Avaron Emerging Europe Smaller Companies Fund

The Fund invests in public small and mid-cap companies in Emerging Europe ex-Russia region. The Fund creates alpha to investors through active management and stock-picking. As stock exchanges in Emerging Europe are dominated by banking sector companies and state-owned enterprises, the Fund aims to limit investing into these segments, and focus on stock-picking mainly among attractively valued, privately owned, well-managed and fast growing smaller companies. The Fund is benchmark agnostic, portfolio is built fully bottom up, and the Fund has very low position overlap to regional indices. Small and mid-cap companies is a niche mostly overlooked by international emerging market investors.

Performance overview

Share	A share	B share	C share	Index*
NAV	19.4466	19.4081	11.9422	1603.8281
Year-to-date	16.26%	16.02%	16.18%	29.57%
1 day	0.14%	0.14%	0.14%	1.02%
1 month	-0.22%	-0.24%	-0.23%	3.04%
3 months	3.97%	3.89%	3.95%	11.39%
6 months	13.49%	13.31%	13.43%	25.95%
1 year	17.57%	17.34%	–	41.71%
2 years	41.94%	41.63%	–	–
3 years	70.26%	69.89%	–	106.83%
CSV

As of 2026-09-03

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 2022 on the graph below.

Fund facts

FEES	A Share	B Share	C Share
ISIN code	EE3600001772	EE3600001780	EE0000002392
Min investment	100 EUR	100 EUR	250 000 EUR
Front-end Load	0%	0%	0%
Management fee	0.85%	1.15%	0.95%
Performance fee	15% over MSCI EFM EUROPE + CIS (E+C) ex Russia Index	-	-
Back-end Load	0%	0%	0%

Fund Launch Date

December 9, 2022

Fund Type

UCITS

Fund Domicile

Estonia

Share Class Type

Accumulating

Asset Class

Public equities, small and mid-caps, 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

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

Valdur Jaht, Peter Priisalm, 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: +372 613 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