SeA (Southeast Asia) Focus Portfolio Performance Update as of January 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 its inception on December 16, 2023, to January 30, 2026, the portfolio delivered an annualized return of +62.4%, outperforming all Southeast Asia country index funds.

As of January 30, 2026, the following are the portfolio’s current holdings and their total returns (including unrealized, dividend, and currency returns):

* Saigon Thuong Tin Commercial Bank (STB | Vietnam): +75.4%

* Wismilak Inti Makmur (WIIM | Indonesia): +46.0%

* Apex Mining (APX | Philippines): +37.8%

* Binastra Corporation Berhad (BNASTRA | Malaysia): +30.9%

* Ancara Logistics Indonesia (ALII | Indonesia): +26.8%

* Viglacera (VGC | Vietnam): +14.3%

* Central Omega Resources (DKFT | Indonesia): +13.7%

* Ramssol Group Berhad (RAMSSOL | Malaysia): +8.9%

* Steel Hawk Berhad (HAWK | Malaysia): +7.0%

* TIMAH (TINS | Indonesia): +6.1%

* Seng Fong Holdings Berhad (SENFONG | Malaysia): -7.8%

As of January 30, 2026, the portfolio’s current holdings are forecast to grow their earnings by +31.9% per year over the next three years and maintain their high returns on capital by at least 20% per year, faster than their respective countries’ inflation rates, faster than their respective industries, and faster than their respective markets. As a result, the portfolio’s real return to investors, including a dividend yield-on-cost of 2.3%, is expected to be at least +34.2% per year as well.

Follow the portfolio here: