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AFC Funds Performance Summary

Asian frontier markets experienced a stable month, with our AFC Iraq Fund reporting another strong gain of +3.9% for November. Overall, the Asian frontier universe is entering 2026 from a position of strength. We believe our AFC Asia Frontier Fund is currently in a sweet spot, and we encourage you to look out for our “AFC Asia Frontier Fund 2025 Review and Outlook for 2026" report, which will be published in the third week of December 2025.

Ruchir Desai, Co-Fund Manager of the AFC Asia Frontier Fund, was in Colombo in the first week of December, and it was a timely visit to Sri Lanka due to the floods which impacted the Central and Eastern parts of the country in the final days of November.

Though it is still early days in terms of gauging the full impact of the floods, based on discussions with the Central Bank of Sri Lanka and with multiple companies across industries, the broader view is that the recent climate-related event will have a short-term negative impact on earnings and economic growth, but beyond that, Sri Lanka should get back its ongoing economic momentum. 

We share this view because Sri Lanka is in a much stronger macroeconomic position compared to that of 2023, to manage this challenge, since the government has a lot of room for a fiscal thrust in terms of reconstruction activities, which will boost overall economic activities.

We would not be surprised if GDP growth in 2026 remains robust because of the government’s focus on reconstruction and rebuilding activities in parts of the country that have been impacted by the floods.

In Colombo, it was business as usual with many tourists and visitors on the ground and hotels like Cinnamon Life, Shangri-La, and Sheraton all seeing very high occupancies. Furthermore, the southern part of Sri Lanka, which is a key destination for tourists at this time of the year, has not been impacted, and this also cements our view that any economic impact from the floods will be short-term in nature. 

We remain positive on Sri Lanka, and Ruchir spoke at the Sri Lanka Economic and Investment Summit organised by the Ceylon Chamber of Commerce. The summit was attended by over 850 participants from Sri Lanka and globally, which is a strong reflection on Sri Lanka’s positive long-term economic outlook.

To view the keynote speech and presentation made by Ruchir at the summit please click on the links below

Sri Lanka Economic and Investment Summit – Keynote Speech by Ruchir Desai

Sri Lanka Economic and Investment Summit - Presentation by Ruchir Desai

Ruchir Desai Delivering a Keynote Address at the Sri Lanka Economic and Investment Summit in Colombo

December 2025 Subscription Cut-Off Date

The next cut-off date for subscriptions for our funds will be 23^rd December 2025. If you would like to know more about 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.

Please find below the managers’ comments on each of our four funds for November 2025.

AFC in the Press

AFC Travel

Thomas Hugger, Ruchir Desai, and Peter de Vries are based in Hong Kong, while Andreas Vogelsanger is based in Bangkok, Vicente Nguyen in Ho Chi Minh City, Scott Osheroff in Tashkent, and Ahmed Tabaqchali in London and Iraq. If you have an interest in meeting with our team at their homeports or during their travels, please contact Peter de Vries at This email address is being protected from spambots. You need JavaScript enabled to view it.

AFC Iraq Fund - Manager Comment

The AFC Iraq Fund Class D shares returned +3.9% in November 2025 with a NAV of USD 2,389.37, underperforming its benchmark, the Rabee Securities RSISX USD Index (RSISUSD index), which gained 5.0% during the month. The fund gained 43.5% in 2024 on the back of a stellar performance in 2023 of +110.4%. The fund is up by 16.4% for the year versus the index, which went up by 11.2%. Since inception, the fund has gained 138.9% while the RSISUSD index is up by 66.8%, an outperformance of 72.1%. The annualised return since inception of the fund stands at +8.7% p.a.

The market was indifferent to the elections, and to expectations of violence or disruptions, as volumes picked up moderately for the month. The RSISX USD index attempted a breakout of the consolidation range that it traded in since December 2024, following a blistering 35.9% three-month rally. While volumes were positive, they were not high enough to support a full breakout. Nevertheless, the market’s technical picture continues to remain positive and still suggests that the consolidation phase would continue and that the likely consolidation or pullback should be within its multi-month uptrend (chart below).

Rabee Securities U.S. Dollar Equity Index and Daily Turnover

The RSISX USD Index’s constituents’ performance were mostly positive, with six stocks up, two stocks flat, and two stocks down. Positive performances were led by National Bank of Iraq (BNOI) and Iraqi Islamic Bank (BIIB), both up 10.3% for the month, followed by Asiaell Telecom (TASC) up 7.3%, Baghdad Soft Drinks (IBSD) up 4.5%, Bank of Baghdad (BBOB) up 2.1%, and Al-Mansour Bank (BMNS) up 0.5%. Both Baghdad Hotel (HBAG) and Al-Mansour Hotels (HMAN) were flat, while negative performances were led by Commercial Islamic Bank of Iraq (BCOI), which was down 2.9%, followed by Al-Mansour Pharmaceuticals Industries (IMAP), down 2.4%.

The parliamentary elections on 11^th November 2025, the sixth such elections since the U.S. invasion in 2003, were mostly greeted by the market as a non-event; crucially, they were peaceful with no indications of a repeat of the political violence that followed the prior elections in October 2021. Their results, however, suggest that the processes of government formations following the election, while unlikely to repeat the political stalemate following the 2021 elections, might still extend over many months. 

The current political, societal, and economic scene is very different from that of 2021; the country is enjoying the fruits of three years of solid stability and strong economic growth. However, unlike in 2021, the upcoming government does not have the benefits of the huge budget surpluses of 2021-22 that allowed the current government to introduce the expansionary three-year budget of 2023-25. The cyclical positives that supported the budget’s revenues will become negatives in the different oil price environment, and thus the tailwinds of prior strong oil prices are reversing into headwinds over the next 9-12 months. Current expectations for weaker future oil prices, as measured by Brent crude prices, suggest that prices over the next two years will average 18% less than the average of the prior two years (chart below).

Market Expectations for Future Oil Prices
As measured by Brent Futures Contracts (USD per barrel)

Countering these cyclical negatives are the positives of the secular transformation of the Iraqi economy, driven by the two key dynamics discussed here often in the past, the cumulative positive effects of the relative stability and structural banking developments. These are in the early stages of their transformation of the economy, a process that will unfold over the next few years, bringing with them high economic growth that would feed into higher corporate profits, and ultimately higher stock market returns. Consequently, while the positives of secular transformation of the economy should trump the cyclical negatives, these cyclical negatives will dampen the growth of non-oil GDP and corporate profits. 

The interplay of the secular positives of the economic transformation of the economy and the cyclical negatives of the current low expectations for oil prices was the subject of two recent webinars:

• Majlis and Markets, 1^st December 2025: "Iraq’s Economy: Progress or Pressure?"
• AsharqNow, 28^th November 2025: "The Iraqi Banking Sector: A Weak Link or a Starting Point?: القطاع المصرفي العراقي.. حلقة الضعف أم نقطة الانطلاق؟" (in Arabic)

We continue to believe that the fund’s holdings stand to capture these returns in the next few years in the same way that they did in 2023, 2024, and year-to-date 2025.

At the end of November 2025, the AFC Iraq Fund was invested in 8 names and had a cash level of 2.1%. The fund invests in both local and foreign-listed companies that have the majority of their business activities in Iraq. The markets with the largest asset allocation were Iraq (96.3%), Norway (1.4%), and the U.K. (0.2%).

The sectors with the largest allocation of assets were financials (69.4%) and communications (18.2%). The fund's estimated weighted harmonic average trailing 12 months P/E ratio (only companies with profit) was 6.95x, the estimated weighted harmonic average P/B ratio was 1.95x, and the estimated weighted average portfolio dividend yield was 7.06%. The fund’s portfolio carbon footprint is 0.06 tons per USD 1 mn invested.

AFC Uzbekistan Fund - Manager Comment

The AFC Uzbekistan Fund Class F shares returned +1.1% in November 2025 with a NAV of USD 1,407.16, bringing the year-to-date return to +12.0% and the return since inception (29^th March 2019) to +40.7%.

The big news of the month was the announcement of new entrants into Uzbekistan’s capital markets regulatory sandbox. 

First was the news on 4^th November 2025 that the Central Depository of Armenia JSC became licensed as a participant in the sandbox. While Armenia does not have a budding capital market, there is a significant amount of local and Russian capital in the country, which can now find its way into Uzbekistan’s capital markets through regional brokers such as TBC Capital. Further, with the Federation of Euro-Asian Stock Exchanges headquartered in Armenia and focused on promoting capital markets development and integration, this is also likely a marketing exercise focused on broader regional integration of capital markets, which is a positive for the once closed country of Uzbekistan. It will be interesting to see how Armenia’s involvement develops, as the two countries have a close historical relationship as it relates to capital markets engagement on a capacity-building level.  

Next up, on 14^th November 2025, New York-based institutional broker-dealer Auerbach Grayson (Agco) was licensed in the sandbox. Agco operates in 125 countries, forming partnerships with local brokerages and white-labeling their services. Their local partner in Uzbekistan is our long-time broker Avesta. The one big challenge Agco has faced up to now has been that capital markets legislation has inhibited sub-accounts for brokers, which would otherwise enable Agco to open one brokerage account in Uzbekistan and then offer sub-accounts to foreign clients without each of them having to go through the burdensome account opening process on their own. This, along with the historic lack of liquidity, is why, when we have met many of their clients on the ground in Tashkent, they tend to be in “waiting mode” as the market has historically not been developed enough for them to participate. As that is now changing, we believe Agco’s involvement in the market and the enabling of sub-accounts will help lead to a transformation of liquidity and, in due course, product offerings in the local market, which will help to advance the re-rating we so often write about. Furthermore, with Agco being able to provide foreign institutional clients access, and very likely custody in the near future, as part of the regulatory sandbox, this increases the odds of the local tranche of the UzNIF offering being oversubscribed. It remains to be seen what the size of the IPO allocation will be to the local market, but if fungibility is included in the new capital markets legislation, then the odds of getting a full allocation locally will be dramatically higher than fighting with the “rest of the investment world” in London for an allocation. 

Finally, on 18^th November 2025, Georgia’s TBC Capital got licensed in the sandbox and will be offering brokerage services on the exchange. This comes after Bank of Georgia became the first custodian in the regulatory sandbox. This means TBC Capital, Bank of Georgia, and Auerbach Grayson are the three foreign groups that will act as a bridge into Uzbekistan. We would not be surprised to see groups such as BNY Mellon, Halyk Bank, and others also enter the market as competition and media attention grow.

So, as can be seen, market participants on the “infrastructure” side of things are increasing in preparation for more local business through IPO’s and bond issues. We have harped on for many years discussing this “chicken and egg” situation: “Why would a foreign service provider bear the expense to enter Uzbekistan if there is no business to be done?” Equally, why would a foreign investor look to invest in Uzbekistan if there was “nothing to buy”? These two issues are in the process of being addressed, and the accompanying performance of the AFC Uzbekistan Fund this autumn is hopefully just the start of a broader flow of foreign and local capital into Uzbekistan’s capital markets, which sets in motion the flywheel effect of higher asset prices, more product offerings, and more market participation and liquidity. We look forward to the momentum of news flow over the past few months continuing apace, and for this thesis to continue to unfold.

At the end of November 2025, the fund was invested in 23 names and held 11.3% in cash. The portfolio was allocated to Uzbekistan (88.6%) and Kyrgyzstan (0.1%). The sectors with the largest allocation of assets were financials (57.5%) and materials (15.5%). The fund's estimated weighted harmonic average trailing 12 months P/E ratio (only companies with profit) was 3.74x, the estimated weighted harmonic average P/B ratio was 0.63x, and the estimated weighted average portfolio dividend yield was 2.97%.

 AFC Asia Frontier Fund - Manager Comment

The AFC Asia Frontier Fund (AAFF) USD A-shares returned +0.1% in November 2025 with a NAV of USD 2,222.07. The MSCI Frontier Markets Asia Net Total Return USD Index returned +4.7%, while the MSCI Frontier Markets Net Total Return USD Index went up by +1.0%, and the MSCI World Net Total Return USD Index increased +0.3%. Year to date, the fund has delivered a +16.2% return. The performance of the AFC Asia Frontier Fund USD A-shares since inception on 30^th March 2012 now stands at +122.2% while the MSCI Frontier Markets Asia Net Total Return USD Index returned +17.6% during the same period. The fund’s annualised performance since inception is +6.0%. The broad diversification of the fund’s portfolio has resulted in low risk with an annualised volatility of 10.3% and a correlation of the fund versus the MSCI World Net Total Return USD Index of 0.49, all based on monthly observations since inception.

November was a stable month for the AFC Asia Frontier Fund, as our markets warmed up for a strong finish to the year. Key positive contributors to performance included Mongolia, Iraq, Papua New Guinea, Cambodia, Sri Lanka, and Uzbekistan. Conversely, the main negative drivers of performance in November were Bangladesh, Vietnam, and Kazakhstan.

The two major Sri Lankan banks in our holdings reported another strong quarter of net profit growth on the back of robust loan book momentum benefitting from Sri Lanka’s ongoing economic strength. The Commercial Bank of Ceylon and Hatton National Bank reported 3Q25 net profit growth of 33% and 53% YoY, respectively.

Despite the recent re-rating of their stock prices, both banks continue to trade at very attractive valuations because of their strong earnings momentum. The Commercial Bank of Ceylon and Hatton National Bank trade at a P/B of 1.1x and 0.8x respectively while their return on equity stands at 24.9% and 20.6% respectively.

Commercial Bank of Ceylon and Hatton National Bank in Sri Lanka Performed Very Well

We believe Bangladesh is positioned for a re-rating as we approach the parliamentary elections in February 2026. Macro-economic indicators such as foreign exchange reserves, the current account, and inflation, have all stabilised while, on a bottom-up basis, earnings growth is increasing. The fund’s holdings in Bangladesh reported a median net profit growth of +21.5% YoY in 3Q25, a significant improvement compared to earlier quarters.

With macro-economic stability and companies reporting a recovery in earnings, valuations in Bangladesh are extremely cheap, and are looking for a positive catalyst which we believe will come in the form of the parliamentary elections. 

Post the February 2026 elections, we expect to see a notable improvement in investor sentiment, similar to what occurred in Pakistan and Sri Lanka following their parliamentary elections in 2024.

Bangladesh is Well Positioned for a Re-Rating Post February 2026 Parliamentary Elections

The best-performing indexes in the AAFF universe in November were Iraq (+4.5%) and Mongolia (+3.6%). The poorest-performing markets were Laos (−6.2%) and Kazakhstan (−4.4%). The top-performing portfolio stocks this month were a convenience store operator in Mongolia (+46.6%), a gold explorer in Papua New Guinea (+22.0%), a Mongolian stock exchange operator (+16.6%), a gold producer in Papua New Guinea (+13.1%), and a Cambodian gold producer (+12.2%).

In November, the fund purchased a fintech company in Mongolia and a cement producer in Papua New Guinea. The fund also added and reduced existing positions in Mongolia.

At the end of November 2025, the portfolio was invested in 59 companies, 2 funds, and held 3.5% in cash. The two biggest stock positions were a cement producer in Pakistan (4.5%) and a bank in Uzbekistan (4.2%). The countries with the largest asset allocation were Pakistan (17.7%), Sri Lanka (14.2%), and Mongolia (9.7%). The sectors with the largest allocation of assets were financials (36.4%) and consumer goods (20.4%). The fund's estimated weighted harmonic average trailing 12 months P/E ratio (only companies with profit) was 6.74x, the estimated weighted harmonic average P/B ratio was 1.32x, and the estimated weighted average portfolio dividend yield was 3.89%. The fund’s portfolio carbon footprint is 0.17 tons per USD 1 mn invested.

AFC Vietnam Fund - Manager Comment

The AFC Vietnam Fund returned −1.3% in November with a NAV of USD 3,589.04, bringing the 2025 return to +3.5% and return since inception to +258.90%. This month, the fund underperformed the benchmark, the Ho Chi Minh City VN Index, which gained 2.9% in USD terms. The fund’s annualised return since inception stands at +11.3% p.a. The broad diversification of the fund’s portfolio resulted in an annualised volatility of 14.71%, a Sharpe ratio of 0.63, and a low correlation of the fund versus the MSCI World Index USD of 0.49, all based on monthly observations since inception.

Market Developments

Although the benchmark index posted a modest gain in November, market breadth told a very different story: more than 200 stocks declined, while only about 50 stocks advanced. The advance–decline ratio remained negative for several consecutive months, underscoring that the VN-Index’s upward movement has been driven almost entirely by a few mega-cap names, primarily Vingroup, while most listed companies continue to pull back after a strong rally since April. However, we view this as a healthy and necessary correction, supported by solid economic fundamentals and resilient earnings growth across Vietnamese enterprises.

Market Breadth from September 2025 to November 2025

November trading activity softened significantly following FTSE Russell’s official announcement of Vietnam’s market upgrade. Liquidity fell sharply from the prior USD 1.5–2 bn daily range to around USD 800mn, as many retail investors took profits and moved to the sidelines awaiting clearer entry points. This shift in sentiment has also contributed to the negative market breadth observed over the past three months.

VN-Index from October 2024 to November 2025

President Trump Signed 0% Tariff Order for Vietnamese Agricultural Products

In October, Prime Minister Pham Minh Chinh met with President Trump in Malaysia to advance bilateral trade discussions. Following intensive negotiations, the two countries finalised a new trade arrangement. In November, President Trump signed an executive order reducing tariffs to 0% on a wide range of Vietnamese agricultural products, including coffee, pepper, tea, tropical fruits, and cocoa beans.

Although Vietnam’s agricultural exports to the U.S. have been relatively subdued, this agreement is a significant achievement for Vietnam, helping support social and economic stability in a country where more than 70% of the population is still connected to the agricultural sector. We firmly believe that this tariff exemption will unlock strong growth in agricultural exports to the U.S. in the coming years.

PM Pham Minh Chinh and President Trump

Vietnam’s export sector has demonstrated exceptional resilience in 2025, overcoming U.S. reciprocal tariffs under the “Trump 2.0” administration and solidifying its position as the country’s most powerful growth engine. According to the General Statistics Office (GSO), exports to the United States reached a remarkable USD 126 bn in the first ten months of the year — a 27.7% year-on-year surge, despite the 20% tariff imposed in August 2025.

Electronics exports jumped 62.8% YoY, while machinery and equipment rose 26.1% year-on-year, underscoring Vietnam’s successful move into higher-value segments of global supply chains. This outperformance has eased earlier concerns about a potential trade slowdown and helped lift total export turnover to USD 348.74 bn (+16% year-on-year). As a result, the export sector has been a key driver of Vietnam’s strong 7.85% GDP growth over the first nine months of 2025.

The Weak VND is Strongly Supporting Export Growth

The VND’s controlled depreciation of roughly 4% year-to-date has created an additional, and often underestimated, boost to Vietnam’s export sector. As highlighted in our June report, a moderately weaker Dong significantly enhances foreign-currency earnings for exporters in textiles, seafood, furniture, and electronics, while inflation remains well-contained below 4% thanks to stable import prices and disciplined monetary policy.

As a result, many of our export-oriented portfolio companies have enjoyed a 15–20% profit uplift purely from FX translation benefits. What the market initially perceived as a potential “currency risk” has become a clear competitive advantage.

USD/VND from November 2024 to November 2025

MPC (Minh Phu), a seafood exporter, reported a threefold surge in net profit in 3Q2025, while TNG, a textile and garment company, delivered record-high revenue and earnings driven by full U.S. and EU order books. PTB (Phu Tai), a furniture company, also maintained strong momentum, supported by its zero anti-dumping duty advantage over competitors in China.

Vanguard Opens Trading Account in Vietnam

On the capital market front, FTSE Russell’s announcement on 7^th October 2025 upgrading Vietnam from Frontier to Secondary Emerging Market (effective 21^st September 2026) has introduced a significant new catalyst. The upgrade is expected to attract an estimated USD 3.5–5 bn in passive inflows from global giants such as Vanguard, iShares, etc. over the coming 12–18 months, potentially boosting daily market liquidity by 20–30% and expanding valuations for large-cap leaders like VNM, VIC, HPG, FPT, MWG, and VHM, which together account for nearly 60% of the FTSE Vietnam Index basket.

Adding further momentum, Vanguard, the world’s largest asset manager with USD 13 trn AUM, has confirmed plans to open trading and indirect capital accounts in Vietnam immediately after the EM upgrade becomes effective in September 2026. The confirmation came during a meeting with the State Securities Commission in Melbourne on 11^th November 2025, marking the most concrete signal yet that global ETF giants are preparing for Vietnam’s forthcoming wave of passive fund inflows.

SSC & Vanguard Meeting in Melbourne

GDP Growth Target of 10% for 2026

In November, Vietnam’s National Assembly approved an ambitious 10% GDP growth target for 2026, alongside goals of USD 5,500 GDP per capita and 4.5% CPI. The outlook remains highly positive, supported by a USD 48 bn infrastructure program across 250 key projects and strong FDI disbursement of USD 21.3 bn in the first 10 months of 2025

Combined with robust export momentum and anticipated passive inflows into the FTSE Emerging Markets index in 2026–2027, Vietnam is on track for sustained 8–10% annual GDP growth, reaffirming its position as one of the most attractive long-term stories in global emerging markets. With such strong fundamentals, we believe Vietnam’s equity market is well-positioned to reach new record highs in the coming years.

Severe Flooding Hits Central Vietnam

Around 90 people have died due to severe flooding in central Vietnam, with Dak Lak Province suffering the highest toll at 63 fatalities. Floodwaters are gradually receding following days of heavy rainfall, but several communes in Dak Lak remain submerged. This is the worst flooding since 1993, when rainfall and water levels reached record highs. Total damages are estimated at nearly VND 9 trn (~USD 341.5 mn), with 1,154 houses damaged and 257,000 households without electricity.

Houses in Hoa Thinh Commune, Daklak Province

At the end of November 2025, the fund’s largest positions were: Minh Phu Seafood Corp (7.4%) – a seafood company, Agriculture Bank Insurance (7.2%) – an insurance company, Lam Dong Minerals and Building Materials (6.7%) – a building material supplier, TNG Investment and Trading JSC (5.6%) – an apparel manufacturer, and Thien Long Group (4.9%) – a manufacturer of office supplies.

The portfolio was invested in 34 names and held 5.4% in cash. The sectors with the largest allocation of assets were consumer (39.3%) and financials (35.6%). The fund's estimated weighted harmonic average trailing 12 months P/E ratio (only companies with profit) was 9.87x, the estimated weighted harmonic average P/B ratio was 1.35x, and the estimated weighted average portfolio dividend yield was 4.23%. The fund’s portfolio carbon footprint is 2.96 tons per USD 1 mn invested.

I hope you have enjoyed reading this newsletter. If you would like any further information, please get in touch with me or my colleagues at This email address is being protected from spambots. You need JavaScript enabled to view it.

With kind regards,

Thomas Hugger
CEO & Fund Manager

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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 the 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. In Switzerland, the representative is Acolin Fund Services AG, Maintower, Thurgauerstrasse 36/38, 8050 Zurich, Switzerland, whilst 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 account of the commissions, if any, and fund transfer costs incurred on the issue and redemption of units.

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

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