So - what do we think about TEM these days? Pretty depressed price reflecting the general feeling about the economy of the emerging markets.
On the other hand ...
* fuel is as cheap as it probably can get (which should be good for the automotive shares they own - e.g. Brilliance - 7.9% and Astra - 3.6%)
* China has still a huge growth rate - and Chinese share prices are back to more reasonable levels (25,6% of their shares are Chinese)
* lots of opportunities in Iran (don't think they hold currently, but it might be worthwhile to change that)
* oil price free fall seems to have stopped (improving market sentiment)
So - I guess unless we have an unfolding banking crisis (they do hold a number of emerging market banks - in Indonesia, Brasil and Thailand), things should look better from here.
Discl: not particularly happy, but at least modestly optimistic holder ... thinking about accumulating at these prices
PS: quarterly report is out: https://www.nzx.com/files/attachments/228778.pdf