SeA (Southeast Asia) Focus Portfolio

From its inception on December 16, 2023, to May 30, 2025, the portfolio delivered an annualized return of +51.5%, outperforming all Southeast Asian country index funds.

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.

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

The portfolio’s businesses are forecast to significantly grow their earnings and maintain their high returns on capital by at least 20% 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. As a result, their returns to investors, including dividends, are expected to be at least 20% per year as well.

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Performance (in US$)

The SeA Focus Portfolio grew by 59.1% over the past year, from May 30, 2024, to May 30, 2025, and outperformed Vietnam’s market, which grew by 7.7%.

From its inception on December 16, 2023, to May 30, 2025, the SeA Focus Portfolio delivered an annualized return (including unrealized, realized, dividend, and currency returns) of +51.5%.

The portfolio’s annualized return has outperformed the annualized returns of all Southeast Asian country index funds since inception:

• SeA Focus Portfolio: +51.5%

• iShares MSCI Singapore ETF: +26.9%

• iShares MSCI Malaysia ETF: +8.2%

• Global X FTSE Southeast Asia ETF (ASEAN’s Top 40): +8.2%

• Global X MSCI Vietnam ETF: +4.7%

• iShares MSCI Philippines ETF: +3.4%

• iShares MSCI Indonesia ETF: -9.5%

• iShares MSCI Thailand ETF: -10.2%

Highest Contributors to Returns

The portfolio’s highest contributors to returns are:

• DigiPlus Interactive (Philippines): +574.5%

• Kelington Group Berhad (Malaysia): +76.1%

• Vietnam Technological and Commercial Bank (Vietnam): +52.3%

• CNMC Goldmine Holdings (Singapore): +26.6%

• Saigon Thuong Tin Commercial Bank (Vietnam): +12.7%

Lowest Contributors to Returns

The portfolio’s lowest contributors to returns are:

• Ditto (Thailand): -25.4%

• DXN Holdings Berhad (Malaysia): -11.2%

• Swift Energy Technology Berhad (Malaysia): -6.6%

• FPT (Vietnam): -5.4%

• Keyfield International Berhad (Malaysia): -5.2%

Future Growth and Intrinsic Value

The portfolio’s businesses are forecast to grow their earnings by 25.7% per year over the next three to five years and maintain their high returns on capital by at least 20% per year, faster than their respective countries’ savings rates, faster than their respective industries, and faster than their respective markets.

The portfolio’s businesses are also trading at 66.7% below their estimated intrinsic values.

As a result, the portfolio’s real returns to investors, including dividends, are expected to be at least 20% per year as well.

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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.