The Circulus Global Small-Cap strategy targets profitable, attractively valued global small-cap companies with a multi-year opportunity for strong returns. The team - Christofer Halldin, Joakim By, and Simon Park - built a strong small-cap track record together at Handelsbanken, before launching Circulus.

Circulus employs a bottom-up approach, with a focus on quality (notably ROCE, margins, and debt), durable growth, and strict valuation discipline. The strategy also integrates a proprietary AI tool, SentenIA, which identifies sustainability challenges as a structural growth opportunity. This complements an intensive primary due diligence process, with the team conducting over 450 company meetings per year.

The strategy retains the flexibility to invest in under-researched small and micro-cap companies, including those with little or no analyst coverage, and typically holds a concentrated portfolio of around 50 global small-cap companies.

The Circulus America Global Small-Cap strategy targets profitable, attractively valued global small-cap companies with a multi-year opportunity for strong returns. The team - Christofer Halldin, Joakim By, and Simon Park - built a strong small-cap track record together at Handelsbanken, before launching Circulus.

Circulus employs a bottom-up approach, with a focus on quality (notably ROCE, margins, and debt), durable growth, and strict valuation discipline. The strategy also integrates a proprietary AI tool, SentenIA, which identifies sustainability challenges as a structural growth opportunity. This complements an intensive primary due diligence process, with the team conducting over 450 company meetings per year.

The strategy retains the flexibility to invest in under-researched small and micro-cap companies, including those with little or no analyst coverage, and typically holds a concentrated portfolio of around 40 small-cap companies.

The Coeli Frontier Markets strategy seeks to achieve long-term capital growth by investing in high-quality, domestically focused companies that are well positioned to benefit from structural developments across Frontier Markets.

The fund owns 30-50 companies and is managed by James Bannan and Hans-Henrik Skov, who bring nearly 40 years of combined experience in Frontier Markets and a strong long-term track record versus both the benchmark and many peers.

The team maintains a long-term investment horizon, with a disciplined focus on strong fundamentals - particularly sustainable high returns on capital and prudent, shareholder-aligned management teams - and seeks to invest in companies trading at attractive valuations.