Overview
AS Avaron Asset Management (hereinafter “Avaron”, “the Company” or “we”) is an
independent fully employee-owned asset management company and an investment adviser
registered with the Estonian Financial Supervision Authority (hereinafter “Estonian FSA”). Our
principal place of business is Tallinn, Estonia. We are authorized under the Estonian FSA to
provide fund management, portfolio management and investment advisory services.
Avaron was incorporated in January 2007 under the laws of Estonia. Avaron is a limited liability
company. Beneficial owners of the Company are its founding partners Kristel Kivinurm-Priisalm
(CEO), Valdur Jaht (CIO & Chair of Responsible Investments) and Peter Priisalm (CIO) who via
their holding companies (OÜ Princo and OÜ Venatio) together own a 82.41% shareholding in
the Company. The rest of the Company is owned by its long-term senior research team – Rain
Leesi (Investment Manager & Head of Research, 6.85%), Piotr Jurga (Senior Analyst, 5.86%) and
Reino Pent (Senior Analyst, ESG Specialist 4.88%).
Avaron is an investment adviser to two UCITS compliant investment funds and one non-UCITS
compliant public common alternative investment fund (AIF) registered with the Estonian FSA in
Europe. The funds invest into Emerging Europe listed securities but have two distinct strategies.
Avaron Emerging Europe Fund and Avaron Emerging Europe Smaller Companies Fund invest
into listed equities of Emerging Europe, whereas the latter invests in small and mid-cap
companies. Avaron Flexible Strategies
Fund invests mainly into European equities and fixed
income. Avaron Emerging Europe Fund is publicly marketed in Estonia, Finland, France,
Germany, Latvia, Lithuania, Norway, Sweden and UK. Avaron Flexible Strategies Fund is publicly
marketed in Estonia and Lithuania. Avaron Emerging Europe Smaller Companies Fund is
marketed exclusively in Estonia to private investors. In addition to Estonia-registered
investment funds (hereinafter “Avaron Funds”) we manage money in the form of segregated
accounts for institutional professional investors (hereinafter “Managed Accounts”). Managed
Accounts invest all in Emerging Europe listed equities. Although all Managed Accounts follow a
similar investment strategy, each account is tailored and different as investors impose
restrictions on investing in certain countries, securities or types of securities.
We are value-driven stock pickers with focus on fundamental analysis. We invest in listed all-
cap companies (equities and high yield bonds) and take opportunities in the small and mid-cap
market segments whenever these offer attractive risk-return patterns. Since 2011, we adhere
to the United Nations’ Principles for Responsible Investment (UN PRI), as environmental, social
and governance principles (hereinafter “ESG”) are an integral part of our investment process.
As of February 29th 2024, we managed $266M in clients’ assets on a discretionary basis,
including Avaron Funds, Managed Accounts and Investor assets. We do not manage any assets
on non-discretionary basis.