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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 Apr 2019 to Apr 2024
TIDMTCA
RNS Number : 7164U
Terra Capital PLC
20 January 2017
Terra Capital Plc
Fund Manager's Update Regarding Q4 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 Q4 2016.
The Fund Manager's update covering Q4 2016 is reproduced below.
Terra Partners Asset Management Limfited
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
January 20(th) , 2017
Terra Partners Asset Management Limited ('TPAM' or the 'Fund Manager') presents its Fourth 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 4(th) Quarter 2016 Return & Portfolio
The Fund's NAV increased to $1.016 at December 31, 2016 from $0.997 as of September 30, 2016, a net total return of 1.9% for the quarter. For the calendar year, the Fund's NAV increased 13.9%, which includes the dividend payment in February 2016.
The Fund's investment level (equity, fixed income and hedging) increased from 85.8% at September 30 (including commitment to Terra Argentine Fund, L.P.) to 86.3% at December 31. The Fund has maintained an excess of cash in order to fund the expected take-up of the tender offer that was announced on December 12, 2016.
Specific Areas of Investment
Americas
The allocation to the Americas increased from 23.5% to 25.5% and is 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 from 20.2% to 18.9% and is the second largest regional allocation. The Fund liquidated its position in Hrvatski Telekom (Croatia) and decreased its positions in X5 Retail (Russia) and Silvano Fashion Group (Estonia). The Fund added a new position in Fabryki Mebli Forte (Poland).
Asia
The Fund's exposure to Asia decreased marginally from 16.4% to 16.3%. The Fund liquidated its position in Century Pacific Food (Philippines) and decreased its position in Bank of Georgia (Georgia). The Fund added a new position in Great Wall Motor Company (China) and increased its position in Summit Power (Bangladesh).
Middle East
The Fund's exposure to the Middle East increased on the quarter from 15.7% to 16.2%. The Fund increased its positions in Blom Bank (Lebanon), Abu Dhabi Commercial Bank (UAE), and Solidere (Lebanon) and initiated a new position in Ooredoo (Oman). The Fund liquidated its position in Seef Properties (Bahrain).
Africa
The allocation to Africa decreased slightly from 10.0% to 9.4%. The Fund decreased its positions in UACN (Nigeria), Residences Dar Saada (Morocco) and liquidated its position in Umeme (Uganda). The Fund initiated new positions in Emaar Misr for Development (Egypt) and Co-operative Bank of Kenya (Kenya). There were no other portfolio changes during the period.
Fund Details
The following pages detail 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 4Q 4Q
in US$ LC$
Market % of Share Total Total
Region Country Security Shares Value Fund Holdings Return Return
---------- ------------- ------------------------ ----------- ----------- ------- ----------- -------- --------
Residences Dar
AFRICA Morocco Saada 55,843 1,019,485 1.47% Decrease 4.37% 8.66%
South No
Africa Holdsport Ltd. 230,501 989,040 1.42% Change 4.76% 4.75%
No
Tunisia One Tech Holding 248,305 916,215 1.32% Change 8.56% 13.33%
Automobile reseau
tunisien et No
Tunisia services 246,934 837,192 1.21% Change -4.70% -0.51%
No
Tunisia Tunisie Leasing 87,818 699,921 1.01% Change -4.58% -0.38%
Burkina No
Faso Onatel BF 29,509 563,360 0.81% Change -11.50% -6.25%
South Onelogix Group No
Africa Ltd. 2,128,792 519,257 0.75% Change 12.02% 12.04%
Emaar Misr for
Egypt Development 2,998,000 479,734 0.69% New -36.47% 29.46%
Co-operative
Kenya Bank of Kenya 2,974,100 383,118 0.55% New 5.63% 6.88%
Nigeria UAC of Nigeria 1,043,009 55,628 0.08% Decrease -19.18% -19.18%
Nigerian Breweries No
Nigeria PLC 70,000 32,867 0.05% Change -0.67% -0.67%
Uganda Umeme Ltd. 0 0 0.00% Liquidated -10.70% -4.57%
------------- ----------------------------------- ----------- ----------- ------- ----------- -------- --------
6,495,817 9.35%
AMERICAS Brazil XXXX 745,146 4,063,598 5.85% Increase
Terra Argentine No
Argentina Fund LP 1,700,000 2,671,868 3.85% Change
National Commercial No
Jamaica Bank Jamaica 5,431,719 2,101,408 3.03% Change 21.52% 22.65%
Terra Argentine No
Argentina Fund LP Commitment 1,700,000 2.45% Change
Scotia Group No
Jamaica Jamaica 5,429,031 1,543,770 2.22% Change 15.60% 16.67%
IRSA Inversiones
y represent. No
Argentina SA GDR RCTP 81,433 1,501,625 2.16% Change -2.90% -2.90%
Copa Holdings No
Panama SA - Class A 15,265 1,386,520 2.00% Change 3.88% 3.88%
Jamaica Money
Market Brokers No
Jamaica - Jamaica 8,500,000 953,652 1.37% Change 12.19% 13.23%
No
Peru Ferreycorp SAA 1,827,387 920,228 1.33% Change 3.62% 2.42%
Refineria La
Peru Pampilla SA 12,664,695 879,283 1.27% Decrease -10.37% -11.41%
------------- ----------------------------------- ----------- ----------- ------- ----------- -------- --------
17,721,951 25.52%
No
ASIA Bangladesh Square Pharma 692,707 2,186,435 3.15% Change 3.09% 3.50%
Bangladesh Summit Power 2,596,398 1,217,267 1.75% Increase 14.80% 15.26%
No
Philippines RFM Corporation 11,003,750 1,131,434 1.63% Change 18.33% 21.43%
Kcell JSC - No
Kazakhstan GDRs 318,630 1,019,616 1.47% Change -4.76% -4.76%
No
China Qingling Motors 3,042,615 922,165 1.33% Change -0.40% -0.42%
No
Philippines Belle Corp 12,000,000 774,194 1.11% Change 4.64% 7.38%
Ardent Leisure No
Australia Group 372,606 629,205 0.91% Change -19.76% -14.80%
Travellers International No
Philippines Hot 9,300,000 616,875 0.89% Change -2.55% 0.00%
No
Philippines Emperador Inc. 4,279,000 603,891 0.87% Change -5.91% -3.45%
Great Wall Motor
China Company-H 569,000 531,306 0.77% New -4.08% -4.11%
Bank of Georgia
Georgia Holdings Plc 12,480 458,987 0.66% Decrease -2.20% 2.75%
Lotte Chilsung
beverage Co No
Korea - Pref 749 441,016 0.64% Change -12.47% -3.92%
Kumho Petro
Chemical Co No
Korea - PFD 17,850 433,730 0.62% Change -3.64% 5.78%
Shinyoung Securities No
Korea LTD 8,370 347,064 0.50% Change -7.89% 1.11%
Century Pacific
Philippines Food Inc. 0 0 0.00% Liquidated -2.67% -0.12%
------------- ----------------------------------- ----------- ----------- ------- ----------- -------- --------
11,313,185 16.29%
Any Security
Printing Co.Plc No
EUROPE Hungary (AlamiNyomda) 553,679 2,142,325 3.08% Change 0.94% 7.57%
Galenika-Fitofarmacija No
Serbia DP 79,115 1,839,491 2.65% Change -8.69% -2.79%
No
Italy QF Polis 1,789 1,538,202 2.21% Change -9.32% -3.88%
Komercijalna No
Macedonia Banka AD Skopje 28,845 1,407,329 2.03% Change 8.71% 16.51%
Kernel Holding No
Ukraine SA 86,323 1,317,003 1.90% Change -1.01% 8.00%
Russsia X5 Retail GDR 39,416 1,279,049 1.84% Decrease 12.01% 12.01%
No
Slovenia Gorenje Velenje 175,399 1,106,617 1.59% Change -28.72% -24.11%
Crnogorski Telekom No
Montenegro a.d. 222,624 660,696 0.95% Change -7.07% -1.07%
FABRYKI MEBLI
Poland FORTE SA 34,955 634,779 0.91% New -7.12% 1.33%
Silvano Fashion
Estonia Group AS 148,299 461,967 0.67% Decrease 32.39% 41.01%
QF BNL Portfolio No
Italy IMM 845 414,848 0.60% Change -15.74% -8.89%
No
Bulgaria Speedy AD 16,818 328,928 0.47% Change -5.44% 0.69%
Hrvatski Telekom
Croatia DD 0 0.00% Liquidated -3.47% 3.32%
------------- ----------------------------------- ----------- ----------- ------- ----------- -------- --------
13,131,234 18.91%
MIDDLE Blom Bank GDS
EAST Lebanon ord B shs 173,272 1,888,665 2.72% Increase 6.86% 6.86%
No
Oman Bank Muscat 995,671 1,220,667 1.76% Change 16.82% 16.83%
ABU DHABI COMMERCIAL
U.A.E. BANK 593,000 1,113,994 1.60% Increase 6.98% 6.98%
Lebanon Solidere- GDRs 109,849 1,098,494 1.58% Increase 4.93% 4.93%
No
U.A.E. Air Arabia PJSC 2,947,000 1,067,114 1.54% Change -2.21% -2.21%
Al Meera Consumer No
Qatar Goods 21,218 1,022,786 1.47% Change -14.37% -14.39%
No
Oman Oman Refreshment 175,000 979,545 1.41% Change 0.22% 0.23%
No
Qatar Doha Bank QSC 83,692 802,255 1.16% Change -6.18% -6.18%
Gulf Hotel Group No
Bahrain b.s.c. 444,273 754,143 1.09% Change -0.01% 0.00%
Gulf Warehousing No
Qatar Company 40,750 626,785 0.90% Change 1.85% 1.82%
No
Oman Oman Cement 464,950 572,432 0.82% Change 5.32% 5.33%
Oman OOREDOO 59,031 101,196 0.15% New -5.72% -5.71%
SEEF Properties
Bahrain b.s.c. 0 0 0.00% Liquidated 7.99% 8.00%
------------- ----------------------------------- ----------- ----------- ------- ----------- -------- --------
11,248,077 16.20%
Total Equity
Holdings 59,910,263 86.27%
Cash 9,538,403 13.73%
Total Fund 69,448,666
* These figures were prepared by the Fund Manager based on its internal records and calculations.
Revision of Licence - Terra Partners Asset Management Limited
In December 2016, the Malta Financial Services Authority issued TPAM with a revised Investment Services Licence to act as an Alternative Investment Fund Manager ('AIFM') in terms of Directive 2011/61/EU (the 'Alternative Investment Fund Managers Directive' or 'AIFMD'). Prior to this date, TPAM operated under a de minimis AIFM licence.
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
MSCZMGZMLGVGNZG
(END) Dow Jones Newswires
January 20, 2017 04:26 ET (09:26 GMT)
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