Friday, 24 October 2014
Last updated 15 hours ago
Aug 20 2012 | 9:19am ET
Leopard Capital’s Asia Frontier Fund was down 0.3% after fees in July 2012, putting it down 7.2% year to date.
The Cayman-domiciled private equity firm says in its monthly newsletter that LAFF received “considerable new capital inflows,” in July, enabling it to take larger positions in “consumer-related stocks.”
Within the consumer sector, the fund is focusing on breweries, holding six brewery stocks, including three in Vietnam and one each in Mongolia, Sri Lanka and Pakistan. Leopard is counting on rising disposable income in the region to increase demand for beer.
LAFF increased its exposure to Vietnam generally during July, anticipating a “surge in liquidity and positive re-rating” of the country’s stock markets once the State Securities Commission follows through on a plan to liberalize regulations on foreign ownership and trading.
The investment committee sees opportunities in Pakistan and Vietnam’s agribusiness and food sectors and Papua New Guinea’s emerging oil and gas industry.
As of July 31, LAFF was invested in 62 shares, one closed-ended fund (with 50% discount to NAV) and one GDR (with a 43% discount), and held 7.5% in cash. LAFF holds stocks listed on the exchanges in Bangladesh, Hong Kong, Laos, London, Mongolia, Pakistan, Papua New Guinea, Singapore, Sri Lanka and Vietnam.
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