For Tundra, a sustainable company is a competitive organisation with responsible and honest owners and strong management. Our ambition is to invest in companies whose operations have a long-term positive impact on the society in which the business is conducted. Companies whose products or services are relevant to future generations, and which are produced in a way that is sustainable regarding the environment and workers’ rights.

Our vision is to create financial returns and planetary relief through long-term sustainable investments. We are convinced that investing in sustainable business models by operating within the planetary boundaries, is a prerequisite for generating financial value for our customers. We call it investing for the future. To work towards our vision, we consider the 17 Sustainable Development Goals (SDGs) within the framework of Agenda 2030 as one of our guiding tools. A long-term sustainable investment strategy must be based on a global holistic approach, and not just on selected geographical regions.

Tundra Sustainable Frontier Fund invests in emerging and frontier markets, with a focus on low-income and lower-middle income countries. A significant part of the population in these countries lack fundamental rights such as accessible and qualitative health care, adequate supply of food, decent working conditions and the opportunity to get an education. The lack of basic economic security that characterise these countries provides an opportunity for local companies to play a greater role in the improvement of society.

Risk information

Capital invested in a fund may either increase or decrease in value and it is not certain that you will be able to recover all of your investment. Historical return is no guarantee of future return.

The Full Prospectus, KIID etc. can be found at Buy/Sell and the Annual and semi-annual reports can be found at Annual Reports. You can also contact us to receive the documents free of charge. Please contact us if you require any further information:+46 8-55 11 45 70.


Tundra does not invest in companies that violate international conventions on human rights, environment, labor rights and corruption and that, after Tundra has made them aware of such violations, do not initiate an action plan within twelve months. The guiding frameworks include:

– The ten principles under UN Global Compact
– OECDs guidelines for Multinational Enterprises
– PRIs Principles for Responsible Investments

The Fund excludes companies whose turnover of more than 5% (in some cases 0%) comes from:

  • Cluster bombs, anti-personnel mines, chemical and biological weapons, nuclear weapons (Production/Distribution 0%)
  • Other weapons and/or munitions (Production/Distribution 5%)
  • Alcohol (Production/Distribution 5%)
  • Tobacco (Production 0%/Distribution 5%)
  • Commercial gambling operations (Production/Distribution 5%)
  • Pornography (Production 0%/Distribution 5%)
  • Fossil fuels (oil, gas, coal) (Extraction 5%)
  • Uranium (Extraction 5%)
  • Genetically modified organisms (GMO) (Production/Distribution 5%)


The Fund has clearly stated criteria for the selection of portfolio companies based on aspects of environmental, social and business ethics. Through our internal rating system Tundra ESG Spectrum, a thorough analysis of the company, its owners and the management is carried out. Our sustainability analysis is based on a holistic perspective. This means that weaknesses in certain areas can be accepted provided they are offset by strengths in others, and provided that the company is prepared to work on identified weaknesses. The company’s objective must be to minimise its negative impact on people or the environment. Among other things, the following aspects are taken into account when we select companies for the Fund:

  • Quantitative screening (AML, KYC, Negative publicity) of owners and senior executives
  • Analysis of company history and handling of minority owners
  • Compliance with local legislation
  • The company’s competitiveness in relation to sector and region
  • The long-term social benefit of the products or services
  • Management of environmental risks associated with the business
  • The companies’ pursuit of improvement in terms of environmental impact and the development of environmentally friendly technology.
  • The company’s positive impact on the society in which they operate


We engage with our portfolio companies through close communication regarding different aspects relating to the environment, social responsibility and corporate governance. Collaborations are important to us in order to get maximum output from the dialogues. In addition to signing initiatives that are relevant to us as an organisation, we also collaborate with academia (researchers and universities), NGOs in all countries described as Tundra’s core markets, Stock Exchanges (e.g. Ho Chi Minh Stock Exchange, Pakistan Stock Exchange, Colombo Stock Exchange), journalists and government representatives.

As an active owner, Tundra Fonder strives to achieve impact on gender equality in its portfolio companies. By considering the full contribution to human capital the company can find opportunities to attract the best possible workforce in the long term to drive the business forward. Our portfolio companies must have decent employment conditions, good working environment safety, training opportunities, and there must be policies in place to counteract discrimination. We consider these areas important drivers of long-term sustainability.

We work in depth to develop measurable sustainability goals with a primary focus on material risks for the portfolio company, its sector and geography. A particularly important area in the coming years is to support companies to expand their sustainability reporting given the higher requirements as introduced by the European Union. To achieve this, we will use an external data collection platform, Worldfavor – a web-based system where portfolio companies can see what data are requested and gradually expand their reporting over time. The fund company will continuously follow up the portfolio companies’ reporting and support them in their reporting process.

In addition to our internal research capability, we work with Sustainalytics/Morningstar, as an external advisor and research partner for screening ESG related issues.