SQL
Structural Quality Leaders
Equity
A concentrated global equity portfolio built around quality leaders exposed to long-term structural change.
Focused thinking. Disciplined investing.
Alphinox manages four distinct investment strategies across global equities, Baltic equities, Nordic-Baltic bonds and systematic allocation.
We also help you choose a custodian bank, open an investment account and manage your portfolio—with banking options across Europe.
Our strategies
Four strategies. Each designed for a distinct investment purpose.
BML
Baltic Market Leaders
Equity
A focused equity strategy built on direct research of listed Baltic companies and close knowledge of the local market.
NB8
NB8 Bond Fund
Bonds
A Nordic-Baltic corporate bond fund focused on regular income, diversified credit exposure and active issuer research.
MMC
Market Mode Compass
Equity
A rules-based global equity strategy combining a permanent core with systematic adaptation as economic conditions and market leadership change.
Our approach
Clarity where it matters
01
A clear role for every strategy
Each strategy is designed for a distinct investment purpose, so clients can understand why it belongs in a portfolio and what role it is expected to play.
02
Research with a purpose
Research is used to make decisions – what enters a portfolio, what stays out and what should change when the facts change.
03
A choice of banks. One personal relationship.
We work with several custodian banks across Europe. From account-opening documentation to ongoing bank communication and portfolio management, we help you navigate the practicalities.
Explore bank and account supportWe stay responsible for the relationship and bring in specialist expertise where it adds value.
Our structure
Confidence built on structure
The structure matters as much as the strategy. Clients should know who manages their assets, where investments are held and which entity is responsible.
Individually managed portfolio
Client
Custodian bank
Portfolio assets
Alphinox Quality
Portfolio manager under mandate
Fund investment structure (NB8)
Investor
NB8 Bond Fund
Portfolio investments
Alphinox Fund Management
Fund manager
Regulated investment management
Alphinox operates through regulated investment-management and fund-management entities supervised by Latvijas Banka. Our permissions include portfolio management, investment advice and alternative investment fund management.
Clear investment structures
For individually managed portfolios, client assets remain in the client’s own account with the custodian bank, while Alphinox manages the portfolio according to the agreed mandate.
For fund investments such as NB8 Bond Fund, investors participate through the fund structure, with assets held and administered according to the applicable fund framework.
More than 20 years of investment roots
Alphinox traces its investment-management roots to 2004 and to Swiss asset management. Since then, the business has developed its own investment team, strategies and regulated entities in the Baltics.
Performance
Performance, with context
Different strategies should be judged differently.
Equity strategies are shown against relevant benchmarks. NB8 is better understood through income, yield and bond-portfolio characteristics. We do not force four different strategies into one performance template.
Detailed results, methodology and risks are available on each strategy page.
As of
Cumulative performance, indexed to 100
Both series start at 100 on the first published date.
Structural Quality Leaders 487.59 · MSCI World Index 395.63 ·
History: – · EUR.
Benchmark: MSCI World Index (Net TR in EUR).
Net Total Return, before Alphinox management fees
Past performance does not guarantee future results.
Structural Quality Leaders – Full methodology and disclosures
Research & Insights
See how we think
We publish selected research on questions we believe matter to investors. The aim is not constant commentary, but work that can sharpen – or change – an investment view.
Baltic Focus
Baltic Corporate Excellence Award 2026
Baltic Focus
LAU Infra Grupa AS IPO: Roads, Borders, and Dividends
Baltic Focus
Baltic Market 2025 review and playlist
Our team
Close to the people making the decisions
Alphinox is intentionally small enough for clients to know who is responsible for their capital. The people shaping investment decisions are also the people clients can speak to directly.
Our management combines responsibility for the firm with ownership in it. That keeps decision-making close, accountability visible and the interests of the business tied to its long-term reputation.
There is no separate sales layer between the client and the investment process.
Jūlija Bistrova
Jānis Libeks
Andrejs Tumanovs
Start with the objective, not the product.
You do not need to decide between SQL, BML, NB8 or MMC before speaking with us. Tell us what you are trying to achieve and we will explain which strategy – if any – fits that objective.
Prefer to proceed directly? Online onboarding is available for selected strategies and eligible investors.