Avaron Emerging Europe Fund
The Fund invests in public equities of Emerging Europe ex-Russia region. The Fund creates alpha to investors through active management, stock-picking and responsible investing. The Fund has been granted LuxFLAG ESG Label, valid till 31st of March 2025. Based on SFDR the Fund is an Article 8 fund.
The Fund aims to outperform the market with lower volatility. The Fund is run by seasoned investment managers Valdur Jaht and Peter Priisalm who are supported by Avaron’s research team. The Fund’s investment process focuses on fundamental company research. All investment ideas are generated and researched in-house, we do not rely on third-party brokers. We favour quality companies with strong managements and proven business models. We have integrated ESG analysis into our investment process.
The Fund invests across all market caps, typically into 30-40 companies. Our watch list consists of nearly 170 Emerging Europe ex-Russia public companies (out of nearly 400 investable companies), 70% of which are in the market cap segment of below 3 billion euros. Small and mid-caps is a niche mostly overlooked by international emerging market investors.
The Fund is benchmark agnostic, portfolio is built fully bottom up, and thus the Fund has low position overlap to regional indices. We are long-term investors, the Fund turnover is around 20-30%.
Performance overview
| Unit | NAV | YTD | 1D | 1M | 1Y | 3Y | 5Y | 10Y | CSV |
|---|---|---|---|---|---|---|---|---|---|
| AEF-A | 8.9153 | 16.04% | -0.23% | 3.27% | 16.14% | 59.43% | 80.94% | 122.32% |  |
| AEF-B | 9.7698 | 16.40% | -0.23% | 3.26% | 16.51% | 61.55% | 85.21% | 133.75% | |
| AEF-C | 33.2123 | 16.42% | -0.24% | 3.25% | 16.54% | 61.82% | 85.90% | 129.86% | |
| AEF-D | 26.3793 | 15.53% | -0.24% | 3.19% | 15.62% | 57.92% | 78.33% | 116.26% | |
| AEF-E | 26.7438 | 16.36% | -0.24% | 3.40% | 16.30% | 59.77% | 78.75% | 120.30% | |
| INDEX | 921.2642 | 14.16% | -0.25% | 4.26% | 12.90% | 42.74% | 31.75% | 20.12% |
As of 2024-12-19
The rate of return achieved by the Fund in past periods does not guarantee the rate of return of the Fund in future periods.
Market index is MSCI EFM EUROPE + CIS (E+C) ex RU index, which is rebased since 2010 on the graph below.
Fund facts
| FEES | D UNIT Retail investors | C UNIT Institutional investors | E UNIT Institutional investors | B UNIT Large institutionals | A UNIT Mega institutionals |
|---|---|---|---|---|---|
| Min investment | - | 100 000 EUR | 100 000 EUR | 1 000 000 EUR | 20 000 000 EUR |
| Front-end Load | 0% | 0% | 0% | 0% | 0% |
| Management fee | 1.75% | 1.1% | 0.75% | 0.95% | 0.85% |
| Performance fee | - | - | 15% over MSCI Emerging Europe ex-Ru index | - | - |
| Back-end Load | 0% | 0% | 0% | 0% | 0% |
| ISIN | EE3600108866 | EE3600102901 | EE3600108874 | EE3600090056 | EE3600090049 |
Public Marketing – E, C and D share classes
Germany, Finland, Sweden, France, Estonia, Latvia, Lithuania, Norway (only institutional units)
Tax Transparencies
Germany
Platforms
Euroclear FundSettle, Allfunds, MFEX, Clearstream AFS, SIX SIS AG, CACEIS investor Services, IFSAM, BNP Paribas Securities Services Luxembourg
Fund Launch Date
April 23, 2007
Fund Type
UCITS, public common investment fund
Fund Domicile
Estonia
Share Class Type
Accumulating
Asset Class
Public equities, long-only
Investment Region
Emerging Europe ex-Russia
Market Index
MSCI EFM EUROPE + CIS (E+C) ex RU index
Main Countries Invested in
Poland, Hungary, Czech Republic, Romania, Greece, Slovenia, Estonia, Lithuania, Turkey
NAV Frequency
Daily
Base Currency
EUR
Dealing
Daily, cut-off 10:00 CET, settlement T+3
Fund Management Company
AS Avaron Asset Management, registry code 11341336
Location of the Fund
Narva mnt 7D, 10117 Tallinn, Estonia
Fund Managers
Valdur Jaht, Peter Priisalm, Rain Leesi
Fund Administration, Depositary,
NAV Calculation, Transfer Agent
Swedbank AS, registry code 10060701, registered address: Liivalaia 8, 15040 Tallinn, Estonia. Contact: ta@swedbank.ee; Fax: +372 613 1822
Financial Supervision
Financial Supervision Authority of Estonia, registered address: Sakala 4, 15030 Tallinn, Estonia. Website: www.fi.ee
External Auditor
KPMG Baltics OÜ, registered address: Narva mnt 5, 10117 Tallinn, Estonia, registry code 10096082. Website: www.kpmg.com/ee
Internal Auditor
AS PricewaterhouseCoopers Advisors, registered address: Pärnu mnt 15, 10141 Tallinn, Estonia, registry code 10325507. Website: www.pwc.com
Fund key facts
Region
Emerging Europe ex-Russia
Asset Class
Public equities, long-only
Type
UCITS, public common
investment fund
Domicile
Estonia
Investment style
Active, stock-picking
SFDR
Article 8
Launch Date
April 23, 2007
Morningstar rating
Four stars (3, 5 and 10 years)
ESG label
LuxFLAG is not liable for fund performance.
Risk indicator
The risk indicator assumes that you keep the Fund for 5 years.
Fund documents
Factsheet
Prospectus
KIDs
Scenarios (KID)
Annual report
Sustainability-related disclosures
Principal Adverse Impact Statement
ISIN codes
D Unit
EE3600108866
C Unit
EE3600102901
E Unit
B Unit
A Unit
EE3600108874
EE3600090056
EE3600090049
All documents
All fund facts & costs
How to invest?
Invest via platforms
Euroclear FundSettle
Allfunds
MFEX
Clearstream AFS
SIX SIS AG
IFSAM
BNP Paribas Securities Services Luxembourg
