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West Palm Beach (HedgeCo.net) – The Morgan Stanley Frontier Emerging Markets Fund, Inc. (the “Fund”) has issued 7,100,000 shares of common stock at a price of $20 per share resulting in gross proceeds to the Fund of approximately $142,000,000.  The Fund’s shares began trading on August 25, 2008 on the New York Stock Exchange under the symbol “FFD.”

The newly organized, non-diversified closed-end fund’s investment objective is to seek long-term capital appreciation. "There can be no assurance that the Fund’s investment objective will be achieved." Morgan Stanley said as the Fund’s lead underwriter.

The Fund will seek to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in equity securities of companies operating in frontier emerging market countries.

Frontier emerging market countries in which the Fund currently intends to invest include: Bahrain, Bangladesh, Botswana, Bulgaria, Croatia, Ecuador, Estonia, Ghana, Jamaica, Jordan, Kazakhstan, Kenya, Kuwait, Latvia, Lebanon, Lithuania, Macao, Mauritius, Namibia, Nigeria, Oman, Panama, Qatar, Romania, Saudi Arabia, Serbia, Slovenia, Sri Lanka, Trinidad and Tobago, Tunisia, Ukraine, United Arab Emirates and Vietnam.

The Fund’s assets are managed within Morgan Stanley Investment Management’s Emerging Markets Equity team. “We have a long tradition of emerging markets investing dating back to the mid-1980’s, with the objective of helping investors capture growth opportunities in developing economies,” said Ruchir Sharma.

“We launched a Frontier Fund to invest in markets that we believe are continuing to grow and are not currently on most investors’ radar screens. The Fund’s registration in over 30 frontier markets across geographical regions gives us a wide footprint to make active country allocation decisions, and we are excited about the potential opportunities."

Alex Akesson

Editor for HedgeCo.Net
Email: alex@hedgeco.net

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Carbon prices are rebounding and diverging from an overall decline in commodities and oil on Tuesday as London-based Camco International [London: CAO] recorded a $2.6 million (US Dollar) profit on the sale of 151,288 tons of carbon credits on the spot market. The CERs were sold to an undisclosed buyer outside of the European Union for an average price of just over 19 euros per ton versus an average acquisition price of just 7.5 euros per ton. With Certified Emissions Reductions (CERs) currently trading around 19.75 euros per ton on Tuesday, Camco’s portfolio of carbon credits is worth over $1.2 billion [USD] at current market prices — including over 150 projects which are expected to generate 151 million CERs by 2012 (of which 41.8 million will go directly to Camco).

EcoloCap Solutions [pdf file] [OTCBB: ECOS] is a US-traded stock that I own based on its carbon credit hedge fund business model; whereby the Company generates CERs in emerging and frontier markets such as Vietnam at a below-market cost and then sells them at higher spot market prices in developed countries such as the US. EcoloCap is focusing its initial efforts in Vietnam and China (which account for over half of all earned carbon credits followed by India at around 10%) through an extensive network of contacts in Eastern Asia — leveraging upon its technical expertise in the implementation of clean energy projects and experience in obtaining United Nations certification for these projects. EcoloCap currently has a total of seven signed renewable energy projects which will generate an estimated $39 million in revenues (versus a market cap of just $21.5 million) and $15 million in cumulative cash flow through 2012, in addition to tradable carbon credits.

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