The SeA (Southeast Asia) Focus Portfolio

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

The portfolio is built on a simple but disciplined premise: own a concentrated set of the highest-quality, fastest-growing businesses in Southeast Asia — acquired at attractive valuations.

Its objective is to deliver superior long-term returns while minimizing business risk, regardless of the global market environment.

At the core of the strategy is a fundamental truth: earnings growth and returns on capital drive intrinsic value. Companies that consistently compound earnings and sustain high returns on capital tend, over time, to see this value reflected in their share prices.

Accordingly, the portfolio is composed of businesses expected to grow earnings at a minimum of 20% annually over the next three years, while maintaining strong returns on capital. This growth is projected to exceed inflation, outpace industry peers, and surpass broader market performance within their respective countries.

As a result, the portfolio targets investor returns — including dividends — of at least 20% per year over the same period.

From inception on December 16, 2023 through July 31, 2026, the SeA Focus Portfolio generated an annualized return of +34.9%, inclusive of unrealized and realized gains, dividends, and currency effects.

This performance has meaningfully outpaced the annualized returns of all major Southeast Asian country index funds over the same period:

• SeA Focus Portfolio: +34.9%

vs.

• iShares MSCI Singapore ETF: +24.6%

• Global X MSCI Vietnam ETF: +16.1%

• Global X FTSE Southeast Asia ETF (ASEAN Top 40): +14.7%

• iShares MSCI Malaysia ETF: +11.0%

• iShares MSCI Thailand ETF: +6.2%

• iShares MSCI Philippines ETF: -0.2%

• iShares MSCI Indonesia ETF: -19.6%

The portfolio’s annualized return of +34.9% since inception has also exceeded broader global benchmarks, including the Vanguard Total (U.S.) Stock Market Index Fund (+20.0%) and the Vanguard Emerging Markets Index Fund (+17.9%).

As of July 31, 2026, the following represents the portfolio’s current holdings, along with their respective total and annualized returns, inclusive of unrealized and realized gains, dividends, and currency movements.

• Current Holdings: +6.0% total return

  • Saigon Treasure Commercial Bank (Sacombank) (HOSE: STB): +135.5% (+38.5% annualized)

  • Apex Mining (PSE: APX): +29.6% (+38.3% annualized)

  • Eco-Shop Marketing Berhad (KLSE: ECOSHOP): +19.7%

  • Buana Lintas Lautan (IDX: BULL): +17.3%

  • TIMAH (IDX: TINS): +8.6% (+28.0% annualized)

  • FPT Digital Retail (HOSE: FRT): -5.2%

  • Southern Score Builders Berhad (KLSE: SSB8): -7.6% (-20.7% annualized)

  • Viglacera (HOSE: VGC): -13.7% (-18.0% annualized)

• Realized Return: +10.9%

• Dividends: +1.7%

• Currency Gains / Losses: -0.4%

• Total Return: +18.2%

• Annualized Return: +34.9%

As of July 31, 2026, the portfolio’s current holdings are projected to compound earnings at an annual rate of +37.1% over the next three years, while sustaining returns on capital of at least 20%.

This level of performance is expected to exceed inflation, outpace industry peers, and surpass broader market growth across their respective countries.

On this basis, the portfolio targets an investor return of about +39.2% per year, inclusive of a 2.1% dividend yield-on-cost, driven primarily by underlying earnings growth and disciplined capital allocation.

From a valuation standpoint, the portfolio is undervalued. Based on the value today of the future cash flows expected to be generated by its current holdings, the portfolio is trading at a 30.0% discount to intrinsic value, suggesting that the market underestimates its true worth.

Financial data was provided by S&P Global Market Intelligence.

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 following portfolios, and publishes their investment performance for the informational and educational benefit of investors and readers:

The SeA (Southeast Asia) Focus Portfolio

The Sartorial Portfolio

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.