Tera Capital Fund: Altima Asset Management

Ninth European Fund of Hedge Funds Awards 2010

hfr-fohf10-logo

When Altima Asset Management launched the Tera Capital Fund in April 2005, it decided to create something different – a fund of hedge funds (FoHF) focused on Russian investments, spread across both debt and equity.

So far all the signs are that they made a good choice: the fund has returned an impressive 16.05% a year on an annualised basis with a volatility of 11.46%. Its fee structure is unusual too, with no management charges, just a 20% performance fee.

Investors are mostly from Western Euro