Overview
Aberdeen Frontier Markets : AFMC (formerly Advance Frontier Markets : AFMF) aimed to generate long-term capital growth primarily from investment in equity and equity-related securities of companies listed in, or operating in, frontier markets. In the summer of 2020, after an extended period of poor performance, the fund was put into liquidation – you can read more here
Frontier market countries are developing countries that don’t qualify for inclusion in emerging market indices. Permitted countries may include constituents of the MSCI Frontier Markets Index or additional countries that the investment manager deems to be, or displays similar characteristics to, frontier market countries. It used to invest via funds but now invests directly.
We wrote a number of notes on this trust that are still available if you search the website.
You can access the manager’s website here
Research History
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10 Mar 2020
QuotedData’s Economic Roundup – March 2020
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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24 Jan 2020
QuotedData’s Investment Companies Annual Review - 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
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20 Nov 2019
Aberdeen Frontier Markets - Significant latent value?
Significant latent value? Aberdeen Frontier Markets (AFMC)’s manager has been re-positioning the portfolio by reducing exposure to Sub-Saharan Africa, adding companies in new markets and re-introducing the momentum factor. There is a now a greater tilt to the Asia Pacific region, where Vietnam accounts for over a quarter of the portfolio. AFMC holds a concentrated […]
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20 Nov 2019
Aberdeen Frontier Markets - Significant latent value?
Significant latent value? Aberdeen Frontier Markets (AFMC)’s manager has been re-positioning the portfolio by reducing exposure to Sub-Saharan Africa, adding companies in new markets and looking to capture more of the momentum in markets. There is a now a greater tilt to the Asia Pacific region, where Vietnam accounts for over a quarter of the […]
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07 Oct 2019
QuotedData’s economic roundup – October 2019
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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22 Mar 2019
QuotedData’s economic roundup – March 2019
QuotedData’s economic roundup – March 2019 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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25 Jan 2019
QuotedData review of 2018 - Annual report investment companies
QuotedData review of 2018 – Annual report investment companies 2018 – the return of volatility A trade war, Brexit, US interest rate rises, slowing Chinese growth, a US government shutdown, a dispute over Italy’s budget, the Skripal poisonings, numerous elections – there was plenty to worry about in 2018. A last-minute dive left the US […]
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29 Nov 2018
Aberdeen Frontier Markets - Incentivised to perform
Aberdeen Frontier Markets – Incentivised to perform is QuotedData’s latest update note on this frontier markets fund Mark Gordon-James, manager of Aberdeen Frontier Markets (AFMC), has made a material personal investment in the trust, and therefore has shared in the pain experienced by AFMC’s shareholders as the fund has underperformed a falling benchmark index. He […]
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29 Nov 2018
Aberdeen Frontier Markets - Incentivised to perform
Aberdeen Frontier Markets – Incentivised to perform Mark Gordon-James, manager of Aberdeen Frontier Markets (AFMC), has made a material personal investment in the trust, and therefore has shared in the pain experienced by AFMC’s shareholders as the fund has underperformed a falling benchmark. He is, however, convinced of the fundamental attractions of the stocks in […]
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13 Nov 2018
QuotedData's investment companies roundup - November 2018
QuotedData’s investment companies roundup – November 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of October 2018. Kindly sponsored by Baillie Gifford. Winners and losers in October In what was generally a miserable month for equity markets, Brazil shone […]
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12 Oct 2018
QuotedData’s Economic round up – October 2018
QuotedData’s Economic round up – October 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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12 Oct 2018
QuotedData’s investment companies roundup – October 2018
QuotedData’s investment companies roundup – October 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in September Trian Investors 1 is a new fund that will adopt […]
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26 Mar 2018
Aberdeen Frontier Markets - No closet-tracker
Aberdeen Frontier Markets – No closet-tracker – In a major shift in how its structured, Aberdeen Frontier Markets (AFMC) last year moved from investing indirectly via funds to investing directly into shares of listed companies. This was mostly completed by the end of June 2017. AFMC has underperformed the MSCI Frontier Markets Index by some margin and […]
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26 Mar 2018
Aberdeen Frontier Markets - No closet-tracker
Aberdeen Frontier Markets – No closet-tracker – In a major shift in how its structured, Aberdeen Frontier Markets (AFMC) last year moved from investing indirectly via funds to investing directly into shares of listed companies. This was mostly completed by the end of June 2017. AFMC has underperformed the MSCI Frontier Markets Index by some […]
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13 Mar 2018
QuotedData's Economic round up - March 2018
QuotedData’s economic round up – March 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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18 Jan 2018
QuotedData - 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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03 Mar 2017
Aberdeen Frontier Markets- Direct investing
Aberdeen Frontier Markets- Direct investing On 9 December 2016, the board of Aberdeen Frontier Markets (AFMC) announced that take up of its 100% tender offer had exceeded expectations. After deliberating on the future of the fund, the board is asking shareholders to approve a shift to direct investing in frontier markets. Shareholders still have the […]
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03 Mar 2017
Aberdeen Frontier Markets - Direct investing
On 9 December 2016, the board of Aberdeen Frontier Markets (AFMC) announced that take up of its 100% tender offer had exceeded expectations. After deliberating on the future of the fund, the board is asking shareholders to approve a shift to direct investing in frontier markets. Shareholders still have the opportunity of a cash exit […]
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31 Jan 2017
QuotedData - 2016 review of the year
Our review of 2016 includes performance data, significant moves in discounts and premiums, money raised and money handed back, major news stories and links to the research we have published including our guide to investment companies. 2016 Annual roundup
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10 Nov 2016
Aberdeen Frontier Markets - Long term growth opportunity?
Aberdeen Frontier Markets – Long term growth opportunity? – Marten & Co published the initiation of research note on Aberdeen Frontier Markets Investment Company (AFMC) AFMC offers investors a diversified exposure to the superior growth prospects offered by frontier markets (stock markets that aren’t classified as developed or emerging). Its managers believe that weak commodity and energy […]
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10 Nov 2016
Aberdeen Frontier Markets - Long term growth opportunity?
QuotedData has published a new note on a company in the global emerging markets sector. Aberdeen Frontier Markets Investment Company (AFMC) offers investors a diversified exposure to the superior growth prospects offered by frontier markets (stock markets that aren’t classified as developed or emerging). Its managers believe that weak commodity and energy prices, as well […]
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13 Oct 2016
QuotedData’s round up of views on the global economy – October 2016
QuotedData’s collation of recent insights on markets and economies taken from comments made by chairman and managers of investment companies. october-economic-and-political-roundup
News
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20 Sep 2018
Aberdeen Frontier Markets held back by Pakistan holdings
Aberdeen Frontier Markets held back by Pakistan holdings – Aberdeen Frontier Markets (AFMC) has reported its annual report for the year ended 30 June 2018. In his statement, the chairman noted that absolute and relative performance was disappointing during the year. The company’s NAV per share and share price total returns in US dollars were -10.3% and -12.0%, respectively. This performance compared to a gain of 1.7% for the reference benchmark, […]
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19 Jul 2018
Investment Trust Insider on how to grow trusts
Investment Trust Insider on how to grow trusts James Carthew: imponderable questions in quest for scale Last week I addressed the uphill battle Ashoka India Equity (AIE) faces if it wants to expand, having raised just £46.5 million in its flotation. It is by no means the smallest fund out there, however. Many of the very smallest funds […]
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19 Sep 2017
Aberdeen Frontier Markets experiences teething problems as moves to direct investment
Aberdeen Frontier Markets experiences teething problems as moves to direct investment – Aberdeen Frontier Markets reports that, for the year ended 30 June 2017, the NAV rose by 13.7% in total return terms with the share price rising 16.7% as the discount narrowed. This compared to a gain of 19.7% for the MSCI Frontier Markets Index, […]
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15 Mar 2017
Aberdeen's Kaloo to take over Frontier Markets trust as it scraps FOFs approach
Shareholders of the £122m Aberdeen Frontier Markets investment company have voted in favour of shifting the trust from a fund of funds mandate to direct investing, while bringing in Devan Kaloo and Joanne Irvine as lead managers. The trust previously followed… you can read more here
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14 Mar 2017
42% of investors sticking with Aberdeen Frontier Markets
Aberdeen Frontier Markets Investment Company has announced that both of the resolutions put forward at the EGM held today have been passed. As described in the circular to shareholders and notice of EGM dated 3 February 2017, resolution 1 was to approve the new Investment Objective and Policy of the Company and resolution 2 was […]
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02 Feb 2017
Aberdeen Frontier Markets outperforms in H2 2016
Aberdeen Frontier Markets beat its benchmark over the second half of 2016, posting net asset value per share and share price total returns of 3.7% and 6.3%, respectively. This compared to a gain of 3.2% for the MSCI Frontier Markets Net Total Return Index. The chairman’s statement says managers in Vietnam, Argentina and Kazakhstan performed […]
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27 Dec 2016
Aberdeen Frontier Markets to invest directly
The Board of Aberdeen Frontier Markets in consultation with Aberdeen Fund Managers Limited and Numis Securities, and following discussions with certain shareholders, believe that there remains demand for a listed, Aberdeen-managed, closed end frontier market vehicle, providing exposure to the Frontier Markets of Africa, the Middle East, Eastern Europe, Asia and Latin America. Following these […]
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09 Dec 2016
Aberdeen Frontier Markets won't proceed with tender offer
Aberdeen Frontier Markets’ Board says that the number of ordinary s that were tendered is such that the Board is of the view that the continuance of the company as currently constituted is not in the best interests of the continuing shareholders (i.e. the ongoing fund would have been too small). Accordingly it has exercised the right, […]
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08 Sep 2016
Aberdeen Frontier Markets announces first dividend
Over the year to the end of June 2016 Aberdeen Frontier Markets’ net asset value per share and share price declined by 13.6% and 16.0% respectively compared to a decline of 12.1% in the MSCI Frontier Markets Net Total Return Index. The Board is proposing to pay an initial dividend in respect of the second half […]
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14 Jun 2016
Aberdeen Frontier to pay dividends
Following consultation with major shareholders, the Board of Aberdeen Frontier Markets Investment Company Limited (the “Company”) is pleased to announce that it intends to commence making half yearly distributions by way of a dividend. It is currently anticipated that a maiden dividend will be declared in respect of the six month period ending 30 June […]
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18 Sep 2015
Advance Frontiers beats falling benchmark
Last night Advance Frontier Markets published results for the year ended 30 June 2015. Over that period the fund’s net asset value fell by 11.2% and the share price fell by 10.9%. The MSCI Frontier Markets Net Total Return Index declined by 13.9% over the period. The manager says asset allocation, manager selection and discount movements […]
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03 Mar 2015
Advance Frontiers outperforms but let down by discount
Advance Frontier Markets Fund outperformed a falling benchmark (the MSCI Frontier Markets Index) over the six months ended 31 December 2014 – falling by 9.2% vs. -11.1%. The share price fell by 13.6% however as the fund’s discount shifted from 6.6% to 11.2%. The managers’ report says funds including Africa Emerging Markets Fund, Ashmore Middle […]
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12 Sep 2014
Advance Frontier Markets underperforms MSCI Index
AFMF : Advance Frontier Markets underperforms MSCI Index Advance Frontier Markets saw its net asset value rise by 22.4% and its share price by 27.9% over the year to the end of June 2014. The MSCI Frontier Markets Index posted a gain of 36.2% over the same period. The manager’s report says that good performance […]
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14 Feb 2014
Advance Frontier Markets : AFMF - interim figures
Advance Frontier Markets has released its results for the last six months of 2013. Over that time AFMF’s share price rose by 14.6% and its net asset value by 12.9%. One contributor to this performance was an Argentinian fund, Advance Copernico Argentina Equity fund, whose NAV rose 60%, a result, AFMF say, of a growing […]
