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Fondita Fund Management

Fondita European Micro Cap - Annual Report 2024

15 March 2025

Fondita European Micro Cap returned +1.4% in 2024 with AUM of EUR 18.2M across ~30 positions. The fund holds five companies below EUR 100M market cap: Solwers Oyj, LumenRadio AB, Orthex Oyj, Ekopak NV, and Indel B. Managed by Kenneth Blomqvist and Janna Haahtela. SFDR Article 8 classified, TER 2.00%.

Fund Facts (from Annual Report 31.12.2024)

  • Fund: Fondita European Micro Cap Investment Fund
  • Managers: Kenneth Blomqvist (head), Janna Haahtela
  • AUM: EUR 18,197,216
  • 2024 Return: +1.4% (growth units)
  • TER: 2.00%
  • SFDR: Article 8
  • Number of unitholders: 242
  • Volatility: 10.5% per year

    • Geographic Allocation

  • Great Britain: 23.61% (6 holdings)
  • Sweden: 20.94% (6 holdings)
  • Germany: 20.48% (7 holdings)
  • Finland: 12.89% (6 holdings)
  • Italy: 11.82% (3 holdings)
  • Belgium: 4.24% (2 holdings)
  • Denmark: 0.92% (1 holding)

    • Top 5 Positions

  • 1. Note AB (Sweden, IT) — 5.86%
  • 2. Mildef Group (Sweden, Industrials) — 5.80%
  • 3. Volution Group (UK, Industrials) — 5.18%
  • 4. Boku (UK, Financials) — 4.91%
  • 5. Init Innovation Traffic Systems (Germany, IT) — 4.36%

    • Holdings Below EUR 100M Market Cap

  • 1. Solwers Oyj (Finland) — EUR 24M market cap, 2.26% weight
  • 2. LumenRadio AB (Sweden) — EUR 63M market cap, 2.38% weight
  • 3. Orthex Oyj (Finland) — EUR 82M market cap, 3.85% weight
  • 4. Ekopak NV (Belgium) — EUR 95M market cap, 2.53% weight
  • 5. Indel B (Italy) — EUR ~100M market cap, 3.33% weight

    • Positions Exited During 2024

    AstraZeneca, Hexagon, Enea, Addvise Group, Piovan, Nedap, ASML, Coltene, Siegfried, Nabaltec, Steico, Stemmer Imagine, Nexus