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Manager’s Update Regarding Q3 2015
Terra Capital Plc,an AIM quoted investment trust focused on investing in value opportunities globally, primarily in frontier markets is pleased to report that it has received the latest report from Terra Partners Asset Management Limited, covering its activities in Q3 2015.
TCA’s non-executive Chairman, Dirk Van den Broeck said “The Fund’s strong relative performance compared to the MSCI Frontier Markets and Emerging Markets indices during Q3 2015, a period marked by heightened market volatility and risk aversion, is testament to not only our focus on value opportunities globally but also the investment process our Fund Manager has put in place. This involves in-house analysts in four continents identifying under-researched value opportunities early; an in depth comprehensive screening process; robust financial analysis; and a focus on risk management.”
TCA’s 3rd Quarter 2015 Return & Portfolio
The Fund’s NAV declined by 4.52% during the 3rd quarter versus the MSCI Frontier Markets Index decline of 10.5% and the MSCI Emerging Market Index decline of 17.11%. This caused the Fund’s NAV to decline from 0.9672 as of June 30, 2015 to 0.9234 at September 30, 2015.
The Fund’s investment level increased from 87.80% at June 30, 2015 to 88.25% at September 30, 2015.
Europe
The Fund’s exposure to Europe increased from 24.10% to 26.32%, making it the largest regional allocation. The Fund initiated one new position during the quarter, increased its holdings in two current positions, and reduced three positions. The new position was in Poland and the additional investments were made in Italy. Holdings in Switzerland, Germany and Serbia were reduced.
Asia
The Fund’s holdings in Asia declined slightly from 19.16% to 18.52%. The Fund’s holding in Australia and one of its positions in Korea were reduced, while its position in Kazakhstan was increased.
Middle East
The Fund’s exposure remained roughly stable at 15.22%. Additional investments to current positions in Lebanon and Bahrain were made, while one new position was purchased in Bahrain.
Africa
The allocation to Africa rose from 11.77% to 12.83%. New positions were entered into in Nigeria and Morocco, while the Fund continued to decrease its exposure in Kenya by reducing one position and liquidating another.
Americas
The Americas declined from 16.90% to 15.35%. The Fund reduced one Argentine position.
Fund Details
The following page details the Fund’s holdings, changes from the prior quarter, and the local currency performance of each company’s shares over the quarter. The information therein is sourced from TPAM’s records as at the 30th September 2015.
