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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 : 4047G
Terra Capital PLC
01 March 2018
Terra Capital Plc
Fund Manager's Update Regarding Q4 2017
Legal Entity Identifier: 2138006S6U2X7L4R8V74
Terra Capital Plc. ('TCA' or the 'Fund'), the AIM quoted investment company 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 2017.
The Fund Manager's update covering Q4 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
March 1, 2018
Terra Partners Asset Management Limited ('TPAM' or the 'Fund Manager') presents its Fourth 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 4th Quarter 2017 Return & Portfolio
The Fund's NAV increased to $1.149 at December 31st, 2017 from $1.12 at September 30, 2017, a net total return of 2.59% for the quarter.
The Fund's investment level (equity, fixed income, and hedging) decreased from 88.8% as of September 30th, 2017 to 81.40 as of December 31st, 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. This decrease in the level of investment is largely due to the Fund's efforts to raise cash in anticipation of the share tender offer that is expected to take place in the 1st quarter of 2018.
Specific Areas of Investment
Europe: The Fund's exposure to Europe decreased from 22.7% to 21.0% of the portfolio. The Fund liquidated its position in Silvano Fashion Group (Estonia). It also increased its position in Kernel (Ukraine).
Americas: The Fund's exposure to the Americas decreased from 21.5% to 20.9% and is the Fund's second largest regional exposure. The Fund decreased its positions in NCBJ (Jamaica), JMMB (Jamaica), Ferreycorp (Peru), Copa Holdings (Panama), and IRSA (Argentina). The Fund liquidated its position in Terra Argentine Fund (Argentina).
Asia: The Fund's exposure to Asia decreased slightly from 12.7% to 11.9%. The Fund increased its positions in Summit Power (Bangladesh) and Great Wall Motor Company (China).It decreased its position in Square Pharma (Bangladesh and Qingling Motors (China).
Middle East: The Fund's exposure to the Middle East decreased from to 18.2% to 14.7%. The Fund decreased its position in Oman Cement (Oman) and liquidated its positions in Abu Dhabi Commercial Bank (UAE), Amanat Holdings (UAE), and Mezzan Holdings (Kuwait).
Africa: TCA's Africa allocation decreased from 13.8% to 12.8%. The Fund increased its position in Residences Dar Saada (Morocco) and liquidated its position in Holdsport (South Africa).
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 4Q 4Q
Value of Change US$ LC$
Fund Total Total
Return Return
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- ----------- -------- --------
Any Security
EUROPE Hungary Printing 593,457 3,060,770 4.34% No Change 0.87% -0.96%
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- ----------- -------- --------
Galenika-Fitofarmacija
Serbia DP 79,115 2,268,528 3.21% No Change 8.47% 6.05%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Kazakhstan KCELL 397,630 2,167,084 3.07% No Change -2.68% -2.68%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Komercijalna
Banka
Macedonia A D Skopje 28,845 1,562,883 2.21% No Change -1.59% -2.99%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
QF Polis
Italy Fund 1,789 1,264,465 1.79% No Change 2.52% 1.03%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Bulgaria Speedy 47,518 1,262,330 1.79% No Change 0.33% -1.14%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Gorenje
Slovenia Velenje 175,399 1,073,442 1.52% No Change -10.77% 12.07%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Kernel
Holding
Ukraine SA 61,923 981,923 1.39% Increase -10.46% -14.59%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Fabryki
Mebli
Poland Forte 58,000 833,165 1.18% No Change -27.95% -31.27%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Crnogorski
Telecom
Montenegro A.D. 217,624 410,892 0.58% No Change -18.12% -19.31%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Silvano
Fashion
Group
Estonia AS - - 0.00% Liquidated
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- ----------- -------- --------
14,885,481 21.08%
------------------------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Square
ASIA Bangladesh Pharma 515,910 1,883,013 2.67% Decrease 6.65% 7.26%
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- ----------- -------- --------
Travellers
International
Philippines Hotels 19,782,000 1,579,385 2.24% No Change 5.46% 3.38%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Belle
Philippines Corporation 15,700,000 1,221,986 1.73% No Change 5.27% 3.19%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Summit
Power
Bangladesh Ltd. 2,786,398 1,209,755 1.71% Increase -9.40% -8.88%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Philippines RFM Corporation 11,003,750 1,097,064 1.55% No Change 14.07% 11.82%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Great
Wall
Motor
China Company 828,600 949,201 1.34% Increase -6.84% -6.77%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Qingling
China Motors 1,608,955 512,783 0.73% Decrease -2.42% -2.35%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
8,453,187 11.97%
------------------------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
MIDDLE Blom
EAST Lebanon Bank 137,672 1,748,434 2.48% No Change 0.00% 0.00%
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- ----------- -------- --------
Gulf
Warehousing
Qatar Company 99,107 1,189,554 1.68% No Change 4.43% 3.00%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Bank
Oman Muscat 1,104,455 1,130,566 1.60% No Change 0.13% 0.00%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Bank
of Bahrain
Bahrain and Kuwait 980,000 1,076,009 1.52% No change 3.53% 3.50%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Gulf
Hotel
Bahrain Group 704,700 981,190 1.39% No Change 1.97% 1.94%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
National
Bank
Kuwait of Kuwait 400,000 965,485 1.37% No Change -4.33% -4.34%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Ooredoo
Oman Oman 699,000 955,246 1.35% No Change 10.65% 10.50%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Oman
Oman Refreshment 175,000 932,060 1.32% No Change 7.75% 7.61%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Solidere
Lebanon - A Shares 114,499 917,137 1.30% No Change 0.13% 0.13%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Oman
Oman Cement 478,663 509,877 0.72% Decrease 2.12% 1.99%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Abu Dhabi
Commercial
UAE Bank - - 0.00% Liquidated
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- ----------- -------- --------
Amanat
UAE Holdings - - 0.00% Liquidated
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- ----------- -------- --------
Mezzan
Holding
Kuwait Co. - - 0.00% Liquidated
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- ----------- -------- --------
10,405,558 14.74%
------------------------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
National
Commercial
Bank
AMERICAS Jamaica Jamaica 3,653,441 2,932,716 4.15% Decrease 18.91% 14.34%
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- ----------- -------- --------
Refineria
La Pampilla
Peru SA 20,834,070 1,994,769 2.83% No Change 24.95% 24.00%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Jamaica
Money
Market
Jamaica Brokers 8,498,338 1,214,125 1.72% Decrease 17.65% 13.12%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Ferreycorp
Peru SAA 1,942,216 1,529,658 2.17% Decrease 20.63% 19.72%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Copa
Panama Holdings 10,365 1,389,532 1.97% Decrease 8.25% 8.25%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
IRSA
Inversiones
y Represent.
Argentina SA GDR 46,798 1,385,221 1.96% Decrease 26.56% 26.56%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
BB Votorantim
Brazil FII 54,300 985,186 1.40% No Change -7.94% -4.23%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
FII Vila
Olimpia
Brazil Corporate 34,000 887,849 1.26% No Change -4.03% -0.16%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
SDI Logistica
Brazil Rio FII 25,244 731,066 1.04% No Change 3.55% 7.72%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
FII Torre
Brazil Almirante 1,020 547,487 0.78% No Change -14.54% -11.10%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
FII Edificio
Brazil Galeria 518,327 518,327 0.73% No Change -13.46% -9.98%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
FDO S
F Lima
Brazil FII 578,259 485,301 0.69% No Change 12.47% 17.00%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
FII Imob
Projeto
Agua
Brazil Branca 1,800 186,113 0.26% No Change -5.45% -1.64%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Terra
Argentine
Fund
Argentina All Series - - 0.00% Liquidated
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- ----------- -------- --------
14,787,349 20.95%
------------------------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
South African
AFRICA Africa Oxygen 707,000 1,600,867 2.27% No Change 35.91% 23.85%
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- ----------- -------- --------
Emaar
Misr
Egypt for Development 7,361,000 1,469,633 2.08% No Change 7.06% 7.90%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
One Tech
Tunisia Holding 248,305 1,337,150 1.89% No Change 11.40% 11.26%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Kenya KCB Group 2,867,000 1,187,638 1.68% No Change 4.33% 4.27%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Burkina Onatel
Faso BF 60,809 1,064,416 1.51% No Change 25.61% 24.16%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Residences
Morocco Dar Saada 60,083 1,002,651 1.42% Increase -7.38% -8.16%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Automobile
Reseau
Tunisien
Tunisia et Services 246,934 618,033 0.88% No Change -7.07% -7.19%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Tunisie
Tunisia Leasing 87,818 496,307 0.70% No Change -5.54% -5.66%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Nigerian
Nigeria Breweries 833,247 312,236 0.44% No Change -17.88% -17.65%
------------- ----------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
South
Africa Holdsport - - 0.00% Liquidated
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- ----------- -------- --------
9,088,931 12.87%
------------------------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Total
Equity
Holdings 57,620,505 81.62%
------------------------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Cash 12,932,505 18.32%
------------------------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Hedging 44,500 0.06%
------------------------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
Total
Fund 70,597,510
------------------------------------------------- ------------------------- ------------------------------- ------- ----------- -------- --------
*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 company 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
MSCBBGDXDDGBGIB
(END) Dow Jones Newswires
March 01, 2018 06:25 ET (11:25 GMT)
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