We believe that environmental, social and corporate governance (ESG) issues and stewardship activities are material to delivering strong positive risk-adjusted investment returns over the long-term. Therefore, we have integrated ESG analysis that encompasses sustainability risk assessment into the investment process of our Emerging Europe listed equity strategy. Sustainability risk means an environmental, social, or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment. Since 2011 Avaron has been the signatory of UN Principles for Responsible Investment (PRI) that are designed to encourage the integration and analysis of ESG characteristics into investment practice.
We have incorporated ESG and sustainability considerations into the investment process using exclusion, norms-based screening and ESG integration. Our responsible investment approach is outlined in the Responsible Investment Policy. To avoid financing companies that are engaged in activities with clear negative impact on people and environment we apply exclusion principles to filter out such issuers. Norms-based screening is used to identify companies that are allegedly involved in breaches of international law and norms on environmental protection, human rights, labour standards and anti-corruption. ESG and sustainability integration entails in-depth analysis of ESG criteria using an internally developed ESG Scorethat is an integral part of our company fundamental analysis and enables to assess the ESG performance of issuers in our investment universe.
First Emerging Europe fund granted LuxFLAG ESG Label
In April 2023 LuxFLAG granted Avaron Emerging Europe Fund LuxFLAG ESG label, recognizing our commitment to sustainable investing and responsible corporate practices. The label was renewed in April 2024 and is valid for one year. Read more.
Granted to the fund until 31.03.2025. LuxFLAG is not liable for fund performance.
Climate change, the biggest threat to our society
Climate change as the biggest threat facing society today was recognized in 2015, when 195 countries signed the Paris Climate Agreement, committing countries to transition to a lower carbon economy and limit the global average temperature rise to well below 2 degrees Celsius (°C) above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5 °C. At Avaron, we are supporters of the Paris Agreement and the disclosure recommendations of the Financial Stability Board’s Task Force on TCFD. Our approach to climate change is outlined in the Climate Change Policy Statement. We have set a long-term commitment for our Emerging Europe equity strategy to have net-zero emission investments by 2050 and to achieve 50% portfolio carbon footprint reduction by 2030.
Active ownership – we vote and engage
We commit to actively exercise our rights as a shareholder via voting at shareholder meetings and engaging – having an active dialogue – with investee companies. We maintain direct contact with companies we invest in on ESG issues and push for constant improvement. Exercise of voting rights is central to our practice of responsible investment as it enables to maintain shareholder oversight of the issuers’ policies and management. Voting activities are carried out in accordance to our Voting Policy. Since 2019 we publish detailed voting records of all our funds.
Transparency, reporting and documents
We disclose on responsible investment practices on annual basis via our Responsible Investment Report and the UNPRI Reporting Framework. Transparency Reports, publicly available also on the PRI website, show signatory responses to all of the mandatory indicators as well as responses to voluntary indicators that the signatory has agreed to make public. Assessment Reports demonstrate how a signatory has progressed in its implementation of the principles year-on-year and enable to benchmark against its peers. We have made our Assessment Reports public to offer better transparency on our responsible investment efforts.
Considering the size of Avaron, the Sustainable Finance Disclosure Regulation (SFDR) makes the entity level PAI voluntary for us. Our decision on not to perform the entity level PAI is driven by Avaron’s scale of activities and the types of funds we manage and investors to whom our products are targeted. We shall determine and disclose whether, and the extent to which, Avaron considers the principal adverse impacts of the investment decisions depending on the characteristics of the product, and in particular the product’s designation as promoting “environmental or social characteristics” or having “sustainable investment” as its objective.
In relation to products that do not expressly claim to promote environmental or social characteristics or have a sustainable investment objective, Avaron does not consider the principal adverse impacts of its investment decisions. In relation to products that promote environmental or social characteristics, or have sustainable investment as their objective, Avaron considers principal adverse impacts to the extent described in that product’s prospectus. In all cases, please refer to a product’s prospectus for the specific policies applicable to that product available here.
Remuneration policies
Avaron has implemented remuneration principles which follow the objective, values and long-term interests of the company, including commitment to sustainability and responsible investing.
The structure of remuneration promotes sound and effective risk management. It aims to discourage risk‐taking that exceeds the level of tolerated risk as set forth in legislation, Avaron’s policies and fund documents.
Sustainability risk management is considered as part of each relevant individual’s performance review, including his or her adherence to Avaron’s Responsible Investment Policy which incorporates the process of how portfolio companies are analyzed and monitored to mitigate sustainability risks in Avaron’s investments.
The assessment of the performance is set in a three-year framework, to ensure, that the assessment process is based on longer-term performance considering the business cycle.
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.
Karl Henri Kais
Analyst and Trader
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.
Svetlana Jegorova
Operations Specialist and Accountant
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.
Luisa Müür
Investor Relations Specialist
Experience in Emerging Europe investments since 2021
Luisa joined Avaron investor relations team as an Investor Relations Specialist in 2021.
She has studied business at Tallinn University of Technology, majoring in management and work organization.
Luisa is fluent in English and Estonian. Her interests include Muay Thai and reading.
Maarja Härsing-Värk
Head of Back-Office & Operations
Experience in Back-Office operations since 2002
Maarja heads the Back-Office & Operations team in Avaron. She started her career 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.
Rain Leesi
Investment Manager & Head of Research, CFA
Experience in Emerging Europe investments since 2007
Rain is a Member of the Investment Committee at Avaron. Rain joined Avaron research team as an Analyst in 2007. He is currently heading the research team. In 2019 Rain took the role of Investment Manager.
He holds a B.A. degree in Business Administration from Tallinn University of Technology.
Rain is fluent in English and Estonian. His interests are value investing and sports (decathlon, cross-country skiing, orienteering).
Kevin Kalle Kell
Head of Investor Relations - Institutional Investors
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.
Block "luisa-muur" not found
Silver Schmeiman
Analyst
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. Silver has also passed Level I of the CFA Program.
He is fluent in English, Estonian and can speak and understand Russian on elementary level. Silver is interested in reading and beekeeping.
Maarja Kõrvek
Senior Back-Office Specialist
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.
Jaanika Jutt
Back-Office Specialist
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.
Ingrid Kõrgema
Chief Compliance Officer, Head of Compliance, Legal & Risk
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.
Maarja Härsing-Värk
Head of Back-Office & Operations
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.
Maksim Miruškov, CFA
Senior Analyst
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.
Reino Pent
Senior Analyst
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.
Piotr Jurga, CFA
Senior Analyst
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.