Tundra Fonder

    Fund Manager Page


    Tundra Fonder is a Swedish fund manager specializing in frontier markets, the new emerging markets. Frontier markets include countries such as Vietnam, Nigeria, Pakistan and Sri Lanka - countries that in many cases top the global growth league and which have good opportunities to become the India or China of the future. We manage the fund with the help of local analysis offices in Asia and one of the world's largest management and analysis teams dedicated to frontier markets. This is also reflected in the fund's good results.


    Total AUM (USD) 200 million*
    % screened 51-90
    % ESG Integrated 10-50
    SRI/ESG Team 3 members

    * PRI Report 2020


    PRI since 2016
    UN Global Compact since 2017
    Climate Action 100+
    TCFD since 2019
    Other Nordic Swan Ecolabel, CDP, Swesif


    International Norm Violations
    Thermal Coal ✓*
    Anti-personnel mines & cluster munitions
    Weapons of mass destruction

    *If the total revenue from a product from one of these sectors does not exceed 5%, the company may still be eligible for the fund.




    Sources: Sustainability , Sustainability Report 2020

    Responsible investments have always played a central role at Tundra Fonder. The term ESG (Environment, Social aspects and Corporate Governance) is generally used when we summarise our efforts within sustainability. All three pillars E, S and G are equally important in its work; it incorporates aspects of environment, social issues and corporate behaviour in the investment process. An environmental policy is not only important to ensure a long term sustainable development, but also reduces the risk of future clean-up costs and production stoppages. It is essential that companies have a clear strategy for environmental issues in their respective sector and country.

    Social issues are considered a core feature in Tundra’s ESG work. Corporate attitudes and beliefs on how to handle employees and relationships with other stakeholders have a significant impact on the business, both short- and long term

    Initiative Leadership

    During the past years Tundra Fonder has been active in the building of TURN | Tundra Research Network, a platform for impact in Low- and Middle Income Countries, LMICs (Emerging and Frontier Markets).The overarching aim of the network is to bridge the collaboration gap between business & policy makers, utilizing local expertise. The TURN initiative builds on a systematic approach where country and sector specific challenges for sustainable growth are considered. With a profound understanding of frontier and emerging markets, extensive networks and close contact with business and academia we believe that we can stimulate a knowledge exchange between relevant actors in these countries. Topics range from empowerment of women in entrepreneurship, transition to renewable energy, waste management, values and climate change, fair trade, human rights and more.

    In March 2020 Tundra Fonder hosted a webinar on the Task Force on Climate-related Financial Disclosures reporting framework (TCFD). Reporting on climate risks has become a critical issue for companies and for financial institutions investing in them as well as for other corporate stakeholders. Representatives from our major holdings in Egypt, Nigeria, Pakistan and Turkey joined the event, as well as participants from the Pakistan Stock Exchange and local UNDP offices.

    Committees & Teams


    SRI/ESG Integration

    The ESG team cooperates closely with the Chief Investment Officer and financial research team to integrate ESG questions into financial analysis

    Proprietary Model

    TUNDRA ESG SPECTRUM has been chosen as the terminology for ESG Spectrum to illustrate how various aspects of ESG are not limited to a specific set of values but can vary, across a continuum. Originating from optics, the term was used to describe the rainbow of colors in visible light after passing through a prism. In this 2020 Edition of its ESG ratings, Tundra introduces its new color system where the best performing companies are classified as:

  • Fern Green - fern; a symbol of endurance and resourcefulness; a plant that can grow in difficult places. A satisfactory level of ESG is marked by light blue;
  • Pale Blue Sky - representing the depth of understanding and dedication. These companies have started their introspective journey towards a more sustainable future.
  • Charcoal- lightweight black carbon residue, spiritually believed to improve the ability to take action and perform - is for the companies in the lower end of the rating system. Those are companies that do not fulfill the criteria for good ESG practices or engagement yet.

    In total, 47 companies were included in the Tundra Sustainable Frontier Fund as per end of December 2020. The response rate reached 62% (compared to 59% in 2019, 58% in 2018 and 54% in 2017). More than half of portfolio companies have increased their overall ESG score from last year.

  • External Data/Analysis


    Follow Up/Measurement

    Tundra Fonder's approach is based on an active local presence and in-depth analysis. It engages with the companies through its ESG questionnaires offering individualized feedback. This process allows companies to share company specific ESG related developments with us. The personalized feedback gives companies a snapshot of their current level of ESG reporting versus other companies in their respective sectors, offering clear guidelines on how to improve further.


    Sources: UN PRI Report

    Committees & Teams

    The ESG team constitutes a smaller unit of the larger investment team. As of end of 2019 the ESG team comprise four people including Head of ESG, ESGResearcher (Stockholm), Senior ESG Analyst (Karachi) and ESG analyst (Ho Chi Minh City). The ESG team cooperates closely with the Chief Investment Officer and financial research team to integrate ESG questions into financial analysis. PM meetings are held weekly including at least one member of the ESG team; corporate calls are held once a month and include all team members. On a more informal basis, a chat room has been created to encourage discussion between team members about current financial research, portfolio developments and on-going company specific research. There is a common server with data on companies and other research available to the entire investment team.


    The type of responsible investment training provided by Tundra is done through Tundra Conferences for listed companies. Tundra Fonder also plans workshops for brokers, webinars for portfolio companies and other stakeholders, events for clients, peers and others.


    Sources: Annual Sustanability Report 2020 , UN PRI Transparency Report

    Engagement Team

    The portfolio managers are responsible for following guidelins and implementing aspects of RI into investment process. With four analysts dedicated to oversight of RI or ESG, the responsibilities are executed on a daily basis. The key activities undertaken involve:

  • Flagging online alerts on holdings/companies to stay up-to-date with breaking news;
  • Continuous engagement with the specific financial analyst and/or sector specialist within Tundra for company or regulatory/sector updates;
  • Engagement with companies through a range of (questionnaires, separate meetings, ESG conferences, webinars, events);
  • Regular screenings of with local news, contact with NGOs, brokers and company representatives in order to maintain the flow of information.

  • Engagement Partnerships

    In addition to signing onto initiatives relevant to Tundra as an organization, it also collaborates with academia (researchers and universities in the Nordic countries as well as in our focus countries), NGOs in all the countries described as Tundra’s core markets, Stock Exchanges (e.g. Ho Chi Minh Stock Exchange, Pakistan Stock Exchange, Colombo Stock Exchange), journalists, and government representatives. Going forward it is Tundra's ambition to expand these collaborations.

    Proxy Voting

    Tundra Fonder typically participates in the AGM / EGM, either in person or by proxy, if it haa an opinion on proposed agenda items or believe that important items are being left out, or if it wants to support a particular candidate to the Board of Directors etc. it does not use a service provider for proxy voting. Tundra Fonder exercises its voting rights to improve company performance, or to protect our rights.


    Company Website
    Corporate Responsibility
    Responsible Investment
    SRI Reporting
    SRI Insights & Research UN PRI Transparency Report