Asian frontier markets had another solid month led by gains in Pakistan and Sri Lanka.
The ongoing upward re-rating in Asian frontier markets does not surprise us as we have been communicating since the end of 2022 that this would happen as inflation and interest rates are peaking and our universe will rally strongly given that our markets entered 2023 at significantly discounted valuations.
Year-to-date, many Asian frontier markets have significantly outperformed the region.
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