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Asia Frontier Capital launches Vietnam fund

Monday, December 02, 2013
Opalesque Industry Update - Asia Frontier Capital Limited is pleased to announce the latest addition to its fund offering: “AFC Vietnam Fund”. The fund will be available for subscription to qualified new investors as of 10th of December 2013.

This Cayman Islands open ended fund will invest in Vietnamese listed equities and has a target size of USD 50 million. AFC Vietnam Fund aims to achieve long-term capital appreciation for investors by capturing value in growth companies; especially in the small to medium size company segment. The AFC Vietnam Fund will be managed by Asia Frontier Capital (Vietnam) Limited under the executive leadership of Andreas Vogelsanger (CEO), Andreas Karall (CIO) and Thomas Hugger (COO). This team has more than 75 years of experience in investments as well as extensive experience working in Asia having held senior positions in Cambodia, Hong Kong, Singapore, Sri Lanka, and Thailand.

“After a 70-90 % price decline in the years 2007-2012, we now see enormous upside potential in this new business cycle which has just started and is expected to last for the next 5-7 years” said Andreas Karall, CIO of Asia Frontier Capital (Vietnam) Limited. “About one third out of more than 700 listed Vietnamese stocks have a P/E ratio between 6x and 7x, are trading below book value, many of them have a dividend yield of more than 9% and there are even some companies whose net cash position is almost as high as their market cap”.

“Vietnam’s growth prospects are very compelling, especially with the restructuring of the banking sector and various government stimulus packages to support the economy” said Andreas Vogelsanger, CEO of Asia Frontier Capital (Vietnam) Limited “A stable local currency combined with very competitive labour costs will help to further accelerate foreign direct investments into Vietnam”.

Thomas Hugger, Founder of Asia Frontier Capital Limited and COO of Asia Frontier Capital (Vietnam) Limited commented: “I am very excited to expand our fund offering and to be able to offer investors a country specific Vietnam Fund. By working with Andreas Karall and Andreas Vogelsanger the AFC Vietnam Fund will be able to generate superior returns for investors by capturing synergies through the pooling of our collective knowledge, experience and research capabilities in the small and mid-cap equities universe in Vietnam. This is an excellent addition to the well-established flagship AFC Asia Frontier Fund which provides investors with exposure to Vietnam as well as listed equities across high-growth Asian frontier markets including; Bangladesh, Cambodia, Iraq, Laos, Mongolia, Myanmar, Pakistan, Papua New Guinea, Sri Lanka and Vietnam”.

Press release


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