Adrigo Asset Management

What Adrigo Asset Management does

Adrigo Asset Management is a Stockholm-based Swedish hedge fund management company that operates the single-strategy fund Adrigo Small & Midcap L/S, an actively managed long-short equity fund focused on Nordic small and mid-cap listed companies with market capitalization in the SEK 1-15 billion range. Founded in 2006 with the fund launched in November 2017, the firm has been a subsidiary of East Capital Group since November 2019. The investment approach relies on fundamental analysis of under-analysed Nordic companies, combining long and short positions to pursue absolute returns at lower risk than the broader equity market. The fund is offered in two share classes: Class A (inception November 1, 2017) and Class C (inception May 2, 2022).

The fund is available to investors in Sweden, Norway, Finland, and Luxembourg, distributed both directly through the East Capital Group investment platform (with ISK and depot accounts) and through third-party Nordic platforms including Avanza, Nordnet, Savr, Handelsbanken, Hjerta Invest, Fondmarknaden, Max Matthiessen, and Alpcot. The minimum investment is SEK 1,000 with no subscription or redemption fees. Regulatory authorization is held under Sweden's Act 2013:561 (LAIF) supervised by Finansinspektionen, with management company East Capital Asset Management S.A. (ECAM) authorized in Luxembourg and supervised by CSSF. SEB serves as custodian bank.

The revenue model consists of fixed annual management fees of approximately 1.18% on AUM (Class A at 1.177%, Class C at 1.18%) plus a 20% performance fee on total return exceeding the STIBOR 30 days rate, subject to a high water mark principle. The team of 1-10 employees is led by Portfolio Manager Staffan Östlin with Håkan Filipson as Chairman, holding over 40 years of combined Nordic equity experience. The fund's ESG approach follows the East Capital Group framework, with Adrigo being a UN PRI signatory and SFDR Article 6 classified.

Name

Adrigo Asset Management

Legal name

Adrigo Small & Midcap L/S

Website

https://adrigo.se

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

Adrigo Asset Management is a Stockholm-based Swedish hedge fund manager operating the Adrigo Small & Midcap L/S fund, which runs an actively managed long-short equity strategy focused on Nordic small and mid-cap listed companies for retail and institutional investors in the Nordics.

Ownership category

akta.pro rank

Product category

Hedge Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Small-/Mid-Cap Equity Long/Short (FSAHAAAG)

akta.pro secondary industries

Fundamental/Discretionary Equity Long/Short (FSAHAAAA), Small-Cap Equity (Active) (FSAAAIAC), Mid-Cap Equity (Active) (FSAAAIAB)

Keywords

• Nordic equity investing
• Long-short hedge fund
• Small-cap fund management
• Active asset management
• Nordic mid-cap investments

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Management Fees: Fixed annual management fees charged on fund assets under management. Class A charges 1.177% yearly, Class C charges 1.18% yearly.
2. Performance Fees: 20% of total return exceeding STIBOR 30 days rate after deduction of fixed fee, subject to high water mark principle.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Adrigo Small & Midcap L/S is an actively managed long-short equity hedge fund investing in Nordic small and mid-cap listed companies with market capitalizations between SEK 1–15 billion. The fund combines long and short positions through fundamental analysis to generate absolute returns at lower risk than the broader equity market, charging an annual management fee and a 20% performance fee above the STIBOR 1M benchmark subject to a high watermark. The fund is offered in two SEK-denominated share classes (Class A and Class C) and is available to investors in Sweden, Norway, Finland, and Luxembourg.

Product overview

Adrigo Small & Midcap L/S is a single hedge fund product offered in two share classes (Class A and Class C). The fund employs an actively managed long-short equity strategy focused exclusively on Nordic small and mid-cap companies, using fundamental analysis to identify undervalued opportunities. The fund applies a High Watermark principle for performance fee calculation and offers monthly subscription/redemption windows.

Differentiator

Problem solved

Functional benefit

Products and services

• Adrigo Small & Midcap L/S An actively managed equity hedge fund that invests in Nordic small and mid-cap listed companies, combining long and short positions to create a balanced portfolio aimed at absolute returns. Offered to investors in Sweden, Norway, Finland, and Luxembourg with a minimum initial investment of SEK 1,000, monthly subscription/redemption windows, and Class A (1.177% annual fee) and Class C (1.18% annual fee) share classes subject to a 20% performance fee above STIBOR 1M after high watermark.

Quantifiable outcome

• 14.7% return since inception (Class A, March 2026)
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Twelve partnerships are on record, tiered core and minor.

• East Capital Asset Management S.A. (ECAM)coreOthersManagement company for Adrigo Small & Midcap L/S. ECAM is authorized in Luxembourg and supervised by CSSF (Commission de Surveillance du Secteur Financier). ECAM delegates capital management to East Capital Financial Services AB.
• PRI (Principles for Responsible Investment)coreOthersAdrigo is a signatory to the UN's Principles for Responsible Investment, implementing six principles relating to active ownership, ESG integration, and disclosure.
• East Capital GroupcoreOthersAdrigo is part of East Capital Group, a global asset manager based in Sweden since 1997. Group includes East Capital, Espiria, East Capital Real Estate. Provides ESG framework, distribution, and brand affiliation.
• ACGA, CDP, Climate Action 100+, IIGCC, SISD, SWESIF, TCFDminorOthersAdrigo is part of East Capital Group and an active member of various industry initiatives and organizations for sustainable investment practices.
• SEB (Scandinavian Enskilda Banken AB)coreOthersCustodian bank for Adrigo's assets. In case of fund company insolvency, SEB would take over both assets and management.
• Hjerta InvestminorChannel Partner/ Reseller/ DistributorInsurance company platform distributing Adrigo Small & Midcap L/S.
• AvanzaminorChannel Partner/ Reseller/ DistributorSwedish online investment platform offering Adrigo fund to customers.
• NordnetminorChannel Partner/ Reseller/ DistributorNordic investment platform offering Adrigo fund to customers.
• FondmarknadenminorChannel Partner/ Reseller/ DistributorSwedish fund platform distributing Adrigo Small & Midcap L/S.
• HandelsbankenminorChannel Partner/ Reseller/ DistributorSwedish bank offering Adrigo fund through its platform.
• Max MatthiessenminorChannel Partner/ Reseller/ DistributorSwedish financial advisor platform distributing Adrigo fund.
• AlpcotminorChannel Partner/ Reseller/ DistributorSwedish fund platform distributing Adrigo Small & Midcap L/S.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Brummer & Partners: Swedish hedge fund group operating multiple long/short equity strategies (e.g., Brummer Multi-Strategy, Selinova) with comparable management and performance fee structures; competes with Adrigo for the same Nordic institutional and family office capital.
• Carnegie Fonder: Swedish active asset manager with flagship Nordic small-cap and small/mid-cap funds, leveraging Carnegie's investment banking research; competes head-to-head with Adrigo for Nordic small/mid-cap allocations on the same distribution platforms.
• ODIN Fund Management: Norwegian active equity manager (now part of DNB) with multiple Nordic equity funds, including small/mid-cap strategies; directly comparable business model and Nordics-only mandate focus.
• Lannebo Fonder: Swedish active equity specialist running several Nordic small/mid-cap equity funds (Lannebo Småbolag, Lannebo Sverige) distributed on the same Avanza/Nordnet/Savr platforms; closest long-only comparator in the same target segment.
• Rhenman & Partners Asset Management: Stockholm-based manager of the Rhenman Healthcare Equity L/S and Rhenman Global Opportunity L/S funds; operates a fundamentally driven long/short equity strategy similar in size and distribution style to Adrigo, with a strong Nordic investor base.
• Kite Lake Capital Management: London-based manager of Kite Lake Capital Partners, a Nordic mid/small-cap long/short fund; uses a fundamental, engagement-driven approach targeting under-researched Nordic companies, making it a strong international comparator.

Broad incumbents

• Handelsbanken Fonder: Sweden's largest domestic fund manager with broad Nordic and global equity products including small-cap options; a major competitor on the Handelsbanken distribution shelf and a much larger incumbent in the same investor pool.
• Alfred Berg Kapitalforvaltning: BNP Paribas-owned Nordic asset manager with active Nordic equity strategies including small/mid-cap; broader product range but directly overlapping with Adrigo on distribution platforms and target client base.
• SEB Investment Management: SEB is Adrigo's custodian bank and also one of the largest Nordic asset managers with multiple active equity funds; competes for the same institutional and retail capital and represents a strategic counterparty on both custody and distribution.

Others

• Espiria (East Capital Group sister company): Sister company within East Capital Group managing global and Nordic active equity strategies; shares ESG, distribution, and regulatory infrastructure with Adrigo and is a natural internal comparable for AUM growth and product economics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Adrigo Asset Management