TIDMTCA
RNS Number : 8513D
Terra Capital PLC
29 October 2015
Terra Capital Plc ('Terra' or 'the Fund')
Manager's Update Regarding Q3 2015
Terra Capital Plc ('TCA'), the 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 ('TPAM'
or the 'Fund Manager'), 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."
The Fund Manager's update covering Q3 2015 is reproduced
below.
Terra Partners Asset Management Limited
Suite 8/5A Portomaso Tower
Portomaso Avenue
St Julian's STJ 4011 Malta
Telephone +356 2371 7000
Regulated by the Malta Financial Services Authority, Reg. No. C
56353
Registered Investment Adviser with the US Securities &
Exchange Commission
October 29, 2015
Terra Partners Asset Management Limited ("TPAM") presents its
Third Quarter 2015 Update to shareholders regarding the activities
of Terra Capital Plc. ("TCA" or the "Fund"), an AIM quoted
investment trust investing globally in value opportunities,
primarily in frontier markets.
The opinions expressed in this document represent the views of
TPAM, the Fund Manager of TCA, at the time of its preparation. This
document has been prepared from publicly available information,
internally developed data and other sources believed to be
reliable, and all reasonable precautions have been taken to ensure
its accuracy; however, no representation or warranty about the
accuracy of the information contained in, or of any omissions from,
this document or any supplementary information made available to
any interested party or its advisers is implied, and any liability
in respect of such information or omissions is hereby expressly
disclaimed. Note that the information herein is not all of the
information TPAM had available, or which it relied upon, when
making its initial and continuing investment decisions. TPAM
reserves the right to amend the information provided herein, and
its opinions, at any time, and undertakes no obligation (express or
implied) to provide any recipient with any further information or
to correct any inaccuracies or omissions which may become apparent.
Readers are advised that a fund managed by TPAM, the officers and
employees of TPAM, and Directors of TCA currently own positions in
TCA.
Investments in Emerging and Frontier markets usually suffer from
liquidity problems, and are often affected by governmental
interference in the free market, local politics and vagaries in
commodity and currency prices; therefore, their prices can be very
volatile. This means that it can be difficult to acquire and
subsequently sell the shares noted in TCA's portfolio. This
document is for information purposes only and it is not intended as
an offer or solicitation regarding the purchase or sale of any
security or investment vehicle.
All solicitations or offers are on the public market of the AIM
Section of the London Stock Exchange and occur by reference to
TCA's Offering Memorandum and the document titled "Tender Offer to
Purchase Ordinary Shares at the Tender Price and Restructuring and
Amendment to the Directors' Incentive Plan and Change of name to
Terra Capital PLC and Notice of Extraordinary General Meeting" of
the April 30, 2012 (the "Circular") as amended by subsequent
resolutions, primarily the one passed at the January 26, 2015 EGM.
Documents are accessible on TCA's website www.terracapitalplc.com
in the "Investor Centre" tab under the Documents and Announcements
section of the file "AIM Rule 26". This website contains important
information which may supplement, modify or differ from the
information contained herein and no prospective investment decision
should be considered before careful reading of documentation found
on TCA's website. All current and prospective investors should be
aware that PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
RESULTS.
By accepting this document, you agree to be bound by the
foregoing limitations.
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 30(th) September 2015.
Change 3Q 3Q
% in US$ LC$
Market of Share Total Total
Region Country Security Shares value Fund Holdings Return Return
---------- ------------- ------------------------ ----------- ----------- ------- ----------- -------- --------
Lafarge
AFRICA Nigeria Africa 2,690,557 1,323,269 2.10% New -3.92% -3.91%
Burkina Onatel
Faso BF 47,577 1,052,794 1.67% Decrease 38.50% 37.78%
Tunisie No
Tunisia Leasing 87,818 901,132 1.43% Change 1.11% 1.51%
One Tech No
Tunisia Holding 248,305 845,111 1.34% Change -7.59% -6.82%
South No
Africa Holdsport 202,501 825,566 1.31% Change -5.67% 7.62%
South Onelogix No
Africa Group 2,281,292 823,051 1.30% Change -10.42% 1.01%
No
Tunisia ARTES 246,934 796,541 1.26% Change -17.14% -10.53%
Equity
Kenya Bank 1,282,000 551,003 0.87% Decrease -10.22% -5.26%
No
Uganda Umeme 2,940,000 493,716 0.78% Change 17.98% 31.91%
UAC of
Nigeria Nigeria 2,847,886 450,208 0.71% Increase -21.75% -25.88%
Residences
Morocco Dar Saada 2,707 36,888 0.06% New -21.48% -25.03%
Housing
Kenya Finance 0 0 0.00% Liquidated -20.28% -16.08%
------------- ----------------------------------- ----------- ----------- ------- ----------- -------- --------
8,099,279 12.84%
Terra Argentine
Fund LP No
AMERICAS Argentina Commitment 2,040,000 3.23% Change 0.00% 0.00%
National
Commercial No
Jamaica Bank Jamaica 5,431,719 1,265,500 2.01% Change -6.18% -3.68%
Argentina IRSA 81,433 1,184,036 1.88% Decrease -19.00% -19.00%
Scotia No
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October 29, 2015 07:04 ET (11:04 GMT)
Jamaica Group Jamaica 5,429,031 1,091,597 1.73% Change 1.17% 1.72%
No
Peru Ferreycorp 2,150,387 837,969 1.33% Change -12.49% -11.27%
Refineria No
Peru La Pampilla 17,808,102 771,057 1.22% Change -30.97% -30.00%
Terra Argentine
Fund LP
- Series No
Argentina 2 510,000 587,679 0.93% Change -4.18% -4.18%
Jamaica
Money Market No
Jamaica Brokers 8,500,000 549,060 0.87% Change -0.94% 1.87%
Terra Argentine
Fund LP
- Series No
Argentina 3 510,000 514,184 0.82% Change -4.03% -4.03%
No
Panama Copa Holdings 11,165 468,148 0.74% Change -48.21% -48.21%
Terra Argentine
Fund LP
- Series No
Argentina 1 340,000 383,425 0.61% Change -4.18% -4.18%
------------- ----------------------------------- ----------- ----------- ------- ----------- -------- --------
9,692,655 15.37%
Square No
ASIA Bangladesh Pharma 629,734 2,019,359 3.20% Change 8.15% 8.15%
No
Bangladesh Brac Bank 3,592,039 1,902,822 3.02% Change 4.83% 4.83%
Imexpharm No
Vietnam Pharmaceutical 802,158 1,530,979 2.43% Change -8.87% -5.71%
Qingling No
China Motors 3,042,615 1,012,883 1.61% Change -1.13% -1.15%
Bank of
Georgia No
Georgia Holdings 31,280 853,688 1.35% Change -10.98% -7.49%
No
Vietnam Hung Vuong 1,115,188 838,469 1.33% Change -16.24% -13.33%
Ardent
Leisure
Australia Group 422,606 797,870 1.27% Decrease 12.80% 26.50%
Kazakhstan Kcell 127,990 666,828 1.06% Increase -39.98% -39.98%
Lotte Chilsung
Beverage No
Korea Preferred 749 580,681 0.92% Change -25.82% -21.32%
Kumho Petro
Chemical No
Korea Preferred 17,850 512,738 0.81% Change -18.73% -13.80%
Shinyoung No
Korea Securities 8,370 391,885 0.62% Change -7.55% -2.83%
Hyundai
Korea Motor Preferred 3,880 361,688 0.57% Decrease 2.14% 9.31%
Hau Giang No
Vietnam Pharmaceutical 75,853 224,412 0.36% Change -12.55% -9.52%
------------- ----------------------------------- ----------- ----------- ------- ----------- -------- --------
11,694,304 18.54%
Any Security No
EUROPE Hungary Printing 553,679 1,837,046 2.91% Change -2.21% -2.92%
No
Serbia Galenika-Fitofarmacija 82,744 1,699,189 2.69% Change 5.56% 4.71%
Italy QF Polis 1,524 1,456,060 2.31% Increase 15.84% 15.54%
No
Russia JSC ACRON 308,792 1,408,092 2.23% Change 19.84% 19.69%
Kernel No
Ukraine Holding 86,323 1,022,273 1.62% Change 17.86% 19.14%
Gorenje No
Slovenia Velenje 175,399 979,998 1.55% Change -12.55% -12.76%
Komercijalna No
Macedonia Banka-Skopje 28,845 949,668 1.51% Change 2.59% 2.26%
Crnogorski No
Montenegro Telekom 222,624 939,460 1.49% Change -6.28% -6.44%
No
Portugal Portucell 259,423 898,666 1.42% Change -9.91% -10.14%
Poland PKP Cargo 42,964 763,083 1.21% New -19.35% -18.47%
Hrvatski No
Croatia Telekom 36,228 746,263 1.18% Change -9.14% -8.70%
Switzerland U-Blox 3,469 698,072 1.11% Decrease -0.57% 3.65%
Germany Vib Vermoegen 29,378 564,649 0.90% Decrease 10.76% 10.50%
No
Russia X5 Retail 29,846 519,320 0.82% Change 4.50% 4.50%
Italy QF BNL 817 503,952 0.80% Increase 15.30% 15.00%
No
Bulgaria Monbat 115,000 492,688 0.78% Change -8.72% -8.93%
Komercialna
Serbia Banka Serbia 25,564 429,520 0.68% Decrease -9.22% -9.95%
Silvano
Fashion No
Estonia Group 267,000 375,933 0.60% Change 3.26% 3.03%
No
Bulgaria Speedy 16,818 336,245 0.53% Change 12.27% 11.18%
------------- ----------------------------------- ----------- ----------- ------- ----------- -------- --------
16,620,176 26.35%
Al Meera
MIDDLE Consumer No
EAST Qatar Goods 21,218 1,455,235 2.31% Change -1.16% -1.15%
Blom Bank No
Lebanon GDS 144,872 1,390,771 2.21% Change -4.00% -4.00%
No
Oman Oman Refreshment 175,000 1,135,936 1.80% Change -0.05% 0.00%
No
Qatar Doha Bank 77,678 1,070,626 1.70% Change -5.65% -5.64%
Lebanon Solidere 89,508 895,080 1.42% Increase -9.49% -11.89%
No
Oman Bank Sohar 2,049,283 856,650 1.36% Change -13.02% -15.79%
No
Oman Oman Cement 720,950 823,633 1.31% Change -16.71% -16.98%
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