Hexatronic Group

Research note


Hexatronic Group: A new institutional owner enters

Gert Nordin, founder of Hexatronic has sold almost all his shares to Fondita, a Fnnish fund management company focusing on small and mid-cap equities in the Nordics and Europe.

In our view, the exit of Gert Nordin is not alarming in any way but rather expected. Gert gradually stepped down from his operational and strategic responsibilities at Hexatronic during the past years. As Hexatronic is growing rapidly, institutional investors will continue to be interested in the company.

According to Fondita’s website, the company today manages in total seven funds with around EUR 650m under management. Around 90% of the capital under management comes from institutional investors such as pension funds, insurance companies, foundations, etc. We suspect that it is Fondita Nordic Micro Cap that has acquired the shares from Gert Nordin. Fondita Nordic Micro Cap has a five-star rating from Morningstar and has had a strong performance for many years. According to Holdings, the fund holds 24 Swedish equities with a total value of SEK 1.5bn. Hexatronic will be the tenth largest position within the Swedish equity tranche.

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