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AS Avaron Asset Management

PRI reporting framework 2018

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Basic information

OO 01. Signatory category and services

01.1. Select the services and funds you offer

% of assets under management (AUM) in ranges

Further options for investment managers (may be selected in addition to the above)

01.3. Additional information. [Optional]

Avaron Asset Management is a fund management company established in 2007. Avaron holds a license from the Estonian Financial Supervision Authority to manage investment portfolios and funds, and is also a registered Investment Advisor with the US Securities and Exchange Commission. The Company manages UCITS funds and institutional investors’ managed accounts investing in listed equities in Emerging Europe region.

OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

Estonia

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

16 FTE

02.4. Additional information. [Optional]

Avaron is headquartered in Tallinn, Estonia. As of end-2017 Avaron employed 17 people (2016: 14) of which 65% were male and 35% female. The average tenure of our staff was 4.8 years, similar among male and female employees.

OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]

OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2017

04.2. Indicate your total AUM at the end of your reporting year, Exclude subsidiaries you have chosen not to report on and any advisory/execution only assets.

Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.5. Additional information. [Optional]

As of end 2017 Avaron managed 488 million euros, out of which the core Emerging Europe listed equity strategy accounted for 475 million euros. The Company manages two mutual funds domiciled in Estonia – Emerging Europe Fund and Flexible Strategies. Avaron Emerging Europe Fund is focused solely on Emerging Europe ex-Russia listed equities. Avaron Flexible Strategies Fund is an asset allocation fund combining predominantly Emerging Europe cum-Russia listed equities, fixed income and money market instruments but is not bound to the specific region according to the fund rules and can invest globally. Total assets under management of Avaron’s mutual funds in the end of 2017 amounted to 94 million euros, out of which 81 million euros was in Emerging Europe Fund and 13 million euros in Flexible Strategies Fund. Fixed income investments made within the scope of Flexible Strategies fund accounted for 1% of total AUM of Avaron.

In addition to the Estonian domiciled mutual funds, Avaron provides sub-investment management services to third party funds and managed accounts. Investment management services to professional investors in the form of third party funds and managed accounts have been an increasing business line for the Company over the past five years and accounts now for 80% of the assets under management. The total size of institutional investors’ mandates in the end of 2017 was 389 million euros. Besides that Avaron also manages 5 million euros worth of portfolios for high net worth individuals.

OO 06. How would you like to disclose your asset class mix

New selection options have been added to this indicator. Please review your prefilled responses carefully.

06.1. Select how you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity >50% 89 0 0
Fixed income <10% 1 0 0
Private equity 0 0 0 0
Property 0 0 0 0
Infrastructure 0 0 0 0
Commodities 0 0 0 0
Hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash 10-50% 10 0 0
Other (1), specify 0 0 0 0
Other (2), specify 0 0 0 0

06.2. Publish asset class mix as per attached image [Optional].

06.3. Provide contextual information on your AUM asset class split. [Optional]


As of end 2017 Avaron managed 488 million euros, out of which the core Emerging Europe listed equity strategy accounted for 475 million euros (97% of total AUM), while asset allocation strategy accounted for 13 million euros (3% of total AUM). Within the Emerging Europe listed equity strategy 9% of the assets were held in cash, while 91% were invested in equities. In asset allocation strategy 14% of the assets were invested in listed equities, 38% in fixed income and 48% was in cash.

OO 07. Fixed income AUM breakdown

07.1. Provide to the nearest 5% the percentage breakdown of your Fixed Income AUM at the end of your reporting year, using the following categories.

Internally managed
0 SSA
56 Corporate (financial)
44 Corporate (non-financial)
0 Securitised
Total 100%

OO 08. Segregated mandates or pooled funds (Not Applicable)

OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

 

 

Developed Markets

  Emerging, Frontier and Other Markets
Total100%

09.2. Additional information. [Optional]

Investments into equities domiciled in developed markets accounted for 11% of total AUM. Majority of these investments were in Austrian listed entities that had more than 50% of their business generated in Emerging Europe region.
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