JANUARY (2020) - LR Global Bangladesh

Page 1

JANUARY (2020)

1

The DSEX gained 17 points (0.38%) in January, with an initial sharp fall of 9.36% and a subsequent exceptional recovery of 12.19% that was short-lived. The persistence of panic sale in the first 10 trading days of the month caused the premier bourse to nosedive by 417 points (9.36%). Subsequently, Bangladesh Bank's plan and the PM's directives to rejuvenate the capital market were unveiled, and news such as the appointment of GP's new CEO and the announcement of SQURPHARMA's directors’ intention to buy the company’s shares also emerged. These news jointly revived confidence in the market and led investors to binge on large cap undervalued stocks, which helped the market add back 492 points (12.19%) in 8 trading sessions. This included the biggest single day gain of 232 points (5.60%) in the past 7 years. However, this trend did not sustain as the main index slipped back to red yet again as most companies reported earnings that failed to meet investors' expectations, causing the key index to shed 59 points (1.29%) in the last 4 trading days. Some large cap stocks such as GP, SQURPHARMA, and BRACBANK were among the top turnover leaders. Additionally, the majority of the stocks that made it to the top gainers and losers list have been operating with poor earnings.

While exports edged up by 2.89% in December owing to the RMG sector’s peak period, H1 reported an overall 5.84% decline. The government has set up a USD 10 mn fund to help improve the dismal condition of exports. On the other hand, remittance reported another large gain of 39.79% during the month. Moreover, with the big success of the implementation of the 2% cash incentive, the government expects to bag more than USD 20 bn in remittance in the current fiscal year. Point to point inflation came down slightly by 30 bps to 5.75%, but the 12-month average went up by 3 bps. Poor revenue collection and increasing ADP expenditure has led to the budget deficit crossing 5% in FY 2018-19 for the first time in 11 years and this trend has continued into the first four months of this fiscal year as the budget deficit grew by 130% during the period. Meanwhile, the government’s bank borrowing to finance this deficit has exceeded the whole year's target within the first half of the year itself (101.4%), digging a deeper hole in the banking sector. A solution for the banking sector's woes is in the works as a bank reform commission tasked with determining appropriate reforms for the sector is in the offing and a Public Asset Management Company is also being formed to give the country’s financial sector a fresh start.

MATERIAL MARKET UPDATE

KEY NEWS UPDATE

MACROECONOMY

Bangladesh likely to earn over USD 20 bn remittance this year: https://bit.ly/2U52d0N

Budget deficit crosses 5% for first time in 11 years in FY 2018-19: https://bit.ly/2RZ5hsx

Deficit financing widens by 130% in first four months of current FY: https://bit.ly/36UUjtT

Exports shrink by 5.84% in H1: https://bit.ly/2u25seG

USD 10 mn fund set up to boost exports: https://bit.ly/2RWteRs

Government sets RMG export target at USD 50 bn in FY2020-21: https://bit.ly/2U8WgzV

Inflation crawls up to 5.59% in December: https://bit.ly/2tarkEu

NSC sales tumble by 73% in first 5 months of current fiscal year: https://bit.ly/2RRzKsB

Government's credit growth target revised to 17.40% from 15.90% for H2: https://bit.ly/2RUbHt4

Integrated savings tools policy in the offing: https://bit.ly/2RUa7Ya

Government starts working on bank commission for remedial measures: https://bit.ly/313v1rT

Preparations to enact PAMC draft law moving at bullet speed: https://bit.ly/2RWNJ0i

CAPITAL MARKET

PM gives six-point directive to revive capital market: https://bit.ly/3aNGkJ8

Bangladesh Bank rolls out capital market support plan this week: https://bit.ly/36AwqYo

Walton’s Initial Public Offering (IPO) bidding approved: https://bit.ly/38FEok5

ICB Employees Provident Mutual Fund 1: Scheme 1 gets 10-year extension: https://bit.ly/312wxur

Regent Textile extends deadline instead of utilizing IPO funds: https://bit.ly/3aFmEaB

Securities regulator asks to freeze Ring Shine Textiles’ IPO account: https://bit.ly/2tXP7I5

BSEC toughens corporate governance code: https://bit.ly/2O5sDM2

Active BO accounts down by 7.25% in 2019: https://bit.ly/2O3GSRs

INTERNATIONAL:

US retail sales climb by 0.3% in December: https://cnb.cx/2U7hCOa

UK retail sales down volume down by 0.6% in December: https://bbc.in/2GzoZGd

More than 100,000 Bangladeshi workers deported in 2019: https://bit.ly/312xbYT

KSA deports more than 100 Bangladeshis in first 18 days of January: https://bit.ly/2GutxNO

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JANUARY (2020)

2

LR GLOBAL PORTFOLIO UPDATE

Our portfolio is UNDERWEIGHT in all sectors compared to the benchmark index, except the pharmaceuticals, telecommunication, mutual funds, and tannery sector. We are currently maintaining a high proportion of cash as it is generating a better return compared to the market itself. Moreover, we are also well positioned to buy undervalued securities when appropriate.

Given the current bearish conditions in the market,

Source: LR Global Research

0%5%

10%15%20%25%30%35%

Ban

k

Ind

ust

rial

NB

FI

Foo

d &

Alli

ed IT

Mu

tual

Fu

nd

s

Ph

arm

aceu

tica

ls

Tan

ner

y

Tele

com

mu

nic

atio

n

Text

ile

Cas

h

Sectorwise Investment

Market Weight LR Global Fund Weight

3.46% 2.88%0.32% 0.32%

1.60% 1.56%3.03% 2.72%

3.46% 3.25%4.30% 4.62%5.72% 6.28%

6.79% 6.45%

8.19% 7.29%

9.52% 9.45%

23.72% 24.21%

29.89% 30.96%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Dec-19 Jan-20

Changes in portfolio market value this month

Cash

Pharmaceuticals

Pre-IPO/Non-listed Private Company

Telecommunication

Mutual Funds

Food & Allied

Tannery

Industrial

Bank

NBFI

Bond

Others

Cash, 30.96%

Pharmaceuticals, 24.21%

Pre-IPO/Non-listed Private Company, 9.45%

Telecommunication , 7.29%

Mutual Funds , 6.45%Food & Allied, 6.28%

Tannery , 4.62%

Industrial, 3.25%

Bank , 2.72%

NBFI, 1.56%

Bond, 0.32%

Others, 2.88%

Sectoral Compostion of Portfolio at Market Value

We are taking selective positions in well-capitalized and focused companies and also evaluating discounted and transparent

mutual funds to gain exposure. We primarily booked profits from few stocks and intend to buy back at more attractive prices.

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JANUARY (2020)

3

Note: The most recent dividend data used for NCCBLMF1 is for 2018 while the rest are for 2019.

LR GLOBAL PORTFOLIO PERFORMANCE

Cumulative Dividend Yield DBH1STMF GREENDELMF AIBL1STIMF MBL1STMF LRGLOBMF1 NCCBLMF1

5 year 42.2% 44.8% 49.5% 48.8% 48.8% 44.4%

4 Year 33.5% 35.1% 46.9% 45.3% 31.6% 37.2%

3 Year 25.3% 26.6% 29.8% 30.6% 23.4% 27.1%

2 Year 19.9% 21.4% 21.2% 21.7% 13.2% 22.7%

1 Year 9.5% 10.5% 11.0% 11.8% 5.9% 9.2%

Cumulative Div. Yield (Annualized) DBH1STMF GREENDELMF AIBL1STIMF MBL1STMF LRGLOBMF1 NCCBLMF1

5 year 8.4% 9.0% 9.9% 9.8% 9.8% 8.9%

4 Year 8.4% 8.8% 11.7% 11.3% 7.9% 9.3%

3 Year 8.4% 8.9% 9.9% 10.2% 7.8% 9.0%

2 Year 9.9% 10.7% 10.6% 10.8% 6.6% 11.4%

1 Year 9.5% 10.5% 11.0% 11.8% 5.9% 9.2%

Value Addition History 1 year 2 year 3 year 4 year 5 year 6 year 7 year 8 year 9 year Since

inception Cumulative Return LR Global

-10.16% -14.23% 2.32% 9.74% 20.52% 27.37% 40.55% 41.71% 10.39% 65.35%

Cumulative Return Benchmark

-23.28% -26.89% -19.13% -4.29% -9.92% 6.54% 10.27% -7.95% -47.92% -15.30%

LR Global Value Addition 13.12% 12.67% 21.45% 14.03% 30.45% 20.83% 30.28% 49.65% 58.31% 80.65%

Annualized Return LR Global

-10.16% -7.39% 0.77% 2.35% 3.80% 4.12% 4.98% 4.45% 1.10% 5.25%

Annualized Return Benchmark

-23.28% -14.50% -6.83% -1.09% -2.07% 1.06% 1.41% -1.03% -6.99% -1.68%

LR Global Value Addition 13.12% 7.11% 7.60% 3.44% 5.87% 3.05% 3.58% 5.48% 8.10% 6.93%

Beta (LR Global vs Benchmark)

0.53 0.47 0.49 0.48 0.50 0.50 0.47 0.44 0.46 0.46

Annualized Alpha over benchmark

0.01% -2.97% 1.85% 0.52% 2.58% 1.34% 1.93% 2.38% 1.85% 3.60%

Dividend History DBH1STMF GREENDELMF AIBL1STIMF MBL1STMF LRGLOBMF1 NCCBLMF1

Fund Inception Date 4-Feb-10 23-Sep-10 6-Jan-11 3-Feb-11 15-Sep-11 24-May-12

Initial Fund Size (BDT Mn) 1,200 1,500 1,000 1,000 3,000 1,000

Total Dividend Disbursed (BDT Mn) 667.20 472.50 415.00 370.00 1,250.33 434.01

% Cash Dividend to Initial PAR 56% 32% 42% 37% 42% 43%

LR Global managed funds have consistently beat the market with over 40% cash dividends. Despite a flat market since 2010, LR

Global managed funds have materially outperformed the benchmark index.

Our funds perform resiliently even when the market experiences a bearish phase. For instance, DBH1STMF and GREENDELMF

successfully disbursed attractive dividends with their commencement in 2010 even though the market crashed in that same year.

The cumulative dividend yield of our funds in the last five years indicate that our unitholders have been the recipient of attractive

returns as a result of investing in our mutual funds.

Our ten years of tested investment process has generated attractive returns, including attractive cash dividends. Our tested

investment process includes security selection, asset allocation and an ongoing risk management process.

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JANUARY (2020)

4

Monthly Market Performance

This Month Last Month Change

DSEX 4,469.66 4,452.93 0.38%

DBH1STMF 9.21 9.15 0.66%

GREENDELMF 9.20 9.14 0.66%

AIBL1STIMF 9.47 9.44 0.32%

MBL1STMF 9.39 9.33 0.64%

LRGLOBMF1 9.37 9.31 0.64% NCCBLMF1 9.40 9.31 0.97%

All LR Global managed funds outperformed the DSEX during the month, except AIBL1STIMF.

We have consistently outperformed the benchmark index across all funds since inception due to our security selection, asset allocation, market timing, and rating process.

Source: LR Global Research

147

85

40

65

90

115

140

165

190

Jan-10 Jul-12 Jan-15 Jul-17 Jan-20

LR_DBH1STMF

LR_DBH1STMF

Benchmark

119

67

25

50

75

100

125

150

Jan-11 Apr-13 Jul-15 Oct-17 Jan-20

LR_GREENDELMFBenchmark

LR_GREENDELMF

137

60

25

50

75

100

125

150

Jan-12 Jan-14 Jan-16 Jan-18 Jan-20

LR_AIBL1STMF

Benchmark

LR_AIBL1STIMF

132

65

25

50

75

100

125

150

175

Jan-12 Jan-14 Jan-16 Jan-18 Jan-20

LR_MBL1STMFBenchmark

LR_MBL1STMF

141

77

25

50

75

100

125

150

175

Jan-12 Jan-14 Jan-16 Jan-18 Jan-20

LR_LRGLOBMF1Benchmark

LR_LRGLOBMF1

139

96

50

75

100

125

150

175

Jan-13 Oct-14 Jul-16 Apr-18 Jan-20

LR_NCCBLMF1

Benchmark

LR_NCCBLMF1

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JANUARY (2020)

5

Call money rate came down slightly by 3 bps in January

compared to the previous month

Foreign exchange reserve has remained stable at a $31 bn to $33 bn level for the last 4 years

Source: Bangladesh Bank, US Census Bureau, UK Office for National Statistics

afd

A relaxed rescheduling policy backfired as classified loan

climbed to 11.99% of total outstanding loan

MACRO UPDATE FY 2019-20 FY 2018-19 % Change

Export (mn $) (Jul-Dec) 19,300 20,500 -5.9%

Import (mn $) (Jul-Nov) 23,997 25,326 -5.2%

Remittances (mn $) (Jul-Dec) 9,428 7,489 25.9%

Tax Revenue (NBR) (mn $) (Jul-Nov) 9,866 9,391 5.1%

Total Domestic Credit (mn $) (Dec) 146,125 127,250 14.8%

Credit to the Private Sector (mn $) (Dec) 124,046 112,939 9.8%

Broad Money M2 (mn $) (Dec) 152,466 136,085 12.0%

LC Opening of Industrial Raw Material (mn $) (Jul-Aug) 2,738 3,381 -19.0%

LC Opening of Capital Machinery (mn $) (Jul-Aug) 700 760 -7.8%

Current Account Balance (mn $) (Jul-Nov) (1,097) (2,425) N/A

Net Sales of National Savings Certificates (mn $) (Jul-Nov) 766 2,554 -70.0% This Month Last Month % Change

Foreign Exchange Reserve (mn $) 32,251 32,668 -1.3%

Call Rate (Weighted Average Rate) 5.04 5.07 -0.6%

Taka-Dollar Exchange Rate (Avg BDT) 84.93 84.90 0.0%

December November % Change

US Retail Sales (mn $) 529,606 527,841 0.3%

UK Retail Sales (mn $) 10,540 10,605 -0.6%

Remittance is exhibiting healthy growth, backed by 2% cash incentive by the government

Exports registered a minimal gain of 2.89% in December due to the RMG sector’s peak period.

Point-to-point inflation declined by 30 bps as food inflation slightly calmed down.

jjjj

11.99

5.50

8.00

10.50

13.00

15.50

Sep

-09

Mar

-10

Sep

-10

Mar

-11

Sep

-11

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

Mar

-16

Sep

-16

Mar

-17

Sep

-17

Mar

-18

Sep

-18

Mar

-19

Sep

-19

% Share of Classified Loan to Total Outstanding

3.53

1.00

2.00

3.00

4.00

5.00

Dec

-09

May

-10

Oct

-10

Mar

-11

Au

g-11

Jan

-12

J

un

-12

No

v-12

Ap

r-13

Sep

-13

Feb

-14

Jul-

14

Dec

-14

May

-15

Oct

-15

Mar

-16

Au

g-16

Jan

-17

Jun

-17

No

v-17

Ap

r-18

Sep

-18

Feb

-19

Jul-

19

Dec

-19

Export (in bn US$)

1.69

0.5

0.8

1.1

1.4

1.7

2.0

Dec

-09

May

-10

Oct

-10

Mar

-11

Au

g-1

1

Jan

-12

J

un

-12

N

ov-

12

Ap

r-13

Sep

-13

Feb

-14

Jul-

14

Dec

-14

May

-15

Oct

-15

Mar

-16

Au

g-1

6

Jan

-17

Jun

-17

No

v-17

Ap

r-18

Sep

-18

Feb

-19

Jul-

19

Dec

-19

5.04

1.00

3.50

6.00

8.50

11.00

Jan

-14

May

-14

Sep

-14

Jan

-15

May

-15

Sep

-15

Jan

-16

May

-16

Sep

-16

Jan

-17

May

-17

Sep

-17

Jan

-18

May

-18

Sep

-18

Jan

-19

May

-19

Sep

-19

Jan

-20

Call Money Rate (%)

32.3

7.0

14.0

21.0

28.0

35.0

Jan

-10

Jun

-10

No

v-1

0

Ap

r-11

Sep

-11

Feb

-12

J

ul-

12

Dec

-12

May

-13

Oct

-13

Mar

-14

Au

g-14

Jan

-15

Jun

-15

No

v-1

5

Ap

r-16

Sep

-16

Feb

-17

Jul-

17

Dec

-17

May

-18

Oct

-18

Mar

-19

Au

g-19

Jan

-20

Foreign Exchange Reserve (in bn USD)

5.59

5.75

2.0

5.0

8.0

11.0

14.0

Dec

-09

Ap

r-10

Au

g-10

Dec

-10

Ap

r-11

Au

g-11

Dec

-11

Ap

r-12

Au

g-12

Dec

-12

Ap

r-13

Au

g-13

Dec

-13

Ap

r-14

Au

g-14

Dec

-14

Ap

r-15

Au

g-15

Dec

-15

Ap

r-16

Au

g-16

Dec

-16

Ap

r-17

Au

g-17

Dec

-17

Ap

r-18

Au

g-18

Dec

-18

Ap

r-19

Au

g-19

Dec

-19

Rate of Inflation (Base:1995-96=100)

Twelve Month Average Basis Point to Point Basis

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JANUARY (2020)

6

Yield curve of short-term bills and long-term treasury bonds have flattened significantly

Source: Bangladesh Bank

Interest rate spread has been narrowing as they are being adjusted to single digits as per central bank directives

CAPITAL MARKET UPDATE

Monthly Sector Return Sector Contribution to Total Turnover

The P/E ratio of majority sectors also increased with the overall market, but stocks still remain at attractive prices.

LHBL’s price hike resulted in the cement sector marking the highest gain while the telecom sector recorded the second highest loss as displeased investors offloaded GP’s shares due to low dividend declaration.

The stability and strong fundamentals of the pharmaceutical sector alongside cheap industrial and textile stocks drove investors to continue to binge on these stocks.

The DSEX gained 17 points (0.38%) during the period amidst a highly volatile environment.

20.3%

11.4%

9.9%

9.8%

8.4%

7.7%

6.9%

5.9%

4.3%

3.4%

2.6%

2.2%

1.6%

5.5%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Industrial

Pharmaceuticals

Textile

Bank

General Insurance

Fuel & Power

Cement

IT

Foods & Allied

Telecommunication

NBFI

Ceramic

Life Insurance

Others-16.5%

-9.1%

-4.1%

-3.9%

-2.1%

-2.0%

-1.1%

-0.8%

-0.7%

-0.2%

1.7%

4.8%

10.8%

10.9%

13.4%

28.1%

-20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0%

Jute

Telecommunication

Bank

Life Insurance

Ceramic

Textile

NBFI

General Insurance

Mutual Fund

Industrial

Pharmaceuticals

Fuel & Power

Foods & Allied

IT

Tourism & Leisure

Cement

6.8813.46 10.36 13.63 14.8 15.64

24.31 22.5221.56

65

32.2326.28

12.11

0

10

20

30

40

50

60

70

Ban

k

Fuel

& P

ow

er

Tele

com

mu

nic

atio

n

Ind

ust

rial

Gen

eral

Insu

ran

ce

Ph

arm

aceu

tica

ls

Cer

amic

Tan

ner

y IT

NB

FI

Cem

ent

Foo

ds

& A

llied

DSE

Sector P/E ValuationThis month Last month

9.63

5.714.0

5.5

7.0

8.5

10.0

11.5

13.0

No

v-1

4

Feb

-15

May

-15

Au

g-1

5

No

v-1

5

Feb

-16

May

-16

Au

g-1

6

No

v-1

6

Feb

-17

May

-17

Au

g-1

7

No

v-1

7

Feb

-18

May

-18

Au

g-1

8

No

v-1

8

Feb

-19

May

-19

Au

g-1

9

No

v-1

9

Lending & Deposit RatesLending Rate Deposit Rate (RHS)

2.0

4.0

6.0

8.0

10.0

12.0

14.0

91-Day T-bill

182-DayT-bill

364-DayT-bill

5 yr T-bond

10 yr T-bond

15 yr T-bond

20 yr T-bond

Yield Curve Jun-14

Jun-15

Jun-16

Jun-17

Jun-18

Jun-19

Sep-19

Dec-19

Jan-20

Page 7

JANUARY (2020)

7

NOTABLE QUARTERLY EARNINGS DURING THE MONTH

SQURPHARMA Square Pharmaceuticals Ltd. Pharmaceuticals 4.18 3.70 13.0%

BXPHARMA Beximco Pharmaceuticals Ltd. Pharmaceuticals 2.12 1.81 17.1%

RENATA Renata Ltd. Pharmaceuticals 10.83 9.65 12.2%

ACMELAB The ACME Laboratories Limited Pharmaceuticals 1.77 1.85 -4.3%

MARICO Marico Bangladesh Limited Pharmaceuticals 19.68 16.47 19.5%

ACI ACI Limited Pharmaceuticals -6.98 -0.80 NA

SQUARETEXT Square Textile Ltd. Textile 0.43 0.49 -12.2%

OLYMPIC Olympic Industries Ltd. Food and Allied 2.47 2.20 12.3%

MJLBD MJL Bangladesh Limited Fuel & Power 1.56 1.46 6.8%

IFADAUTOS IFAD Autos Limited Industrial 0.96 1.61 -40.4%

BSRMSTEEL BSRM Steels Limited Industrial 0.07 0.88 -92.0%

NOTABLE YEARLY EARNINGS & DIVIDEND DECLARATIONS DURING THE MONTH

Market Liquidity

This Month Last Month Change

Total Turnover (USD MN) 952.93 791.26 20.43%

Avg. Daily Turnover (USD MN) 43.31 39.56 9.48%

Turnover Leaders Top Ten Gainers Top Ten Losers

Ticker Turnover (BDT MN) Ticker % Change Ticker % Change

LHBL 4,687.67 LHBL 49.7% SSSTEEL -42.7%

KPCL 2,584.32 SHYAMPSUG 39.6% NORTHERN -32.8%

SQURPHARMA 2,463.66 ZEALBANGLA 39.5% STYLECRAFT -27.5%

ADNTEL 2,168.19 UNITEDAIR 35.7% RINGSHINE -27.2%

SSSTEEL 1,565.59 SEAPEARL 33.7% SINOBANGLA -25.1%

BEACONPHAR 1,503.06 MLDYEING 32.5% SILCOPHL -23.8%

BRACBANK 1,496.38 DULAMIACOT 28.8% AZIZPIPES -23.4%

GP 1,494.19 BBS 28.8% ZAHEENSPIN -23.1%

STANCERAM 1,189.94 FIRSTFIN 26.2% ILFSL -21.7%

PIONEERINS 1,080.63 PROGRESLIF 26.2% BIFC -18.5%

TICKER COMPANY NAME SECTOR EPS 2019 (Oct-Dec)

EPS 2018 (Oct-Dec)

CHANGE

TICKER COMPANY NAME SECTOR EPS 2019 (Jan-Dec )

EPS 2018 (Jan-Dec)

CHANGE DIVIDEND (2019)

GP Grameenphone Ltd. Telecommunication 25.56 24.71 3.44% 130.0%

LHBL became investors’ favorite pick with news of its amalgamation with Holcim and announcement of plans to transform into a building materials solution provider.

With the exception of LHBL, the remaining stocks in this list enjoyed the highest gain despite operating on a negative EPS or registering an EPS decline.

The majority of the top ten losers that lost significant value during the month also reported an EPS decline or a negative EPS, which sent investors on a selling spree.

January started off with low liquidity, as the average daily turnover (ADTV) mostly hovered below the USD 35 mn mark in the first 12 trading sessions. Market activity however gained momentum mid-month and attracted more investor participation. Hence, ADTV increased by around 1.5 times in the remaining period of the month, boosting the overall turnover in January.

GP reported a flat earnings growth for the year ended 2019 and declared the lowest dividend in 9 years. GP’s business

performance was affected by bandwidth restrictions, ban on network equipment import and new package approval by BTRC

alongside increased supplementary duty and SIM tax imposition in the last national budget.

While most top pharmaceutical companies reported positive earnings growth, ACI and ACMELAB recorded a negative growth. Additionally, almost all companies in the industrial sector declared poor earnings due to an overall slowdown in economic activity in the country.

Source: LR Global Research and DSE

Page 8

JANUARY (2020)

8

WORLD MARKET

INDICES, COMMODITIES & CURRENCIES

Indices 1-Year 6-Month 3-Month 1-Month 1-Week S&P500 19.18% 10.01% 6.19% 0.13% -3.01% SENSEX 14.74% 10.52% 2.15% -1.55% -0.49% CSE ALL -0.87% 0.59% -1.70% -3.25% -1.03% FTSE VTNM 0.29% -6.90% -8.03% -3.15% -5.31% MSCI FRONTIER 100 8.66% 4.04% 6.99% 0.89% -1.76% FTSE 100 3.79% -1.63% -0.22% -1.65% -3.95% DSEX -22.95% -13.83% -4.46% 0.23% -1.29%

Commodities Return 1-Year 6-Month 3-Month 1-Month 1-Week Gold 17.50% 8.60% 4.73% 3.93% 1.12% Copper -10.01% -2.56% -4.59% -10.01% -7.67% Crude Oil -6.70% -7.37% -8.26% -15.93% -4.85% Sugar 15.95% 21.55% 17.07% 8.87% 1.53% Wheat 5.53% 12.73% 7.50% -1.07% -3.21%

Currencies Return* Exchange Rate 1-Year 6-Month 3-Month 1-Month 1-Week Euro 0.90 3.3% 0.1% 0.7% 1.1% -0.6% INR 71.56 0.2% 1.0% 1.1% 0.5% 0.3% Yen 108.39 -1.0% 1.7% 0.2% -0.3% -0.8% CNY 6.94 2.8% -1.6% -1.4% -0.4% 0.0% VND 23,223.00 0.1% 0.0% 0.1% 0.2% 0.2% BDT 84.93 1.5% 0.3% 0.1% 0.0% 0.0%

*Calculated against USD, positive return denotes depreciation against USD

3,276.24

2,200

2,500

2,800

3,100

3,400

Jan

-18

Mar

-18

May

-18

Jul-

18

Sep

-18

No

v-1

8

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-1

9

Jan

-20

S&P 50040,723.49

23,000

28,000

33,000

38,000

43,000

Jan

-18

Mar

-18

May

-18

Jul-

18

Sep

-18

No

v-1

8

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-1

9

Jan

-20

SENSEX

5,929.76

5,000

5,600

6,200

6,800

Jan

-18

Mar

-18

May

-18

Jul-

18

Sep

-18

No

v-1

8

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-1

9

Jan

-20

CSE ALL SHARE

945.76

600

800

1,000

1,200

1,400

Jan

-18

Mar

-18

May

-18

Jul-

18

Sep

-18

No

v-1

8

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-1

9

Jan

-20

FTSE VIETNAM ALL

30.74

24

27

30

33

36

Jan

-18

Mar

-18

May

-18

Jul-

18

Sep

-18

No

v-1

8

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-1

9

Jan

-20

MSCI FRONTIER 100

7,286.01

5,500.00

6,000.00

6,500.00

7,000.00

7,500.00

8,000.00

Jan

-18

Mar

-18

May

-18

Jul-

18

Sep

-18

No

v-1

8

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-1

9

Jan

-20

FTSE 100

Source: investing.com