Ha Long Bay (Vietnam)

Investment Philosophy

Assume Nothing
Frontier markets' modi operandi are not based on the template Western financial analysts use to navigate the developed capital markets

Uncover Inefficiencies
Market inefficiencies exist across the globe and abound in the frontier markets. Identifying, deconstructing and analyzing these inefficiencies builds a foundation for generating consistently high capital returns

Focus on Business Risk
Frontier market investors commonly err in overreacting to and overpricing macroeconomic and political risk, while underpricing business risk. Terra never forgets investments are made in companies, not economies

Search for Deep Value
The strongest and most resilient frontier market opportunities are characterized by a scarcity of capital and deeply discounted valuations, not optimistic growth projections

Conduct Local Research
Frontier markets nascent reporting, regulatory and legal infrastructures necessitates on-site, forensic investigations to gather the requisite information to credibly analyze company fundamentals

Embrace Curiosity
Curiosity is Terra's critical tool in discovering the indigenous historical, cultural and sociological anomalies in frontier markets that drive the behavior of local investors, which in turn drives the markets

Contact Us +44 (0)1624 692600
Galileo Fund Services Limited Millennium House,
46 Athol Street,
Douglas, Isle of Man,
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