Our purpose is to compound our clients’ capital at exceptional rates.

“We constantly invest our own money alongside our clients' capital.”

Aristoi invests in international publicly listed equities. We do this by applying sensible and time-tested principles learned from some of the best investors in history. This is surprisingly rare.

Our work is based on mastery of our craft, and 15 years of practical experience from successful investing. We constantly invest our own money alongside our clients’ capital, which makes us all partners. Aristoi has been designed investing first.

Our strategy is to create a stable and peaceful environment that promotes rational, independent and long-term thinking. We don’t rely on others; Instead, we prefer to do the work from start to finish ourselves. An important part of our structure is an investment committee of one: Our decision-making does not suffer from groupthink, organizational boundaries or office politics. We do not try to hide our mistakes, nor do we evade responsibility.

Aristoi is licensed under the Finnish Financial Supervisory Authority for asset management, intermediation of orders, and other comparable or closely related activities. The company’s minimum capital is EUR 50,000, shareholders’ equity on December 31, 2019 was EUR 744,511, and the company is debt-free. The company is fully owned by its employees.

Aristoi in the media

You can read our recent interviews and writings in Finnish media from our LinkedIn-pages:


Aristoi is built on a culture of honesty, excellence and purposeful service. Our talented employees are supported by an experienced board of mostly non-executive directors.

Board of Directors

Kim Karhu

M.Sc. (econ.)
Former CEO and Partner, PricewaterhouseCoopers Finland.

Juha Karttunen

M.Sc. (econ.), CEFA, EFFAS
Managing Partner, Sisu Partners. Formerly CEO, Mandatum.

Jorma Yli-Jaakkola

Partner, Lexia. Formerly Lawyer, Borenius and Euroclear Finland.

Antti Bergholm

M.Sc. (tech.), M.Sc. (econ.)
Investment Manager and CEO, Aristoi. Formerly Portfolio Manager, Aval Asset Management.


Paul Sundqvist

Vice President
BBA, M.Sc. (econ) student
Formerly Private Banker, Evli and Danske Bank.

Antti Bergholm

Investment Manager, CEO
M.Sc. (tech.), M.Sc. (econ.)
Formerly Portfolio Manager, Aval Asset Management.

Jaro Willman

Administration Manager
M.Sc. (econ.)
Formerly Assistant Controller, Nooa Savings Bank.

Nikolaos Vlassis

Investment Analyst
M.Sc. (econ.), MBA
Formerly Business Analyst, Delivery Hero.

Outsourced activities

We have outsourced some of our regulated functions to the best suppliers in the market. We are happy to provide further details on them to both existing and future clients.

Aristoi Capital Management Ltd is audited by KPMG.


“We are risk averse, return-on-investment focused, and tax conscious.”

All intelligent investing is value investing: Making sure you get more out of your investments than what you pay for them.

We look for pricing errors in the market opportunistically and on a broad front, but only invest in companies and situations we believe we understand well enough. This means that we can form an informed opinion about the risks, future prospects, profitability and value of the companies we invest in. It also means that we often say no.

We construct our portfolio with a limited number of positions and varying weights. We make changes from time to time to control risk, or to go after even more attractive opportunities. We are risk averse, return-on-investment focused, and tax conscious.

We manage risk by staying within our circle of competence, committing capital only in the presence of an adequate margin of safety, and maintaining an appropriate diversification. Knowledge of history and healthy paranoia help, but there is no substitute for thinking through each investment separately.

No investor can fully escape bad luck, but mistakes can be reduced by keeping our own biases and other shortcomings in human decision-making in check. Hence, we apply a bespoke investment process designed with our own background in mind. Furthermore, we believe that our timeless investment principles position us well whatever tomorrow brings.

We try to keep on open mind, explore, trial and learn. No matter how successful we have been in the past, our greatest motivation comes from how skilled we can become in our work in the future.

We are committed to responsible investing that takes environmental, social and governance considerations into account in our investment decisions and portfolio management. We are happy to provide further information on our conduct of responsible investing to both existing and future clients.


“We are uniquely aligned with our clients.”

The name of our company “Aristoi” (from Ancient Greek, “the best”) refers to our clients.

We do not compete for the largest number of customers or most capital. Instead, we only seek partners with a great fit with our service. Our investment activity does not require – nor does it allow – participation from our clients, which they consider positive. They want us to focus on investing, not entertaining them or writing pointless market commentaries.

We only consider ourselves successful if both our investment results and client satisfaction are among the best in our industry. This doesn’t have to be over every month or every year, but it is our aim over any reasonably long period of time. Our partners are committed for the long term, as there cannot be long-term investing without long-term capital.

We are honest, open and frank. Our reporting aims to provide our partners the same information to evaluate our performance we would like to receive if our position were reversed. In contrast to investment industry jargon or arcane risk figures, we prefer plain talk. Few of our competitors operate like this – mostly because they can’t afford to.

Aristoi is still a commercial, for-profit enterprise promoting its own service. We do not offer investment advice, nor do we offer many other things. We keep our fees lower than what we could possibly charge. We prefer performance fees because we are confident in our ability to perform.

We still cannot give any guarantees on our success. The only guarantee we give is that our portfolio manager invests most of his life savings alongside our client-partners. We enjoy the same successes and suffer the same disappointments. We are uniquely aligned with our clients.

Our offering does not become obsolete. There is no need or use in trying to time our service. Once our client has made the choice, there should rarely be a reason to quit, or even to look for better a alternative. The sooner our clients start using our service, the greater contribution we can make for their financial future.


“We prefer performance fees because we are confident in our ability to perform.”

Aristoi’s service is aimed at a limited number of non-retail investors.

Our institutional clients are non-profit foundations, associations and pension funds.

Our private clients are typically successful entrepreneurs, business executives or other professionals in their respective fields. Our clientele also includes our friends and relatives.

We require our clients to have also other suitable investments, and manage only part of their net worth. The scope of our mandate may vary depending on what we deem appropriate.

We make all investment decisions within the boundaries of our client agreement, but without separately consulting the client. We are able to work with several alternative structures.

If you are interested in entrusting us with your capital for the long term, please get in touch.


Like all investing, also our service involves risks. Some of these are general in nature, some specific to our service. No investor should enter this or any other investment without fully understanding its worst-case scenario, and the ability to bear it.

The characteristics of equity investing include significant fluctuations in market prices: Broad market indices have at times fallen more than -50% from their highest quotations. The volatility of our own portfolio may be even greater. At times part of the total capital allocated to an individual investment may even be fully lost.

Terminating the service at an unfavorable moment or within too short a time may aggravate the loss to the client. We therefore require all our client-partners to have a high risk tolerance and ability to withstand losses for the capital invested in our services.

To the best of our ability, we strive to include all relevant information about the service in our documents. However, we are not liable for the accuracy of the information provided by third parties, nor any direct or indirect harm, cost or loss resulting from acting upon it.

Past performance is not necessarily indicative, and no guarantee of future results.


We are eager to tell more about our service and practices to suitable clients.

Meeting with us is always informative, free of charge, and mutually non-binding. We never try to push our service, because that’s not our style.

The best way to start a conversation is to submit your contact information so we can get back to you:

puh.: +358 10 – ARISTOI  (+358 10 274 ​​7864)

Aristoi Capital Management Ltd
Eteläesplanadi 8, 00130 Helsinki, Finland
Business ID 2866806-1

We do not accept orders by phone. All meetings between the clients and Aristoi Capital Management Ltd are documented and e-mails recorded.

    Investor inquiries

    (* = required)