Tundra Fonder AB

This year Tundra's annual Christmas Donation will go to the organization CARE Philippines - a part of CARE International - working to fight poverty and achieve social justice by empowering women and girls. Gender equality is intrinsically linked to sustainable development: women represent half the world’s population yet face systemic deprivations relative to men in all societies. “We cannot eradicate poverty while inequality persists. Discrimination against women and girls has negative implications for global security and development, economic performance, food security, health, climate and the environment, governance, and stability.” - CARE Wishing you all a restful Christmas and a peaceful New Year ✨ // Team Tundra #SDG5 #womenempowerment #genderequality #PAI #WEPs #LeaveNoOneBehind

Monthly letter no. 11 is out! This month, we dive into Pakistan’s standout performance, the impact of the American election on frontier markets, and other key developments. Read it here: https://bit.ly/41qg8RF

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This week, Tundra is in #India for corporate meetings and updates on-the-ground. India, the world's most populous nation, has rapidly positioned itself as a key global player. With an expected annual real GDP growth rate of over 6% the coming decade, it is expected to become the world's third largest economy in a few years. Understanding how these global dynamics are shifting is essential for any investor, regardless of geographical focus. India's development also highlights how stability is a critical component in driving the success of emerging economies.

Tundra embarked on a road trip across Java yesterday, one of #Indonesia’s 17,000 islands. With a population of 280 million and a GDP per capita just under USD 5,000, Indonesia aligns well with Tundra’s thematic definition of frontier markets—low-income and lower-middle-income countries poised to play an increasingly significant role in the global economy. Here, we seek out companies led by trustworthy owners and management, engaged in activities that will become more vital over time and whose success benefits society as a whole. #Emergingmarkets #Frontiermarkets

Monthly letter no. 10 is out! Strong contributions from Pakistan, Sri Lanka, Vietnam, and Egypt. Systems Ltd and Juhayna Foods impressed. Interest rate cuts in Pakistan, exciting corporate events in Kaspi, and much more. Read more here: https://bit.ly/3CkHb6z

In October, Tundra travelled to #Pakistan, engaging with over 25 companies and to gain insights on the ground. Overall, there’s a shared sense of optimism among businesses, with expectations for inflation and currency stability, as well as a projected decline in interest rates to the low teens by 2025. Notably, we observed a strategic shift among companies, focusing more on localization and import substitution, as well as exports, compared to five years ago. We are also encouraged by the rapid build-out of renewable energy. It bodes well for the long-term energy imports balance which historically has been the main culprit for Pakistan’s recurring crises. Join us on our trip and for an inside look at the offices of Systems and the factories of PEL and Airlink! Disclaimer: Investment involves risk.

As part of our engagement efforts Tundra has recently joined other institutional investors in co-signing an open letter to emphasize the urgent need for the Korea’s Financial Services Commission to finalize a clear roadmap for mandatory sustainability-related disclosures by year-end 2024, and mandate climate-related disclosures through a phased approach by 2026.  The investor group, responsible for over USD 3.5 trillion (₩4,700+ trillion) in assets under management, is led by Asia Investor Group on Climate Change (AIGCC) is the leading investor network in Asia focused on climate change, with over 70 institutional investor members managing a total of $28 trillion in AUM. In Korea, AIGCC has been engaging with Korean companies through Climate Action 100+ and through its Korea Working Group launched in July 2024. Tundra is a founding signatory of the Climate Action 100+, an investor led initiative tailored to improving governance on climate change, curbing emissions and strengthening climate-related financial disclosures by the world’s largest corporate greenhouse gas emitters.

Monthly letter no. 9 is out! In this edition, we discuss key movements in Indonesia, Kazakhstan, and the Philippines, plus insights from our recent visit to Pakistan. We also highlight some stock performance and market updates. Read the full letter here: https://bit.ly/485DNsa