Tactical Positions

Kazakhstan’s leading deposit franchise, supported by strong capital ratios and consistent profitability. Listed in London, the GDR gives global investors a liquid route into a commodity-rich frontier market increasingly viewed as strategically relevant in rare earths and critical minerals.

One of the best-performing frontier market banks globally, trading at a single-digit earnings multiple with return on equity above 30%. The Ameriabank acquisition extends the franchise into Armenia, and a combined dividend-and-buyback programme underpins the total-return case.

Complements Lion Finance with a similar return profile and a medium-term ROE target above 23%. Meaningful additional exposure to Uzbekistan via TBC UZ and Payme provides access to an under-banked 36 million-person digital market.

Colombia’s largest listed company and one of the most undervalued equity markets globally. State ownership of around 85% supports an elevated payout ratio, and dividend yields have historically ranged between 8% and 20% across the oil cycle. The 2026 election cycle adds a potential catalyst for policy normalisation.

A diversified commodity equity combining copper upside with a structurally advantaged physical trading platform. Copper is the centerpiece of the long-term thesis, while the marketing division tends to earn more when commodity markets are volatile, providing counter-cyclical support. Management favours capital returns over acquisitions.

Latin America represents only 2–3% of global equity market capitalisation despite a population above 650 million and world-leading positions in copper, lithium, oil, and agriculture. Regional indices trade at single-digit to low-teens earnings multiples, providing a liquid wrapper on commodity demand, nearshoring, and the energy transition.

Kazatomprom commands roughly 40% of global uranium production with structural cost advantages from in-situ recovery mining. Trading at a forward P/E of 13–16x and EV/EBITDA of 6–7x with ~33% ROE, valuations are attractive relative to the energy-security tailwind. Decarbonisation policy, AI-driven electricity demand, and a global nuclear renaissance position the company at the heart of the secular uranium thesis.

The KOSPI trades at a P/E of 10.6 and a P/B of 0.89 — below historical averages and at a clear discount to regional peers. The Lee administration’s pro-market reset — deregulation, institutional reform, and support for private-sector growth — is the kind of political catalyst that restores investor confidence. With a competitive currency and renewed government focus on AI, robotics, and the Fourth Industrial Revolution, the set-up is for multiple expansion alongside earnings growth.

A London-listed GDR offering diversified exposure to Uzbekistan’s strategic assets across banking, energy, transport, telecoms and industrial enterprises. The country combines young demographics, strategic geography between China and Europe, and significant reserves of gold, copper, uranium, natural gas and critical minerals. IPO’d 13 May 2026 at $25 with anchor participation from Franklin Templeton, BlackRock and Redwheel — a clean wrapper on a multi-year privatisation and reform cycle.