EM Fund Stock Picks & Country Commentaries (July 19, 2026)

Surging demand for Asia’s AI hardware, America’s frontier-market origin story, rethinking US exceptionalism, getting Brazil to grow at 4.0%, intro to infrastructure debt, more fund updates, etc.

As of mid-July and the World Cup weekend (for a shorter than normal post), a few more fund updates (our continuously updated post containing all funds is here) along with new emerging market research has become available:

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🗄️ Fund documents / updates; ⚠️ Disclosures or restricted access e.g. based on your location, investor status, etc.; 🇼 Wikipedia page; 🔬 Research analysis (including articles/blog posts from fund managers, etc.); 🎥 Video; 🎙️ Podcast; 🎬 Webinar; 📝 Transcript; 📰 Newspaper/magazine article; 📯 Press release; 💻 Substack/blog/website article; ✅ Our own posts; 🗃️ Linked archived article; ⏰ Upcoming webinar or event.

📈 Contributors; 📉 Detractors; 🏧 Transactions; 🚩Discusses/mentions stocks by name.

Disclaimer: We usually use Deepseek to summarize or extract stock names and assign performance emojis. Like all AI, Deepseek is not perfect and regularly adjusts their model which can lead to mistakes/misunderstandings/misinterpretations of the data its given. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content.

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🌏 New Asia Fund Documents & Research

• Asia Frontier Capital has these pieces:

  • 🗄️🌍 AFC Asia Frontier Fund June newsletter (detailed economic and portfolio - AFC Funds Well Positioned for Second Half of 2026 - June 2026 Update) discussed lower crude oil prices being positive for key Asian frontier countries, asked if sovereign wealth funds are deserting frontier equity markets, Georgia trip, potential for a rally in Bangladesh post parliamentary elections, the Oman India Fertiliser Company (OMIFCO) IPO, etc. Best-performing indexes were Bangladesh and Iraq while the worse-performing markets were Oman and Kazakhstan.

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

    • 📈 Stock exchange operator in Pakistan [🇵🇰 Pakistan Stock Exchange Limited (PSX: PAKS) - PSX constitutes of 40% shareholding by a consortium of Chinese investors (Shanghai Stock Exchange, Shenzhen Stock Exchange, & China Financial Futures Exchange), & 60% by general public. 🇼 🏷️]

    • 📈🇧🇩 Pharmaceutical producer in Bangladesh

    • 📈🇧🇩 Bangladeshi bank

    • 📈🇧🇩 Consumer electronics manufacturer in Bangladesh

    • 📈🇧🇩 Pharmaceutical producer in Bangladesh

    • 🏧🇱🇰 Digital Mobility Solutions Lanka Ltd (CSE: PKME) - PickMe taxi hailing & delivery app. 🇼

    • 🏧🇴🇲 Oman India Fertiliser Company (OMIFCO) (MSM: OMIF) - Oman & India JV. Ammonia & urea fertilizer production.

    • 🏧🇲🇳 Gold mining company in Mongolia

    • 🇬🇪 🇦🇲 Lion Finance Group PLC (LON: BGEO / FRA: GEB / OTCMKTS: BDGSF) formerly Bank Of Georgia Group Plc - Banking + financial in Georgian & Armenian markets through universal banks. 🇼

    • 🇬🇪 🇺🇿 Tbc Bank Group Plc (LON: TBCG / OTCMKTS: TBCCF) - The largest banking group in Georgia. 🇼

    • 🇬🇪 Georgia Capital Plc (LON: CGEO / FRA: 2IX / OTCMKTS: GRGCF) - Investing in & developing businesses in Georgia.

    • 🇺🇿 Bank in Uzbekistan

    • 🇵🇰 Cement producer in Pakistan

  • 🗄️🇮🇶 AFC Iraq Fund’s May newsletter (economic and portfolio) noted how over four decades of conflict has made Iraq and its people and businesses “anti-fragile.” No stocks were mentioned or discussed.

  • 🗄️🇺🇿 AFC Uzbekistan Fund’s June newsletter discussed UzNIF’s shortfall is excluding private companies with above-average growth, inflation reaches a record low in May 2026, AFC Uzbekistan Tour 2026 (Sunday 20th September and Monday 21st September 2026). Stocks discussed or mentioned:

    • 🇺🇿 Uzbekistan National Investment Fund (UzNIF) (LSE: UZNF) - Various local portfolio assets.

    • 🇺🇿🏛️ The Uzbek Commodity Exchange (TSE: URTS) - The largest trading platform in Central Asia & a dynamically developing commodity exchange in the CIS countries. 🏷️

  • 🗄️🇻🇳 AFC Vietnam Fund’s June newsletter discussed market developments, Vietnam opens the credit valve again, Minh Phu Seafood Corp (HNX: MPC) achieves highest first-five-month profit in its history, Vietnam tourism reaches another record high, etc. Stocks discussed or mentioned:

    • 🇻🇳🏛️ Military Commercial Joint Stock Bank (HOSE: MBB) - Banking services.

    • 🇻🇳 Techcombank (HOSE: TCB) or Vietnam Technological And Commercial Joint Stock Bank - Corporate banking services. Subs. of Masan Group Corp (HOSE: MSN). 🇼

    • 🇻🇳 Vietcom Bank (HOSE: VCB) or Joint Stock Commercial Bank for Foreign Trade of Vietnam - Private Hanoi based commercial bank. 🇼

    • 🇻🇳 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.

    • 🇻🇳 Thien Long Group Corp (HOSE: TLG) - Stationery maker.