Leopard Asia Frontier Fund (LAFF) USD A-shares lost 0.7% in March 2013, outperforming the MSCI Frontier Markets Asia Index (-1.4%) but underperforming the MSCI World Index USD (+2.1%).
In March, the best performing indexes within the LAFF universe were also the largest country allocation of LAFF: Vietnam (+3.5%) followed by Sri Lanka (+1.8%). All other country indexes were negative: the worst performing index was Mongolia (-10.6%) followed by Bangladesh (-8.0%). The top-performing portfolio stocks were a trading company from Mongolia (+32.1%), a power producer from Cambodia/Vietnam (+24.3%), and a cement producer from Myanmar (+21.6%).