We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| 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 Apr 2019 to Apr 2024
TIDMTCA
RNS Number : 3082V
Terra Capital PLC
02 November 2017
Terra Capital Plc
Fund Manager's Update Regarding Q3 2017
Legal Entity Identifier: 2138006S6U2X7L4R8V74
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 2017.
The Fund Manager's update covering Q3 2017 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 2, 2017
Terra Partners Asset Management Limited ('TPAM' or the 'Fund Manager') presents its Third Quarter 2017 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 2017 Return & Portfolio
The Fund's NAV increased to $1.12 at September 30, 2017 from $1.085 at June 30, 2017, a net total return of 3.6% for the quarter.
The Fund's investment level (equity, fixed income, and hedging) increased from 85.9% as of June 30(th) , 2017 to 88.8% as of September 30(th) , 2017. These figures no longer include the uncalled capital commitment to Terra Argentine Fund, L.P. ("TAF"). In addition, TAF has been completely liquidated and the proceeds distributed back to investors apart from a small residual value still held in the fund. This increase in the level of investment is largely the result of the addition of three new positions which overshadowed the liquidation of TAF.
Specific Areas of Investment
Europe: The Fund's exposure to Europe decreased marginally from 22.8% to 22.7% of the portfolio. The Fund liquidated its position in X5 Retail. There were no other changes made during the quarter.
Americas: The Fund's exposure to the Americas increased from 20.8% to 21.5% and is the Fund's second largest regional exposure. The Fund increased its position in Refineria La Pampilla (Peru) and decreased its positions in NCB Group (Jamaica) and Terra Argentine Fund (Argentina).
Asia: The Fund's exposure to Asia decreased slightly from 12.8% to 12.7%. The Fund increased its positions in Summit Power (Bangladesh) and Qingling Motors (China).
Middle East: The Fund's exposure to the Middle East increased from 16.6% to 18.2%. The Fund added two new positions, National Bank of Kuwait (Kuwait) and Mezzan Holding Co. (Kuwait). It liquidated its position in Al Meera Consumer Goods (Qatar).
Africa: TCA's Africa allocation increased from 12.9% to 13.8%. The Fund increased its position in Emaar Misr (Egypt), African Oxygen (South Africa), and Nigerian Breweries (Nigeria). It added a new position in KCB Group (Kenya) and liquidated its position in Cooperative Bank (Kenya).
Fund Details
The following page 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
Region Country Security Shares Market % Position 2Q 2Q
Value of Change US$ LC$
Fund Total Total
Return Return
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- ----------- --------- --------
Any Security
EUROPE Hungary Printing 593,457 3,031,146 4.39% No Change 3.42% 0.45%
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- ----------- --------- --------
Kazakhstan KCELL 397,630 2,226,728 3.22% No Change 51.35% 51.35%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Galenika-Fitofarmacija
Serbia DP 79,115 2,093,740 3.03% No Change 6.79% 1.86%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Komercijalna
Banka
Macedonia A D Skopje 28,845 1,585,494 2.30% No Change 11.82% 7.74%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Bulgaria Speedy 47,518 1,257,120 1.82% No Change 8.13% 4.39%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
QF Polis
Italy Fund 1,789 1,232,185 1.78% No Change 3.76% 0.17%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Gorenje
Slovenia Velenje 175,399 1,201,855 1.74% No Change -3.15% -6.50%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Fabryki
Mebli
Poland Forte 58,000 1,155,869 1.67% No Change -10.29% -11.66%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Kernel
Holding
Ukraine SA 61,923 943,814 1.37% No Change -12.88% -14.20%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Crnogorski
Telecom
Montenegro A.D. 217,624 501,347 0.73% No Change -6.05% -9.30%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Silvano
Fashion
Group
Estonia AS 148,299 457,273 0.66% No Change 4.10% 0.50%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
X5 Retail
Russia GDR - - 0.00% Liquidated
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- ----------- --------- --------
15,686,571 22.71%
------------------------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Square
ASIA Bangladesh Pharma 522,707 1,946,558 2.82% No Change 3.30% 5.48%
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- ----------- --------- --------
Travellers
International
Philippines Hotels 19,782,000 1,496,575 2.17% No Change 10.48% 11.27%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Summit
Power
Bangladesh Ltd. 2,778,534 1,332,291 1.93% Increase 1.77% 3.92%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Qingling
China Motors 3,612,615 1,179,293 1.71% Increase 1.95% 2.00%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Belle
Philippines Corporation 15,700,000 1,159,992 1.68% No Change -2.53% -1.83%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Philippines RFM Corporation 11,003,750 973,018 1.41% No Change 0.40% 1.12%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Great
Wall
Motor
China Company 548,600 674,197 0.98% No Change -0.47% -0.41%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
8,761,924 12.68%
------------------------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
MIDDLE Blom
EAST Lebanon Bank 137,672 1,748,434 2.53% No Change 4.96% 4.96%
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- ----------- --------- --------
Gulf
Warehousing
Qatar Company 99,107 1,139,090 1.65% Increase -10.51% -11.02%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Bank
Oman Muscat 1,104,455 1,130,302 1.64% No Change 5.39% 5.35%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Abu Dhabi
Commercial
UAE Bank 558,000 1,078,687 1.56% No Change 1.28% 1.28%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Bank
of Bahrain
Bahrain and Kuwait 980,000 1,039,236 1.50% No change 2.05% 2.04%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
National
Bank New
Kuwait of Kuwait 400,000 1,007,880 1.46% Position 8.62% 8.71%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Gulf
Hotel
Bahrain Group 704,700 962,144 1.39% No Change -0.95% -0.96%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Solidere
Lebanon - GDR 114,499 889,660 1.29% No Change 2.43% 2.43%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Oman
Oman Refreshment 175,000 865,932 1.25% No Change -4.71% -4.75%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Ooredoo
Oman Oman 699,000 864,241 1.25% No Change 5.82% 5.78%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Amanat
UAE Holdings 2,430,000 754,247 1.09% No Change 0.00% 0.00%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Oman
Oman Cement 601,950 628,546 0.91% No Change -9.83% -9.87%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Mezzan
Holding New
Kuwait Co. 160,000 442,355 0.64% Position -1.92% -1.76%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Al Meera
Consumer
Qatar Goods - - 0.00% Liquidated
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- ----------- --------- --------
12,550,753 18.17%
------------------------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
National
Commercial
Bank
AMERICAS Jamaica Jamaica 4,331,719 2,942,332 4.26% Decrease 25.36% 26.54%
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- ----------- --------- --------
Copa
Panama Holdings 12,965 1,614,531 2.34% No Change 7.09% 7.09%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Refineria
La Pampilla
Peru SA 20,834,070 1,595,014 2.31% Increase 10.51% 11.11%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Jamaica
Money
Market
Jamaica Brokers 8,500,000 1,459,815 2.11% No Change 10.38% 11.42%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Ferreycorp
Peru SAA 2,107,381 1,374,589 1.99% No Change 17.05% 17.68%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
IRSA
Inversiones
y Represent.
Argentina SA GDR 49,498 1,215,176 1.76% No Change 1.78% 1.78%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
BB Votorantim
Brazil FII 54,300 1,081,502 1.57% No Change 8.69% 4.83%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
FII Vila
Olimpia
Brazil Corporate 34,000 943,650 1.37% No Change 13.32% 9.29%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
SDI Logistica
Brazil Rio FII 25,244 724,016 1.05% No Change 7.14% 3.33%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
FII Torre
Brazil Almirante 1,020 644,937 0.93% No Change 19.25% 15.01%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
FII Edificio
Brazil Galeria 39,200 606,013 0.88% No Change 6.54% 2.75%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Terra
Argentine
Fund
Argentina All Series 16,241 0.76% Decrease
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
FDO S
F Lima
Brazil FII 589,582 449,209 0.65% No Change 15.84% 11.73%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
FII Imob
Projeto
Agua
Brazil Branca 1,800 201,425 0.29% No Change 18.59% 14.38%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
14,868,450 21.52%
------------------------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Emaar
Misr
AFRICA Egypt for Development 7,361,000 1,372,885 1.99% Increase 24.23% 20.96%
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- ----------- --------- --------
South African
Africa Oxygen 707,000 1,202,993 1.74% Increase 14.35% 18.21%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
One Tech
Tunisia Holding 248,305 1,197,625 1.73% No Change 18.83% 20.50%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
South
Africa Holdsport 234,426 1,155,993 1.67% No Change 12.13% 15.91%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
New
Kenya KCB Group 2,867,000 1,139,021 1.65% Position 6.24% 5.62%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Residences
Morocco Dar Saada 60,083 1,063,404 1.54% No Change -1.14% -3.62%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Burkina Onatel
Faso BF 60,809 812,822 1.18% No Change -17.24% -18.04%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Automobile
Reseau
Tunisien
Tunisia et Services 246,934 663,550 0.96% No Change -14.62% -13.42%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Tunisie
Tunisia Leasing 87,818 524,244 0.76% No Change -6.13% -4.81%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Nigerian
Nigeria Breweries 833,247 382,969 0.55% Increase -7.36% 2.48%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Cooperative
Kenya Bank - - 0.00% Liquidated 5.29% 5.49%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
9,515,506 13.77%
------------------------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Total Total
Equity Equity
Holdings 61,383,205 88.86% Holdings
------------------------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Cash 7,666,148 11.10% Cash
------------------------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Hedging 31,700 0.05% Hedging
------------------------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
Total Total
Fund 69,081,053 Fund
------------------------------------------------- ------------------------- ------------------------------- ------- ----------- --------- --------
* 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
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
MSCBLBDBDGGBGRB
(END) Dow Jones Newswires
November 02, 2017 03:00 ET (07:00 GMT)
1 Year Terra Capital Chart |
1 Month Terra Capital Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
