Investment in funds always involves some kind of risk. Past performance is no guarantee for future performance. Fund units may go up or down in value and investors may not get back the amount invested.

Adrigo Small And Midcap LS Header Image 2022 11

Adrigo Small & Midcap L/S

An actively managed equity hedge fund investing in small & midcap Nordic companies

About Adrigo

Adrigo Small & Midcap L/S is an actively managed equity hedge fund that invests in Nordic small and mid-cap companies. The fund may invest in companies included in the Carnegie Small Cap Index, which means companies with a market capitalisation of up to approximately EUR 80 billion. The emphasis is on much smaller companies with a market capitalisation of between one and fifteen billion - companies that are often under-analysed by the larger fund companies and banks.

A fund for you that wants to

  • Invest in Nordic small and mid-cap companies
  • Diversify your investment portfolio
  • Have a fund that aims for absolute return
  • Invest for at least 5 years


Per 2023-02-28


Class A: 168.33

Class C: 2 064.14

1 month

Class A: -3,50%

Class C: -3,50%


Class A: -1,12%

Class C: -1,11%

Since inception

Class A: 68.33%

High watermark

Class A: 216.34
Class C: 2 247.33

Per 2023-03-17

Estimate March*


Indicative NAV*

Class A: 168.07

Class C: 2 060.98

Adrigo Small & Midcap L/S

Fund type

Equity hedge fund

Inception date

Class A: 2017-11-01
Class C: 2022-05-02


Class A: SE0010440735
Class C: SE0017133366


The fund does not follow any benchmark index


Initial minimum SEK 1000


Skandinaviska Enskilda Banken AB (publ)

Trading Day

Fund units of Adrigo Small & Midcap L/S are open for subscription and redemption on the last banking day every month.

Next Application Deadline

March 28

Risk indicator

The fund has risk class 5 out of 7, which means that it can decrease/increase sharply in value. The risk indicator assumes you keep the product for 3 years.

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Lower risk

Higher risk

Lower possible return

Higher possible return

Fund fees

Subscription fee


Redemption fee


Yearly fee (Class A)


Yearly fee (Class C)


Performance related management fee 20% of total return exceeding STIBOR 30 days rate after deduction of fixed fee (“high water mark”).


Why Adrigo?

Why invest in Adrigo?

Adrigo aims to deliver a solid absolute returns of 8 to 16%, which means that over time we should generate a positive return regardless of market conditions. The fund has a unique mix of long holdings combined with a selective short portfolio, resulting in a fund with risk-adjusted returns. At Adrigo, we don't take unnecessary risks with your investment.

We know the Nordic market

At Adrigo, we focus on finding the gems among smaller listed companies in the Nordic market. Every year we meet over 200 interesting companies and have a close dialogue. Each position is carefully chosen to create a portfolio with a low correlation to the overall market. 

Read about our investment philosophy

Investment team

Staffan Östlin 200X200

Staffan Östlin

Portfolio Manager and CIO

Staffan started Adrigo Small & Midcap L/S in November 2017. He has a broad investment and market expertise from leading Nordic institutions.

Read more about Staffan

Johan Eriksson 200X200

Johan Eriksson

Portfolio Manager

Johan joined Adrigo in February 2018. He has an MSc in Business and Management and prior to Adrigo worked at Swedia Capital, Deloitte and Handelsbanken.

Read more about Johan

Axel Ekros 200X200

Axel Ekros

Research Associate

Axel is a Research Associate at Adrigo since October 2022. He has a BS in Industrial Engineering and Management.

Read more about Axel

Invest in Adrigo Small & Midcap L/S

Adrigo Small & Midcap L/S is available to buy in Luxembourg, Norway, Finland and Sweden.


Wind Turbines 850X510

At Adrigo we focus on long-term sustainable investments and value creation. Since our inception 5 years ago, a key dimension of our investment strategy is to have close contact and dialogue with many small and medium caps in the Nordics.​ We believe ownership comes with responsibilities. We advise and influence both management and board directors, with an objective to achieve higher ESG and sustainability standards.

Adrigo, as part of East Capital Group, has adopted the United Nations Principles for Responsible Investment (UN PRI) and complies with the core principles for responsible investment.

How we work with sustainability


*NAV is calculated on the last banking day each month, and reported after deduction of management fees. An estimate and an indicative NAV is calculated on the last banking day each week, and reported after deduction of management fees.