Overview

Investment Objective

Erikoissijoitusrahasto Taaleri Mikro Markka Osake is a non-ucits open-end fund domiciled in Finland. The Fund’s objective is long-term capital appreciation. The Fund invests its assets in Finnish small-cap stocks.

Growth of 100 (EUR)

12/31/19

Risk Level 5/7

1 = Lower risk, lower expected return
7 = Higher risk, higher expected return

ISIN
FI4000072780
Inception Date
12/2/13
Net Asset Value (NAV)
257.28 EUR
1/16/20
Total Net Assets (mil)
50.21 EUR
12/31/19

Fund Benchmark

NASDAQ OMX Helsinki Small Cap GR EUR (100%)

Portfolio Manager Review

2019 turned out to be an excellent year for Micro Markka. Many small caps and equities in general rose substantially but we were able to outperform with our successful stock picks. December was a quite month with little news.

Our best performing stocks of 2019 were Harvia, Qt, VMP (Eezy), Pihlajalinna, Marimekko, Remedy, CapMan, Exel, Aallon Group, Tokmanni and Alma, all of which surged nicely over the year. On the negative side, we had several usual suspects with negative total returns including SRV, Vincit, SSH, Glaston and Teleste. We have sold our shares in SRV and Vincit completely. Fortunately, our winners clearly outweighed our losers. We expect our companies’ operating environment to stay good enough in order to enable further earnings growth. We wish our unitholders a Prosperous New Year 2020!

Performance

Trailing Returns

1/16/20

Year to Date
5.03%
3 Years Annualised
14.75%
5 Years Annualised
20.71%
10 Years Annualised
-

Return/Risk Analysis

12/31/19

Morningstar
Risk Measurement 1 Year 3 Years 5 Years
Standard Deviation 14.57 14.57 15.24
Sharpe Ratio 2.68 0.96 1.31
Positive Months 9 22 37
Negative Months 3 14 23

Portfolio

Asset Allocation %

Net
Stocks 100.00
Bonds 0.00
Cash 0.00
Other 0.00

Stock Sector Weightings %

Fund
Cyclical 22.44
Basic Materials 0.00
Consumer Cyclical 13.76
Financial Services 8.68
Real Estate -
Sensitive 65.43
Communication Services 9.87
Energy 0.00
Industrials 26.47
Technology 29.09
Defensive 12.13
Consumer Defensive 3.87
Healthcare 8.26
Utilities 0.00

Country Exposure %

Fund
Finland 100.00

Top 10 Holdings

58.06% of total assets in the fund

  1. Exel Composites Oyj
    Finland
    8.39%
  2. Etteplan Oyj
    Finland
    6.85%
  3. Pihlajalinna Oyj
    Finland
    6.70%
  4. Harvia PLC Ordinary Shares
    Finland
    6.11%
  5. Remedy Entertainment PLC
    Finland
    6.07%
  6. CapMan Oyj Class B
    Finland
    5.16%
  7. Scanfil PLC
    Finland
    4.87%
  8. F-Secure Corp
    Finland
    4.85%
  9. Eezy PLC
    Finland
    4.81%
  10. Basware Oyj
    Finland
    4.26%

Fees and Expenses

Switching Fee
-
Exit Charge
1.00%
Initial Charge
5.00%
Performance Fee
20.00%
Management Fee
1.20%

Purchase Details

Additional Investment
100 EUR
Initial Investment
100 EUR

Portfolio Managers

Olli Viitikko

Olli Viitikko

Portfolio Manager
Portfolio Management
Helsinki
+358 40 450 3741
Mika Heikkilä

Mika Heikkilä

Head of Equities
Portfolio Management
Helsinki
+358 50 554 3866

Filings