SeA (Southeast Asia) Focus Portfolio

From its inception on December 20, 2023, to December 31, 2024, the portfolio delivered a total return of 48.8% (CAGR: 50.3%), outperforming all Southeast Asian country index funds.

Dec 31, 2024

The International Investor manages the SeA (Southeast Asia) Focus Portfolio for a select group of investors and publishes its investment performance for the informational and educational benefit of investors and readers.

The portfolio invests in the highest-quality and fastest-growing businesses in Southeast Asia at attractive prices.

The portfolio is expected to generate superior returns over time with minimum business risk, regardless of the global market environment.

Return on capital and earnings growth are the fundamental drivers of a business’s intrinsic, or true value. Businesses that focus on increasing their returns on capital and earnings over the long term will ultimately reward investors with higher share prices.

The portfolio’s businesses are forecast to significantly grow their returns on capital and earnings by at least 15% per year over the next three years, faster than their respective countries’ savings rates, faster than their respective industries, and faster than their respective markets. They will also have higher returns on capital and equity. As a result, their returns to investors, including dividends, are expected to be at least 15% per year as well.

Performance (Returns in USD)

From its inception on December 20, 2023, to December 31, 2024, the SeA Focus Portfolio delivered the following returns:

Total Return: +48.76% (CAGR: 50.33%)

Capital Gain: +46.55%
Dividends: +2.96%
Currency Gain or Loss: -0.75%

The portfolio has outperformed the price returns of all Southeast Asian country index funds since inception:

SeA Focus Portfolio: +48.76%
iShares MSCI Singapore ETF: +24.64%
iShares MSCI Malaysia ETF: +16.70%
Global X FTSE Southeast Asia ETF: +7.55%
iShares MSCI Thailand ETF: -2.03%
iShares MSCI Philippines ETF: -2.91%
Global X MSCI Vietnam ETF: -5.55%
iShares MSCI Indonesia ETF: -15.00%

US$100 invested in the portfolio at inception grew to US$148.76, outperforming the same investment in the region’s best-performing country index fund, the iShares MSCI Singapore ETF, which grew to US$124.64.

Holdings’ Performance (Returns in USD)

From its inception on December 20, 2023, to December 31, 2024, the SeA Focus Portfolio’s holdings delivered the following total returns, including capital gains, dividends, and currency gains and losses:

DigiPlus Interactive (PSE: PLUS): +227.39%
Dyna-Mac Holdings (SGX: N04): +100.14%
Kelington Group (KLSE: KGB): +75.45%
Vietnam Technological and Commercial Bank (HOSE: TCB): +52.59%
Vietnam Commercial Bank for Industry and Trade (HOSE: CTG): +32.22%
Military Commercial Bank (HOSE: MBB): +31.61%
Lee Swee Kiat Group (KLSE: LEESK): +30.64%
Saigon Thuong Tin Commercial Bank (HOSE: STB): +26.58%
San Miguel Food and Beverage (PSE: FB): +24.89%
AREIT (PSE: AREIT): +15.72%
GKE (Catalyst: 595): +13.48%
HSS Engineers (KLSE: HSSEB): +11.91%
DXN Holdings (KLSE: DXN): -9.61%

The best way to generate superior returns while protecting ourselves from economic and geopolitical uncertainty is to invest in high-quality, cash-generating businesses over the long term that deliver real value to the economies they serve.

The International Investor helps investors make informed decisions by providing profitable and actionable investment intelligence.

The International Investor manages a hedge fund for a select group of investors. The fund invests in the world’s highest-quality businesses with high and sustainable returns on capital at attractive prices and margins of safety relative to what they’re intrinsically worth. The fund maintains a focused portfolio, invests fundamentally and intelligently, and trades infrequently. The fund generates superior returns over time with minimum business risk, regardless of the global market environment.

The International Investor manages the SeA (Southeast Asia) Focus Portfolio for a select group of investors and publishes its investment performance for the informational and educational benefit of investors and readers.

The content is for informational purposes only and is neither an offer to buy or sell securities nor investment advice. Forward-looking statements may be uncertain, and historical returns may not predict future performance. The International Investor is not a registered broker-dealer, investment adviser, or fiduciary.