Overview

Investment Objective

Taaleri Mikro Rein is an open-end fund incorporated in Finland. The objective of the Fund is capital appreciation. The Fund invests in small companies listed in Germany, Switzerland and Austria.

Trailing Returns

Year to Date
6.80%
3 Years Annualised
-1.94%
5 Years Annualised
-
10 Years Annualised
-

Fund Benchmark

STOXX Europe Small 200 Net Return EUR (100%)
ISIN FI4000171202
Inception Date 11/2/15
Net Asset Value (NAV) 145.07 EUR (9/17/20)
Total Net Assets (mil) 83.92 EUR (9/17/20)
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)

9/17/20

Portfolio Manager Review

April witnessed a meaningful positive correction on equity markets after a dreadful previous month. The fundamentals behind this correction is widely seen as to be a result of the substantial and swift actions taken on both the monetary and fiscal policy side. These measures will most likely keep economies in standby mode and prevent substantial prolonged damages to economic activity, even though we believe it very well might take into 2022 before economic output has reached pre crisis levels again. The month was on an absolute and relative basis satisfactory for the fund.

Our equity universe saw correlations decrease during the month after the harsh sell down where more or less everything got sold down. Of our three most important themes we saw IT and Healthcare related companies recover strongly during the month. These companies are as we know structural winners in an economy which ever more resembles that of what has been witnessed in Japan during recent decades. The current pandemic environment also makes these sectors standout on a relative basis. To our delight these sectors have also produced strong q1 reporting and this momentum is set to continue regardless of the current environment. These companies (ex. Nexus and Medios) can grow profitably also in a more challenging economic environment, because they are leading companies in quite small nische sectors, which enjoy structural growth of uncyclical nature. Usually our companies in addition still have quite small market shares in these sectors even though they are in a leading position in it and can thus very often outgrow the market.

To the portfolio structure which is built around companies which can quite rapidly progress profitably, also in a more subdued japan like economic environment, we are very pleased. To our unit holders we wish a sunny spring and good health.

Performance

Trailing Returns

Year to Date
6.80%
3 Years Annualised
-1.94%
5 Years Annualised
-
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 25.30 18.75 -
Sharpe Ratio 0.82 -0.10 -

Portfolio

Asset Allocation %

Net
Stocks 97.70
Bonds 0.00
Money Market 2.30
Other 0.00

Country Distribution %

8/31/20

Fund
Germany 86.66
Austria 9.83
Luxembourg 3.51

Top 10 Holdings

70.31% of total assets in the fund

  1. NEXUS AG
    Germany
    9.97%
  2. SECUNET SECURITY NETWORKS AG
    Germany
    9.60%
  3. ADESSO AG
    Germany
    9.08%
  4. DEUTSCHE KONSUM REIT AG
    Germany
    8.69%
  5. MEDIOS AG
    Germany
    7.32%
  6. DATAGROUP AG
    Germany
    6.40%
  7. S&T AG
    Austria
    6.36%
  8. ALL FOR ONE STEEB AG
    Germany
    4.56%
  9. DEUTSCHE INDUSTRIE REIT AG
    Germany
    4.43%
  10. KPS AG
    Germany
    3.90%

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 1.00%
Redemption Charge 1.00%

Purchase Details

Initial Investment 100.00
Additional Investment 100.00

Portfolio Managers

Jonas Koivula

Jonas Koivula

Portfolio Manager
Portfolio Management
Helsinki
+358 50 500 4191
Olli Viitikko

Olli Viitikko

Portfolio Manager
Portfolio Management
Helsinki
+358 40 450 3741

Filings

Avaintietoesite Mikro Rein
Säännöt Mikro Rein
Taaleri Rahastoesite