POSITIVE START TO THE YEAR In USD, the fund rose 5.7% (EUR: +4.5%) during the month, compared with MSCI FMxGCC Net TR (USD) which rose 4.4% (EUR: +3.1%), and MSCI EM Net TR (USD) which rose 9.0% (EUR: +7.7%). Measured in absolute return contribution in USD terms, Egypt contributed positively (+2.3% absolute contribution), Vietnam (+1.5%) and Bangladesh (+1.3%), while the Philippines (-0.2%) and Indonesia (-0.1%) delivered the largest negative contributions. Relative to the in

AN UNUSUAL YEAR DRAWS TO A CLOSE In USD the fund declined by 0.8% (EUR: -2.3%) during the month, compared with a gain of 4.5% for the MSCI FM ex GCC Net TR (USD) (EUR: +2.9%), and a gain of 2.9% for the MSCI EM Net TR (USD) (EUR:+1.3%). In absolute terms, Pakistan contributed positively (+0.8%), as did Egypt (+0.4%), while Vietnam (-0.5%), Sri Lanka (-0.5%), Philippines (-0.4%), and Bangladesh (-0.3%) were the largest detractors. In USD relative to the benchmark, the most neg

A long-standing Tundra Christmas tradition is to support organisations working locally in our core markets. This year, our Christmas donation goes to Shamseya for Innovative Healthcare Solutions - an Egyptian social enterprise creating sustainable, community-based solutions to healthcare challenges, with a strong focus on women’s health, mental health, and patient-centred care. We are proud to contribute to locally driven impact. Wishing all our partners and collaborators a

Today we had the pleasure of welcoming a great group of students from Linköping University, who visited us as part of Börsgruppen, the university’s finance association, and their annual their annual trip for female members. Our portfolio manager, Simon Sidmalm, spoke about the challenges and opportunities of investing in emerging markets, as well as how we integrate sustainability into our investment process. The visit concluded with career tips and engaging discussions. Than

WEAK MONTH IN AN OTHERWISE STABLE MARKET ENVIRONMENT In USD the fund declined by 2.7% during the month (EUR: -3.1%), compared with the MSCI FMxGCC Net TR (USD), which rose by 1.1% (EUR: +0.7%), and the MSCI EM Net TR (USD), which fell by 2.8%. In terms of absolute returns, the Philippines was the only country allocation to contribute positively (+0.7% absolute contribution), while Vietnam (-0.8%) and Sri Lanka (-0.8%) generated the largest negative contributions. Relative to

It was a privilege for Tundra Fonder AB to be represented at Orange Forum 2025  at the   Indonesia Stock Exchange  in Jakarta, where our Chief Sustainability Officer,  Jennie C Ahrén , was invited as a speaker. Orange Forum 2025 brought together policymakers, investors, multilateral institutions, development actors, corporates, and civil society to accelerate gender-inclusive, climate-resilient, and community-driven financing across the Global South. The Forum highlighted the

Our CIO and founde r, Mattias Martinsson , is a guest on Privata Affärer’s p odcast, where he talks about Tundra’s journey, Pakistan, and the opportunities in Asia. 🎙️ The podcast (available in Swedish only) can be found on all major platforms, including here . 📖 You can also access the interview (in Swedish only) in this article.

CIO Mattias Martinsson sharing his thoughts on the outlook for the Pakistan equity market in a recent interview with Alex Gabriel Simon from Bloomberg. Read the article here .

STRONG PERFORMANCE DURING A QUIET MONTH In USD the fund gained 3.6% (EUR:+5.3%) in October, compared with MSCI FMxGCC Net TR (USD), which was flat (EUR:+1.7%) and MSCI EM Net TR (USD), which increased 4.2% (EUR:+5.9%). In absolute terms (USD), Sri Lanka was the single largest positive contributor (+2.2% absolute contribution), followed by Egypt (+1.4%) and Pakistan (+0.8%), while the Philippines (-0.6%) and Indonesia (-0.5%) were the main detractors. Relative to the benchmark