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
As of 2024-11-19
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
UCITS, public common investment fund
Public equities, long-only
Emerging Europe ex-Russia
MSCI EFM EUROPE + CIS (E+C) ex RU index
Main Countries Invested in
Poland, Hungary, Czech Republic, Romania, Greece, Slovenia, Estonia, Lithuania, Turkey
Daily, cut-off 10:00 CET, settlement T+3
AS Avaron Asset Management, registry code 11341336
Narva mnt 7D, 10117 Tallinn, Estonia
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 Authority of Estonia, registered address: Sakala 4, 15030 Tallinn, Estonia. Website: www.fi.ee
KPMG Baltics OÜ, registered address: Narva mnt 5, 10117 Tallinn, Estonia, registry code 10096082. Website: www.kpmg.com/ee
AS PricewaterhouseCoopers Advisors, registered address: Pärnu mnt 15, 10141 Tallinn, Estonia, registry code 10325507. Website: www.pwc.com
