Clarity amid complexity

In a world shaped by rising tariffs, shifting geopolitical dynamics, and volatile markets, clarity and forward-looking insights is more vital then ever. At the East Capital Group Investor Summit, we bring together leading investment minds to share timely insights on global macro trends, trade disruptions, and the opportunities emerging amid uncertainty. Through a series of in-depth panel discussions, East Capital Group’s experts, alongside a prominent asset owner, explore how long-term institutional investors are adapting to today’s challenges and uncovering opportunities across global markets.

Watch selected highlights from each of the four sessions below—or view the full event recording on our YouTube channel.

Panel 1: Navigating the new protectionism: tariffs, trade wars and global market realities

At the summit, held in Stockholm on 13 May, we were honored to welcome Kristin Magnusson Bernard, CEO of the First Swedish National Pension Fund (Första AP-fonden), as a featured speaker in our opening macro panel.

Kristin was joined by David Nicholls, CFA, Portfolio Manager at East Capital Group, Anders Borg, Senior Advisor, and Per Elcar, CEO of East Capital Group, for a discussion on the shifting landscape of global trade and investment.

In this clip, Kristin shares valuable insights on how long-term investors like pension funds are rethinking both regional exposure and structural allocations in response to today’s rapidly changing global environment.

She highlights the importance of diversification in portfolio construction, the need to challenge long-held assumptions, and the value of fostering open, constructive debate within investment teams - even when it results in unexpected shifts in conviction.

Panel 2: The Magnificent Nordics – Are the Nordics more resilient amidst global trade turbulence?

At the panel discussion, Peter van Berlekom (CIO) and Erik Karlsson (Portfolio Manager) from Espiria, joined Staffan Östlin (CIO) to share their perspectives on identifying opportunity in an increasingly complex investment landscape.

The discussion spanned themes ranging from small-cap growth stories and medtech innovation to the resilience of Nordic credit markets, offering valuable insight into the region’s unique strengths.

Key highlights included:

• Nordic countries continue to stand out for their robust public finances and well-capitalised banking systems, providing a solid backdrop for both equity and credit investors.
• The region’s stock markets feature a high concentration of globally competitive companies across sectors such as technology, healthcare, and industrials—creating fertile ground for long-term growth.
• Nordic bonds offer compelling returns at relatively low risk, thanks to diverse industry exposure and attractive credit spreads, making them a standout option amid global fixed income volatility.

Espiria offers a selection of global equity and multi-asset funds, combining carefully selected equities and fixed income strategies - alongside a dedicated Nordic Corporate Bond fund.

Panel 3: Rising and resilient – Emerging and Frontier Markets in a shifting world

"It's not just resilience – it's outperformance"

David Nicholls, CFA, Portfolio Manager at East Capital, shared his insights on the year-to-date performance of emerging and frontier markets, joined by East Capital's Alexander Gyllenberg, Senior Analyst and Hao Zhang, CFA, with the discussion moderated by Marcus Rågmark.

Despite heightened volatility across global financial markets, emerging and frontier markets have shown unexpected strength - up around 9% year-to-date. David Nicholls highlights some of the key factors behind this resilience:

• Attractive valuations alongside stronger earnings and GDP growth
• Favourable currency movements acting as macro tailwinds
• Evolving global tech narratives, with China pushing ahead
• Heightened uncertainty in developed markets prompting investors to seek higher-growth opportunities elsewhere

East Capital’s Global Emerging Markets Sustainable and Global Frontier Markets strategies offer investors unique access to diversification across some of the world’s most dynamic and fast-growing markets.

Panel 4: Eastern Europe’s strategic role in a fragmenting global economy – and what about Ukraine?

"Emerging Europe is the best of both worlds - it's Europe and emerging markets", Eglé Fredriksson, Portfolio Manager, East Capital.

Eglé joined Madis Raidma, CEO East Capital Real Estate and Anja Wahlscheidt, Institutional Sales for a fireside chat on the topic “Eastern Europe’s strategic role in a fragmenting global economy – and what about Ukraine?”

Eastern Europe is emerging as one of the most dynamic and promising regions for investors, offering a unique blend of developed market access and emerging market growth potential. The discussion highlighted several powerful tailwinds supporting the investment case:

• Structurally improving economic fundamentals
• Rising capital inflows driven by by global shifts
• Strong growth momentum supported by EU integration and funding

Together, these forces are creating a compelling environment for long-term investors seeking diversification, resilience, and upside potential—opportunities East Capital captures through its New Europe fund and Balkan fund.