Monthly Report June 2013 Summary - Tundra fonder

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Jun 28, 2013 ... were Netsol Technology (+18%), Lucky Cement (+15%) a nd Habib. Ba nk (+13 %). The worst performing holdings were Engro Corp (-17%),.
Monthly Report June 2013

Summary

Tundra Pakistanfond vs benchmark 160 140 120 100 80 okt-11

dec-11

feb-12

apr-12

jun-12

aug-12

Tundra

okt-12

dec-12

feb-13

apr-13

Performance

Portfolio data 1 mo nt h

YTD 1 ye a r

St a rt

The fund

-1,3%

27,9%

42,4%

48,1%

Active risk (Tracking error)*

MSCI Pak Net (SEK)

-4,8%

23,4%

34,1%

41,5%

Standard deviation *

n.a. 18,4%

Beta * 28 June 2013 NAV (SEK):

0,82

* Since launch October 14th 2011

148,06

Tundra Pakistanfond - 10 largest holdings

Manager's comment

10,0% 8,0%

6,0% 4,0%

Lucky Cement

Engro Foods

United Bank

Packages

Pakistan Oilfields

Engro Corp

Pakistan Telecom

OGDC

0,0%

Pakistan Petroleum

2,0% National Bank of Pak.

jun-13

MSCI Pakistan Net return

Sector allocation Telecommu nication Services 6%

The fund fell 1.3% (SEK) i n June, compared to MSCI Pa kistan net whi ch fell 4.8%. Pa kistan did not escape the generally weaker return i n frontier markets. The daily turnover on the Ka rachi Stock Exchange i n the past month amounted to USD 103 m, i n l ine with the USD 102 m obs erved i n Ma y. Foreign investors were net buyers of USD 42 m, ha l f the l evel i n Ma y of USD 81 m. The best performing holdings (SEK) were Netsol Technology (+18%), Lucky Cement (+15%) a nd Habib Ba nk (+13%). The worst performing holdings were Engro Corp (-17%), Murree Brewery (-12%) and Adamjee Insurance (-12%). The fund’s outperformance vs benchmark s temmed primarily from the fund’s underweight i n MCB Ba nk. The fund divested i ts holding i n the bank entirely by mi d-month. Short term, the market will be focusing on a ny res ult from Pakistan’s negotiations with the IMF a s well as potential news regarding loans from Saudi Ara bia.

Facts Utilities 2%

Cash 2%

Consumer Staples 13%

Launch date

2011-10-14

Launch price

100

Pricing

Daily

Management fee (ann)

Consumer Discretionary 8%

Materials 24%

Risk level

2,50% 7 of 7 (read KIID for more info)

Manager Benchmark index

Tundra Fonder AB MSCI Pakistan Net (SEK)

Bank account ISIN code Health Care 1% Financials 23%

Energy 21%

SE0004211308

PPM no For more information on how to purchase units in the fund contact Tundra Fonder at +46 8 551 145 70 or at [email protected]

More information about our funds is available in the full prospectus or the KIID for each and respective fund. Contact us if you want us to send these documents to you.

SEB 5851-1076190 705806