Tundra Pakistan Fund celebrated its five year anniversary during the past month. It has undoubtedly been an exciting period since the fund was launched on the 14th of October 2011:…

After a trendless July, August and first half September, frontier markets broke out towards the end of the month and ended September at +3.2% (SEK). Frontier markets hence outperformed emerging…

The past month was uneventful and MSCI Frontier Markets xGCC Net fell 1% (SEK). Frontier markets in Asia outperformed the rest of the asset class with Sri Lanka rising 7%…

Frontier markets rose 1.9% (MSCI Frontier Markets xGCC Net SEK) during the past month. If it wasn’t for index heavyweight Nigeria, the performance would have been even better and in…

Please find Tundra’s Monthly Letter for June attached. June was all but a quite summer month, frontier markets (MSCI FMxGCC net ) fell  1.7% compared to  MSCI Emerging Markets rising…

Return wise, May was a strong month for frontier markets (+6.5% in SEK). Nigeria as well as Kazakhstan outperformed rising 20%. Year-to-date frontier markets have returned 5%, outperforming emerging (+1%)…

April was a positive month for frontier market (+2% in SEK terms) where the asset class outperformed emerging as well as developed markets. The positive development was broad based and…

Hopes of commodities having troughed and dovish statements from the Fed boosted major emerging markets. Despite this, frontier markets did not join the bull run. MSCI Frontier Markets xGCC Net…

After a tough start of the year, frontier markets rose on a broad base in February. While emerging as well as developed markets fell in February, frontier markets rose 2%…

Frontier markets fell 3% (SEK) during the past month and hence outperformed emerging (-4%) and well as developed markets (-5%). Commodity exporters, primarily Nigeria and Argentina, suffered the most from…