April saw the start of the first quarter 2023 earnings season, where several of the companies the AFC Uzbekistan Fund owns, have filed reports with impressive results, providing continued confirmation that the fund is invested in the right publicly traded companies, which give us ample leverage to Uzbekistan’s robust GDP growth, which came in at 5.5% in the first quarter 2023. The April 2023 fund NAV rose to an estimated USD 1,775.3 (+1.4%) or +77.5% since inception on 29th March 2019.
“If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring.”
The above quote from George Soros is fitting in the current investment environment on the Tashkent Stock Exchange as we have experienced cycles, from very exciting (as we saw in 2020 and 2021 when the AFC Uzbekistan fund’s performance was +22.69% and 49.82% respectively), to very dull as we await the next phase of the multi-year re-rating.
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