After more than a decade at Helsinki Capital Partners (HCP), portfolio manager Pasi Havia has stepped down from his role, leaving behind the management of the boutique’s systematic, value-focused equity fund HCP Quant. While Havia’s primary responsibility was overseeing HCP Quant, he also contributed to the management of the concentrated long-only equity fund HCP Focus in recent years. Given HCP Quant’s fully quantitative and systematic investment process, the fund’s operations remain unaffected by Havia’s departure and will continue to run under HCP’s umbrella without interruption.
“September 11 was my last day at Helsinki Capital Partners (HCP). All HCP funds are at their all-time highs, so I’m leaving the tasks forward in good spirits,” announces Pasi Havia on LinkedIn, marking the conclusion of nearly 12 years at the firm. “The cooperation between me and HCP ends in all respects in mutual understanding and in a good spirit, richer than a long journey together,” he continues. “I thank you for the years together and wish HCP and its customers success in the future as well.” Havia is already preparing for his next career move, saying that “I have new ideas and would very much welcome people who are interested in working with me or exploring potential collaborations to reach out.”
“September 11 was my last day at Helsinki Capital Partners (HCP). All HCP funds are at their all-time highs, so I’m leaving the tasks forward in good spirits.”
HCP Quant was launched in June 2014 by the Finnish asset manager, with Havia – already known as one of Finland’s most prominent investment bloggers – serving as portfolio manager. Prior to joining HCP, he had developed and managed the strategy independently, drawing heavily on quantitative finance and value-investing principles.
The fund bases all investment decisions on quantitative analysis, aiming to identify attractive value opportunities through well-defined valuation metrics. Since inception in 2014, HCP Quant has generated an annualized return of around 4 percent, navigating what has been a challenging environment for value-oriented strategies. More recently, the fund has delivered significantly stronger results in the higher interest rate environment, posting an annualized return of 14 percent over the past five years.
“HCP Quant will keep on running as usual,” confirms Havia. “As it is a fully quantitative systematic strategy, there is no impact because of the portfolio manager change,” he emphasizes, unless the team changes parameters or adjusts the methodology. The fund, which manages approximately €10 million in assets, will now continue under the leadership of HCP founder and Chief Investment Officer Tommi Kemppainen, supported by the broader investment team. Over the past year, HCP has expanded its team with four new members: Oliver Nässi, Eddie Kolster, Kevin Ekstam, and Daniel Wester.
This additional capacity has enabled more comprehensive backtesting of HCP Quant and a closer comparison between backtested and live performance. Looking ahead, HCP intends to further refine the systematic approach behind HCP Quant, making ongoing adjustments to the rules-based investment process as new insights emerge.
