EM Fund Stock Picks & Country Commentaries (April 19 2026)

EM pioneer Mark Mobius passes away, South Korea trip report, Sri Lankan stocks, Africa as the next EM opportunity, Middle East supply chain shock, maritime chokepoints, March/Q1 fund updates, etc.

As of the mid-April, more March or Q1 updates have become available (our continuously updated post containing all funds is here) along with new emerging markets research starting with the news of EM investing pioneer Mark Mobius passing away at 89 years old:

• 📯We are Deeply Saddened to Learn of the Passing of Mark Mobius (Mobius Capital Partners)

---

New Asia Fund Documents & Research

• Asia Frontier Capital has these updates:

  • 🎙️🌍 Peter Lewis’ Money Talk: Ruchir Desai, Co-Fund Manager of the AFC Asia Frontier Fund Discusses Why He is Positive on Bangladesh, Oman, and Uzbekistan (from 36’30”) (RTHK Money Talk) 54:50 Minutes - Whole Show (April 2026)

  • 🗄️🌍 AFC Asia Frontier Fund’s March monthly newsletter (detailed economic and portfolio - Potential De-Escalation in the Middle East Positive for AFC Funds - March 2026 Update) noted declines for Pakistan, Sri Lanka, Vietnam, Mongolia, Bangladesh, and Georgia; but it was noted that net energy-importing countries are in much better shape than in 2022. There were positive performances for Iraq, Laos, Oman and Uzbekistan. Oman was discussed as being perceived as neutral with any correction in Omani stocks as a buying opportunity.

    Named or unnamed performers/transactions (that can be guessed) discussed or mentioned:

    • 📈🇴🇲 Bank Muscat SAOG (MSM: BKMB) - Commercial & investment banking services. Largest branch network in Oman. 🇼

    • 📈🇴🇲🏛️ Oman Telecommunications Company (Omantel) (MSM: OTEL) - Diversified telecom & digital services provider. 🇼

    • 📈🇴🇲🏛️ Oq Exploration and Production CJSC (MSM: OQEP) or OQEP - Pure-play oil & gas exploration & production company. 🇼 🏷️

    • 🇲🇳 Mongolian gas explorer

  • 🗄️🇮🇶 AFC Iraq Fund’s March newsletter (economic and portfolio) discussed the impact of the war with Iran on Iraq. It was noted that oil revenues are normally received two to three months following their exports and the government should be able to meet its expenditures for March, April and probably half of May. Iraq also exports oik to Iran friendly countries.

  • 🗄️🇺🇿 AFC Uzbekistan Fund’s March newsletter discussed the war and its impact on Uzbekistan, the Uzbekistan National Investment Fund (UzNIF) (which is planning a listing on the Tashkent and London Stock Exchanges later this year) and AFC Uzbekistan Tour 2026 (late September 2026). UzNIF holdings briefly mentioned:

    • 🇺🇿 NavoiAzot

    • 🇺🇿 Xalq Bank

    • 🇺🇿 O’zbektelekom

    • 🇺🇿 O’zbekinvest

    • 🇺🇿 Uzpromstroybank

  • 🗄️🇻🇳 AFC Vietnam Fund’s March newsletter discussed market developments, how Vietnam is positioned for strong growth despite elevated oil prices, inflation remains well under control, the impact of higher oil prices on AFC Vietnam Fund, etc. Stocks discussed or mentioned:

    • 🇻🇳 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.

    • 🇻🇳 Phu Tai Corporation (HOSE: PTB) - Manufacture & trade of stone & wood products.

    • 🇻🇳 Tng Investment And Trading JSC (HNX: TNG) - Garment maker.

• 🎥🌍 Aberdeen Asia Focus - Asia’s technology powerhouses: opportunities beyond US mega‑caps (Aberdeen Investments) 9:20 Minutes - Watch the latest manager update video for Abrdn Asia Focus PLC (LON: AAS), featuring Lead Manager Gabriel Sacks.

• 🎥🌍 Aberdeen Asia Focus – Positioning the portfolio amid geopolitical volatility (Aberdeen Investments) 4:19 Minutes - In this short video, Gabriel Sacks, Lead Manager of Abrdn Asia Focus PLC (LON: AAS), discusses how the portfolio is being positioned against a backdrop of heightened geopolitical uncertainty.