Founded in 2007, we are an independent, fully employee-owned investment boutique focusing on Emerging Europe public equity investments
We create value with active stock-picking, responsible investing, in-house fundamental research and really getting to know the companies
Experienced investment managers and senior analysts, on the ground presence in Estonia and Poland and frequent company visits are drivers for our alpha creation
Emerging Europe, ex-Russia, UCITS, SFDR Article 8 (light green product)
Granted to the fund until 31.03.2028.
LuxFLAG is not liable for fund performance.
We are true Emerging Europe public equity investment specialists. We have one of the largest analyst teams dedicated to this asset class, providing the time and resource to find true value within our investment universe.
We are active investors and stock-pickers. We generate investment ideas through in-house proprietary research, on the ground presence and thorough knowledge of Emerging Europe markets. Our three investment managers supported by four analysts is one of the largest research teams dedicated to Emerging Europe investments.
Already since 2011 we are part of UN Principles for Responsible Investment (PRI) and have integrated environmental, social and corporate governance analysis into our investment process. Avaron Emerging Europe Fund is the first Emerging Europe fund to be granted LuxFLAG ESG label.
Stay informed with Avaron’s monthly Emerging Europe market commentary, fund updates and investment insights.
Experience in Emerging Europe investments since 2026
Otto joined Avaron’s research team as an Analyst in August 2026. Before joining Avaron, he completed an investment banking internship at Redgate Capital and led the research team at Tudengifond, a student investment fund.
Otto holds a bachelor’s degree in Business Administration from TalTech, specialising in Business Finance, and is currently pursuing a master’s degree in Finance and Accounting at the same university.
He is fluent in Estonian and English. In his free time, Otto enjoys running, fishing and skiing in winter.
Experience in financial sector since 2024
Karin is an Accountant and Operations Specialist at Avaron. She joined the Avaron team in 2026. Previously, she worked at the accounting firm Rödl.
Karin holds a bachelor’s degree in Applied Chemistry, Food and Gene Technology from Tallinn University of Technology. She has also completed the accounting programme at Tallinn School of Economics and holds a Level 5 Accountant professional certificate.
She speaks Estonian and English and has been learning German in recent years. In her free time, she enjoys spending time in nature, doing sports and cooking.
Experience in financial sector since 2023
Alexandra joined Avaron team as a Back-Office Specialist in 2026. Before joining Avaron, Alexandra was working in the audit department at Grant Thornton Baltic.
She holds a bachelor’s degree in Public Administration and Governance from Tallinn University of Technology.
Alexandra is fluent in Estonian and English. In her free time, she enjoys sports and cooking.
Hans joined Avaron research team as an Analyst in 2025. Before joining Avaron he founded a start-up which developed stock analysis platform for retail investors.
Hans holds B.A. degree in Business Administration from University of Tartu.
He is fluent in English and Estonian. Hans is interested in cooking and spending time in the nature.
Experience in Emerging Europe investments since 2025
Kaarel joined Avaron research team as an Analyst in 2025. Before joining Avaron he has worked for Eesti Pank in Financial markets department, for Eesti Energia in business development department and for LHV Treasury.
Kaarel holds B.A. degree in Economics from University of Tartu.
He is fluent in English and Estonian. Kaarel is interested in playing padel and basketball. He also likes to experiment in the kitchen with new recipes.
Experience in Back-Office operations since 2024
Mikk joined Avaron team as a Back-Office Specialist in 2024. Before joining Avaron, Mikk was working as a Senior Consultant in audit department at EY. Previously he has worked 7 years in Estonian Defence Forces.
He holds a B.A in International Relations from Tallinn University of Technology and is currently student of Applied Economics.
Mikk is fluent in English and Estonian. His main interest outside of work is music and he has played the trumpet for more than 25 years.
Experience in Emerging Europe investments since 2023
Karl joined Avaron research team as an Analyst and Trader in 2023. Before joining Avaron he worked for EY audit team.
Karl holds B.A degree in Economics and Business Administration from TalTech.
He is fluent in English and Estonian. Karl is interested in reading and Brazilian jiu-jitsu.
Experience in Emerging Europe investments since 2021
Silver joined Avaron research team as an Analyst in January 2021. Previously he has worked at AS SEB Bank financial markets and operations division as a summer intern.
Silver holds B.A degree in Economics and Business Administration from University of Tartu. He is also a CFA Charterholder.
He is fluent in English, Estonian and can speak and understand Russian on elementary level. Silver is interested in reading and beekeeping.
Experience in Back-Office operations since 2014
Maarja is Avaron’s Senior Back-Office Specialist. Maarja joined Avaron team as a Back-Office Specialist in 2014. Before joining Avaron, Maarja was working as a Chief Specialist in EU Structural Funds’ Unit at Estonian Road Administration.
She holds a M.A. degree in Finance and Accounting from Tallinn University of Technology.
Maarja is fluent in English and Estonian. Her interests are interior design, reading and sports.
Experience in Back-Office operations since 2016
Jaanika joined Avaron team as a Back-Office Specialist in 2018. Before joining Avaron, Jaanika was working as a Payment Management Specialist in the settlement team at Luminor. Previously she has worked at DNB Bank as a Loan Operations Specialist.
She holds a B.A in Business Finance and Investments from Tallinn University of Technology.
Jaanika is fluent in English and Estonian. Her interests are interior design, web design and sports.
Experience in financial sector as a lawyer since 2005
Ingrid is a Member of the Risk Management as well as Responsible Investing Committee at Avaron. Ingrid joined Avaron compliance team in 2020. Before joining Avaron, Ingrid was working as a Lawyer in the investment team at Swedbank's legal division. Previously she has worked at Estonian Financial Supervision Authority and a law firm.
She holds a M.A. degree in Law from University of Tartu.
Ingrid is fluent in English, Finnish and Estonian. Her interests are dancing and theatre.
Experience in Back-Office operations since 2002
Maarja heads the Back-Office & Operations team in Avaron. She started her career in 2002 as a Back-Office Specialist in Trigon Capital and later headed the team for four years. In 2007 she co-founded Avaron and joined the team as Head of Back-Office. In 2014-2015 she took a maternity leave and re-joined the team early 2016.
She holds a M.A. degree in Economics from University of Tartu.
Maarja is fluent in English and Estonian. Her hobbies are badminton, learning Spanish and amigurumi.
Experience in Emerging Europe investments since 2008
Piotr joined Avaron research team as an Equity Analyst in 2008. Previously he was working for Ernst & Young in Warsaw.
He holds a M.A. degree in Finance and Banking from Koźmiński University in Warsaw. Piotr is a CFA Charterholder.
Piotr is fluent in Polish and English. His interests are markets, CEE culture & politics, sports.
Experience in Emerging Europe investments since 2011
Reino is a Senior Analyst and a Member of the Investment Committee at Avaron. Reino joined Avaron research team as an Analyst in 2011. Before joining Avaron, Reino was an Audit Associate at PricewaterhouseCoopers.
He holds a M.A. degree in International Business from Estonian Business School.
Reino is fluent in English and Estonian. His interests are basketball, photography and farm work.
