AFC Uzbekistan Fund January 2025 Update

Dear Investors and Friends,

January marked a positive start to the year, with the market showing slightly increased activity, particularly in the core holdings of the AFC Uzbekistan Fund, which consist of the blue-chip stocks on the Tashkent Stock Exchange. In January 2025, the fund's Net Asset Value (NAV) increased to an estimated USD 1,281.2 (+2.0%), corresponding to a return of +28.1% since its inception on 29^th March 2019.

AFC Uzbekistan Fund valuations as of 31 ^st January 2025:

January was a strong month for the AFC Uzbekistan Fund, driven by trading activity in the fund’s core holdings. However, there were limited updates beyond this, as we await news regarding the Tashkent Stock Exchange's integration with Clearstream and further clarity on the existing integration with Bloomberg, which is currently experiencing some data display issues. While we have seen an increase in corporate bond issues—such as Georgian TBC Bank issuing UZS 128 billion (~USD 9.8 million) at the end of December 2024—we anticipate more activity this year. The capital markets are gradually maturing, which should lead to greater liquidity in the equity market and, ultimately, new IPOs, likely from the private sector.

New Share Classes for Investors

Beginning in January 2025, the AFC Uzbekistan Fund is introducing new share classes to offer flexibility for both existing and new investors. The current Class F USD for US and non-US investors has a 2% management fee, a 20% performance fee with a high watermark, and a ninety-day redemption notice. The minimum investment is USD 10,000 for non-US investors and USD 50,000 for US investors.

We are launching a new share class for both US and non-US investors: Class G USD, which will have lower fees: a 1.7% management fee and a 17% performance fee with a high watermark, while it requires a longer redemption notice of 180 days. The minimum investment is the same at USD 10,000 for non-US investors and USD 50,000 for US investors.

Further, we are launching two institutional share classes, each with a minimum investment of USD 5 million. The Class FI USD will have a 1.5% management fee, 20% performance fee with high watermark, and 90 days redemption notice. The Class GI USD will have a 1.3% management fee, 17% performance fee with high watermark, and 180 days redemption notice.

Interested investors should contact Peter de Vries at This email address is being protected from spambots. You need JavaScript enabled to view it. for more information, or if existing investors wish to switch into the new share class to benefit from lower fees.

UK Tax Reporting

We are pleased to inform you that all AFC Funds, including AFC Uzbekistan Fund (non-US), will commence “UK Tax Reporting” as of the beginning of 2025. We have engaged the necessary service provider for this process. This is a significant development for UK taxpayers as it will reduce their tax rate on gains from as high as 45% to 24%.

AFC Uzbekistan Tour 2025

AFC is planning to host its 4^th AFC Uzbekistan Tour, bringing existing and prospective investors to experience the reality of Uzbekistan from the ground, from 25^th to 27^th May 2025. If you are interested, please write us at This email address is being protected from spambots. You need JavaScript enabled to view it. to express your interest and we will follow-up with you.

For further viewing, here are some interesting, relevant news links related to Uzbekistan:

Uzbekistan to expand its power grid by 7,000 km

Uzbekistan's population exceeds 37.5 million 

AFC Uzbekistan Fund Marketing Information as of the end of December 2024

Subscriptions

The next cutoff date for Subscriptions will be 24^th February  2025. If you would like any assistance with the subscription process, please get in touch with us at This email address is being protected from spambots. You need JavaScript enabled to view it.

Best regards,

AFC Uzbekistan Fund

Disclaimer:

This Newsletter is not intended as an offer or solicitation with respect to the purchase or sale of any security. No such offer or solicitation will be made prior to the delivery of the Offering Documents. Before making an investment decision, potential investors should review the Offering Documents and inform themselves as to the legal requirements and tax consequences within the countries of their citizenship, residence, domicile and place of business with respect to the acquisition, holding or disposal of shares, and any foreign exchange restrictions that may be relevant thereto. This newsletter is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law and regulation, and is intended solely for the use of the person to whom it is intended. The information and opinions contained in this Newsletter have been compiled from or arrived at in good faith from sources deemed reliable. Opinions expressed are current as of the date appearing in this Newsletter only. Neither Asia Frontier Capital Ltd (AFCL), nor any of its subsidiaries or affiliates will make any representation or warranty to the accuracy or completeness of the information contained herein. Certain information contained herein constitutes “forward-looking statements”, which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “project”, “estimate”, “intend”, or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of Funds managed by AFCL or its subsidiaries and affiliates may differ materially from those reflected or contemplated in such forward-looking statements. Past performance is not necessarily indicative of future results.

For Switzerland only: This is an advertising document. The state of origin of the fund is the Cayman Islands. This document may only be provided to qualified investors within the meaning of art. 10 para. 3 and 3ter CISA. Acolin Fund Services AG, Maintower, Thurgauerstrasse 36/38, 8050 Zurich, Switzerland, while the paying agent is NPB Neue Privat Bank AG, Limmatquai 1 / am Bellevue, 8024 Zurich, Switzerland. The basic documents of the fund report may be obtained free of charge from the representative. Past performance is no indication of current or future performance. The performance data do not take into account the commissions, if any, and fund transfer costs incurred on the issue and redemption of units.

AFC Uzbekistan Fund is registered for sale to qualified/professional investors in Singapore, Switzerland, the United Kingdom, and the United States. 

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.

© Asia Frontier Capital Ltd. All rights reserved.