Altima Asset Management: Home

Home

Overview

Performance (net of fees)

Home

Altima Asset Management

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.

Returns	Tera (%)	RTS MICEX ROL Avg	AAM Index (%)
June 2010	(0.20)	(5.61)	(4.75)
YTD	(1.06)	(13.49)	(4.23)
Since Fund Inception (Apr 05)	68.05	48.74	62.50
Annualized Monthly Return	13.82	12.84	12.88
Annualized Standard Deviation	25.31	40.36	32.76
Sharpe Ratio, last 12 m	1.72	0.89	1.28
Sharpe Ratio since inception	0.45	0.33	0.32

Sector Breakdown

Fund Monthly Growth

Tera Capital Fund Summary

Cayman Islands registered fund of funds focused on Russia and the Commonwealth of Independent States (CIS)
Managed by an American and a Russian senior investment professional, each having more than 15 years experience in target markets
Annualized rate of return of over 35% during first three years after inception, more than 16% including the crisis
Sharpe Ratio of Fund significantly exceeds that of any relevant stock market index and major Russian funds
The only funds in the world charging no management fee and paying no expenses
Consistently ranked among the top funds of funds in the world by Eurekahedge

Shares or interests in these funds should only be purchased by persons with professional experience of participating in unregulated, illiquid, risk oriented and potentially leveraged investments and any other person who receives these documents should not rely upon them. Securities described herein are not registered with any regulatory authority. Receipt of these documents is not an offer to purchase or sell securities. Solicitations are made only pursuant to a Private Placement Memorandum.

Documents related to these investments contain information derived from information published by or on behalf of the investment funds concerned and is believed to be reliable. Most recent performance figures are estimates and therefore indicative, unaudited and are subject to change.

The value of investments may fall as well as rise and past performance should not be viewed a guides to future performance.
Investment in unregulated funds carries the risk of total loss of capital.

Prospective investors should inform themselves as to the legal requirements within their own countries for the purchase of any security and to the applicable tax, exchange control, or other law or regulation applicable to them. It is the responsibility of any prospective investor to satisfy applicable laws and regulations of relevant jurisdiction, including obtaining any requisite governmental or other consent and observing any other formality prescribed in that jurisdiction. Any person requesting a Private Placement Memorandum regarding these securities will be deemed to be fully informed, and compliant with applicable regulation, and warrants that any subsequent subscription does not violate the laws or regulation of any relevant jurisdiction.