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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 : 6531M
Terra Capital PLC
01 May 2018
Terra Capital Plc
Fund Manager's Update Regarding Q1 2018
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 Q1 2018.
The Fund Manager's update covering Q1 2018 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
April 30, 2018
Terra Partners Asset Management Limited ('TPAM' or the 'Fund Manager') presents its First Quarter 2018 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 1(st) Quarter 2018 Return & Portfolio
The Fund's NAV increased to $1.172 at March 31(st) , 2018 from $1.149 at December 31(st) , 2017 a net total return of 2.0% for the quarter. This is compared to the MSCI Frontier Markets Index, which was up 5.1% during the quarter. The relative underperformance was driven largely by our underweights to Vietnam and Argentina.
Specific Areas of Investment
Europe: The Fund's exposure to Europe increased to 23.3% of the portfolio. The Fund liquidated its position in Crngorski Telekom (Montenegro) and decreased its position in KCELL (Kazakhstan) There were no other changes made during the quarter.
Americas: The Fund's exposure to the Americas decreased from 20.9% as of December 31(st) , 2017 to 16.6% as of March 31(st) , 2018. The Fund decreased its position in Ferreycorp (Peru), NCB Group (Jamaica), JMMB (Jamaica), IRSA (Argentina), Refineria La Pampilla (Peru) and SDI Logistica (Brazil), and liquidated its position in Copa Holdings (Panama).
Asia: The Fund's exposure to Asia decreased slightly from 11.9% to 11.7%. The Fund liquidated its position in Qingling Motors (China).
Middle East: The Fund's exposure to the Middle East decreased from to 14.7% to 13.7%. The Fund decreased its position in Gulf Warehousing Company (Qatar) and liquidated its positions in Oman Refreshment (Oman) and Oman Cement (Oman).
Africa: The Fund's Africa allocation increased slightly from 12.8% to 14.4%. The Fund increased its position in Nigerian Breweries (Nigeria), decreased its position in ARTES (Tunisia) and liquidated its positions in Residences Dar Saada (Morocco) and Tunisie Leasing (Tunisia).
Purchases: The Fund added to one position during the period and did not initiate any new positions.
Sales: The Fund liquidated seven positions and reduced its position in nine current holdings. The liquidated investments are the following: Crnogorski Telekom (Montenegro), Qingling Motors (China), Oman Refreshment (Oman), Oman Cement (Oman), Copa Holdings (Panama), Residences Dar Saada (Morocco), and Tunisie Leasing (Tunisia).
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 nu
Hot Features
Premium
%
Market of Position
Region Country Security Shares Value Fund Change
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- -----------
Any Security
EUROPE Hungary Printing 593,457 3,227,534 4.98% No Change
Galenika-Fitofarmacija
Serbia DP 79,115 2,367,076 3.65% No Change
Komercijalna
Macedonia Banka A D Skopje 28,845 2,074,144 3.20% No Change
Kazakhstan KCELL 377,630 1,808,848 2.79% Decrease
Bulgaria Speedy 47,518 1,233,107 1.90% No Change
Italy QF Polis Fund 1,789 1,206,520 1.86% No Change
Slovenia Gorenje Velenje 175,399 1,218,559 1.88% No Change
Kernel Holding
Ukraine SA 61,923 1,051,552 1.62% No Change
Fabryki Mebli
Poland Forte 58,000 907,350 1.40% No Change
Crnogorski
Montenegro Telecom A.D. - - 0.00% Liquidated
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- -----------
15,094,689 23.28%
ASIA Bangladesh Square Pharma 515,910 1,921,857 2.96% No Change
Travellers
International
Philippines Hotels 19,782,000 1,574,687 2.43% No Change
Summit Power
Bangladesh Ltd. 2,786,398 1,165,219 1.80% No Change
Philippines Belle Corporation 15,700,000 1,114,562 1.72% No Change
Philippines RFM Corporation 11,003,750 989,622 1.53% No Change
Great Wall
China Motor Company 828,600 830,843 1.28% No Change
China Qingling Motors - - 0.00% Liquidated
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- -----------
7,596,789 11.72%
MIDDLE
EAST Lebanon Blom Bank 137,672 1,679,598 2.59% No Change
Bank of Bahrain
Bahrain and Kuwait 980,000 1,169,668 1.80% No Change
Oman Bank Muscat 1,159,677 1,102,517 1.70% No Change
National Bank
Kuwait of Kuwait 420,000 1,051,121 1.62% No Change
Gulf Warehousing
Qatar Company 91,694 1,014,993 1.57% Decrease
Gulf Hotel
Bahrain Group 704,700 990,613 1.53% No Change
Solidere -
Lebanon GDR 114,499 974,386 1.50% No Change
Oman Ooredoo Oman 699,000 911,483 1.41% No Change
Oman Oman Refreshment - - 0.00% Liquidated
Oman Oman Cement - - 0.00% Liquidated
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- -----------
8,894,381 13.72%
National Commercial
AMERICAS Jamaica Bank Jamaica 3,065,835 2,412,876 3.72% Decrease
Refineria La
Peru Pampilla SA 18,064,485 1,595,160 2.46% Decrease
Jamaica Money
Jamaica Market Brokers 5,253,982 1,085,958 1.67% Decrease
BB Votorantim
Brazil FII 54,300 989,497 1.53% No Change
FII Vila Olimpia
Brazil Corporate 34,000 961,806 1.48% No Change
Ferreycorp
Peru SAA 1,182,833 930,874 1.44% Decrease
Brazil FII Torre Almirante 1,020 595,100 0.92% No Change
FII Edificio
Brazil Galeria 39,200 566,961 0.87% No Change
IRSA Inversiones
y Represent.
Argentina SA GDR 22,889 541,325 0.83% Decrease
FDO S F Lima
Brazil FII 578,259 465,224 0.72% No Change
SDI Logistica
Brazil Rio FII 14,456 448,200 0.69% Decrease
FII Imob Projeto
Brazil Agua Branca 1,800 197,623 0.30% No Change
Panama Copa Holdings - - 0.00% Liquidated
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- -----------
10,790,604 16.64%
Emaar Misr
AFRICA Egypt for Development 7,361,000 2,033,126 3.14% No Change
South Africa African Oxygen 707,000 1,851,395 2.86% No Change
Tunisia One Tech Holding 248,305 1,481,892 2.29% No Change
Kenya KCB Group 2,867,000 1,476,810 2.28% No Change
Burkina
Faso Onatel BF 60,809 969,887 1.50% No Change
Nigeria Nigerian Breweries 2,144,747 774,492 1.19% Increase
Automobile
Reseau Tunisien
Tunisia et Services 236,434 719,337 1.11% Decrease
Residences
Morocco Dar Saada - - 0.00% Liquidated
Tunisia Tunisie Leasing - - 0.00% Liquidated
---------- ------------- ------------------------ ------------------------- ------------------------------- ------- -----------
9,306,939 14.35%
Total Equity
Holdings 51,683,401 79.72%
Cash 13,151,734 20.28%
Hedging - 0.00%
------------------------------------------------- ------------------------- ------------------------------- ------- -----------
Total Fund 64,835,135
*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
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May 01, 2018 04:00 ET (08:00 GMT)
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