Commercial Finance

Tengri Partners Commercial Finance Fund (KZT)

To provide attractive risk-adjusted returns through investments in private credit and money market instruments denominated in Kazakhstani Tenge, with focus on ensuring stable cash flow income in local currency.

NAV
₸1,432.67
AUM
₸38.2 billion
YTD Return
+13.5%
Risk Rating
Medium-High

Investment Strategy

Lorem ipsum dolor sit amet, consectetur adipiscing elit. The fund targets secured and unsecured lending to established Kazakhstani businesses, with emphasis on senior debt positions. Credit selection is based on thorough financial analysis, industry positioning, and collateral quality. Portfolio typically includes 20-30 credit facilities with average duration of 9-15 months.

Performance

YTD
+13.5%
1 Year
+15.2%
3 Years
N/A
5 Years
N/A
Since Inception
+43.3%

Past performance is not indicative of future results. Performance shown is net of fees.

Asset Allocation

Corporate Loans45%
Trade Finance25%
Equipment Financing20%
Cash & Reserves10%

Top 10 Holdings

SecuritySectorWeight
Mining Equipment LeaseMining9.2%
Retail Chain Working CapitalConsumer8.5%
Construction Project FinanceReal Estate8.1%
Agri-Processing Facility LoanAgriculture7.6%
Logistics Fleet FinancingTransportation7.2%
Manufacturing Expansion LoanIndustrial6.8%
IT Infrastructure CreditTechnology6.4%
Healthcare Equipment FinanceHealthcare6.0%
Renewable Energy ProjectEnergy5.7%
Hospitality Refurbishment LoanServices5.3%

Holdings are subject to change. Data as of December 13, 2025.

Risk Metrics

Sharpe Ratio
1.48
Std. Deviation
7.2%
Beta
0.52
Alpha
5.1%

Risk metrics calculated over 3-year period. Sharpe ratio and Alpha calculated against benchmark.

Fund Information

Currency
KZT (₸)
Inception Date
June 20, 2022
Minimum Investment
₸5,000,000
Management Fee
2.5% p.a.
Performance Fee
20% above 12% hurdle
Benchmark
Kazakhstan Base Rate + 5%

Service Providers

Fund Administrator
Tengri Partners Asset Management
Custodian
Halyk Bank JSC
Auditor
Ernst & Young
Legal Counsel
Dentons
Subscription Frequency
Monthly
Redemption
Quarterly with 30 days notice
Lock-up Period
12 months
Expected Return
13-15% p.a.
Target Duration
9-15 months

Documents

Important Information

The value of investments and any income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future results. This material is for informational purposes only and does not constitute an offer or solicitation to buy or sell any securities. Please read the fund prospectus and KIID before investing.

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