Altima Asset Management had difficulty identifying the most appropriate benchmarks for Tera Capital Fund. As the only fund of fund in its region, and as one of the few geographically targeted funds of funds in the world, there were no comparable investment vehicles.

AAM eventually settled on two basic benchmarks: the average of the three major Russian stock market indices (RTS, ROL and MSCI) and an average of Russia-focused (meaning at least 50% of assets invested in Russia) long equity funds. In effect, it created an entirely new index, which it now publishes monthly.

The Altima Asset Management Russian Long Equity Fund Index

The index consists of all Russia-focused long equity funds listed by Eurekahedge that were formed on or before April 2005. The following funds are currently included in the index:

The following funds were initially included on the list but have been removed from the Index because they closed or ceased reporting -- in all cases as a result of the economic that began in late 2008:

For any comments or suggestions, or to be added to the distribution list for the AAM Russian Fund Index, please contact: index@tera.ru.