Unlocking Value Globally

Through active ownership in emerging markets

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Cartica Management, LLC is an investment advisor registered with the United States Securities and Exchange Commission (SEC) focused on active ownership of emerging market companies.  Cartica seeks to unlock long-term growth in its investments by working with management teams, boards, and shareholders to drive positive governance, structural and financial changes.  Cartica is typically one of the largest independent shareholders in each of its investments.

Cartica was founded by a team of emerging markets and corporate governance experts, formerly executives of the International Finance Corporation (IFC), a member of the World Bank Group, is majority woman owned.  Headquartered in Washington, D.C., the firm had $2.7 billion of assets under management as of September 30, 2016.

Our Approach

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Top-Down Country Selection

At Cartica, we believe differentiation among emerging market countries is a key competitive advantage to our investment approach.

Bottom-Up Company Selection

We perform rigorous analysis of the company’s financials and business model in private-equity style depth.  We assess the integrity of management, board and shareholders, and we review the treatment of minority shareholders.


We work pro-actively with each of our companies and tailor our engagement strategies to the structural nuances of emerging market companies and the capital markets in which they operate.

Our Professionals

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  • Teresa C. Barger
    Co-Founder & CEO

    “Our key goal at Cartica is to protect the rights of all shareholders while delivering exceptional absolute and relative returns.  We recognize the opportunity to help fund the pensions of retirees, the research and scholarships of universities, and the programs of endowments or other investors.  I believe we do these things best supported by a culture of integrity, debate, and respect.”

    Ms. Barger, Co-Founder and CEO of Cartica, is a leading portfolio manager in Emerging Markets, with over 30 years experience managing global investments in developing markets. Prior to co-founding Cartica, Teresa was a senior member of the International Finance Corporation, where she held numerous positions during her 20+ year tenure.

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  • Farida Khambata
    Co-Founder & Global Strategist

    Mrs. Khambata is one of the world’s foremost experts on emerging markets. As Co-Founder and Global Strategist, she helps shape Cartica’s investment approach, country allocation and portfolio construction. Her expertise is supported by her more than 30 years tenure as a senior member of the World Bank and International Finance Corporation.

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  • Steven J. Quamme
    Co-Founder & Senior Managing Director

    Mr. Quamme is Co-Founder and Senior Managing Director at Cartica and is a member of the Investment Committee. He has extensive investing and operations expertise, and helps oversee Cartica’s investments, portfolio construction, and operations. Before co-founding Cartica, he was founder and COO of a private investment fund focused on governance and relational investing in the U.S.

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  • Mike Lubrano
    Co-Founder and Managing Director, Corporate Governance and Sustainability

    Mr. Lubrano, a Co-Founder and Managing Director, Corporate Governance and Sustainability at Cartica, is internationally recognized as a leader in fostering good corporate governance practices in emerging markets. After spending 20 years at the International Finance Corporation, Mr. Lubrano establishes corporate governance as a central element to existing and new portfolio companies.

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  • Brian Coad
    Managing Director & Chief Operating Officer

    Mr. Coad, Managing Director and Chief Operating Officer of Cartica, is responsible for overseeing Cartica’s finance, operations, investor relations, legal and compliance functions. A seasoned senior leader, he has a distinguished track record of creating operational and financial infrastructures to accelerate and support growth.

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Newsroom & Opinion

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HFMWeek: Latam and Russian funds lead the way in 2016

June 15, 2016

Hedge funds in Latam and Russia are averaging double-digit returns this year, boosted by a number of macro factors, and are bouncing back from poor returns in recent years.

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Financial News: Why a track record is not enough for a hedge fund launch

June 9, 2016

Want to start a hedge fund? It’s hard. With even the biggest, well-established names in the industry having to send apologies to investors because of poor performance, attracting money to a new firm is a challenge.

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