 36% 39% 40% 41% 43% 46%
61% 62%
95%
100%
120%
0%
25%
50%
75%
100%
125%
150% Market Cap. as % of GDP - Asian Frontier v/s Emerging Markets
14. 14
Excellent upside potential
due to high GDP growth
Low Correlation and
Diversification at
attractive Valuations
Increasing
Consumption
Favourable
Demographics
AFC Asia Frontier Fund
WHY ASIAN FRONTIER MARKETS
Manufacturing shift
from China
15. 15
High GDP Growth Rates
High GDP growth of 6.4% in 2014 for the AFC Frontier Universe
AFC Asia Frontier Fund
WHY ASIAN FRONTIER MARKETS
0.0
2.0
4.0
6.0
8.0
10.0
12.0
AFC Frontier Universe Growth Rates (%)
Source: IMF
16. 16
The AFC Frontier Universe offers attractive investment opportunities as
their combined GDP is comparable in size to emerging and developed countries
AFC Asia Frontier Fund
WHY ASIAN FRONTIER MARKETS
Source: World Bank
GDP of AFC Frontier Universe: USD 912 billion (as of 2013)
26%
25%
19%
16%
7%
2%
2% 1% 1% 1%
0.003%
Pakistan
Iraq
Vietnam
Bangladesh
Sri Lanka
Papua New Guinea
Cambodia
Mongolia
Lao P.D.R.
Myanmar
Maldives
0
200
400
600
800
1,000
1,200
GDP (USD Billion)
17. 17
Excellent upside potential
due to high GDP growth
Low Correlation and
Diversification at
attractive Valuations
Increasing
Consumption
Favourable
Demographics
AFC Asia Frontier Fund
WHY ASIAN FRONTIER MARKETS
Manufacturing shift
from China
18. 18AFC Asia Frontier Fund
WHY ASIAN FRONTIER MARKETS
The AFC Frontier Universe has a sizeable population which continues to grow
and will support future GDP growth
AFC Frontier Universe Combined Population: 568 million (as of 2013)
Source: World Bank
0
200
400
600
800
1,000
1,200
1,400
Population (millions)
32%
28%
16%
9%
6%
4%
3%
1% 1%0.005 0.001
Pakistan
Bangladesh
Vietnam
Myanmar
Iraq
Sri Lanka
Cambodia
Papua New Guinea
Lao P.D.R.
Mongolia
Maldives
19. 19
Compared to Developed Markets, the AFC Frontier Universe has a much younger population
growing at a faster rate: This supports future economic growth and consumption
AFC Asia Frontier Fund
WHY ASIAN FRONTIER MARKETS
Source: United Nations Population Division.
AFC Frontier Universe – A Young and Growing Population
0%
20%
40%
60%
80%
AFC Universe North
America
Northern
Europe
Western
Europe
Japan
% of Population
< 30 Years Old
> 50 Years Old
24
37
40
42
45
-0.4%
0.0%
0.4%
0.8%
1.2%
1.6%
0
10
20
30
40
50
AFC Universe North
America
Northern
Europe
Western
Europe
Japan
Median Age & Population Growth
Median Age (LHS) Population Growth, 2015-2020 (RHS)
AFC Frontier Universe is supported by huge young population Developed Markets are not getting younger. AFC Frontier
Universe offer young and growing population
20. 20AFC Asia Frontier Fund
Increasing urbanisation will support growth in the Consumer, Infrastructure and Financial sectors
WHY ASIAN FRONTIER MARKETS
The AFC Frontier Universe is Urbanising from a Low Base
Rural
20%
Urban
80%
OECD Members
Rural
65%
Urban
35%
AFC Frontier Universe
Source: World Bank
21. 21
Excellent upside potential
due to high GDP growth
Low Correlation and
Diversification at
attractive Valuations
Increasing
Consumption
Favourable
Demographics
AFC Asia Frontier Fund
WHY ASIAN FRONTIER MARKETS
Manufacturing shift
from China
22. 22AFC Asia Frontier Fund
Asian Frontier countries presently have similar demographics to what China had in the 1990s. By 2020
Asian Frontier countries will continue to have a young population relative to China
WHY ASIAN FRONTIER MARKETS
The Shift from China
Source: United Nations Population Division
Median Age – China in 1990 v/s Asian Frontier countries at
present have similar median ages
% of Population > Age 60 – China v/s Asian Frontier countries in
2020 Asian Frontier countries’ younger population offer an
alternative to China
16.9%
15.5%
12.8%
10.5%
9.4%
8.1%
7.2% 6.6%
0%
5%
10%
15%
20% % of Population > Age 6036
25
20 22
24 24
28 29
31
0
10
20
30
40
Median Age
23. 23AFC Asia Frontier Fund
Combination of young workforce and low wages is attracting manufacturing activities to Asian frontier
countries as wages in China increase and the workforce gets greater employment opportunities
WHY ASIAN FRONTIER MARKETS
The Shift from China
Source: China Statistical Bulletin, Wage Indicator Foundation, Bangladesh Garment Manufacturers & Exporters Association, General Statistics
Office of Vietnam
0
150
300
450
600
750 Bangladesh RMG & Vietnam Export Growth*
Bangladesh
Vietnam
50 52
68 75 79
100
112
193
251
264 275 282
0
75
150
225
300
Monthly Minimum Wage (USD)
*Rebased to 100 (2003). RMG: Ready Made Garments
Wages in Asian Frontier countries are amongst the lowest in the region
Bangladesh and Vietnam are good examples of the shift of
manufacturing from China to neighboring countries
24. 24
Excellent upside potential
due to high GDP growth
Low Correlation and
Diversification at
attractive Valuations
Increasing
Consumption
Favourable
Demographics
AFC Asia Frontier Fund
WHY ASIAN FRONTIER MARKETS
Manufacturing shift
from China
25. 25AFC Asia Frontier Fund
Percentage of Durables in Private Consumption
AFC Asia
Frontier Fund
Universe
Per capita
income USD
PPP (2012)
Bangladesh $ 729
Cambodia $ 792
Iraq $ 3,918
Laos $ 1,017
Maldives $ 4,385
Mongolia $ 2,499
Myanmar -
Pakistan $ 1,217
PNG $ 1,625
Sri Lanka $ 2,699
Vietnam $ 1,372
WHY ASIAN FRONTIER MARKETS
26. 26AFC Asia Frontier Fund
Consumption Expenditure is Increasing in Frontier Markets
0
1
2
3
4
5
6
7
8
9
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Household final consumption expenditure per capita
growth (annual %)
BRICS Average Linear (BRICS Average)
-1
0
1
2
3
4
5
6
7
8
9
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Household final consumption expenditure per capita
growth (annual %)
AFC Country Universe Average Linear (AFC Country Universe Average)
$-
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Household final consumption expenditure per capita
(USD - constant 2005) Bangladesh
Cambodia
Iraq
Lao PDR
Maldives
Mongolia
Myanmar
Pakistan
Papua New
Guinea
Sri Lanka
Vietnam
AFC Average
-2
-1
0
1
2
3
4
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Household final consumption expenditure per capita
growth (annual %)
Developed Countries Linear (Developed Countries)
WHY ASIAN FRONTIER MARKETS
27. 27AFC Asia Frontier Fund
WHY ASIAN FRONTIER MARKETS
Remittance inflows continue to grow and will support domestic consumption and investment
Remittance Inflows supports GDP Growth
Source: World Bank
0
5
10
15
20
25
30
35
40
45
50
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
BillionUSD
Personal remittances, received
(Billion current USD) Vietnam
Sri Lanka
Papua New Guinea
Pakistan
Myanmar
Mongolia
Maldives
Lao PDR
Iraq
Cambodia
Bangladesh
28. 28AFC Asia Frontier Fund
Asian Frontier Consumer Stocks are undervalued and some companies have been catching up with
Emerging Market valuations over the past year. This has helped generate alpha for the fund.
Asian Frontier Consumer Picks
Regional Comparisons
Source: Bloomberg. P/E based on Trailing 12 Month Earnings, P/B based on most recent reporting period.
Country Company P/E (x) P/B (x) Dividend Yield (%)
Mongolia Consumer Food Products 8.3 0.9 0.6
Vietnam Consumer Food Products 10.5 2.6 6.7
Sri Lanka Consumer Beverage Products 10.7 1.3 1.2
Pakistan Consumer Beverage Products 19.0 3.4 0.6
Bangladesh Shoe Retailer 25.8 7.0 2.1
Country Company P/E (x) P/B (x) Dividend Yield (%)
Thailand President Bakery 18.6 4.3 2.6
Indonesia Indofood Sukses Makmur 23.7 2.2 3.4
China Tsingtao Brewery 24.2 3.1 1.3
Philippines Universal Robina Corp 34.4 7.1 1.6
India Bata India 38.7 7.2 N.A.
WHY ASIAN FRONTIER MARKETS
31. INVESTMENT STRATEGY – IDEA GENERATION PROCESS – COMBINATION OF BOTTOM UP-TOP
DOWN
31AFC Asia Frontier Fund
Bottom-up stock
shortlisting using tools
based on Valuation
and Fundamental
parameters
Top-down stock
shortlisting based on
economy and industry
analysis
Access to Third Party
Research (daily
updates, company
specific research,
industry research)
On the ground visits to
countries to meet with
management of
companies
Relationship with sell
side analysts for views
on company/industry
32. 32AFC Asia Frontier Fund
•Historical trend of growth, margins and cash from operations
•Focus on trend in RoEs and dividend payout ratios.
Historical Financial Statement
Analysis
•Well established brand
•Large distribution network
•High Market Share
•Economies of Scale
•Cost Structure
•Stable Management
Competitive Advantages
•Is company operating in an industry with favorable outlook
•Example 1: Shoes per capita in Bangladesh is significantly lower than
emerging market peers
•Example 2: Upswing in infrastructure spending in Pakistan positive for
cement companies
Industry Outlook & Opportunity
• Conduct both local and regional peer analysis by comparing valuation,
fundamental and industry metrics
Peer Comparison Analysis
INVESTMENT STRATEGY – RESEARCH PROCESS
33. INVESTMENT STRATEGY – WHAT WE LOOK FOR WHEN WE BUY
33AFC Asia Frontier Fund
Possible Triggers: Introduction of new products, expansion
plans, interest rate cycle on the downswing, decreasing debt
levels, improvement in macro environment
Room for expansion in multiples due to undervaluation relative
to peers
Is future outlook consistent with past historical trend in growth,
margins, cash flows, RoEs and dividend payout ratios.
Take a longer term view on the business and not get distracted
by near term disappointments
34. INVESTMENT STRATEGY – WHAT WE LOOK FOR WHEN WE SELL
34AFC Asia Frontier Fund
Deteriorating company fundamentals, poor industry outlook and/or deteriorating
economic outlook
Are negatives already in the price?
Valuations move above our comfort zone on absolute and relative basis
Lack of confidence in company management
35. INVESTMENT STRATEGY – RISK MANAGMENT
35AFC Asia Frontier Fund
Corporate Governance & Concentration
Risk
• Accounting standards and
disclosures not yet
comparable to developed
markets
• We look to mitigate this risk
through our research process
and meeting with company
management and on the
ground research
• To further mitigate the risk of
governance issues impacting
the overall portfolio the fund
has maximum positon limit of
5% in a holding with top
slicing at 10% should the
valuation rise.
Political Risk
• Certain markets could face
unstable political and security
environments
• We look to mitigate this risk
by using a top down approach
to increase/decrease country
allocation based on political
events that may impact our
holdings
• Keeping track of the
fundamentals of companies
and the economy
• Diversification amongst
markets that have political
risks and cycles that are
independent of each other
Currency Risk
• The fund does not hedge
currency exposure as it is
prohibitively expensive and at
many times not logistically
possible
• We look to mitigate this risk
by using a top down approach
to diversify across countries
• Keeping track of the
fundamentals of the economy
and macroeconomic
developments
36. INVESTMENT STRATEGY – TOP 10 HOLDINGS
36AFC Asia Frontier Fund
Current Top 10 HoldingsCompany Country Sector % of NAV
Beximco
Pharmaceuticals
Bangladesh Healthcare 4.5%
Searle Company Ltd. Pakistan Healthcare 4.1%
Bata Shoe Co. Bangladesh Consumer Discretionary 3.1%
Hemas Holdings Sri Lanka
Consumer
Staples/Healthcare
2.9%
Hai Duong Pump
Manufacturing
Vietnam Industrials 2.5%
Thien Long Group Vietnam Consumer Discretionary 2.5%
D.G. Khan Cement Pakistan Materials 2.4%
Banque Pour Le
Commerce
Laos Financials 2.3%
Access Engineering Sri Lanka Industrials 2.2%
Vietnam Sun Corp. Vietnam Consumer Discretionary 2.1%
46. 46
Investment Manager: Asia Frontier Capital Ltd., Cayman Islands
Investment Advisor: Asia Frontier Investments Ltd., Hong Kong
Fund Base Currencies: USD, EUR, CHF
Subscription Frequency: Monthly, 5 business days before end of month
Redemption: Monthly:
- 90 days prior notice for class A shares
- 180 days prior notice for class B shares
Management Fee: 1.8% p.a. of NAV for class A shares
1.5% p.a. of NAV for class B shares
Performance Fee: 10% NAV appreciation above 3 month USD-LIBOR +2%
and high water mark for class A shares
8% NAV appreciation above 3 month USD-LIBOR +2%
and high water mark for class B shares
Initial Minimum Investment: USD/EUR/CHF 50,000 for US Investors
USD/EUR/CHF 25,000 for non-US Investors
FUND TERMS & CONDITIONS
AFC Asia Frontier Fund
47. 47
Subsequent Minimum Subscription: USD 10,000 for USD shares
EUR 10,000 for EUR shares
CHF 10,000 for CHF shares
Subsequent Subscription Price: NAV
Country/Region Focus: Asia Frontier Markets
Initial Launch Date: 30 March 2012
Valuation Day: Last day of each calendar month
Main Custodian Bank: Deutsche Bank, Singapore
Auditor: Ernst & Young, Hong Kong
Administrator: TMF Custom House, Singapore
Legal Advisor: Cayman Islands: Ogier, Hong Kong
US: Morgan, Lewis & Bockius LLP, Boston
AFC Asia Frontier Fund
FUND TERMS & CONDITIONS
48. 48
ASIA FRONTIER CAPITAL LTD.
Thomas Hugger, CEO and Fund Manager, Hong Kong
Email: th@asiafrontiercapital.com
Tel: +852 3904 1015, Fax: +852 3904 1017
Stephen Friel, Marketing Director, Hong Kong
Email: sf@asiafrontiercapital.com
Tel: +852 3904 1079, Fax: +852 3904 1017
Website: www.asiafrontiercapital.com
AFC Asia Frontier Fund
CONTACT INFORMATION
Asia Frontier Investments Limited is licensed by SFC Hong Kong for Type 4 (advising on securities) and Type 9 (asset management)
*The representative of the Fund in Switzerland is Hugo Fund Services SA, 6 Cours de Rive, 1204 Geneva. The distribution of Shares
in Switzerland must exclusively be made to qualified investors. The place of performance and jurisdiction for Shares in the Fund
distributed in Switzerland are at the registered office of the Representative.
49. This Presentation is presented solely for purposes of discussion to assist prospective investors in determining whether they have a preliminary interest in the investment opportunity described herein. Under no
circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy, any security or other interest in AFC Asia Frontier Fund, AFC Umbrella Fund or any other fund related thereto (the
“Fund”). Offers and sales of interests in the Fund will not be registered under the laws of any jurisdiction and will be made solely to qualified investors under all applicable laws. Potential investors must read the entire
Offering Memorandum delivered by the Fund and the disclosure in this Subscription Agreement. Nothing contained herein shall be deemed to be binding against, or to create any obligations or commitment on the
part of, any potential investor or the Asia Frontier Capital (the “Fund Sponsors”). The Fund Sponsors reserve the right, in their sole and absolute discretion with or without notice, to alter the terms or conditions of this
Presentation and the Fund and/or to alter or terminate the potential investment opportunity described herein. Potential investors are not to construe this Presentation as investment, legal or tax advice. Prior to
making any potential investment, potential investors should consult with their own legal, investment, accounting, regulatory, tax and other advisors to determine the consequences of the potential investment
opportunity described herein and to arrive at an independent evaluation of such potential investment opportunity.
By accepting this Presentation, the recipient agrees not to copy, distribute, discuss or otherwise disclose this Presentation or the contents hereof (including the potential investment opportunity described) or any
other related information provided by the Fund Sponsors or by its agents to any person other than employees of recipient evaluating this potential investment opportunity on recipient’s behalf without the prior written
consent of the Fund Sponsors.
While the information contained herein has been obtained from various sources which the Fund Sponsors believe, but does not guarantee, to be reliable, the Fund Sponsors do not represent that it is accurate or
complete and it should not be relied upon as such. No person has been authorized to give any information or make any representation or warranty regarding the subject matter hereof, either express or implied, and,
if given or made in this Presentation, in other materials or verbally, such information, representation or warranty cannot and should not be relied upon nor is any representation or warranty made as to the accuracy,
content, suitability or completeness of the information, analysis or conclusions or any information furnished in connection herewith contained in this Presentation and it is not to be relied upon as a substitute for
independent review of the underlying documents, available due diligence information and such other information as prospective investors may deem appropriate or prudent to review. The Fund Sponsors, their
agents, their respective affiliates, and each of their respective shareholders, members, officers, directors, managers, employees, counsel, advisors, consultants and agents (“Representatives”), expressly disclaim any
and all liability for express or implied representations or warranties that may be contained in, or for omissions from or inaccuracies in, this Presentation or any other oral or written communication transmitted or made
available to a prospective investor or its Representatives. Without limiting the generality of the foregoing, nothing contained herein is or shall be relied upon as a promise or representation as to any matter, including,
without limitation, the future performance of the potential investment opportunity described herein. None of the Fund Sponsors, their agents, or their respective Representatives is under any obligation to correct any
inaccuracies or omissions in this Presentation. Each prospective investor will have the sole responsibility for verifying the accuracy of all information furnished in this Presentation and in any other due diligence
information furnished to a prospective investor, and each prospective investor shall have the sole responsibility for determining the value of the potential investment based on assumptions said prospective investor
believes to be reasonable. There shall be no recourse against the Fund Sponsors or any of their Representatives in the event of any errors or omissions in the information furnished, the methodology used, the
calculations of values or conclusions. Without limiting the generality of the foregoing, any historical information or information based on past performance included herein is for informational purposes only, has
inherent limitations and is not intended to be a representation, warranty or guarantee of future performance. All of the information presented herein is subject to change without notice. Actual returns to potential
investors may be lower than the figures shown herein. Projected performance data shown constitutes “forward-looking information” which is based on numerous assumptions and is speculative in nature. Actual
results may vary significantly from the values and rates of return projected herein. There can no assurance that the Fund will realize its rate of return objectives or return of investors’ capital. Potential investors should
have the financial ability and willingness to accept the risks (including without limitation the risk of loss and lack of liquidity) characteristic of investments in entities such as the Fund.
AN INVESTMENT IN THE FUND WILL NOT BE APPROPRIATE FOR ALL INVESTORS. INTERESTS IN THE FUND WILL INVOLVE A HIGH DEGREE OF RISK AND ARE INTENDED FOR SALE ONLY TO
SOPHISTICATED INVESTORS WHO ARE CAPABLE OF UNDERSTANDING AND ASSUMING THE RISKS INVOLVED. INVESTORS MAY LOSE ALL OR SUBSTANTIALLY ALL OF THEIR INVESTMENT.
THE INTERESTS IN THE FUND HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE APPLICABLE SECURITIES LAWS OF ANY
US. STATE OR ANY NON-U.S. JURISDICTION, AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY
SUCH APPLICABLE LAWS. INTERESTS IN THE FUND HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE US. SECURITIES AND EXCHANGE COMMISSION OR BY THE SECURITIES REGULATORY
AUTHORITY OF ANY STATE OR ANY OTHER RELEVANT JURISDICTION, NOR HAS ANY OTHER AUTHORITY OR COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS MEMORANDUM.
ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.
*The representative of the Fund in Switzerland is Hugo Fund Services SA, 6 Cours de Rive, 1204 Geneva. The distribution of Shares in Switzerland must exclusively be made to qualified investors. The place of
performance and jurisdiction for Shares in the Fund distributed in Switzerland are at the registered office of the Representative.
** 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.
49AFC Asia Frontier Fund
DISCLAIMER