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Fund Manager's Q3 Update

16 Nov 2016 14:30

RNS Number : 3596P
Terra Capital PLC
16 November 2016
 

Terra Capital Plc

Fund Manager's Update Regarding Q3 2016

 

Terra Capital Plc. ('TCA' or the 'Fund'), 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 2016.

 

The Fund Manager's update covering Q3 2016 is reproduced below.

 

Terra Partners Asset Management Limited

Portomaso Tower, 8/5A

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

 

November 16, 2016

 

Terra Partners Asset Management Limited ('TPAM' or the 'Fund Manager') presents its Third Quarter 2016 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 subsequently become apparent. Readers are advised that a fund managed by TPAM, and some officers and employees of TPAM currently own positions in TCA. 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.

 

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. All current and prospective investors should be aware that PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

 

All solicitations or offers regarding TCA are made and transacted 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.  

 

By accepting this document, you agree to be bound by the foregoing limitations.

 

 

 

TCA's 3rd Quarter 2016 Return & Portfolio

The Fund's NAV increased to $0.997 at September 30th, 2016 from $0.939 as of June 30, 2016, a net total return of 6.1% for the quarter.

The Fund's investment level (equity, fixed income and hedging) decreased from 92.0% at June 30 (including commitment to Terra Argentine Fund) to 85.8% at September 30.

Specific Areas of Investment

Americas

The allocation to the Americas increased from 20.13% to 23.48% and is now the Fund's largest regional allocation. The Fund continued to allocate to its investment strategy in Brazil. The only other portfolio change was a decrease in its position Refineria La Pampilla (Peru).

 

Europe

The Fund's exposure to Europe decreased slightly from 22.09% to 20.24% and is the second largest regional allocation. The Fund liquidated two positions: Monbat (Bulgaria) and Komercialna Banka Serbia (Serbia). The Fund decreased its position in Galenika-Fitofarmacija (Serbia), X5 Retail (Russia), Silvano Fashion Group (Estonia), and Hrvatski Telekom (Croatia).

 

Asia

The Fund's exposure to Asia decreased from 22.80% to 16.41%. The Fund increased its position in two holdings, which include Kcell (Kazakhstan) and Century Pacific Foods (Philippines. The Fund liquidated its positions in Brac Bank (Bangladesh) and Imexpharm Pharma (Vietnam).

 

Middle East

The Fund's exposure to the Middle East decreased on the quarter from 16.40% to 15.66%. The Fund added a new position in Bank Muscat (Oman) and increased its position in Solidere (Lebanon). It decreased its position in Seef Properties (Bahrain) and liquidated positions in Bank Sohar (Oman) and Bahrain Commercial Facilities Company (Bahrain).

Africa

The allocation to Africa decreased slightly from 10.54 to 9.97%. The Fund decreased its positions in Onatel (Burkina Faso) and Onelogix (South Africa). There were no other portfolio changes during the period.

 

Fund Details

The following pages details the Fund's holdings, changes from the prior quarter, and the total return of each company's shares over the quarter in both U.S. dollars and local currency. The numbers provided are based on TPAM's internal calculations.

Region

Country

Security

Shares

Market value

% of Fund

Change in Share Holdings

3Q US$ Total Return

3Q LC$ Total Return

AFRICA

Morocco

Residences Dar Saada

69,843

1,225,000.21

1.80%

New

1.97%

1.36%

South Africa

Holdsport Ltd.

230,501

965,665.52

1.42%

New

4.54%

-2.58%

Uganda

Umeme Ltd.

5,870,000

909,339.04

1.33%

New

5.62%

5.00%

Tunisia

Automobile reseau tunisien et services

246,934

880,165.23

1.29%

New

5.59%

5.68%

Tunisia

One Tech Holding

248,305

845,591.07

1.24%

New

4.07%

4.17%

Tunisia

Tunisie Leasing

87,818

734,890.34

1.08%

New

-2.99%

-2.90%

Burkina Faso

Onatel BF

29,509

637,171.39

0.93%

New

-4.19%

-5.19%

South Africa

Onelogix Group Ltd.

2,128,792

463,757.00

0.68%

New

10.63%

3.10%

Nigeria

UAC of Nigeria

1,541,658

99,508.10

0.15%

New

-7.34%

4.05%

Nigeria

Nigerian Breweries PLC

70,000

32,583.40

0.05%

New

-3.21%

8.70%

6,793,671.30

9.97%

AMERICAS

Argentina

Terra Argentine Fund LP

1,700,000

2,860,240.82

4.20%

New

19.85%

Brazil

XXXX

2,665,296.56

3.91%

Increase

10.16%

11.67%

Jamaica

National Commercial Bank Jamaica

5,431,719

1,766,931.91

2.59%

New

-3.10%

-2.34%

Argentina

Terra Argentine Fund LP Commitment

1,700,000

1,700,000.00

2.49%

New

Argentina

IRSA Inversiones y represent. SA GDR RCTP

81,433

1,546,412.67

2.27%

New

12.97%

12.97%

Panama

Copa Holdings SA - Class A

15,265

1,342,251.45

1.97%

New

69.34%

69.34%

Jamaica

Scotia Group Jamaica

5,429,031

1,340,501.48

1.97%

New

1.54%

2.34%

Peru

Refineria La Pampilla SA

13,137,309

1,021,210.42

1.50%

New

8.21%

11.44%

Peru

Ferreycorp SAA

1,827,387

891,184.34

1.31%

New

2.70%

5.77%

Jamaica

Jamaica Money Market Brokers - Jamaica

8,500,000

866,157.16

1.27%

New

32.70%

33.74%

16,000,186.81

23.48%

ASIA

Bangladesh

Square Pharma

629,734

2,158,169.73

3.17%

New

1.03%

1.09%

Kazakhstan

Kcell JSC - GDRs

318,630

1,070,596.80

1.57%

New

-1.18%

-1.18%

Philippines

RFM Corporation

11,003,750

953,531.20

1.40%

New

-1.09%

1.68%

Georgia

Bank of Georgia Holdings Plc

25,080

943,797.62

1.38%

New

11.40%

14.26%

China

Qingling Motors

3,042,615

925,760.84

1.36%

New

-1.63%

-1.67%

Australia

Ardent Leisure Group

372,606

789,828.77

1.16%

New

51.45%

47.34%

Philippines

Century Pacific Food Inc.

2,208,499

738,171.08

1.08%

New

9.08%

12.13%

Philippines

Belle Corp

12,000,000

737,806.39

1.08%

New

-14.24%

-11.83%

Philippines

Emperador Inc.

4,279,000

640,066.64

0.94%

New

-0.53%

2.25%

Philippines

Travellers International Hot

9,300,000

631,282.50

0.93%

New

-5.59%

-2.95%

Korea

Lotte Chilsung beverage Co - Pref

749

502,677.72

0.74%

New

-8.79%

-12.85%

Korea

Kumho Petro Chemical Co - PFD

17,850

449,036.21

0.66%

New

3.17%

-1.42%

Korea

Shinyoung Securities LTD

8,370

375,885.12

0.55%

New

3.72%

-0.90%

Bangladesh

Summit Power

644,000

263,762.68

0.39%

New

-1.26%

-1.23%

Bangladesh

Brac Bank Ltd

0

0.00

0.00%

Liquidated

14.64%

14.72%

Vietnam

Imexpharm Pharmaceutical JSC.

0

0.00

0.00%

Liquidated

26.16%

26.12%

11,180,373.30

16.41%

EUROPE

Hungary

Any Security Printing Co.Plc (AlamiNyomda)

553,679

2,134,700.09

3.13%

New

8.46%

4.55%

Serbia

Galenika-Fitofarmacija DP

79,115

2,016,869.86

2.96%

New

8.46%

6.79%

Italy

QF Polis

1,789

1,844,121.33

2.71%

New

10.42%

9.08%

Slovenia

Gorenje Velenje

175,399

1,556,780.13

2.28%

New

27.94%

26.38%

Ukraine

Kernel Holding SA

86,323

1,334,679.96

1.96%

New

15.13%

11.55%

Russsia

X5 Retail GDR

45,416

1,315,701.52

1.93%

New

45.58%

45.58%

Macedonia

Komercijalna Banka AD Skopje

28,845

1,289,626.64

1.89%

New

15.51%

13.79%

Montenegro

Crnogorski Telekom a.d.

222,624

712,936.53

1.05%

New

3.05%

1.80%

Italy

QF BNL Portfolio IMM

845

486,071.04

0.71%

New

-2.75%

-3.94%

Estonia

Silvano Fashion Group AS

161,799

394,465.15

0.58%

New

18.46%

17.02%

Croatia

Hrvatski Telekom DD

14,651

358,142.37

0.53%

New

16.96%

15.64%

Bulgaria

Speedy AD

16,818

347,838.68

0.51%

New

1.25%

0.00%

Bulgaria

Monbat AD

0

0.00

0.00%

Liquidated

-0.84%

-1.63%

Serbia

Komercialna Banka Serbia

0

0.00

0.00%

Liquidated

0.12%

-1.68%

13,791,933.30

20.24%

MIDDLE EAST

Lebanon

Blom Bank GDS ord B shs

156,272

1,593,974.40

2.34%

New

1.49%

1.49%

Qatar

Al Meera Consumer Goods

21,218

1,194,280.77

1.75%

New

-2.94%

-2.94%

U.A.E.

Air Arabia PJSC

2,947,000

1,091,184.32

1.60%

New

3.81%

3.82%

Oman

Bank Muscat

995,671

1,044,821.58

1.53%

New

4.10%

4.12%

Oman

Oman Refreshment

175,000

977,285.42

1.43%

New

-2.28%

-2.27%

Lebanon

Solidere- GDRs

96,499

919,638.81

1.35%

New

2.60%

2.60%

Qatar

Doha Bank QSC

83,692

854,820.68

1.25%

New

5.22%

5.23%

Bahrain

Gulf Hotel Group b.s.c.

444,273

754,243.51

1.11%

New

0.09%

0.00%

Bahrain

SEEF Properties b.s.c.

1,214,577

644,372.12

0.95%

New

4.80%

4.71%

Qatar

Gulf Warehousing Company

40,750

615,373.00

0.90%

New

-4.69%

-4.68%

Oman

Oman Cement

464,950

543,455.11

0.80%

New

-4.67%

-4.66%

U.A.E.

ABU DHABI COMMERCIAL BANK

248,000

435,502.31

0.64%

New

6.61%

6.61%

Oman

Bank Sohar

0

0.00

0.00%

Liquidated

-3.49%

-3.49%

Bahrain

Bahrain Commercial Facilities Company

0

0.00

0.00%

Liquidated

-1.40%

-1.48%

10,668,952.03

15.66%

Total Equity Holdings

58,435,116.74

85.75%

Cash

9,712,894

14.25%

Total Fund

68,148,010.24

 

* These figures were prepared by the Fund Manager based on its internal records and calculations.

RESPECTFULLY SUBMITTED BY:

 

Terra Partners Asset Management Limited

Portomaso Tower, 8/5A, Portomaso Avenue,

St. Julian's ž STJ 4011 ž MALTA

Regulated by the Malta Financial Services Authority, Reg. No. C 56353

Registered Investment Adviser with the US Securities & Exchange Commission

 

Contact: Galileo Fund Services Limited (Administrator)

Ian Dungate or Suzanne Jones

+44 1624 692600

 

Panmure Gordon (Nominated adviser and corporate broker)

Paul Fincham or Jonathan Becher

+44 20 7886 2500

 

St Brides Partners Ltd

Elisabeth Cowell / Frank Buhagiar

+44 (0) 20 7236 1177

NOTES:

Terra Capital Plc is an AIM quoted investment trust focussed on generating high absolute returns while ensuring volatility is kept to a minimum. The fund predominantly invests in under-researched and under-valued companies. The Fund Manager targets companies that are trading at less than their intrinsic worth and so, aside from any potential growth prospects, provide scope for capital appreciation as a result of a reversion towards underlying value. Investments are also made in companies which are viewed as fair value but offer opportunities for growth at a reasonable price. Due to inherent market inefficiencies, the Fund Manager believes many such 'value' opportunities can be found in Frontier Markets and utilises in-house teams of analysts on the ground in areas of interest to investigate suitable opportunities rather than rely on third party research.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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