SeA (Southeast Asia) Focus Portfolio Performance Update as of April 30, 2026

The International Investor manages the SeA (Southeast Asia) Focus Portfolio, which invests in the highest-quality and fastest-growing businesses in Southeast Asia, and publishes its investment performance for the informational and educational benefit of investors and readers.

From inception on December 16, 2023 through April 30, 2026, the portfolio generated an annualized return of +49.3%, inclusive of unrealized and realized gains, dividends, and currency effects.

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

As of April 30, 2026, the following represents the portfolio’s current holdings, along with their respective total and annualized returns, inclusive of unrealized gains, dividends, and currency movements.

* Saigon Thuong Tin Commercial Bank (Sacombank) (HOSE: STB): +84.6% total return (+50.5% annualized)

* Ancara Logistics Indonesia (IDX: ALII): +57.3% (+157.4% annualized)

* Apex Mining (PSE: APX): +47.6% (+100.1% annualized)

* Wismilak Inti Makmur (IDX: WIIM): +47.6% (+116.6% annualized)

* Binastra Corporation Berhad (KLSE: BNASTRA): +24.8% (+27.9% annualized)

* TIMAH (IDX: TINS): +13.6% (+33.6% annualized)

* Central Omega Resources (IDX: DKFT): +9.1% (+18.1% annualized)

* Southern Score Builders Berhad (KLSE: SSB8): +5.1%

* San Miguel Food and Beverage (PSE: FB): +1.7% (+9.8 annualized)

* Hartadinata Abadi (IDX: HRTA): -2.5%

* Viglacera (HOSE: VGC): -3.7% (-7.2% annualized)

* Maguro Group (SET: MAGURO): -4.1%

* Daya Intiguna Yasa (IDX: MDIY): -11.4%

As of April 30, 2026, the portfolio’s current holdings are projected to compound earnings at an annual rate of +29.8% 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 at least +33.0% per year, inclusive of a 3.2% dividend yield on cost, driven primarily by underlying earnings growth and disciplined capital allocation.

From a valuation standpoint, the portfolio remains significantly undervalued. Based on the future cash flows expected to be generated by its current holdings, the portfolio is trading at a 48.5% discount to intrinsic value, suggesting that the market materially underestimates its true worth.

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