EM Fund Stock Picks & Country Commentaries (December 14, 2025)

As of mid-December, some November fund updates have become available (our continuously updated post containing all funds is here – September research has been removed & will get better up-to-date with next week’s post) along with new research starting with a non-EM piece:

🔬🌐 Slaying Confusion in Private Credit (Principal Asset Management) – At-a-glance
- Recent credit events in the headlines are part of the broadly syndicated market and not directly relevant to private credit and specifically middle market direct lending
- The noted deals seemed to have questionable lender underwriting and oversight along with purported fraud committed by the borrowers
- It’s natural to see some credit events with a shift from accommodative policy to more restrictive monetary policy, but indications suggest private credit is healthy and should further benefit as the Fed pivots back to accommodative policy
- The key for investors is to understand credit structures, underwriting standards and manager alignment/incentives when discerning true private credit from the broadly syndicated loan market

New Asia Fund Documents & Research

Asia Frontier Capital’s latest updates are from November:
- 🗄️🌏 AFC Asia Frontier Fund’s latest monthly newsletter (detailed economic and portfolio) is from the end of November (AFC Iraq Fund Continues its Positive Momentum – November 2025 Update) noted it was a stable month for frontier markets plus a recent visit to Sri Lanka was discussed and how Bangladesh is positioned for a re-rating with parliamentary elections in February 2026. The drivers of performance were Mongolia, Iraq, Papua New Guinea, Cambodia, Sri Lanka, and Uzbekistan while negative contributors were were Bangladesh, Vietnam, and Kazakhstan. Named or unnamed performers/transactions (that can be guessed) discussed or mentioned:
  - 📈🇱🇰 Commercial Bank of Ceylon PLC (CSE: COMB / COMBt) or ComBank – Premier private sector commercial bank. SME lender. 🇼
  - 📈🇱🇰 Hatton National Bank (CSE: HNB / HNBt) – Foremost private commercial bank to institute housing loans. 🇼
  - 📈🇲🇳 Convenience store operator [?🇲🇳 Premium Nexus Jsc (MSE: CUMN) – Convenience store operator. Korea’s CU owned by BGF Retail (KRX: 282330). 🇼?]
  - 📈🇵🇬 Gold explorer in Papua New Guinea
  - 📈🇲🇳 Mongolian stock exchange operator
  - 📈🇵🇬 Gold producer in Papua New Guinea
  - 📈🇰🇭 Cambodian gold producer
  - 🏧🇲🇳 Fintech company in Mongolia
  - 🏧🇵🇬 Cement producer in Papua New Guinea
  - 🇵🇰 Cement producer in Pakistan
  - 🇺🇿 Bank in Uzbekistan
- 🗄️🇮🇶 AFC Iraq Fund’s November newsletter (economic and portfolio) noted markets were indifferent to the elections and that the country is enjoying the fruits of three years of solid stability and strong economic growth.
- 🗄️🇺🇿 AFC Uzbekistan Fund’s November newsletter discussed the announcement of new entrants into Uzbekistan’s capital markets regulatory sandbox (in preparation for more local business through IPO’s and bond issues): Auerbach Grayson (Agco), Central Depository of Armenia JSC and Tbc Bank Group Plc (LON: TBCG / OTCMKTS: TBCCF).
- 🗄️🇻🇳 AFC Vietnam Fund’s November newsletter discussed market developments, President Trump signing 0% tariff order for Vietnamese agricultural products, the weak VND is strongly supporting export growth, Vanguard opens trading account in Vietnam, GDP growth target of 10% for 2026, and severe flooding hits central Vietnam. Stocks discussed or mentioned:
  - 📈🇻🇳 Minh Phu Seafood Corp (HNX: MPC) – Shrimp farming & processing.
  - 📈🇻🇳 Tng Investment And Trading JSC (HNX: TNG) – Garment maker.
  - 📈🇻🇳 Phu Tai Corporation (HOSE: PTB) – Manufacture & trade of stone & wood products.
  - 🇻🇳 Minh Phu Seafood Corp (HNX: MPC) – Shrimp farming & processing.
  - 🇻🇳 Agriculture Bank Insurance JSC (HNX: ABI) – Insurance.
  - 🇻🇳 Lam Dong Mineral and Building Material JSC (HOSE: LBM) – Precasted concrete, tuynel brick, construction stone, refractory material, kaolin & Bentonite
  - 🇻🇳 Tng Investment And Trading JSC (HNX: TNG) – Garment maker.
  - 🇻🇳 Thien Long Group Corp (HOSE: TLG) – Stationery maker.
  - 🇻🇳 Vietnam Dairy Products JSC (HOSE: VNM / SET: VNM19) or Vinamilk – Largest dairy company in Vietnam. 🇼
  - 🇻🇳 Vingroup JSC (HOSE: VIC) – Diversified conglomerate: Industrials & technology, real estate & services, & social enterprises. 🇼
  - 🇻🇳 Hoa Phat Group JSC (HOSE: HPG) – Trading & production of Furniture, Steel Pipe, Steel, Refrigeration, Real Estate & Agriculture.
  - 🇻🇳 FPT Corp (HOSE: FPT / SET: FPTVN19) – Among the largest digital IT service companies in the country with over 100 of the Fortune 500 companies as clients. 🇼 🏷️
  - 🇻🇳 Mobile World Investment Corp (HOSE: MWG / SET: MWG19) – Multi-category retail platform.
  - 🇻🇳 Vinhomes JSC (HOSE: VHM) – Residential housing arm of private conglomerate Vingroup. 🇼
Asia Frontier Capital also has this Research:
- 🎬 Day 01 Session 03 – Sector Deep Dives II : Capital Market – Catalyst for Growth (The Ceylon Chamber of Commerce) 14:08 Minutes – 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.
- 📰🇱🇰 Investors Stay Bullish on Frontier Markets After Banner Year (Bloomberg) – Asia Frontier Capital Ltd., a Hong Kong-based fund manager focused on the region’s high-growth economies, is buying stocks in Sri Lanka and Bangladesh. Aberdeen Group Plc sees potential for bond gains in Argentina, Ghana and Ecuador next year, while Federated Hermes Inc. has increased exposure to frontier bonds and favors debt from Nigeria, Sri Lanka, Pakistan and Ecuador.
- 📰🇱🇰 Foreign fund says Sri Lanka now one of its top picks (Daily FT)
  - Cites stability and equities undervalued relative to their fundamentals and regional peers
  - Says structural advantages in corporate governance, transparency, pool of well-run companies with strong brands underutilised
  - Warns “from here, it’s up to Sri Lanka not to drop the ball”
    - AFC Asia Frontier Fund Co-Fund Manager Ruchir Desai on Tuesday delivered an upbeat assessment of Sri Lanka’s capital market outlook, noting that the country is entering one of its most promising phases in a decade, with political stability, macroeconomic recovery, and undervalued equities creating “a strong platform for growth.”
- 📰🇮🇶 Tabaqchali: Election Kerfuffle, What Kerfuffle !!! (Iraq Business News)
- 🎙️🇮🇶 Iraq’s Economy Progress or Pressure – Ahmed Tabaqchali on the “Majlis & Markets” podcast (via Asia Frontier Capital) 1:01:31 Minutes – 🎙️Iraq’s Economy Progress or Pressure – Ahmed Tabaqchali, Chief Strategist of the AFC Iraq Fund on the “Majlis & Markets” podcast

New Asia Fund Documents & Research

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