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Emerging markets specialists with unique expertise in frontier markets

Tundra Fonder is a Swedish asset management firm focused exclusively on emerging markets, with distinctive expertise in early-stage emerging economies - so-called frontier markets. These are fast-growing markets that are often overlooked. With teams in Stockholm, Karachi and Ho Chi Minh City, we combine global research with local presence and high sustainability standards.

Tundra manages two proprietary frontier funds and one global emerging markets mandate. As of the end of 2024, our total assets under management stood at USD 1 billion. Tundra is authorised by the Swedish Financial Supervisory Authority to provide fund management, discretionary portfolio management, and advisory services.

Why invest with Tundra?

Expertise

We focus exclusively on emerging markets, with distinctive expertise in early-stage emerging markets - so-called frontier markets. We leverage deep local insight and on-the-ground research to identify mispriced companies. Our active, high-conviction approach ensures each investment meets our standards for growth potential and responsibility.

​Our Commitment

Our objective is strong, risk-adjusted results through disciplined stock selection and the ability to navigate complex markets. We maintain close relationships with portfolio companies and track progress against both financial and sustainability objectives.

Our Philosophy 

Long-term success comes from investing alongside honest, capable management teams whose products and services are in structural growth - where demand outpaces the broader economy. We also want that success to benefit the communities in which they operate. Responsible growth is essential to long-term outcomes, which is why our sustainability analysis is fully integrated into the strategy.

Our Experience

Founded in 2011, we have over a decade of documented results in challenging frontier markets. Two of our portfolio managers have nearly three decades of experience in these markets. With investment teams in Stockholm, Karachi, and Ho Chi Minh City, we live and operate where we invest - giving us a real head start in identifying opportunities before they appear on the radar of larger global funds.

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The Team

With eight portfolio managers and analysts, Tundra has one of the largest global investment teams specialized in frontier markets - an expertise reflected in the strong relative returns of our fund. While we manage the fund from Stockholm, our commitment goes beyond the boardroom. Members of our investment team are based on the ground in Karachi, Pakistan (since 2014), and Ho Chi Minh City, Vietnam (since 2016), giving us a distinct information advantage. This local presence - combined with deep knowledge of culture, language, and economy - sharpens our insight into market developments and strengthens our ability to make the right investment decisions.

Tundra Fonder AB investment team, specialists in emerging and frontier markets.

Central functions

Mattias Martinsson

Chief Investment Officer & Co-Founder

Mattias Martinsson

Mattias Martinsson is a portfolio manager and partner at Tundra Fonder. Mattias is one of Scandinavia’s leading emerging market pioneers. He began his career at the former HQ Ryssland (later HQ Emerging Markets) in 1996, first as an advisor and analyst and then as head of the department. Mattias left HQ Bank in 2006 to instead set up a subsidiary to HQ Bank, Väring Capital, a fund management company that launched Sweden’s first hedge fund focusing on emerging markets, and among other things, was the first Swedish fund company to trade local Pakistani shares. Mattias has a University Diploma in Social Science from Lund University and is one of the founding partners of Tundra Fonder.

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Mathias Althoff

Vice Chief Investment Officer

Mathias Althoff

Mathias Althoff is a portfolio manager and partner at Tundra Fonder. Mathias has been active in emerging markets for more than 20 years in different positions in the financial industry. In 2000 Mathias joined HQ.SE (later Avanza Bank) to organize and established the international equity trading. In 2004 Mathias took on the role as Asia specialist at HQ Bank in the Emerging Markets-team to broaden and enhance their focus on emerging markets. As manager of Asian Equities Mathias closely followed the fast development in China and the impact its growth has had on other emerging markets, especially in Africa, as well as the rest of the world. In 2006 Mathias further expanded the business when trading in Africa was established. Mathias also worked at Carnegie Investment Bank following their take-over of HQ Bank in 2010. Mathias has a Degree of Master of Science in International Business and Economics from Uppsala University. He joined Tundra in March 2013.

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Operations Manager

Nicoleta Lagerqvist

Nicoleta has operational and administrative experience in both fund management and custodian banks. Previously, Nicoleta worked for P Capital Partners AB and iSEC Services AB responsible for the day-to-day administration of a wide variety of investment funds. Prior to this, Nicoleta worked for AK Jensen Ltd, a hedge fund, prime broker, and crypto platform provider. She has broad knowledge of UCITS funds – Inception, Life Cycle, Termination/Insolvency. She holds a BA in Economics from Romanian-American University, a MA in Business Administration from University of Birmingham, and a holder of Advanced Certificate in International Investment Funds from IoB (Institute of Banking Dublin ) in Partnership with IF (Irish Funds).

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ESG Analyst

Chau Le

Chau Le is a ESG research analyst at Tundras office in Ho Chi Minh City. Chau has a Bachelor’s in Liberal Arts and Sciences from University College Utrecht in the Netherlands. She has also studied Criminology at University of California, USA and interned for the Institute of Security and Global Affairs at Leiden University, the Netherlands. Chau joined Tundra in September 2018.

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Junior Portfolio Manager

Simon Sidmalm

Simon Sidmalm is a junior portfolio manager at Tundra Fonder. Simon is a former Nordic champion in the CFA Research Challenge and has come third in the Swedish Championships in Economics. He has a bachelor’s degree in economics from Linköping University and has also studied courses in management, accounting and finance at Sogang University in South Korea. Simon joined Tundra in August 2024.

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Jennie Ahrén

PhD, Chief Sustainability Officer

Jennie Ahrén

Jennie is Head of ESG and partner at Tundra. She holds a PhD from Karolinska Institutet. Her earlier working experience is mainly from different research institutes, the most recent one as researcher at the City Council’s Centre for Epidemiology and Community Medicine (CES), and the Department of Public Health Sciences, Karolinska Institutet. Jennie has extensive experience from collaborations between research and external partners in business, governmental and non-profit organisations. She is the Chairwoman at SWESIF (Sweden’s Sustainable Investment Forum). Jennie joined Tundra in October 2015.

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Simon Norenius

Chief Executive Officer

Simon Norenius

Simon Norenius is the CEO of Tundra Fonder. Prior to his current role, he served as the company’s Chief Operating Officer, where he managed the day-to-day operations of the company. Before that, he worked in administration. Prior to joining Tundra, Simon had a career as a professional tennis player. He holds a degree in business administration with a concentration in finance and a minor in psychology from North Carolina State University. Simon joined Tundra in 2018.

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Senior Analyst │ Portfolio Advisor

Imran Patel

Imran Ahmed Patel is a senior analyst and portfolio advisor at Tundra Fonder. He has over ten years of experience in equity research and investments in frontier markets. Before joining Tundra, Imran worked as a manager of research at Global Securities Pakistan Limited, with a core focus on equity strategy and research. Imran holds a BBA degree in Finance and is a CFA charterholder. He joined Tundra in June 2015.

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Analyst

Muhammad Ali Asif

Muhammad Ali Asif is an analyst at Tundra Fonder. Before joining Tundra, Ali worked as a sell-side equity research analyst, covering Material and Consumer Discretionary sectors listed on the Pakistan Stock Exchange. Ali holds a BS degree in Accounting and Finance and is currently enrolled in an MBA program at SZABIST. Ali joined Tundra in January 2024.

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Senior Analyst

Mubashir Zuberi

Mubashir Zuberi is a senior analyst at Tundra Fonder. Before joining Tundra, Mubashir was working as an analyst at MCB Arif Habib Savings & Investments, where he was covering the midstream and downstream oil sector, materials sector and Pakistan’s economy. He is a CFA charter holder and holds a BBA Degree in Finance from SZABIST, Karachi. Mubashir joined Tundra in September 2015.

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The board

Cecilia Seddigh

Chair of the Board

Cecilia Seddigh

Founder and Chairwoman of Nouxtec AB and Board member in Styrelsekraft Alumni Stockholm. She has more than two decades of experience from international asset management and insurance groups including Skandia and Odin Fonder as well as Board member positions with Swesif and UpHigh AB.

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Göran Lindholm

Board member

Göran Lindholm

Previously i.a. Chairman of the Board of Ålandsbanken, Ålands Ömsesidiga Försäkringsbolag, Leovind AB, and Vindax AB.

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Per Axman

Board member & Founder

Per Axman

Per Axman has vast experience spanning over several decades in finance, entrepreneurship, and corporate leadership. He has held prominent positions in renowned financial institutions such as SEB, HQ, and Carnegie, and has founded and chaired multiple companies. Per is one of the founding partners of Tundra Fonder.

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Mattias Martinsson

Board member, Founder & CIO

Mattias Martinsson

Mattias Martinsson is a portfolio manager and partner at Tundra Fonder. Mattias is one of Scandinavia’s leading emerging market pioneers. He began his career at the former HQ Ryssland (later HQ Emerging Markets) in 1996, first as an advisor and analyst and then as head of the department. Mattias left HQ Bank in 2006 to instead set up a subsidiary to HQ Bank, Väring Capital, a fund management company that launched Sweden’s first hedge fund focusing on emerging markets, and among other things, was the first Swedish fund company to trade local Pakistani shares. Mattias has a University Diploma in Social Science from Lund University and is one of the founding partners of Tundra Fonder.

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Tundra Fonder

Tundra Fonder is a Swedish asset management firm focused exclusively on emerging markets, with distinctive expertise in early-stage emerging economies - so-called frontier markets. These are fast-growing markets that are often overlooked. With teams in Stockholm, Karachi and Ho Chi Minh City, we combine global research with local presence and high sustainability standards.

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© 2025 by Tundra Fonder AB

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 fund’s value may fluctuate significantly due to its composition and the management methods employed by the fund management company. The Full Prospectus, PRIIP KID, KIID etc. can be found at Documents and the Annual and semi-annual reports can be found at Reports. You can also contact us to receive the documents free of charge. Please contact us if you require any further information.

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