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 31th 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

UnitNAVYTD1D1M1Y3Y5Y10YCSV
AEF-A8.784314.34%1.15%-1.55%27.80%61.67%90.98%113.51%
AEF-B9.619314.60%1.15%-1.51%28.45%64.12%95.85%124.90%
AEF-C32.708714.66%1.15%-1.50%28.58%64.52%96.73%121.21%
AEF-D26.075714.20%1.14%-1.57%27.48%60.44%88.59%108.09%
AEF-E26.387514.81%1.15%-1.47%28.74%62.60%88.98%110.85%
INDEX934.754615.83%0.49%-2.71%29.54%47.23%40.85%13.65%

As of 2024-06-17

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

FEESE (Institutional)C (Institutional)D (retail)
Min investment500 000 EUR500 000 EUR-
Front-end Load0%0%0%
Management fee0.85%1.15%2%
Performance fee15% over MSCI Emerging
Europe ex-Ru index
--
Back-end Load0%0%0%

Public Marketing – E, C and D share classes

Germany, Finland, Sweden, France, UK, 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

Internal Auditor

AS PricewaterhouseCoopers Advisors, registry code 10325507, registered address: Pärnu mnt 15, 10141 Tallinn, Estonia. 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, ESG

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

E Unit

EE3600108874

C Unit

EE3600102901

D Unit

EE3600108866

All documents
All fund facts & costs
How to invest?

Invest via platforms

Euroclear FundSettle
Allfunds

MFEX
Clearstream AFS

SIX SIS AG
CACEIS investor Services
IFSAM
BNP Paribas Securities Services Luxembourg

Investor assistance

Email

Phone

+372 6644 214