The Fund is targeted to private individuals and corporate investors who seek long term capital growth. The Fund primarly invests in attractively valued equities and high yield bonds of European companies but the Fund can invest globally in all liquid financial asset classes (incl. cash, deposits, bonds, equities, other investment funds). The Fund’s risk level and allocation to equities varies over time based on Avaron’s investment managers’ view on bottom-up investment opportunities, top-down trends and market cycle. Overall investors should accept that a moderate risk is associated with investing into the Fund. There is no guarantee that investors will get back the amount invested.
The Fund is suited to an investor who does not have the time, sufficient knowledge and desire to make asset allocation and investment decisions themselves and would like Avaron team to manage their investments’ allocation between different asset classes (equities, bonds, commodities) and securities to invest in through market cycles.
Fund units up to 500,000 EUR can be redeemed every business day, larger amounts with 10 business days, one month or two months prior notice depending on the amount. However, arising from the Fund’s investment strategy an investor should have an investment horizon of at least 5 years.
| Unit | A unit | B unit |
|---|---|---|
| NAV | 10.7795 | 24.5962 |
| Year-to-date | 2.82% | 2.57% |
| 1 day | -0.11% | -0.11% |
| 1 month | 0.82% | 0.66% |
| 3 months | 1.78% | 1.57% |
| 6 months | 3.25% | 3.00% |
| 1 year | 6.91% | 6.55% |
| 2 years | – | 16.06% |
| 3 years | – | 29.44% |
| 5 years | – | 29.67% |
| 10 years | – | 51.54% |
| 15 years | – | 97.05% |
| CSV |  | |
As of 2026-06-18
The rate of return achieved by the Fund in past periods does not guarantee the rate of return of the Fund in future periods.
| FEES AND TICKERS | A UNIT | B UNIT |
|---|---|---|
| Min investment | 500 000 | 100 |
| Front-end Load | 0% | 0% |
| Management fee | 0.75% | 0.95% |
| Performance fee | 10% over eurozone inflation rate | 10% over eurozone inflation rate |
| Back-end Load | 0% | 0% |
| ISIN code | EE0000000883 | EE3500100922 |
Fund Launch Date
December 17, 2008
Fund Type
UCITS, public common investment fund
Fund Domicile
Estonia
Share Class Type
Accumulating
Asset Class
Asset allocation fund, combines equities and fixed income
Investment Region
Focus on European equities and fixed income
NAV Frequency
Daily
Base Currency
EUR
Dealing
Subscription every business day, redemption up to 500,000 EUR every business day, larger amounts with 10 business days, one month or two months prior notice depending on the amount (see from prospectus)
Fund Management Company
AS Avaron Asset Management, registry code 11341336
Location of the Fund
Narva mnt 7D, 10117 Tallinn, Estonia
Fund Managers
Rain Leesi
Fund Administration, Depositary,
NAV Calculation, Transfer Agent
Swedbank AS, registry code 10060701, registered address: Liivalaia 34, 15040 Tallinn, Estonia. Contact: ta@swedbank.ee; Fax: +372 6131 822
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
Region
Europe
Asset Class
Asset allocation fund, combines equities and fixed income
Type
UCITS, public common investment fund
Domicile
Estonia
Investment style
Stock-picking
Launch Date
December 17, 2008
Share Classes
Accumulating
The risk indicator assumes that you keep the Fund for 5 years.
A unit
EE0000000883
B unit
EE3500100922
All documents
All fund facts & costs
How to invest?
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 finance and accounting since 2011
Svetlana takes care of Avaron’s back-office operations and accounting. Before joining Avaron, Svetlana has worked as a data entry specialist in the subsidiary of Admiral Markets and as an accountant in a currency exchange company.
Svetlana has achieved Accountant Level 5 qualification and professional higher education diploma from Tallinn School of Economics.
She is fluent in English, Estonia, Russian and Swedish. Her interests are horseback riding, jogging and hiking.
Experience in Emerging Europe investments since 2021
Kevin joined Avaron investor relations team as an Investor Relations Specialist in 2021. Previously he worked as a regional sales manager for a local publishing house.
Kevin has a vocational degree from Tallinn School of Economics. He is currently obtaining his B.A. degree in Financial Management at Estonian Entrepreneurship University of Applied Sciences.
Kevin is fluent in English and Estonian. His hobbies include investing (since 2016), travelling, photography and competitive road cycling.
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 financial analysis since 2015
Maksim is Avaron’s Senior Analyst. Maksim joined Avaron research team as an Analyst in June 2017. Before joining Avaron, he was working as a Business Customer Advisor in Swedbank.
He holds a M.A degree in Finance and Investments from Tallinn University of Technology. Maksim is a CFA Charterholder.
Maksim speaks English, Estonian and Russian. He is interested in sports (triathlon) & reading.
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.
