7
Jan
2014
Monthly updates, News
Tundra Fonder Monthly Letter December 2013

Tundra Fonder Monthly Letter December 2013.

• 2013 turned out to be an unusual year for emerging markets as they for the first time since 1998 fell (-3.8% in SEK) during a year in which developed markets rose (+25.4%). In this context it is worthwhile remembering that 1998 was a year marked by the Asian Crisis with three out of four BRIC countries posting lower economic growth rates than today.

• The situation is quite the opposite for frontier markets which posted an accumulated return of 24.1% in 2013.

• Noteworthy in December is the outperformance Tundra Pakistanfond and Tundra Frontier Opportunities offered investors. The funds outperformed by 4.0 and 4.4 percentage points respectively vs their benchmarks.

Read the entire update here.

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