Asean Small Cap in big year-end hike


A gain of 5.2% in December took year-end gains to an impressive 39.41% for the Asean Small Cap Fund. Full-year performance was supported by the strength of the Thai and Indonesian positions, but the fund exited many of them in the second half of the year and December’s gains were attributed to core thematic plays, with ‘re-inflation’ the key contributor for the month, explains Asean Advisors’ David Roes.

The fund’s Hong Kong ‘high discount NAV’ theme also generated upside in December with its focus on property stocks trading on 75%+ discounts to net asset value. Moving into 2011,