Cicero Fonder

Cicero Fonder is a small independent fund manager based in Stockholm, Sweden. Our business idea is to provide a personal, independent, performance-oriented portfolio management with focus on client’s interest and trust.

Cicero Fonder was formed in 2000 by Bengt Holmström and Christer Sterndahlen. Bengt Holmström was formerly CEO at “den Norske Bank” in Stockholm, Trygg Hansa, Trygg Fri Placering, Gota Trygg Fonder. Bengt Holmström launched one of the most successful funds in Sweden, Optionsrättsfonden, at TryggHansa in the early 1990-ties. Christer Sterndahlen was formerly equity strategist at UBS Warburg, Hägglöf & Ponsbach Fondkommission, Gota Bank and the Riksbank . Christer Sterndahlen has been rank number one rated as Nordic sector analyst in two rankings, Affärsvärden and Finanstidningen.


Mikael Sandström joined the team in 2003. He was formerly working as institutional sales at Nordea, Swedbank, Gota Bank and Sundsvallsbanken.


Why Cicero Fonder?

Client focused - You as a client are very important to us. You will get direct contact with professional portfolio managers and research analysts.


Independent and flexibility - As a small company, there is no bureaucracy in the company. Therefore, we can act without time delays in all market situations.


Cicero Fonder is owned by the management. We are one of the few independent companies in this business.


Experience and analysis - The founders of the company have more than 70 years experiences of the financial market.


We follow the developments on the global financial markets. We have access to all newsflows and analysis from news agencies and investment banks all over the world.


On top of that, we do our own analysis based on an own-designed, well proven model.


Performance-based fees - Our business philosophy is mainly based on performance-based fees.

Company registration number 556 588 – 8731

Authorised by Finansinspektionen 2000-10-24

Reauthorised by Finansinspektionen 2005-05-13

Share capital minimum of Euro 125,000

Custodian: Swedbank Custody SE-105 34 Stockholm


The Board of Directors

Håkan Källåker (Chairman of the Board)

Per-Hans Berg

Johan Grevelius

Fredrik Sanell

Christer Sterndahlen, CEO


Managing Directors

Christer Sterndahlen, CEO, Head of Asset Management

Bengt Holmström, Product Manager

Mikael Sandström, Asset Management and Marketing



Cicero Fonders auditor is Jan Palmqvist, Authorised Public Accountant, Deloitte & Touche, Rehnsgatan 11, 113 79 Stockholm.


Internal Auditors

Agneta Bremander, Moneo AB.



Kjellander & Ramel AB.



Cicero Holding AB 100%

Owners exceeding 10% of the shares in Cicero Holding AB: Christer Sterndahlen, Bengt Holmström and Mikael Sandström


Cicero Focus and Cicero Peab-fonden which are under management by Cicero Fonder AB are so called special funds governed by the Swedish Investment Funds Act (2004:46). Thus funds can only be marketed in Sweden. Cicero China Index, Cicero Emerging Markets Index, Cicero Sverige, Cicero Avkastning, Cicero Emerging Markets, Cicero World Wide, Cicero World 0-50 and Cicero World Asset Selection are, however, ucits funds, which can be marketed outside Sweden.


There are no guarantees that an investment in Cicero Fonder will not result in a loss. Historical return is no guarantee of future return.


Cicero Fonder AB has no responsibility for determining that an investment from other country than Sweden is being made in accordance with the law of such country.


Any dispute, controversy or claim arising out of or in connection with information regarding Cicero Fonder's all Funds shall be settled in accordance with Swedish law exclusively by Swedish courts.