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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Terra Capital | LSE:TCA | London | Ordinary Share | IM00BFMXG143 | ORD USD0.10 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMTCA
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 3(rd) Quarter 2016 Return & Portfolio
The Fund's NAV increased to $0.997 at September 30(th) , 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.
Hot Features
Premium
Change 3Q 3Q
% in US$ LC$
Market of Share Total Total
Region Country Security Shares value Fund Holdings Return 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%
Automobile reseau
Tunisia 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%
Nigerian Breweries
Nigeria PLC 70,000 32,583.40 0.05% New -3.21% 8.70%
------------- ----------------------------------- ----------- -------------- ------- ----------- -------- --------
6,793,671.30 9.97%
Terra Argentine
AMERICAS Argentina 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%
National Commercial
Jamaica Bank Jamaica 5,431,719 1,766,931.91 2.59% New -3.10% -2.34%
Terra Argentine
Argentina Fund LP Commitment 1,700,000 1,700,000.00 2.49% New
IRSA Inversiones
y represent. SA
Argentina GDR RCTP 81,433 1,546,412.67 2.27% New 12.97% 12.97%
Copa Holdings SA
Panama - 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%
Refineria La Pampilla
Peru 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 Money Market
Jamaica 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%
Bank of Georgia
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%
Century Pacific
Philippines 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%
Travellers International
Philippines Hot 9,300,000 631,282.50 0.93% New -5.59% -2.95%
Lotte Chilsung beverage
Korea Co - Pref 749 502,677.72 0.74% New -8.79% -12.85%
Kumho Petro Chemical
Korea Co - PFD 17,850 449,036.21 0.66% New 3.17% -1.42%
Shinyoung Securities
Korea 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%
Imexpharm Pharmaceutical
Vietnam JSC. 0 0.00 0.00% Liquidated 26.16% 26.12%
------------- ----------------------------------- ----------- -------------- ------- ----------- -------- --------
11,180,373.30 16.41%
Any Security Printing
EUROPE Hungary Co.Plc (AlamiNyomda) 553,679 2,134,700.09 3.13% New 8.46% 4.55%
Galenika-Fitofarmacija
Serbia 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%
Komercijalna Banka
Macedonia AD Skopje 28,845 1,289,626.64 1.89% New 15.51% 13.79%
Crnogorski Telekom
Montenegro a.d. 222,624 712,936.53 1.05% New 3.05% 1.80%
QF BNL Portfolio
Italy IMM 845 486,071.04 0.71% New -2.75% -3.94%
Silvano Fashion
Estonia Group AS 161,799 394,465.15 0.58% New 18.46% 17.02%
Hrvatski Telekom
Croatia 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%
Komercialna Banka
Serbia Serbia 0 0.00 0.00% Liquidated 0.12% -1.68%
------------- ----------------------------------- ----------- -------------- ------- ----------- -------- --------
13,791,933.30 20.24%
MIDDLE Blom Bank GDS ord
EAST Lebanon B shs 156,272 1,593,974.40 2.34% New 1.49% 1.49%
Al Meera Consumer
Qatar 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%
Gulf Hotel Group
Bahrain b.s.c. 444,273 754,243.51 1.11% New 0.09% 0.00%
SEEF Properties
Bahrain b.s.c. 1,214,577 644,372.12 0.95% New 4.80% 4.71%
Gulf Warehousing
Qatar 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%
ABU DHABI COMMERCIAL
U.A.E. 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 Commercial
Bahrain 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 STJ 4011 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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November 16, 2016 09:30 ET (14:30 GMT)
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