Tundra Fonder – the frontier markets specialist

Tundra Fonder is a Swedish fund manager specializing in the next generation of emerging markets, so-called frontier markets. Our focus is on countries that are currently classified by the World Bank as low-income or lower-middle-income countries, with large and young populations, and which today have low representation in a traditional emerging markets fund. Our goal is to offer a fund that makes inaccessible equity markets, accessible to all investors. Our strong historical performance can be derived from successful stock-picking, where our investment team in Sweden, Pakistan and Vietnam, look for the next generation of leading companies in what are expected to be some of the world’s fastest growing countries in the coming decades.

What we offer

Experience: Our managers have over 20 years of experience in investing in difficult-to-access emerging markets.

Specialist competence: We focus on about ten markets at a time, all with similar characteristics. It allows us to go deep into each individual market and identify the best companies. Good stock-selection is much more important than being invested in the right market at any given time. We have proven this in our historical investment results.

Sustainability integrated in the financial analysis: We have three core criteria for implementing an investment:

  • The companies must have responsible and honest owners as well as a competent management. This is the basis of any successful business.
  • The products or services they provide should be subject to structural growth, i e demand for them is expected to grow faster than the underlying market. Impact on the environment and workers is a key factor in this assessment.
  • The companies we invest in should have a positive impact on the markets in which they operate – Their success must be good for the societies in where they run their business. This reduces the risk of government interference and means that the companies are allowed to grow undisturbed.


  • Tundra Fonder was founded in 2011 by Anders Böös, Mattias Martinsson, Johan Elmquist and Per Axman.
  • Tundra is a partner owned firm with several of the employees being partners. The external shareholders include a Finnish insurance company. Tundra Fonder is incorporated in Stockholm and has parts of the investment team in Karachi, Pakistan and Ho Chi Minh City, Vietnam
  • Tundra has been approved by the Swedish FSA to manage mutual funds and alternative investment funds as well as discretionary mandates.
  • Tundra is a member of The Swedish Investment Fund Association and SWESIF.