Cambodia is a country with 14 million people nestled between Vietnam, Thailand and Laos. Cambodia’s history has been difficult with the brutal Khmer Rouge dictatorship through the 1970’s. It has been estimated that over 3 million Cambodians were killed. Cambodia has been quietly emerging and is now considered a frontier market for investing. The economy has been growing and gaining share of global manufacturing and corporations have been building a presence. On April 18th, the Cambodian stock market opened with Phnom Penh Water Supply (PWSA KH) surging 48% on the first day of trading. The company raised $21M from investors through its IPO. Frontier markets have the ability to decouple from global macro as there are a number of idiosyncratic changes taking place in markets like Vietnam, Cambodia, Laos, Mongolia and Bangladesh. Worth keeping an eye on.