Elephant Capital Advisors is an investment boutique focused on investing in nine South Asian frontier markets located between India and China. The firm was formed in 2011 by Mohammed Riad and has offices in St. Louis and Sri Lanka. The investment team utilizes active management strategies and on-the-ground research to generate attractive risk-adjusted returns from the large and rapidly growing frontier market region.
The document provides an overview of the Asian hedge fund industry, noting that it presents challenges for operational due diligence given the distance from major financial centers, local legal and regulatory issues in each market, and the prevalence of smaller managers. It discusses how Castle Hall Alternatives and Select Fund Services work to help global investors complete operational due diligence on Asian managers using a consistent proprietary framework and local expertise. The summary highlights that the Asian hedge fund industry has grown significantly in recent years but is still dominated by a relatively small number of large managers, with many smaller new managers that represent future growth opportunities.
Risk Management: Combining Strategic and Tactical Aprpoaches to Investment Ma...IFG Network marcus evans
Mark Ukrainskyj, CFA®, AEPG Wealth Strategies - Speaker at the IFG Wealth Management Forum, held in Phoenix, AZ, delivered his presentation entitled Risk Management: Combining Strategic and Tactical Aprpoaches to Investment Management
Northwood Investment Partners is an investment management firm founded in 2013 that employs a concentrated value and special situations investment strategy. The firm has offices in Seattle and Denver and is registered in Washington and Colorado. It has a track record of outperforming the S&P 500 since 2009 with average annual returns of 23.56% and a maximum drawdown of 25.04% compared to the S&P 500's average annual returns of 13.69% over the same period. The presentation provides information on the firm's investment strategy, process, portfolio composition, team and performance.
Greenfield Seitz Capital Management is a registered investment advisor founded in 1964 and based in Dallas, Texas. It manages $300 million in assets for high net worth individuals using a mid/large-cap growth at a reasonable price strategy. The firm is owned by its two principals and employs four investment professionals with over 70 years of combined experience. The presentation provides an overview of the firm's investment philosophy, process, portfolio characteristics, and long-term performance which has consistently ranked in the top decile compared to peers.
Greenfield Seitz Capital Management is a Dallas-based registered investment advisor founded in 1964 that manages $300 million using a mid/large-cap growth at a reasonable price strategy. The firm has a proven investment process focused on fundamental analysis, independent research, and identifying attractive long-term investment themes. Greenfield Seitz aims to outperform through a portfolio of 50-70 stocks that is well-diversified across sectors with no single position over 10% of assets.
GCA provides a wide range of professional services including credit rating, family business advisory, internal audit, risk management, accounting, ethics and compliance, business consulting, financial audits, and tax services. They have a team of over 15 professionals with over 100 years of combined experience working with large multinational firms and financial institutions. GCA aims to offer tailored solutions to clients' needs through close engagement and ensuring project objectives are met. They have experience across multiple industries and regions.
Study is all about finding the factor which affects the private equity investment in india and prefer sector for it along with the process of investment
The model presents key factors that individual investors consider when investing in private equity funds. The factors include returns and risk, entry and exit norms, past experience, legal framework, company management, financial condition of the company, economic factors, growth rate, nature of investment, and other unspecified factors. The model was developed based on analysis of 165 companies to determine the most important criteria for private equity investment decisions by both individual investors and fund managers.
The document provides an overview of the Asian hedge fund industry, noting that it presents challenges for operational due diligence given the distance from major financial centers, local legal and regulatory issues in each market, and the prevalence of smaller managers. It discusses how Castle Hall Alternatives and Select Fund Services work to help global investors complete operational due diligence on Asian managers using a consistent proprietary framework and local expertise. The summary highlights that the Asian hedge fund industry has grown significantly in recent years but is still dominated by a relatively small number of large managers, with many smaller new managers that represent future growth opportunities.
Risk Management: Combining Strategic and Tactical Aprpoaches to Investment Ma...IFG Network marcus evans
Mark Ukrainskyj, CFA®, AEPG Wealth Strategies - Speaker at the IFG Wealth Management Forum, held in Phoenix, AZ, delivered his presentation entitled Risk Management: Combining Strategic and Tactical Aprpoaches to Investment Management
Northwood Investment Partners is an investment management firm founded in 2013 that employs a concentrated value and special situations investment strategy. The firm has offices in Seattle and Denver and is registered in Washington and Colorado. It has a track record of outperforming the S&P 500 since 2009 with average annual returns of 23.56% and a maximum drawdown of 25.04% compared to the S&P 500's average annual returns of 13.69% over the same period. The presentation provides information on the firm's investment strategy, process, portfolio composition, team and performance.
Greenfield Seitz Capital Management is a registered investment advisor founded in 1964 and based in Dallas, Texas. It manages $300 million in assets for high net worth individuals using a mid/large-cap growth at a reasonable price strategy. The firm is owned by its two principals and employs four investment professionals with over 70 years of combined experience. The presentation provides an overview of the firm's investment philosophy, process, portfolio characteristics, and long-term performance which has consistently ranked in the top decile compared to peers.
Greenfield Seitz Capital Management is a Dallas-based registered investment advisor founded in 1964 that manages $300 million using a mid/large-cap growth at a reasonable price strategy. The firm has a proven investment process focused on fundamental analysis, independent research, and identifying attractive long-term investment themes. Greenfield Seitz aims to outperform through a portfolio of 50-70 stocks that is well-diversified across sectors with no single position over 10% of assets.
GCA provides a wide range of professional services including credit rating, family business advisory, internal audit, risk management, accounting, ethics and compliance, business consulting, financial audits, and tax services. They have a team of over 15 professionals with over 100 years of combined experience working with large multinational firms and financial institutions. GCA aims to offer tailored solutions to clients' needs through close engagement and ensuring project objectives are met. They have experience across multiple industries and regions.
Study is all about finding the factor which affects the private equity investment in india and prefer sector for it along with the process of investment
The model presents key factors that individual investors consider when investing in private equity funds. The factors include returns and risk, entry and exit norms, past experience, legal framework, company management, financial condition of the company, economic factors, growth rate, nature of investment, and other unspecified factors. The model was developed based on analysis of 165 companies to determine the most important criteria for private equity investment decisions by both individual investors and fund managers.
This document discusses a descriptive study of mutual funds and investors' perceptions about investing in mutual funds. It provides an overview of the mutual fund industry and how mutual funds work. It discusses the different types of mutual funds and risks associated with them. The objectives and timeline of the study are outlined. Research methodology, sample design, data analysis and findings are presented. Limitations and scope for further study are also discussed along with recommendations. A sample questionnaire used for the study is included.
Cedar Portfolio Information Packet July 2019 Updatedcedarportfolio
The document provides an overview of research services offered by The Cedar Portfolio to help investors grow capital through real wealth investments and trading opportunities. It summarizes the portfolio's management team including a veteran floor trader, outlines challenges in today's investing environment, and describes the portfolio's approach which incorporates Austrian economic principles and quantitative and qualitative smart beta factors. The portfolio consists of three parts: a global equities pool, trading opportunities suggested by the floor trader, and suggested "cash holdings". Subscription details are also provided.
This document provides information about an upcoming conference on Islamic fund and investment to be held on April 23, 2012 in Karachi, Pakistan. It includes the agenda for the conference which will have sessions on the structure and growth of the Islamic fund industry, potential and innovations, and topics like Shariah screening, REITs, sukuk, and Islamic indices. It also lists some high profile speakers from Islamic financial institutions that will be participating.
- Shariah-compliant investing is appealing to both Muslim and non-Muslim investors. Examples from Malaysia and the US show significant non-Muslim demand.
- Management fees for Shariah-compliant funds on the UCITS platform are comparable to conventional funds, ranging from 1.5-2.25%.
- Shariah screening involves business screening to exclude prohibited industries and financial screening to exclude stocks with high debt, receivables, and cash reserves. This ensures stable, lower risk investments.
- The Islamic investment universe is large, with the Dow Jones Islamic World Index covering over 2400 stocks worth $18.35 trillion and the Asia Pacific index covering 1146 stocks worth $4
The document discusses Islamic investment funds and Sharia-compliant investing. It notes that Sharia-compliant funds such as those available through UCITS platforms in Dublin and Luxembourg are growing in popularity with both Muslim and non-Muslim investors. Management fees for Sharia funds are comparable to conventional funds. The document also outlines the size and growth of the global Sukuk market as an important aspect of Sharia-compliant fixed income investing.
Risk management sharekhan ppt by manjeet bba mba summer internshipManjeetSingh558
Risk management sharekhan ppt by manjeet bba mba summer internship.
I made this slide with some data from here and there , you can go through this change data and use for your project
AFC Asia Frontier Fund presentation 2013.08.22Thomas Hugger
The document provides information on the AFC Asia Frontier Fund, including:
- The fund seeks long-term capital appreciation through investing in listed equities of companies in high-growth Asian frontier markets such as Bangladesh, Cambodia, Iraq, Laos, Mongolia, Myanmar, Pakistan, Papua New Guinea, Sri Lanka, and Vietnam.
- The fund focuses on consumer stocks, financials, and infrastructure and will invest in both large and mid-small cap companies.
- Asia Frontier Capital, based in Hong Kong, will manage the fund. The firm was created through a management buyout of Leopard Capital and is led by Thomas Hugger, who has over 20 years of experience investing
This document discusses Islamic investment funds. It notes that as of 2012, over 750 Islamic funds globally managed $60 billion in assets across equity, real estate, commodities and other asset classes. Popular locations for Islamic funds include Luxembourg, Dublin and the Cayman Islands which collectively make up 12% of total Islamic funds. The document discusses the growth of Islamic funds in various regions and notes they are no longer seen as alternative but competitive with conventional funds. It outlines reasons for non-Muslim investment in Islamic funds such as socially responsible investing and comparable long-term returns. Overall the document provides an overview of the Islamic funds landscape and types of Shariah-compliant funds available.
1) The document analyzes the performance of Islamic mutual funds compared to conventional funds using data from 46 Islamic mutual funds between 1997-2002.
2) It finds that during the market boom period, Islamic equity funds demonstrated high positive returns, even higher than their benchmarks. However, during the market decline in 2000-2001, Islamic fund returns dropped along with the overall market decline.
3) The analysis uses various performance measures to compare returns of Islamic funds to market benchmarks and evaluates funds by investment category. The results show Islamic funds perform similarly to conventional funds, with no significant outperformance or underperformance.
This summary provides an overview of the key events and issues described in the document:
1) Karen Wong, a portfolio manager at Global Capital Funds, has a problem regarding one of the fund's largest holdings, New Oriental Education & Technology Group.
2) New Oriental's stock price dropped sharply after the SEC announced a formal investigation into the company's use of a variable interest entity (VIE) structure.
3) The Asia Stars fund managed by Karen Wong already lost $45 million on its 10 million shares of New Oriental stock due to the price drop, though it represents less than 5% of the fund's capital.
2012 China Confidential - Excel China Fundexcelfunds
This document provides an overview of the Excel China Fund managed by Barings. It discusses the fund's investment strategy, which focuses on undervalued Chinese companies positioned for growth. The portfolio managers believe inflation and policy risks in China will moderate and that government policy will emphasize pro-growth initiatives. The fund takes larger overweight positions in sectors like technology and consumer discretionary compared to its benchmark. It focuses on companies with favorable valuations, growth potential, and credible management teams.
Nimai Management Consultants is a corporate finance consulting and advisory firm based in the UAE. With over 90 combined years of banking and finance experience, they specialize in debt and equity syndications, trade financial advisory, and innovative non-traditional financial solutions. Their team of experienced professionals provides client-centric solutions with integrity and confidentiality to structure clients' needs quickly and cost-effectively.
The 5 ps to finding capital and attracting investors to your business AP DealFlow
The document discusses finding capital and attracting investors for businesses. It outlines the 5 Ps approach: Planning, Promotion, Placement, Presentation, and People. Planning involves writing a business plan to outline one's idea and financial projections. Promotion is about targeting the appropriate investors, like angels or venture capital. Promotion can be done through the APDealFlow platform, which allows adding media and pushing deals to agents and investors. Placement refers to closing deals, which involves negotiating terms sheets and agreements with investors. Presentation and networking with people are also important aspects of obtaining funding.
Muhammad Arsalan Aqeeq analyzes the state of Islamic finance education in Pakistan and the career opportunities available in the growing industry. He notes that Pakistan's Islamic banking industry has grown significantly but faces a shortage of over 7,000 skilled professionals by 2017. Higher education institutions need to develop specialized degree programs that provide both conventional banking knowledge and Islamic finance principles to meet industry demands. While some universities in Pakistan offer relevant programs, more focus is needed on accreditation and producing enough graduates to fill both domestic and global industry jobs. Islamic finance careers cover a wide range of roles from Sharia compliance to investment management and represent opportunities for skilled graduates both within Pakistan and overseas.
The document discusses Islamic investment funds and their growth globally. Some key points:
- Over 750 Islamic funds globally now manage $60 billion in assets across various classes like equity, real estate, commodities.
- Popular locations for Islamic funds include Luxembourg, Cayman Islands, and Bahrain which are used as distribution hubs for the Middle East.
- Islamic funds are growing in popularity not just with Muslims concerned with Sharia compliance, but also with non-Muslims seeking socially responsible and ethical investments with comparable or higher returns than conventional funds.
Global resource investment company focused on building value in private resource companies through seed investments and an active role in management. Portfolio valued at $86 million as of October 2010, with exposure to gold, base metals, bulk commodities, agriculture, and energy. Management team has a proven track record of significant returns, such as 3,750% on a gold investment within 4 years through to a $735 million acquisition. The company aims to continue unlocking value from its portfolio of over 20 companies and royalty interests.
Presented at The Institute of Internal Auditors of Thailand Annual Conference 2017
Venue: Centara Grand & Bangkok Convention Center at Central World, Bangkok, Thailand
Talent management statistics were taken from a 2012 survey of over 500 HR and non-HR professionals globally. The survey found that line manager nomination identifies talents in 64% of organizations, though in France most use talent review panels. Most respondents felt employees do not have equal opportunities to be identified as talents due to subjective line manager nominations. Developing talents for succession planning is important to ensure continuity of an organization's culture, according to 93% of people. Additionally, 92% believe talents must continuously demonstrate high performance and potential to remain identified as talents.
Clients and fund investors/shareholders are suing for:
- Poor investment performance
- Misrepresentation of risks
- Breach of fiduciary duty
Employees and former employees are suing for:
- Wrongful termination
- Discrimination
- Unpaid compensation
Companies invested in and their stakeholders like management, shareholders and creditors are suing for:
- Mismanagement
- Fraudulent activities
- Failure to conduct proper due diligence
Regulators are taking action for violations of rules and regulations.
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.
This document summarizes a presentation on transforming the next generation of leaders. The presentation discusses developing high potentials versus high performers, research on leadership trends, competencies needed for future leaders, and a framework for developing a leadership pipeline. The presentation aims to provide a business case for succession planning and developing future leaders.
This document discusses a descriptive study of mutual funds and investors' perceptions about investing in mutual funds. It provides an overview of the mutual fund industry and how mutual funds work. It discusses the different types of mutual funds and risks associated with them. The objectives and timeline of the study are outlined. Research methodology, sample design, data analysis and findings are presented. Limitations and scope for further study are also discussed along with recommendations. A sample questionnaire used for the study is included.
Cedar Portfolio Information Packet July 2019 Updatedcedarportfolio
The document provides an overview of research services offered by The Cedar Portfolio to help investors grow capital through real wealth investments and trading opportunities. It summarizes the portfolio's management team including a veteran floor trader, outlines challenges in today's investing environment, and describes the portfolio's approach which incorporates Austrian economic principles and quantitative and qualitative smart beta factors. The portfolio consists of three parts: a global equities pool, trading opportunities suggested by the floor trader, and suggested "cash holdings". Subscription details are also provided.
This document provides information about an upcoming conference on Islamic fund and investment to be held on April 23, 2012 in Karachi, Pakistan. It includes the agenda for the conference which will have sessions on the structure and growth of the Islamic fund industry, potential and innovations, and topics like Shariah screening, REITs, sukuk, and Islamic indices. It also lists some high profile speakers from Islamic financial institutions that will be participating.
- Shariah-compliant investing is appealing to both Muslim and non-Muslim investors. Examples from Malaysia and the US show significant non-Muslim demand.
- Management fees for Shariah-compliant funds on the UCITS platform are comparable to conventional funds, ranging from 1.5-2.25%.
- Shariah screening involves business screening to exclude prohibited industries and financial screening to exclude stocks with high debt, receivables, and cash reserves. This ensures stable, lower risk investments.
- The Islamic investment universe is large, with the Dow Jones Islamic World Index covering over 2400 stocks worth $18.35 trillion and the Asia Pacific index covering 1146 stocks worth $4
The document discusses Islamic investment funds and Sharia-compliant investing. It notes that Sharia-compliant funds such as those available through UCITS platforms in Dublin and Luxembourg are growing in popularity with both Muslim and non-Muslim investors. Management fees for Sharia funds are comparable to conventional funds. The document also outlines the size and growth of the global Sukuk market as an important aspect of Sharia-compliant fixed income investing.
Risk management sharekhan ppt by manjeet bba mba summer internshipManjeetSingh558
Risk management sharekhan ppt by manjeet bba mba summer internship.
I made this slide with some data from here and there , you can go through this change data and use for your project
AFC Asia Frontier Fund presentation 2013.08.22Thomas Hugger
The document provides information on the AFC Asia Frontier Fund, including:
- The fund seeks long-term capital appreciation through investing in listed equities of companies in high-growth Asian frontier markets such as Bangladesh, Cambodia, Iraq, Laos, Mongolia, Myanmar, Pakistan, Papua New Guinea, Sri Lanka, and Vietnam.
- The fund focuses on consumer stocks, financials, and infrastructure and will invest in both large and mid-small cap companies.
- Asia Frontier Capital, based in Hong Kong, will manage the fund. The firm was created through a management buyout of Leopard Capital and is led by Thomas Hugger, who has over 20 years of experience investing
This document discusses Islamic investment funds. It notes that as of 2012, over 750 Islamic funds globally managed $60 billion in assets across equity, real estate, commodities and other asset classes. Popular locations for Islamic funds include Luxembourg, Dublin and the Cayman Islands which collectively make up 12% of total Islamic funds. The document discusses the growth of Islamic funds in various regions and notes they are no longer seen as alternative but competitive with conventional funds. It outlines reasons for non-Muslim investment in Islamic funds such as socially responsible investing and comparable long-term returns. Overall the document provides an overview of the Islamic funds landscape and types of Shariah-compliant funds available.
1) The document analyzes the performance of Islamic mutual funds compared to conventional funds using data from 46 Islamic mutual funds between 1997-2002.
2) It finds that during the market boom period, Islamic equity funds demonstrated high positive returns, even higher than their benchmarks. However, during the market decline in 2000-2001, Islamic fund returns dropped along with the overall market decline.
3) The analysis uses various performance measures to compare returns of Islamic funds to market benchmarks and evaluates funds by investment category. The results show Islamic funds perform similarly to conventional funds, with no significant outperformance or underperformance.
This summary provides an overview of the key events and issues described in the document:
1) Karen Wong, a portfolio manager at Global Capital Funds, has a problem regarding one of the fund's largest holdings, New Oriental Education & Technology Group.
2) New Oriental's stock price dropped sharply after the SEC announced a formal investigation into the company's use of a variable interest entity (VIE) structure.
3) The Asia Stars fund managed by Karen Wong already lost $45 million on its 10 million shares of New Oriental stock due to the price drop, though it represents less than 5% of the fund's capital.
2012 China Confidential - Excel China Fundexcelfunds
This document provides an overview of the Excel China Fund managed by Barings. It discusses the fund's investment strategy, which focuses on undervalued Chinese companies positioned for growth. The portfolio managers believe inflation and policy risks in China will moderate and that government policy will emphasize pro-growth initiatives. The fund takes larger overweight positions in sectors like technology and consumer discretionary compared to its benchmark. It focuses on companies with favorable valuations, growth potential, and credible management teams.
Nimai Management Consultants is a corporate finance consulting and advisory firm based in the UAE. With over 90 combined years of banking and finance experience, they specialize in debt and equity syndications, trade financial advisory, and innovative non-traditional financial solutions. Their team of experienced professionals provides client-centric solutions with integrity and confidentiality to structure clients' needs quickly and cost-effectively.
The 5 ps to finding capital and attracting investors to your business AP DealFlow
The document discusses finding capital and attracting investors for businesses. It outlines the 5 Ps approach: Planning, Promotion, Placement, Presentation, and People. Planning involves writing a business plan to outline one's idea and financial projections. Promotion is about targeting the appropriate investors, like angels or venture capital. Promotion can be done through the APDealFlow platform, which allows adding media and pushing deals to agents and investors. Placement refers to closing deals, which involves negotiating terms sheets and agreements with investors. Presentation and networking with people are also important aspects of obtaining funding.
Muhammad Arsalan Aqeeq analyzes the state of Islamic finance education in Pakistan and the career opportunities available in the growing industry. He notes that Pakistan's Islamic banking industry has grown significantly but faces a shortage of over 7,000 skilled professionals by 2017. Higher education institutions need to develop specialized degree programs that provide both conventional banking knowledge and Islamic finance principles to meet industry demands. While some universities in Pakistan offer relevant programs, more focus is needed on accreditation and producing enough graduates to fill both domestic and global industry jobs. Islamic finance careers cover a wide range of roles from Sharia compliance to investment management and represent opportunities for skilled graduates both within Pakistan and overseas.
The document discusses Islamic investment funds and their growth globally. Some key points:
- Over 750 Islamic funds globally now manage $60 billion in assets across various classes like equity, real estate, commodities.
- Popular locations for Islamic funds include Luxembourg, Cayman Islands, and Bahrain which are used as distribution hubs for the Middle East.
- Islamic funds are growing in popularity not just with Muslims concerned with Sharia compliance, but also with non-Muslims seeking socially responsible and ethical investments with comparable or higher returns than conventional funds.
Global resource investment company focused on building value in private resource companies through seed investments and an active role in management. Portfolio valued at $86 million as of October 2010, with exposure to gold, base metals, bulk commodities, agriculture, and energy. Management team has a proven track record of significant returns, such as 3,750% on a gold investment within 4 years through to a $735 million acquisition. The company aims to continue unlocking value from its portfolio of over 20 companies and royalty interests.
Presented at The Institute of Internal Auditors of Thailand Annual Conference 2017
Venue: Centara Grand & Bangkok Convention Center at Central World, Bangkok, Thailand
Talent management statistics were taken from a 2012 survey of over 500 HR and non-HR professionals globally. The survey found that line manager nomination identifies talents in 64% of organizations, though in France most use talent review panels. Most respondents felt employees do not have equal opportunities to be identified as talents due to subjective line manager nominations. Developing talents for succession planning is important to ensure continuity of an organization's culture, according to 93% of people. Additionally, 92% believe talents must continuously demonstrate high performance and potential to remain identified as talents.
Clients and fund investors/shareholders are suing for:
- Poor investment performance
- Misrepresentation of risks
- Breach of fiduciary duty
Employees and former employees are suing for:
- Wrongful termination
- Discrimination
- Unpaid compensation
Companies invested in and their stakeholders like management, shareholders and creditors are suing for:
- Mismanagement
- Fraudulent activities
- Failure to conduct proper due diligence
Regulators are taking action for violations of rules and regulations.
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.
This document summarizes a presentation on transforming the next generation of leaders. The presentation discusses developing high potentials versus high performers, research on leadership trends, competencies needed for future leaders, and a framework for developing a leadership pipeline. The presentation aims to provide a business case for succession planning and developing future leaders.
This document provides an overview of Anand Rathi Commodities Limited, an Indian financial services firm. It details the company's vision, business lines including wealth management, investment banking, brokerage and distribution. It lists the company's locations, corporate structure, board of directors, key business heads and awards. It outlines the brokerage and distribution services offered across equities, derivatives, commodities and other asset classes. The document highlights the company's research capabilities, client base and presence across India as well as internationally.
Praxis Advisors is a strategic advisory firm that helps small and medium enterprises with business growth. It was established in 2006 and offers services such as developing growth strategies, facilitating capital investments, and improving management processes. Praxis works with clients in various industries such as financial services, education, healthcare, and logistics.
inSight Solutions Advisory is a boutique advisory firm focused on corporate development, market entry, investment analysis, and innovation ventures in East Africa. It has offices in New York and Addis Ababa, Ethiopia. The firm utilizes its "Enter | Learn | Grow | Gain" framework to help clients in sectors like ICT, finance, tourism, infrastructure, and real estate. inSight aims to become a leading advisory firm in Ethiopia and East Africa through strategic partnerships and equity investments of up to $100 million.
Unifi Capital is an India-focused discretionary fund manager specializing in long-only and event-oriented investment strategies. It has a team of 14 professionals led by K Sarath Reddy with considerable experience in Indian capital markets. Unifi employs comprehensive risk management frameworks and monitoring mechanisms. It has a successful 20-year track record across multiple funds and manages total assets of Rs. 13,700 crores. Unifi focuses on identifying unique investment opportunities that generate superior risk-adjusted returns with an emphasis on capital preservation.
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.
The HR Fund is India's first dedicated HR venture fund that focuses on investing in companies in key areas of HR including professional employee organizations, staffing, training and technology. It currently has a portfolio of two companies - People Strong and People Matters. The HR Fund is privately held and its investors consist of senior HR professionals and thought leaders globally. It provides growth capital and strategic support to help best-in-class HR companies scale up their business.
From Strategy to Execution: Management Learning Exchange ProgramOlayiwola Oladapo
There is a methodology to the madness of Strategy Execution. Get your team to learn the invaluable lessons on how some other best in class organizations cracked the Execution code by using the book Execution: The Discipline of getting Done as a learning management theme.
In any investment, it's not the size of the cheque but the quality & fit of people that matters. We help transition the culture and HR practices during a merger and Acquisition.
Honored speakers - INSEAD Asia Business ConferenceYounjae Lee
The document provides details of speakers for an upcoming conference, including their names, organizations, topics, and short biographies. Six speakers are listed who will address topics related to opportunities in Asia from the perspectives of their industries and areas of expertise, such as banking, real estate, smart cities, and e-commerce.
The document provides details of speakers for an upcoming conference, including their names, organizations, topics, and short biographies. Six speakers are listed who will address topics related to opportunities in Asia from the perspectives of their industries and areas of expertise, such as banking, real estate, smart cities, and e-commerce.
The Visium Institutional Partners Fund is a long/short equity healthcare fund that has posted strong returns since its inception in 2005. The fund is managed by a team of over 25 investment professionals with deep expertise in conducting fundamental research across major healthcare sectors. The team employs both financial and scientific/medical analysis for long and short positions to generate unique insights. Rigorous research aims to determine accurate risk-reward profiles and high conviction levels for each investment. Catalysts and development schedules are closely tracked to enhance returns.
AQTAR LLC is a firm that provides customized services to meet the operational needs of real estate projects and developers. It was established in 2009 to serve clients in Saudi Arabia and the UAE. AQTAR is made up of a flexible team of industry experts in areas like investment, banking, real estate, marketing, and project management. The team works on a model of identifying client needs and securing the required resources to accomplish tasks and achieve objectives. AQTAR operates across multiple markets and provides a wide range of services including business development, financial structuring, branding, and more. It aims to find solutions, opportunities, and possibilities for clients.
Dragonfly LLC is a risk management and strategy consulting firm founded in 2000 in New York by Lieng-Seng WEE and Judy LEE. WEE and LEE have over 20 years of experience each in risk management, having helped pioneer the field in the 1980s at Bankers Trust in New York. Dragonfly provides strategic risk assessment, enterprise risk management, and investment analysis services to clients across various industries. WEE and LEE lead all client engagements, bringing their expertise to help organizations develop risk management capabilities and strategic decision-making.
This document summarizes HR outsourcing and advisory solutions from StarVision and HR Advisory Asia. It provides an overview of their pre-outsourcing consultancy, day-to-day HR services, HR advisory services, and HR information system called MecWise. Key personnel are introduced who have extensive experience in HR, IT, learning and development, and advisory roles. The companies aim to provide a cost-effective HR outsourcing model powered by an proven HR technology platform.
Discussion with Fosway Group: Mission Critical! How to Enable Your Organizati...Training Orchestra
Skills training is business-critical for many learning organizations today and there’s a big need do it well. But in the skills conversation, we don’t often go beyond the learner to strategically address how to enable our teams get the job done faster, on-budget and with less headache. So, just how can we optimize and better organize the execution?
Discussion topics include:
- Key highlights from Fosway’s latest report, The Reskilling Revolution
- Why skills enablement must be addressed now
- Solutions and tools that can help you succeed
- How RPM Living is optimizing and organizing their skills training for a rapidly growing workforce
This document provides information about Populus, a human resources company based in India and MENA regions. It discusses Populus' background, facts, services, specializations, portfolio of work, and strengths. Populus has over 100 years of recruitment experience and has helped source talent for large global organizations. Their services include leadership hiring, lateral recruitment, and they partner with clients to assess needs, source talent, and develop workforces.
1. BICsm Frontier Market Investment Managers and Advisors
South Asian Economies Between India and China
INSTITUTIONAL FIRM OVERVIEW
2012
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2. Table of Contents
Our Organization and Proposition
The Investment Team
The Case for the BIC Frontier Markets
Our Investment Process
Appendix
Individual Country Profiles
Staff Biographies
4. Who is Elephant Capital Advisors?
Independent investment boutique investing in nine BIC Frontier Markets
-BIC (between India and China) region
Formed in 2011 by Mo Riad
-Native of the region with extensive ties there
-Educated in US with over 20 years institutional investment management experience
Objective to be a leading manager of BIC long-only and hedge funds
Headquartered in St. Louis, MO with a research and operations office in Sri
Lanka
Investing In Frontier Asia | 4
5. Our Proposition
Access to a large and rapidly growing region in the world
Use active management to add value
-Country allocations
-Sector weightings
-Fundamental and quantitative company analysis
Control risk through diversification rules and on-the-ground oversight
Expect attractive returns that are lowly correlated to other equity markets
-USA, EAFE, and MSCI EM
Investing In Frontier Asia | 5
7. Management Profiles
Core Team
Mohammed Riad (USA) Kris Loganathan (Sri Lanka)
CEO, CIO, Portfolio Manager Managing Director- Asian Operations
Mohammed Riad is Chief Executive and Chief Investment Kris Loganathan is a Partner and joined the Elephant
officer of Elephant Capital Advisors, LLC a company he Capital Advisors team in South East Asia in February
founded in 2011. He is responsible for the overall business 2011. He provides leadership for the firm’s custodial,
leadership role at ECA, including business development, banking, trading, and legal operations in Asia. Kris also
administrative, and compliance functions. Mo also directs directs the ECA’s local data aggregation efforts and also
the firm’s investment strategy and portfolio management supports the firm’s fundamental research efforts.
process and Chairs the firm’s Investment Committee.
Dr. Abdur Chowdhury, PhD (USA) Ashekul “Huck” Huq (USA)
Chief Economist Senior Research Analyst
Dr. Abdur Chowdhury is a Partner and joined the Elephant Huq is a Partner and joined the Elephant Capital Advisors
Capital Advisors team in April 2011. Dr. Chowdhury is a team in February 2011. He was instrumental in the
member of the Investment Committee and serves as the development of the investment process and is responsible
firm’s global economic advisor. Dr. Chowdhury utilizes his for maintaining the fundamental and country specific
vast international experience assessing the economic, models utilized in security selection and economic analysis.
financial, trade and political landscape, and their Huq is actively involved with the business development and
implications for the portfolio investment companies. client service activities of ECA. He also directs ECA’s full-
time Internship Program as well as oversees the
contributions for the firm’s strategic advisors.
Investing In Frontier Asia | 7
8. Team Profiles
Consultants
Riz Khan (USA) Firoze Ahmed (USA)
Director, Global Marketing Consultant – Information Technology
Riz will be joining Elephant Capital Advisors LLC (ECA) as
Firoze Ahmed serves as a Strategic Advisor to the Elephant Capital
Director, Global Marketing starting October 2012. In this
Advisor team. He offers technology support advice to the research
role ,Riz's responsibility will be to set overall marketing
team and also assists in U.S. business development efforts. Firoze
strategy including the planning, and execution, and
brings IT consulting experience as head of Business Development at a
managerial oversight for High Net Worth investor
small business federal IT solutions provider working with the US
communities throughout the world that have strong
Government and its many agencies .
connections to the South Asia frontier markets.
Khadaega Thabet (USA) Ara Pararajasingham (Sri Lanka)
Consultant – Business Development
Junior Operations Specialist
Ara Pararajasingham serves as a Strategic Advisor to the Elephant
Khadaega is pursuing a BS in accounting degree at
Capital Advisor team. He offers analytical database support advice to
University of Missouri- St. Louis. For ECA, she assists
the research team and also assists in Asian business development
in the corporate accounting, account documentation
efforts. Ara held a variety of financial analysis and database support
and reconciliation, as well as in operations support
positions at JP Morgan in NYC.
functions.
Investing In Frontier Asia | 8
9. Experience Advantage
The team has the economic, social and cultural perspectives of the region.
-5 nationalities, 5 languages/dialects, and business experience from 8 countries.
Tangible local resources, contacts, and relationships leveraged and directed by US-based
management and research team.
ECA portfolio management team has over 15 years of institutional equity management
experience.
Proven “western-style” portfolio management, risk management, and compliance capabilities.
One of the few investment managers to focus exclusively on the BIC region.
ECA has partnered with a best-class suite of US-based and off shore service providers for
access to resources in equity and economic research, execution services, and custodial
arrangements.
Qualified to fulfill a thorough due diligence process to access growing region via a proven
institutional investment manager.
Investing In Frontier Asia | 9
10. Resources
Trading Research Fund Administration
Nomura Securities Asia Development Bank Segue Partners
Barclays Capital World Bank/IMF
HSBC HSBC
Portfolio Management
ConvergEx Group Nomura
Nomura Tradespex
Capital Trust Securities (Pvt) Ltd. (Sri Barclays Global
Lanka) Access frontier market database
Brookings Institute
Elixir Securities (Pakistan) World dataBank
Transparency International
Standard & Poor's Capital IQ
World Economic Forum GCI
Legal Local research providers (Asia)
Friday, Edlredge, and Clarke, LLC (USA)
Marketing
Eager, Davis, and Holmes, LLC (USA)
Stinson Morrison Hecker LLP
Bull Marketing, Inc. (USA)
Custody
Patents and Intellectual Pershing (USA)
Property Scottrade USA Banking
Harness Dickey (USA) Deutsche Bank Pakistan Citibank, N.A.
Standard Chartered HSBC
Bank Asia Bangladesh
Tax & Accounting
HSBC Sri Lanka
Burds and Kuntz PC (USA)
American Express
Harb, Levy, and Weilland, LLP
Investing In Frontier Asia | 10
11. The Case for the BIC Frontier
Markets
Investing In Frontier Asia | 11
12. BIC Frontier Asia
China
Nepal Bhutan
Pakistan Laos
Bangladesh
Vietnam
India Myanmar
Cambodia
Sri Lanka
Investing In Frontier Asia | 12
13. What are Frontier Markets?
Smaller & Less Liquid
Frontier markets represent those economies that are smaller and less liquid than the more advanced
emerging markets. They are often considered a subset of those economies defined as emerging markets.
Frontier economies are differentiated from their bigger developing market brethren by the following more acute
risk characteristics; political instability, poor investment liquidity, inadequate financial regulation, weak
corporate legal infrastructure, substandard financial reporting, as well as larger currency fluctuations.
All Corners of the Globe
Frontier markets exist in all the corners of the globe with country representations in South America, Middle
East, Africa, and Asia.
$Trillion
Frontier markets represent roughly 4% of global GDP, and depending on your classification, over $trillion
when combined.
50+ Stock Markets
Roughly half of the nearly 120 stock markets worldwide representing nearly one third of the world population
can be classified as frontier markets.
Surging Interest
Growing demand for cheaper labor and access to new sources of raw materials, coupled with a search for
higher investment returns has led to surging interest in frontier markets.
Investing In Frontier Asia | 13
14. What are Frontier Markets?
“Frontier markets have historically displayed modest correlation to both developed and emerging market indices.....global
economic forces may not influence the frontier economies to the same extent as the more interconnected developed markets.”
Source: Mekeeta Investment Group
Index Returns & Correlations
U.S. Dollar Standard Sharpe * Correlation to
Jun 2002 – Dec 2011 Returns (%) Deviation (%) Ratio MSCI Frontier Index*
MSCI Frontier 6.2 14.2 .02 1.00
MSCI Emerging Markets 10.7 22.0 .31 0.36
MSCI EAFE 2.0 20.4 -0.10 0.32
S&P 500 1.7 22.2 -0.10 0.07
BIC Region (GDP weighted Index) 19.2 12.9 1.00 0.20
JPM Global Aggregate Bond 7.3 5.9 0.57 0.08
* Returns use simple price appreciation and not total return. Risk-free rate assumed for 4% for developed markets and 7 % for Frontier. Correlation return numbers calculated using daily price change data.
MSCI Frontier Markets (FM) Index
Central & Eastern Europe &
Americas CIS Africa Middle East Asia
Argentina Bulgaria Kenya Bahrain Bangladesh
Trinidad & Tobago Croatia Mauritius Jordan Pakistan
Estonia Nigeria Kuwait Sri Lanka
Kazakhstan Tunisia Lebanon Vietnam
Lithuania Oman
Romania Qatar
Serbia United Arab Emirates
Slovenia
Ukraine
Investing In Frontier Asia | 14
15. Characteristics of Frontier Investing
An availability of a growing low cost labor pool, increasing literacy rates, and rising standards of the middle
class can outweigh the structural impediments inherent in many of these economies.
Many frontier markets are undervalued but are rich in untapped natural resources and commodities
available at much lower extraction costs compared to developed economies.
Sector and stock concentration in many less liquid developing capital markets adds a level or risk that may need
to be actively managed.
Very few investment vehicles are offered for foreign investors for broader access to Frontier Asian Markets.
Currency controls and restriction on foreign direct investment have to be considered in many small frontier
markets.
Frontier equity markets exhibit low cross-correlations between themselves in a particular region thus
providing additional diversification and lowers overall portfolio volatility.
Frontier economies are generally more dependent on indigenous demand for goods and services and less
exposed to global economic developments than emerging market.
Investing In Frontier Asia | 15
16. Opportunities in Frontier Asia?
BIC Frontier stocks directly benefit from their strategic location between the world’s two fastest growing
developing markets of India and China.
Three of the 11 nations identified by Goldman Sachs as N-11 are major economies in the FSA.
The FSA market alone is home to over 550 million people and with a total GDP for the region in excess of
USD$ 1.25 trillion.
Many BIC economies also have access to shipping routes and port facilities that are vital to Indian and
Chinese exports and imports.
FSA economies are experiencing a newfound base in manufacturing benefiting from the rising wage
structure, production costs, and currency strengths in the major regional economies of China and India.
The region continues to be one of the fastest areas with 2010 GDP growth of 8.6%. The Asian Development
Bank projects “Developing Asia” to grow a healthy 7.3% for 2011.
Consumer demand growth in China and India is trickling down and having a domino effect in FSA market
exports.
The continued outsourcing trend and some of the lowest wage rates in the world benefit frontier economies
as they are the lowest cost providers of labor in the region.
FSA is one of the largest untapped expected consumer market regions in the world with a rapidly growing
middle class.
Continued trend of privatization of state-owned industries will add large number of investment
opportunities and increased liquidity to the investable universe for the foreseeable future.
Majority of economies have active stock exchanges with over 1600 listed equities represented in the region.
Investing In Frontier Asia | 16
17. Risks of Frontier Investing
Frontier capital markets are less developed and stocks are more thinly traded, resulting in potentially higher
trading costs and lower liquidity.
Macroeconomic shocks to a particular economy or region may significantly affect the performance of
frontier market stocks.
Currency, political and social stability, non-conforming accounting practices, and lack of transparency are
new “factors” for frontier managers to incorporate in their macro models.
Sector and individual security concentration is more pronounced and needs to be managed. For example,
bank stocks in many of the frontier markets can comprise up to 30% of the total market capitalization.
Idiosyncratic political and economic risk can result in severe single market volatility that can be mitigated
with an active investment approach.
Corruption in the governments and private sectors coupled with weak judicial systems remain structural risks
imbedded in all Frontier markets.
Investing In Frontier Asia | 17
18. Statistics of BIC Countries
Vietnam Pakistan Sri Lanka Bangladesh
Number of issues
336 644 241 255
Stock market
capitalization $28,804 $38,278 $20,095 $31,803
($ million)
Population in
90.6 14 187.3 6 21.3 57 158.6 7
millions (rank)
GDP PPP in billions
(rank)
$278.1 42 $451.2 28 $104.7 69 $259.3 47
GDP per capita
(rank)
$3,100 167 $2,400 181 $4,900 148 $1,700 196
Government Socialist Parliamentary
Federal Republic Republic
Republic Democracy
Literacy rate 90.3 49.9 90.7 47.9
(% of total pop.)
Median age (yrs.)
27.8 21.6 30.8 23.3
*CIA World Fact book
**2008 year end
Investing In Frontier Asia | 18
19. Statistics of BIC Countries
Nepal Bhutan Laos Cambodia Myanmar (Burma)
Number of
289 22 3 0 0
issues
Stock market
capitalization $4,672 $250 $60 $39.2 0
($ million)
Population in
29.4 41 .7 164 6.5 103 14.7 66 53.9 24
millions (rank)
GDP PPP in
$35.3 102 $3.6 170 $15.7 135 $30.1 108 $60.1 86
billions (rank)
GDP per
$1,200 208 $5,000 144 $2,400 180 $2,000 188 $1,100 209
capita (rank)
Government Federal
Constitutional Monarchial
Democratic Communist Military Regime
Monarchy Democracy
Republic
Literacy rate
(% of total pop.)
48.6 47.0 73.0 73.6 89.9
Median age
(yrs.)
21.6 24.8 21.0 22.9 26.9
*CIA World Fact book
**2008 year end
Investing In Frontier Asia | 19
20. Valuation
BIC economies offer an attractive relative valuation profile versus developed and emerging markets.
Competitive margins and attractive dividend yields help to offset additional risks.
Name Current Level P/E P/B ROA ROE Div Yield
S&P 500 Index 1,314.6 14.8 2.2 9.4% 25.7% 2.0%
MSCI EM Index 999.6 11.3 1.7 8.8% 20.9% 2.6%
MSCI FM Index 465.1 10.4 1.4 7.0% 16.8% 5.3%
VN - Index (Vietnam) 373.0 9.3 1.1 8.5% 20.6% 10.8%
Karachi 100 Index (Pakistan) 8,306.6 8.5 1.4 9.1% 21.8% 9.7%
DSE General Index (Bangladesh) 4,506.1 10.3 2.2 6.7% 19.6% 2.1%
Sri Lanka Colombo All Sh 5,536.1 12.3 2.0 6.8% 19.0% 2.5%
BIC Region Index (GDP weighted) 5,367.5 9.7 1.6 7.9% 20.5% 6.4%
16,995.8 17.1 2.9 23.9% 1.5%
BSE-500 Index (India) 12.0%
2,298.4 12.6 2.0 20.34% 1.8%
CSI 300 Index (China) 6.8%
As of 01/24/12:
For Composite Index: Ratio calculations are based on GDP weights of
individual countries
Investing In Frontier Asia | 20
21. Regional Performance
Returns on assets and equity are expected to significantly improve in the next several years due to
technological and management advances.
Higher EPS and Cash Flow growth is projected due to economic growth and demographics.
Variability in yearly country returns argues for active management of country allocations.
Country Returns
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Pakistan Pakistan Bangladesh Pakistan Vietnam Bangladesh Vietnam Sri Lanka Sri Lanka Pakistan
Sri Lanka Sri Lanka Sri Lanka Vietnam Sri Lanka Pakistan Bangladesh Bangladesh Bangladesh Sri Lanka
Bangladesh Bangladesh Vietnam Sri Lanka Pakistan Vietnam Sri Lanka Pakistan Pakistan Laos
Vietnam Vietnam Pakistan Bangladesh Bangladesh Sri Lanka Pakistan Vietnam Vietnam Nepal
Nepal Nepal Vietnam
Bangladesh
Investing In Frontier Asia | 21
25. Investment Process
ECA’s investment philosophy is structured on the fundamental belief that a top-down investment strategy utilizing
global and regional economic data, combined with rigorous security analyses, offers institutional investors the best
risk adjusted approach to Frontier Asian Markets equity portfolios.
Natural resource Capital markets
availability development
Labor cost and skill Corporate competitiveness
advantages Regional demographics
World Economic Forum GCI Strategic geographic legacy Global demand needs in energy
Transparency International Global demand for raw materials
Ease of Doing Bus. Indices Regional infrastructure spending
GDP expected growth
Global Ratings Indices ranks Top Down Macro Analysis Imports/Export transportation
Tourism demand
Foreign Direct Investment Global outsourcing trends
Government policy
Monetary Policy
Country Global Regional governmental policy agendas
Allocation Themes
Political alliances
Industry growth analysis
Regional trade pacts
Global sector attractiveness
Cross-country sector
Market Analysis Regional drivers of growth
Competitive industry costs
Government support
investments
Government investment Sector Industry Industry development
Competitive advantages
Sector privatization
Dynamics Outlooks
Valuation analyses Security Analysis Business Strength
Growth Drivers
Cash Flow metrics Management
Quantitative Fundamental
Investing In Frontier Asia | 25
26. Security Analysis
Business Growth
Valuation Cash Flow Management
Strength Drivers
Ratio metrics Cash generation Industry metrics Acquisition history Capital allocation
Margins Redeployment of Competitor Sales growth Acquisition history
cash flow analysis
Industry
comparison Economic trends Credibility
Balance sheet Barriers to entry
Historical trend strength Operating leverage Access to
analysis Technological information
Payout ratio advantages Business drivers
Return on
Length of tenure
invested capital
Capital structure Innovation and
R&D
Investing In Frontier Asia | 26
27. Risk Management
Hypothetical Portfolio * Companies from periphery Country Allocation
countries that derive > 50% of
0%
0%
2% revenue from region. No more 30% in single country
0% 10% Bangladesh
3% 20%
Vietnam
4% Sri Lanka
Sector Allocation
Pakistan
Nepal
No more than 35% in a single sector
15%
21% Laos
Cambodia Equity Holding
Myanmar
25% No more than 5% in individual security
Bhutan
Other*
Benchmarks
Sector Breakdown
MSCI Frontier Markets
Utilities
Communications MSCI FM Asia Index
Energy
Basic Materials
S&P Frontier BMI
Industrial Customized benchmark
Diversified
Cons. Cyclical
Cons. Non-cyclical
Financial
0% 5% 10% 15% 20% 25% 30% 35%
Investing In Frontier Asia | 27
29. Country Profiles
A senior Indian foreign-service official is quoted in the book “The Rivals” by Bill Emmot. “The thing you have to
understand,” he says, “is that both of us (India and China) think that the future belongs to us. We can’t both be right.”
The BIC countries stand to directly benefit from this global competition…
Vietnam Pakistan
Coastline of about 3,400 kilometers facing the The level of internet users as a % of population in
South China Sea giving access to shipping Pakistan is greater than Indonesia, Philippines, Sri Lanka,
routes to China and Japan. and India.
The Ho Chi Minh City port facilities strategic Different than most developing economies in Asia,
location for access to both Indian Ocean and Pakistan’s industrial sector has a higher contribution to
South China Sea ranked 29th in the world, with GDP than the agricultural component.
cargo volumes surging more than 4 times from Gallup Pakistan in a June 2009 study estimated that total
1999 to 2009. TV viewership in the country was 86 million with a near
GDP rose by average of 7.3% annually over the split between terrestrial and Sat/Cable technologies.
last decade. The All Pakistan Newspapers Society (APNS) estimates
With a literacy rate of over 90%, adding over 1 that there are over 1000 daily newspapers. A 2008 BBC
million people a year to its workforce. survey found more than 42% of men read newspapers
Lowest labor cost for Southeast Asia economies regularly.
with average monthly wage of US$100. A high growth country, GDP averaged roughly 7% per
China has become a “banker” to Vietnam annum from 2000-2007.
infrastructure with 4 out of 9 power projects Highest urbanization in South Asia. The urban population
use loans from China. is likely to equal its rural population by 2030.
Chinese FDI in Vietnam was up 74% in 2010.
Asia’s third largest producer of oil.
Investing In Frontier Asia | 29
30. Country Profiles
Bhutan
Transitioned from an Absolute Monarchy to Constitutional Democracy Monarchy in 1998.
One-third of the population is under the age of 14; the median age is 24.8 years.
First country with a constitutional obligation of the population to preserve at least 60% of the nation’s forests.
Government forecasts the unemployment rate is forecast to drop to 2.5% be the end of 2012
Power generation from Hydropower is large and fast growing part of GDP with electricity sales accounting for over
25% of exports.
Nepal
Nearly 50% of total trade value is with next door neighbor, India.
Agriculture accounts for 40% of GDP and with 76% of the labor force engaged in some form of agricultural industry.
The top income and corporate tax rate is 25%.
A nearly 10 year long insurgency by Maoist rebels ended in 2006 with a drafting of a new constitution in April 2008
ending the power of the ruling Monarchy.
Myanmar (Burma)
India at 13% and China at 11% are the 2 largest export partners.
Offshore Shwe and Shwephyu Fields are expected to hold between 5.7-10 trillion cubic feet of natural gas.
Pipeline construction under way will link China’s Yunnan province to natural gas fields and ports in Rakhine State for
Africa-origin crude oil.
Produces more than 90% of the world’s rubies and fine-quality Jade.
China contributed to nearly 2/3 of all foreign investment in Burma over the financial year 2010-2011.
Investing In Frontier Asia | 30
31. Country Profiles
Cambodia
Benefits as a member of ASEAN group from China-Asean free trade agreement (FTA).
China is the largest financier of infrastructure projects.
The 20th century was a disastrous one for Cambodia who were under French control from 1863-1953 and 70’s under
the brutal Khmer Rouge reign of terror.
National stock exchange is expected to debut summer of 2012 with US Dollar and Cambodian Riel as currency choices.
The United States remains the largest export part with nearly 50% of total exports.
GDP expected to average 6.5% in 2011 and 2012 according to ADB.
Laos
Construction to begin on high-speed railway connecting capital of Vientiane with Kunming, China and to be completed
in 2015 and China to finance 70% of US$4 billion cost.
China National Petroleum Corp. is financing a natural gas pipeline from Myanmar to Yunnan province.
Korea is the number one investor and China the number 2.
The government expects the economy to grow at 8.5% in 2012 with a trade surplus resulting from the export of
commodities, including gold, copper, electricity, and garments.
Thailand continues to be main trading partner for exports and imports.
First stock exchange opened this January with 2 companies listing initially.
GDP has expanded by an average of 7.9% a year for the past 5 years.
Investing In Frontier Asia | 31
32. Country Profiles
Sri Lanka
China was largest foreign investment financer involved in nearly all of the country’s major infrastructure projects
countrywide.
Chinese companies are largest investors in country’s major infrastructure projects.
Tumultuous 25-year civil war with minority Tamil separatists ended in June 2009 and ushered in the beginnings of a
new era of rebuilding and economic growth.
Asian Development Bank forecasts SL GDP growth of 8% in 2011 and 2012.
Best performing international stock market in 2010 with a 96% return.
India was the largest source of foreign direct investment to Sri Lanka in 2010 with US$110 million committed.
Bangladesh
Fourth largest rice producer in the world.
Southern port city of Chittagong is home to the world’s largest ship breaking yard.
2010 GDP growth of 6.66% is highest since post independence period of 1973-1974.
Home to the largest mangrove forest in the world and the world’s longest beach at Cox’s Bazaar.
The agriculture sector employs nearly 50% of the labor force and generates roughly 20% of GDP.
One of the largest democracies in the world, Bangladesh is also the third most populous Muslim nation.
Remains the largest exporter of Jute goods (carpet backing, twine, sacks) and the second largest producer of Jute
globally.
Investing In Frontier Asia | 32
33. Biographies
Mohammed Riad CEO, CIO, Portfolio Manager
Mr. Riad has nearly 20 year of experience in the investment management industry. From 1999 to 2010, Mo held the titles of Managing Director,
and Senior Portfolio Manager at Fiduciary Asset Management Co., LLC (FAMCO) an investment subsidiary of the middle market investment bank
Piper Jaffray Cos. Mr. Riad served on the firm's Strategy, Investment, and Risk Management Committees and has held a wide range of senior
portfolio management and executive roles at FAMCO. Mo developed extensive experience in portfolio strategy, research, and trading through his
lead portfolio management roles in large and small cap equity, hedged equity, and quantitative enhanced portfolios. Mo was instrumental in the
development of the firm’s option-based institutional hedged products and trading methodologies. Early in his career, Mr. Riad worked in Wealth
Management where he obtained his licensed advisor and securities principal licenses for his roles in branch management at Legg Mason (Smith
Barney) in the Washington D.C. and New York offices. Mo serves on the Institutional Advisory Board at CBOE and is active in the options
community as a frequent speaker and panelist at industry conferences and events. Mr. Riad received a Bachelor of Science in Business from Wake
Forest University and his Masters of Business Administration from Washington University in St. Louis. He was born in Dhaka, Bangladesh and
resides in St. Louis, MO.
Abdur Chowdhury Chief Economist
With over 25 years of experience, Dr. Abdur Chowdhury has served as a senior economist in the world’s foremost economic policy and research
institutions. Most recently as Chief Economist and Director, Dr. Chowdhury led the United Nations Economic Commission for Europe’s Economic
Analysis Division located in Geneva, Switzerland. In addition, Dr. Chowdhury served as Senior Researcher at the Institute for Transition
Economics for the Bank of Finland in Helsinki, Finland. While in Finland Dr. Chowdhury also worked as Visiting Researcher at the World
Institute for Development Economics Research of the United Nations. The Food and Agriculture Organization of the United Nations in Rome,
Italy named Dr. Chowdhury as a Consultant in 1998. Recognized as an expert in macroeconomic analysis, Dr. Chowdhury has continued to serve
as Professor of Economics at Marquette University since 1989.
Investing In Frontier Asia | 33
34. Biographies (cont.)
Kris Loganathan Managing Director, Asian Operations
Kris began his career as an Analyst for the World Bank in Washington, D.C. He then moved to New York to join the Emerging Markets Equities
Group at UBS where he spent six years as a Sales Trader advising on South Africa, Latin America and Emerging Asia markets for institutional buy-
side clients. Kris has also worked for the firm’s Equity Derivatives Desk focusing on hedging concentrated equity positions for U.S. asset
managers, hedge funds and high net worth clients. Kris currently resides in his hometown of Colombo, Sri Lanka. He is an independent consultant
providing strategic advisory services to multinational firms and foreign investors. He is an active investor in the public and private markets in Sri
Lanka and South Asia. Kris received his Bachelor of Arts in Economics from Hampden Sydney College in Virginia.
Ashekul Huq Senior Research Analyst
Huq has extensive experience in the financial services industry and began his banking career in the Consumer Banking division of integrated
financial services firm Regions Financial. Huq graduated from Regions Leadership Development Program and later joined the bank's Commercial
Loan Department as a Relationship Manager in Business Banking. Huq actively managed a portfolio of major commercial relationships, developed
new business relationships, and consulted Branch Managers in the Consumer Banking Team for small business development. He coordinated
client service activities with other areas of the organization such as treasury management, private banking, public funds, trust, mortgage, and
investments. He has also led numerous civic, business and charity events for the bank. Huq served as a liaison between the U.S. Small Business
Administration and Regions Bank in Arkansas. Huq has served on the local boards of many organizations in Arkansas including Civitan
International. His education background includes a Master's in Business Administration from the University of Arkansas - Little Rock and a
Bachelor's of Science degree in Computer Science from University of Central Arkansas.
Riz Ali Khan Director, Global Marketing
As a senior sales professional with 20 yrs of experience, Riz has held executive sales management roles for multinationals in India, United
Kingdom, and the US. He is an accomplished specialist in brand building, large account management, product portfolio development, as well as
channel and distribution management, Riz spent 9 years with FedEx India as Manager Sales- Corporate Accounts responsible for all-India
corporate clients. He was also a Sales Supervisor for Sonex Communications PLC, one of the largest electronics resellers in the United Kingdom.
Riz held the position of regional and country head for Airex Logistics in Delhi, India. While in the United States, he has continued his association
with Airex by performing consulting and advisory services. He is also a co-founder and principal with BGH India, an India-based construction
company with 3 locations in India. Riz also an active member and volunteer of National MS Society. Riz earned his Business Leadership
Management Program certificate from Cornell University, NY, USA in 2011.
Investing In Frontier Asia | 34
35. Biographies (cont.)
Khadaega Thabet Junior Operations Specialist
Khadaega has participated in the 2012 Volunteer Income Tax Assistance (VITA) program, where she assisted low income, disabled, and elderly file
their tax returns. Her experience also includes cashiering and daily banking responsibilities for a St. Louis-based, family owned and operated retail
merchandiser. Khadaega is pursuing a BS in accounting degree at University of Missouri- St. Louis. She was also nominated to the All-Missouri
Academic Team 2012; a regional academic recognition.
Firoze Ahmed Consultant – Information Technology
Firoze is currently the Vice President of Business Development for Telophase Corporation, an Arlington, VA based 8(a) small business federal
service IT provider. His clients are mainly focused on the United States Government which includes both the Civilian and Defense Agencies. He
has contracted multi-million dollar agreements where enterprise IT solutions and management consulting services were supplied to the U.S.
Government. Firoze was also the Director of Government Affairs and his responsibilities included overall business and operations management.
He also worked for Net2000 Communications, a regional telecommunications company in the role of a technology program officer. Firoze earned
a Bachelor of Arts from the University of Maryland, and resides in the Washington, D.C. metropolitan area.
Ara Pararajasingham Consultant – Business Development
Ara co-founded a Bangalore-based India sports management firm Leander Sport Pvt. Ltd and currently serves as its CEO. While at Leander Sport,
Ara developed deep relationships in the sports management industry and with the investor community. He worked with sponsors, rights holders,
agencies, media and sporting team/franchise owners within India. He also pioneered a turn-key Sports Infrastructure practice from Design,
Marketing, Development, to Operations for Indian clients ranging from real estate developers, academic institutions and state associations. Prior
to this venture, Ara worked for JP Morgan in New York City from 1997-2005. His last position was working with Office of the Chairman as well as
various division CFO’s as a Vice President for Corporate Risk and Information. He also held V.P. and Associate positions in Investment Banking
Finance, Foreign Exchange, and Commodities trading. Earlier in his career he was a Senior Fixed Income Analyst for Reuters in Stamford, CT.
Ara earned a Bachelor of Sciences in Mathematics from Madras Christian College in Chennai, India and an MBA in Finance from the Barney
School of Business at the University of Hartford in Hartford, CT.
Investing In Frontier Asia | 35