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
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