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.

Trailing Returns

Year to Date
4.44%
3 Years Annualised
8.18%
5 Years Annualised
13.52%
10 Years Annualised
-

Fund Benchmark

OMX Helsinki Small Cap TR osakeindeksi (100%)
ISIN FI4000072780
Inception Date 12/2/13
Net Asset Value (NAV) 255.07 EUR (8/5/20)
Total Net Assets (mil) 73.22 EUR (8/5/20)
Risk Level 4/7

1 = Lower risk, lower expected return
7 = Higher risk, higher expected return
Morningstar
Management Fee 1.20%

Fees and Expenses

Growth of 100 (EUR)

8/5/20

Portfolio Manager Review

In March the corona virus started to really affect stock markets. Volatility surged amid increasing numbers of corona deaths and even the most prestigious stock indexes had daily movements of more than 10%. All eyes were on corona and that created a spiral of panic. Investors and other people are closely monitoring countries like Italy, Spain and towards the end of the month also USA. Fortunately, central banks and governments have been quite active and have created and initiated massive financial aid packages here and there, including ECB and the FED. It’s also noteworthy that China is already recovering which creates a significant tailwind as Europe and the US are struggling. In Finland, we have seen a tsunami of profit warnings, partly thanks to our Financial Supervisory Authority which has given instructions how to guide during these extreme times. Many companies have also postponed their AGMs and dividends due to coronavirus. 

Many Finnish stocks have plummeted by 30-60% during the corona crash so far. Some companies have survived without bigger stock price movements. We have had a nice pile of cash in the fund which has helped us to utilize the dip a certain extent. Also, many portfolio holdings of the fund have issued profit warnings, not surprisingly. On company level we highlight that Remedy Entertainment might be one of the rare beneficiaries of the situation as people are bored at home. The company also released a very compelling game publishing deal with a good partner. Remedy has also kept its guidance intact. In March we have bought some QT and Detec but also took part in Bilot’s IPO with a very small ticket. In addition, we also further increased our position in Exel Composites. Noho Partners is one of the companies with biggest corona impact as restaurants are facing a severe crisis. We think, however, that they will get subsidies and survive and with current information we are willing to watch beyond corona. In general, we have found some interesting companies to invest in during the crisis, more to follow in the next monthly text.


 

Performance

Trailing Returns

Year to Date
4.44%
3 Years Annualised
8.18%
5 Years Annualised
13.52%
10 Years Annualised
-

Risk Level 4/7

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

Return/Risk Analysis

Morningstar
Risk Measurement 1 Year 3 Years 5 Years
Standard Deviation 22.87 15.62 14.35
Sharpe Ratio 1.18 0.53 0.95

Portfolio

Asset Allocation %

Net
Stocks 85.72
Bonds 0.00
Money Market 14.28
Other 0.00

Country Distribution %

7/31/20

Fund
Finland 100.00

Top 10 Holdings

51.69% of total assets in the fund

  1. REMEDY ENTERTAINMENT OYJ
    Finland
    8.80%
  2. Exel Oyj
    Finland
    6.53%
  3. Lassila &Tikanoja Oyj
    Finland
    5.37%
  4. PIHLAJALINNA OYJ
    Finland
    5.20%
  5. Qt Group Oyj
    Finland
    4.66%
  6. HARVIA OYJ
    Finland
    4.56%
  7. Marimekko Oyj
    Finland
    4.39%
  8. Basware Oyj
    Finland
    4.34%
  9. Etteplan Oyj
    Finland
    4.06%
  10. Tikkurila Oy
    Finland
    3.79%

Fees and Expenses

Management Fee 1.20%
Performance Fee 20.00%

20 % of the yield exceeding the comparison index, calculated daily over 12 months.
Initial Charge 5.00%
Redemption Charge 1.00%

Purchase Details

Initial Investment 100.00
Additional Investment 100.00

Portfolio Managers

Mika Heikkilä

Mika Heikkilä

Head of Equities
Portfolio Management
Helsinki
+358 50 554 3866
Olli Viitikko

Olli Viitikko

Portfolio Manager
Portfolio Management
Helsinki
+358 40 450 3741

Filings

Avaintietoesite Mikro Markka
Säännöt Mikro Markka
Taaleri Rahastoesite