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
401.859 -2.05 9.86 5.57 10.87 10.93





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.


min. 1 000 € or 50 €/month

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.


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


This year, investors just weren’t in a “sell in May and go away” mood.

Instead global equity markets took another step higher, leaving many wondering about the seeming disconnect between the real economy and the stock market. Another age-old stock market saying, “don’t fight the Fed”, might be of help in trying to understand the diverging fortunes of Wall Street and Main Street. We’re just guessing of course. Momentum and growth styles prevailed strongly for most of May, though value and cyclicals started performing during the last week. A broadening of stock market strength likely would be a good thing for the longevity of the rally.

The fund outperformed the benchmark in May. Relative performance was aided the most by our overweights in Talenom and Musti (no major news in either). Biggest detractors from relative performance were our underweight in Vaisala and overweight in Terveystalo (no major news in either).

During the month, we exited our position in drug wholesaler Oriola.

Looking back to notable portfolio changes during the corona crisis, in the March-May period we entered 2 new positions and exited 2 positions. As a principle, we build our fund bottom-up in a way that should result in a resilient portfolio come what may on the macro front, and don’t base our selections on a view of the economy. Hence, our new positions (Admicom, Raisio) aren’t based on what we think the world will be like in the wake of the pandemic, but rather on the market providing attractive entry points to stocks we think likely are good investments.

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