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Bailey McCann, Opalesque New York:

Despite a challenging year for European equities, some managers are finding opportunities. Zurich-based Bellecapital's Belle Core Europe Eiger Fund, which invests in European small-cap and mid-cap equities, posted a second straight month of gains in November with a return of 4.09%.

The fund is led by Ben Eichenberger, Thomas Fritz, and Pascal Kueenzi. The team first started working together at Vontobel Asset Management where they worked on small-cap strategies. The strategy is a fundamental discretionary long/short equity strategy that invests in European companies with a particular focus on Switzerland, Germany and the Nordics.

The Eiger Fund invests in all sectors, looking for companies that have high growth potential. The fund portfolio typically includes 30-50 core positions and the investment team monitors what it calls a "farm team" of potential additions.

The fund launched in August 2019 during a generally positive time for equities only to run into the pandemic and the war in Ukraine. The fund ended 2021 positively, up 1.24%. The volatility of this year has led to more mixed success, but trends turned positive near the end of the year. There is already a level of volatility associated with investing in small and mid-cap equities, which has led the fund to focus on risk management. The fund's risk management framework focuses primarily on capital preservation. Still, the investment team will take advantage of......................

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