Surprise from Balkan

02-Mar-2016

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There are harsh conditions ongoing on global stocks markets…World index has decreased for 15.39% since mid-April 2015, of which 7.06% only this year. Emerging Market index decreased even more, 31.25% from mid-April 2015, of which 7.36% only this year. Other “Balkan funds” have lost from -2.24% to -7.30% just in January. In these extremely difficult circumstances, NAV of BEF Fund has practically not changed in January. It has only marked symbolic drop, which is lower than monthly management fee expenses (all published performance results are always decreased for all expenses) which means that BEF Fund has, in gross terms, made positive return in January!

However, all this is just an overture to large growth of Balkan markets, which is just around the corner! You might probably be doubtful about that! As in March 2009 (and long afterwards), when everybody claimed that the global “financial” collapse has started and that US equities became too expensive. Nevertheless, that was when the enormous growth has begun and lasted until recently (despite all Greek, Spanish, Irish, Portuguese, Cyprus and other crisis; even US budget blockade was just one in series of such corrections)! Or in fall of 2013, two and a half years ago, when almost everyone believed, that Slovenia will bankrupt or request financial assistance. However, growth of Slovenian stock market begun. There is still a lot of amazement, when one is told, that up to 300% could be earned with some of Slovenian stocks (Aerodrom, Letrika, Luka Koper) or even 600% in the case of Pivovarna Laško.

The Western Balkans is the last region in the world, where nothing happened yet and some regional exchange indices are valued at only 10-15% of their 2007 values. The growth here story will be similar, except that the increase of share values will be much larger due to currently low values and low liquidity. When the markets will awaken, we will make at least 100% – 200% performance, before other investors will be aware of this. However, by then it will be mainly too late!

Kind regards,
Balkan Emerging Frontiers Fund

Telephone/fax: +41 22 518 02 39

www.bef-fund.com

The Fund is a Segregated Portfolio of JP SPC 5, a segregated portfolio company with limited liability.

This document is intended for institutional investors or high net worth individuals. If you do not fall into those categories please disregard and delete it. Portions of this document may contain information about funds and services, which may be restricted by law in certain jurisdictions. Any information in this document is not an invitation to invest in the funds, nor does it constitute an offer for sale of shares in the funds or any investment whatsoever. Further information is only available to pre-qualified, qualified or accredited investors. Subscriptions for any class of shares in the funds can only be made by completing the subscription agreement for the relevant shares and after having been provided the offering documents as described in the subscription agreement.

Each prospective investor should consult his/her/its own legal counsel, accountant or other professional advisor for advice concerning the various legal, tax and economic considerations relating to the fund and offshore investment generally. Neither the fund nor any promoter can give any guarantee that tax relief or other tax benefits will be available, or that the current tax treatment of the fund will remain unchanged in the future in the jurisdiction where the prospective investor is a resident or of which he/she/it is a citizen.

This information is being issued or presented by the Investment Manager for information purposes only and no representation is being made by the Fund or any agent of any affiliate of the promoter as to the accuracy or completeness of the information contained in this document. Although information in this document is provided in good faith no investment decision should be based on it as it is not verified. Past performance is no guarantee of future results. There is significant risk involved with equity trading.

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