| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | 10.8% |
| 2025 |
|---|
| 10.8% |
Protean delivered strong 2025 performance across its four fund strategies, with the hedge fund Protean Select returning 10.8% with sub-6% volatility. The firm has grown from $40M to $600M in assets over 3.5 years by focusing on reasonable returns without underestimating investor intelligence. The manager emphasizes that performance arrives on no schedule and expects potential mediocrity ahead. A detailed analysis reveals structural headwinds facing Nordic forest companies, particularly from eucalyptus competition taking accelerating market share, climate-related harvesting challenges, and currency pressures. Holmen faces especially acute challenges with integrated mills, declining paper demand, and the contradiction between maximizing forest values and industrial margins. The fund maintains a short position in Holmen while hedging with sector longs. Portfolio positioning reflects 30% average beta-adjusted net exposure with 130% gross exposure. The manager considers expanding globally with a low-fee active fund concept similar to their successful Nordic Aktiesparfond, which has attracted significant assets by addressing the gap between expensive active funds and passive alternatives.
Protean operates diversified Nordic-focused strategies emphasizing reasonable returns with reasonable risk, built on not underestimating investor intelligence and maintaining alignment through concentrated, active management across different fund mandates.
Manager expects potential for three mediocre years ahead across funds, acknowledging that performance shows up on no reliable schedule. Considers expanding globally with an Aktiesparfond-style product if suitable manager can be found.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 3 2026 | 2025 Q4 | ADDV.ST, AFRY.ST, ASMO.PA, BOULE.ST, CLAS-B.ST, EQT.ST, HOLMEN-B.ST, ITAB.ST, MAERSK-B.CO, NLF.CO, PEXIP.OL, REJL.ST, RUSTA.ST, SINCH.ST, STO.ST, SUZB3.SA, UPM.HE | Energy Transition, Esg, Forest Products, Long/Short, Nordics, small cap, value | - | Nordic forest industry faces structural headwinds from eucalyptus competition taking market share, climate-related harvesting challenges, and currency pressures. Holmen specifically struggles with integrated mills, declining… |
| Oct 1 2025 | 2025 Q3 | EKTAB SS, GETIB SS | healthcare, Investment Companies, Medtech, turnaround, valuation | - | Protean stresses the importance of active, adaptive positioning in sideways and volatile markets. The fund seeks incremental gains through tactical adjustments, pair trades, and valuation… |
| Jul 1 2025 | 2025 Q2 | GRNG | alignment, behavior, edge, flexibility, information | - | The letter centers on sources of sustainable edge, including structural alignment, informational advantages, and behavioral discipline. Management argues that small size, flexibility, and local expertise… |
| May 5 2025 | 2025 Q1 | ELUXY, NDA FH | - | - | - |
| Jan 7 2025 | 2024 Q4 | 0CX9 LN, EVO SS, NVO | - | - | - |
| Oct 1 2024 | 2024 Q3 | AZN LN, GNGBY, NVO | - | - | - |
| Jul 1 2024 | 2024 Q2 | METSA FH, NORVA SS | - | - | - |
| Jun 18 2024 | 2024 Q1 | EVO SS, NIBE IN | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
Energy TransitionThe portfolio maintains significant exposure to electrification themes through companies like Bloom Energy, which provides clean, reliable power solutions for AI data centers. The energy transition represents a structural opportunity as companies race to build power infrastructure to support growing electricity demands from AI workloads. |
Electrification Clean Energy Power Generation Fuel Cells Grid Infrastructure |
Forest ProductsNordic forest industry faces structural headwinds from eucalyptus competition taking market share, climate-related harvesting challenges, and currency pressures. Holmen specifically struggles with integrated mills, declining paper demand, and the contradiction between maximizing forest values and industrial margins. |
Eucalyptus Pulp Paper Climate Currency | |
| 2025 Q3 |
HealthcareHealthcare was the strongest relative contributor in the quarter with holdings increasing nearly +16% compared to benchmark returns of roughly +12%. Exact Sciences was acquired for a significant premium by Abbott Laboratories resulting in an +86% return, while other strong performers included Tarsus Pharmaceuticals, Glaukos following approval of a new product, Penumbra, and Repligen driven by strong earnings results. |
M&A Product Approval Earnings Biotech |
Investment Companies |
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MedTech |
||
| 2025 Q2 |
Edge |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| ADDV.ST | The Swedish medtech company Addvise is a relatively recent entrant as we started buying shares this summer. The bid comes from Amplex, controlled by the biggest shareholder in Addvise Kenneth Lindquist. Since the initial bid in early December, the offer level has been upped from 1.65 to 1.72 and the bid has received pre-commitments of slightly more than 50%. We see the raised bid as fair and intend to tender our shares when the acceptance period begins. |
| ASMO.PA | Detractors were Lindex, Asmodee long and Maersk short. Detractors were Lindex, Boule Diagnostics, Rejlers, Asmodee and ITAB Shop Concept. |
| CLAS-B.ST | Biggest contributors to returns were Rusta, Greater Than, EQT all longs, and Clas Ohlson short. |
| EQT.ST | Biggest contributors to returns were Rusta, Greater Than, EQT all longs. |
| HOLMEN-B.ST | Holmen is doubling down on paper production, investing in its paper machines and taking a bigger share of a structurally declining market. Holmen has explicitly stated they cannot expand pulpwood consumption and are returning SEK 3-6 billion annually because they have no good reinvestment opportunities. We are short Holmen for the above reasons. |
| MAERSK-B.CO | Detractors were Lindex, Asmodee long and Maersk short. |
| NLF.CO | The Danish industrial Nilfisk received a bid from the German company Freudenberg. The bid represented a 36 per cent premium compared to the close the day prior. We have owned Nilfisk for quite some time, and to be honest, it's been a mixed journey. However, the bid is backed by the board, offers immediate gratification and we sold our shares promptly after the announcement as the share traded close to the bid level. We have sold our shares in Nilfisk, Sinch and Netel. |
| PEXIP.OL | Pexip and Rusta were also top 5 contributors. Pexip increased its ARR guidance for the full-year as performance in the fourth quarter was better than expected. The share gained 30 per cent during December and has also become a top three contributor for the full-year 2025. |
| RUSTA.ST | Biggest contributors to returns were Rusta, Greater Than, EQT all longs. Rusta, our biggest contributor, added 0.5% to returns. Rusta published a strong report, and the share gained 24 per cent. We wrote about this Swedish hard discount retailer recently, and the thesis is playing out as intended (so far). |
| STO.ST | Stora Enso's Fors mill in Sweden is now importing 100% of the pulp from South America, and brag that this saves them 7m EUR per year, crucially without causing any material changes to process or end product. |
| UPM.HE | UPM have 60% of their pulp capacity in Uruguay already. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
