July saw most of the fund’s portfolio companies complete their filing of annual 2022 results, as well as results for the second quarter of 2023.
In short, earnings continue to impress! While we are seeing multiple compression as share prices remain relatively flat, this gives us the opportunity to continue deploying capital into Uzbekistan’s blue-chip companies at attractive prices, in anticipation of the next phase of the re-rating.
The July 2023 fund NAV fell to an estimated USD 1,831.2 (-0.8%) or +83.1% since inception on 29th March 2019.
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