

About Tundra Fonder
Tundra Fonder is a Swedish asset manager specialising in frontier and emerging markets. Founded in 2011, the firm is supervised by the Swedish Financial Supervisory Authority. We manage proprietary funds and institutional mandates and have investment team members in Stockholm, Karachi and Ho Chi Minh City. Our investment approach is active and based on fundamental company research. Local presence helps us understand companies, markets and risks that can be difficult to assess from a distance.
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.

The Team
Tundra’s investment team includes portfolio managers, analysts and sustainability specialists. Portfolio management is led from Stockholm and supported by team members in Karachi, Singapore, and Ho Chi Minh City. This local presence provides closer contact with companies, industries and market developments in several of the countries where we invest.

Central functions

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.

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.

Portfolio Manager
Simon Sidmalm
Simon Sidmalm is a 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.

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.

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.

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.

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).

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.

ESG Analyst │ Engagement Lead
Chau Le
Chau Le is a ESG research analyst and Engagement Lead 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.

Junior Portfolio Manager
Um E Hania
Um E Hania is a Junior Portfolio Manager at Tundra Fonder. Previously, she worked as a Research Assistant at the Stockholm School of Economics, within the Center of Forecasting and Data Analytics, where she worked with ML models and data in sustainable finance. Before that, she worked as a Research Analyst Intern at Nordea Sustainable Finance Advisory. She is interested in ESG, finance, and technology. Um holds a bachelor’s degree from the Stockholm School of Economics. She joined Tundra in January 2026.
The board

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.

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.

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.













