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
