Evli Finnish Small Cap

Equity fund that invests in Finnish small cap companies

Return %
Return %
1 y
Return % p.a.
3 y
Return % p.a.
5 y
Return % p.a.
Since start
597.862 7.22 49.75 21.95 20.71 12.33





Recommended Investment Horizon

7 years or more

Administrative fees

1.60 % p.a.

Suitable for investors

  • who wish to invest in an actively managed and diversified portfolio of Finnish small cap equities
  • who are prepared to tolerate greater price fluctuations in the short term in order to earn a better return in the long term
  • who want to invest responsibly and take into account not only economic analysis but also environmental, social and good governance (ESG) factors.


min. 1 000 € or 50 €/month

Investment Policy

Evli Finnish Small Cap is an actively managed equity mutual fund investing primarily in the shares of publicly listed Finnish small and mid cap companies. The aim of the fund is to exceed the total return of the benchmark index over the long term. Stock selection is the main source of outperformance, and every position is expected to contribute to fund performance. Therefore the fund has a focused portfolio of only about 25-30 individual stocks.


ESG factors are integrated into the fund’s investment decisions, and the fund follows Evli's general exclusion practices. The general meetings of the companies in the fund are attended on the basis of a company-specific assessment. The fund’s investments are monitored for violations of UN Global Compact norms and the Climate Change Principles, and the fund engages with the companies they invest in or exclude them if violations are detected. The fund's ESG indicators are reported in a fund-specific ESG report, which is updated four times a year.

Read more about Evli's responsible investing


The portfolio is managed by

Janne Kujala

Janne Kujala

Investment Objective and Risks

The aim is to achieve a return which, over a period of more than four years, exceeds the return of the benchmark index.

As all of the fund’s assets are invested in the equities or equity-linked securities of small cap companies, the fund unit value can fluctuate abruptly within a short period. The fund’s overall risks are reduced by diversifying the portfolio, rather than focusing on a single issuer’s equities.

Monthly review


In some ways, stock market behavior in January had a familiar feel to it.

Of course, there were new variations on old phenomena – such as a short squeeze in a heavily shorted share in the US, the new twist being that the squeeze was instigated by a subreddit community. In the same vein, and related to the short squeeze in Gamestop, some hedge funds got in trouble, which lead to position unwinding in other investments - which of course lead to increased volatility. Closer to home, the redditors at r/wallstreetbets also took a shine on Nokia, but in the absence of a large short base, no Gamestop-scale quakes ensued.

Overall, global stock markets took a slight step down in January, with broad European and US indices negative for the month. Finnish smaller cap companies, however, were up for January.

But to the point of familiarity in stock market behavior: it often seems that, come January, a portfolio that worked well in the latter part of the previous year starts to lag the market. Stocks that underperformed the previous year (or longer) are suddenly bid up in the market, and investors’ focus shifts to whatever is the new consensus theme (looks like it’s the reflation trade this time around). Our portfolio did very well especially during the latter half of 2020, but in January 2021… not so much. In our experience, the January dash-for-trash usually evens out by March.

The fund underperformed the benchmark index in January. Relative performance was hurt the most by our overweights in Talenom (stock giving up some gains after end-of-year sprint) and Admicom (’21 guidance disappointed). Biggest contributors to relative performance were QT Group (positive profit warning) and underweight in Finnair (no major news). In January, we exited our position in Huhtamäki. Uponor is a new position.

Fund facts

Type of fund Finnish Equity fund (UCITS)
Investment activity began 04.12.1992
Benchmark index Carnegie Small CSX Return Finland
Profit distribution Fund contains only growth units B, on which no annual return is distributed.

Downloadable files


min. 1 000 € or 50 €/month