The Crypto Currency Fund was officially re-christened on April 1, 2014 from an award-winning existing fund which applied a different strategy over an eight-year period (see History), Tera Capital Fund was originally founded in 2005 as a fund of funds focused on a geographic emerging market (Russia). After shattering the all-time records for annual (392%) and monthly (670%) by and fund of funds due to its investments in a bitcoin index fund, Tera’s management company, Enneking Asset Management (EAM; then named Altima Asset Management (AAM)) decided to change its strategy and focus exclusively on a technological instead of its geographic emerging market: crypto currencies.
In December 2012, AAM reached the decision to move out of the Russian market. Over its eight years of existence, it had won numerous awards and had been ranked twice as the best-performing fund in its class in the world (and among the top 10 five of the eight years of its existence). However, it was clear to AAM that the heyday of Russia was coming to an end. (Subsequent events have only served to strongly reinforce the wisdom of that decision.)
That divestiture was completed by the end of June 2013. In the meantime, Tera had lost 13% (while the Russian equity markets had lost nearly 20%) in 2013. After moving gradually into a bitcon index fund, AAM decided to move Tera completely into bitcoin funds at the end of October 2013 – and in November 2013 shattered the all-time monthly performance record for a fund of funds and ranking in the top ten performance for investment funds of any type.
After that success, and despite the rocky crypto currency performance in December 2013 and Q1 2014, AAM decided to change the strategy and name of Tera Capital Fund from a fund of funds to the Crypto Currency Fund which is focused, as the name implies, solely on trading crypto currencies and related commercial transactions.
Also, given the change in strategy, Mr. Timothy Enneking purchased the 50% of AAM he did not already own from his then-partner, Alexander Polykovskiy, and decided to rename Altima Asset Management “Enneking Asset Management”.
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