|
Tera Capital Fund was launched by Altima Asset Management in April 2005 as a fund of funds focused primarily on Russia. It was the first and remains the only fund of funds in the world with this specific geographic focus. It is also singular in that Altima Asset Management, the investment management company that manages Tera, charges no fees other than a success fee and also covers all of Tera's expenses. Tera remains the only fund managed by Altima.
Tera was ranked number 2 among 2,336 funds of funds worldwide in terms of performance YTD through April 2010. For 2009, Tera was ranked number 8 in the world in terms of annual performance; for 2005, Tera was ranked number 1 in the world.
Prior to the recent economic crisis, Altima guided Tera to net returns to investors exceeding 35% annually since inception. Even during the crisis at no time did early Tera investors lose any money -- even on paper. Tera has proven to be a particularly strong defensive investment, while providing excellent returns. While Russian equity markets fell back to levels last reached almost 6 years ago and US equity markets fell back to levels reached more than 12 years ago, Tera gave up approximately 3.5 years of gains -- and has already recovered most of that.
Including the crisis and since inception, Tera has returned almost 17% annually to its shareholders. At no time during the crisis did early investors in Tera lose any money, even on paper.
Among the almost 2,400 funds of funds worldwide ranked by Eurekahedge and out of the 59 months that Tera has been ranked by that company since inception, Tera has been ranked No. 1 in monthly performance four times, in the top 10 eight times, has been ranked No. 1 in performance YTD seven times, has been ranked in the top 10 fourteen times, has been ranked No. 1 in terms of annualized performance since inception 10 times, and has been ranked in the top 10 forty times.
During every general market downturn of more than 10% in Russia since its inception, Tera has fallen far less than the total market and other funds: generally experiencing only approximately 30% of the overall percentage decrease. This has given it a Sharpe Ratio that is far higher than that of all major Russian indices and the average of other funds. The distinction has grown during the crisis, when Tera's Sharpe Ratio has remained significantly positive, while the Sharpe ratios of all Russian indices and almost every Russian fund have turned negative.
|