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Alternative Market Briefing

Frontier markets kicked off year with a good start: Consilium Frontier market fund is up 3.43% in January
Tuesday, February 07, 2012

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Jonathan Binder From Precy Dumlao, Opalesque Asia:

The frontier markets helped push the global equity markets off to a good start this year, giving a much needed market respite after a very difficult 2012. The MSCI Frontier Equity Index and Russell Frontier Equity Index ex-GCC gained +0.48% and +1.76%, respectively. However, Consilium Investment Management’s Frontier Strategy outpaced both indices during the month and returned +3.43%.

The positive performance in January was a complete turnaround for Consilium’s Frontier Strategy which was down 2.29% in December 2011 and finished the year -27.86%.

The country leaders in January were Vietnam, Argentina, FM Latin America, Romania, and Pakistan, all gaining between +10.93% and +13.30%, while the laggards during the period were Bangladesh, Jordan, Trinidad & Tobago, and Zimbabwe, all shedding between -4 .27 % and +21.21%. Bangladesh was the worst performing country according to the MSCI index and continues to be a laggard for the year.

Consilium Portfolio Manager Jonathan Binder commented in his communication to investors, "We believe the downward pressure is overblown reflecting short term liquidity, scarcity and pressure on banks to reduce stock market exposure. The fundamental story at the individual company level is very solid and shares are now trading at a deep discount to fair value whether looking at asset values or profitability... Our exposure in Cove Energy, Luck......................

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