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Terra Capital lags MSCI Frontiers Index over 2014

Terra Capital’s results for the year ended 31 December 2014 have just been published. At that date the net asset value per share stood at $0.979 against $0.956 for 2013. This represents an increase of 2.4% for the year and a total return of 5.9% for the year including the dividend of 3.35 cents per share paid in March 2014. The total return compares to a return of 7.5% on the MSCI Frontier Markets Index (though no comparative index is quoted in the statement).

They paid a dividend of 3.72 cents per share in February 2015, an increase of 11% on the prior year and represented a dividend yield at the time of declaration of 3.8% on Net Asset Value and 4.35% on the closing sales midpoint.

At the end of the year they had 81% equity exposure spread across 58 positions in 35 different markets. The report lists the holdings and provides an indication of which have been increased or decreased during the year but there is no commentary on portfolio constituents otherwise. There is some stock by stock performance information in the quarterly reports on the fund’s website but this is not aggregated for the year as a whole.

TCA : Terra Capital lags MSCI Frontiers Index over 2014

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